Detailed financial statements for Lexeo Therapeutics, Inc. Common Stock (LXEO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Lexeo Therapeutics, Inc. is a genetic medicine firm currently in the clinical development phase, dedicated to addressing both inherited and acquired medical conditions. Its robust pipeline features several gene therapy candidates.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $4.16, LXEO has negative trailing earnings (P/E not meaningful) and an ROE of -41.85%. Market capitalisation stands at $327M.
Balance sheet quality for LXEO: current ratio of 11.2, net cash position of $173.9M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $518476 | $1.7M | $654000 | 0 | 0 | 0 |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | $518476 | $1.7M | $654000 | 0 | 0 | 0 |
| Research & Development | $4.3M | $45.1M | $49.2M | $53.1M | $74.1M | $63.8M |
| Selling, General & Admin | $787499 | $7.2M | $12.0M | $15.4M | $31.7M | $45.5M |
| Operating Expenses | $5.1M | $52.3M | $61.2M | $68.5M | $105.8M | $109.3M |
| Operating Income | -$4.6M | -$50.6M | -$60.5M | -$68.5M | -$105.8M | -$109.3M |
| EBITDA | -$4.6M | -$50.6M | -$58.0M | -$64.3M | -$96.2M | -$97.7M |
| Interest Expense | $147150 | 0 | $91000 | $205000 | $114000 | $206000 |
| Pre-tax Income | -$5.2M | -$50.6M | -$59.3M | -$66.4M | -$98.3M | -$100.0M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$5.2M | -$50.6M | -$59.3M | -$66.4M | -$98.3M | -$100.0M |
| EPS | $-0.20 | $-2.01 | $-2.36 | $-2.49 | $-3.09 | $-1.86 |
| EPS (Diluted) | $-0.20 | $-2.01 | $-2.40 | $-2.49 | $-3.09 | $-1.86 |
| Shares Outstanding (Diluted) | $25.2M | $25.2M | $25.2M | $26.6M | $31.8M | $53.6M |
Balance Sheet (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $29.4M | $135.9M | $77.3M | $121.5M | $35.0M | $63.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | $86.5M | $118.8M |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $29.4M | $136.7M | $80.0M | $124.3M | $126.1M | $188.4M |
| Property, Plant & Equipment | 0 | $174000 | $13.8M | $12.3M | $10.6M | $8.9M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $29.4M | $136.9M | $97.1M | $139.8M | $146.9M | $268.7M |
| Accounts Payable | $44319 | $3.1M | $2.7M | $3.8M | $6.4M | $4.9M |
| Short-term Debt | 0 | 0 | 0 | 0 | $2.7M | 0 |
| Total Current Liabilities | $697722 | $7.4M | $14.3M | $17.2M | $22.8M | $16.8M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $34.9M | $192.5M | $210.0M | $26.3M | $30.1M | $22.0M |
| Retained Earnings | -$5.5M | -$56.2M | -$115.4M | -$181.8M | -$280.2M | -$380.1M |
| Total Equity | -$5.5M | -$55.6M | -$113.0M | $113.5M | $116.8M | $246.7M |
| Total Debt | 0 | 0 | $13.5M | $11.6M | $9.9M | $7.9M |
| Net Debt | -$29.4M | -$135.9M | -$63.9M | -$109.8M | -$111.6M | -$173.9M |
| Working Capital | $28.7M | $129.2M | $65.7M | $107.1M | $103.3M | $171.6M |
Cash Flow (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Net Income | -$5.2M | -$50.6M | -$59.3M | -$66.4M | -$98.3M | -$100.0M |
| Depreciation & Amortization | 0 | $13000 | $1.1M | $1.8M | $2.0M | $379000 |
| Stock-based Compensation | 0 | $386000 | $1.8M | $3.0M | $12.5M | $12.1M |
| Change in Working Capital | $150151 | $6.0M | $1.8M | $1.5M | $2.7M | -$9.5M |
| Operating Cash Flow | -$3.1M | -$44.2M | -$54.6M | -$59.5M | -$81.2M | -$98.6M |
| Capital Expenditure | 0 | -$188000 | -$901000 | -$165000 | -$481000 | -$397000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | -$17000 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$3.1M | -$44.4M | -$55.5M | -$59.7M | -$81.6M | -$99.0M |
Growth & Margins (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +219.6% | -60.5% | -100.0% | |||
| Net Income Growth (YoY) | -882.4% | -17.1% | -12.0% | -48.1% | -1.7% | |
| EPS Growth (YoY) | -905.0% | -17.4% | -5.5% | -24.1% | +39.8% | |
| Shares Change (YoY) | +0.0% | +0.0% | +5.9% | +19.3% | +68.8% | |
| FCF Growth (YoY) | -1316.0% | -25.0% | -7.6% | -36.8% | -21.2% | |
| Gross Margin | 100.0% | 100.0% | 100.0% | |||
| Operating Margin | -884.9% | -3055.9% | -9252.1% | |||
| EBITDA Margin | -884.9% | -3054.3% | -8874.8% | |||
| Net Margin | -993.8% | -3055.0% | -9063.8% | |||
| FCF Margin | -604.3% | -2677.7% | -8480.3% | |||
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| FCF Per Share | $-0.12 | $-1.76 | $-2.20 | $-2.24 | $-2.57 | $-1.84 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $25.2M | $25.2M | $25.2M | $26.6M | $31.8M | $53.6M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -41.85% |
| Return on Invested Capital | -39.33% |
| Return on Assets | -34.24% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.03 |
| Current Ratio | 13.89 |
Key Ratios (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| P/E | -50.25 | -5.00 | -4.26 | -5.39 | -2.13 | -5.34 |
| P/B | -45.69 | -4.55 | -2.24 | 3.15 | 1.79 | 2.16 |
| P/S | 487.88 | 152.66 | 386.78 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 100.0% | 100.0% | 100.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | -884.9% | -3055.9% | -9252.1% | 0.0% | 0.0% | 0.0% |
| Net Margin | -993.8% | -3055.0% | -9063.8% | 0.0% | 0.0% | 0.0% |
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Explore sector: Healthcare · Biotechnology
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