Detailed financial statements for Molecular Partners AG (MOLN): 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.
Molecular Partners AG operates as a clinical-stage biopharmaceutical company, specializing in the identification, advancement, and commercialization of innovative therapeutic proteins. The firm's pipeline includes a range of product candidates, many of which utilize its proprietary DARPin® technology. Key developments include Abicipar, a DARPin therapeutic in Phase III clinical trials for addressing neovascular wet age-related macular degeneration and diabetic macular edema.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $3.92, MOLN has negative trailing earnings (P/E not meaningful) and an ROE of -67.67%. Market capitalisation stands at $147M.
Balance sheet quality for MOLN: current ratio of 8.8, net cash position of $89.4M. 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 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $23.0M | $20.0M | $10.4M | $20.4M | $9.3M | $9.3M | $189.6M | $7.0M | $5.0M | 0 |
| Cost of Revenue | $14.6M | $17.8M | $15.6M | $43.5M | $56.1M | $55.7M | $50.7M | $47.8M | $47.5M | $2.0M |
| Gross Profit | $8.5M | $2.2M | -$5.2M | -$23.1M | -$46.7M | -$46.4M | $138.8M | -$40.8M | -$42.5M | -$2.0M |
| Research & Development | $35.2M | $37.5M | $38.2M | $43.5M | $56.1M | $55.7M | $50.7M | $48.8M | $48.6M | $40.2M |
| Selling, General & Admin | $7.2M | $8.3M | $9.5M | $13.2M | $11.0M | $16.9M | $21.8M | $19.0M | $17.2M | $14.9M |
| Operating Expenses | $42.5M | $45.9M | $47.8M | $57.0M | $67.7M | $72.7M | $72.9M | $20.3M | $18.7M | $50.9M |
| Operating Income | -$19.5M | -$25.8M | -$37.4M | -$36.7M | -$58.3M | -$63.4M | $116.6M | -$61.1M | -$61.2M | -$58.1M |
| EBITDA | -$17.5M | -$24.7M | -$36.1M | -$33.7M | -$59.6M | -$60.7M | $119.0M | -$59.5M | -$51.6M | -$59.5M |
| Interest Expense | $89000 | $197000 | $102000 | $100625 | $323881 | $608137 | $648123 | $49000 | $25000 | $18000 |
| Pre-tax Income | -$18.6M | -$25.4M | -$37.0M | -$36.3M | -$62.8M | -$63.8M | $117.9M | -$62.0M | -$54.0M | -$61.6M |
| Income Tax | 0 | -$1000 | -$156000 | $17000 | -$11000 | $2000 | 0 | 0 | $2000 | $2000 |
| Net Income | -$18.6M | -$25.4M | -$37.0M | -$36.3M | -$62.8M | -$63.8M | $117.9M | -$62.0M | -$54.0M | -$61.7M |
| EPS | $-0.91 | $-1.22 | $-1.75 | $-1.69 | $-2.51 | $-2.06 | $3.63 | $-1.89 | $-1.59 | $-1.65 |
| EPS (Diluted) | $-0.91 | $-1.22 | $-1.75 | $-1.69 | $-2.51 | $-2.06 | $3.54 | $-1.89 | $-1.59 | $-1.65 |
| Shares Outstanding (Diluted) | $20.4M | $20.9M | $21.2M | $21.4M | $25.0M | $31.0M | $33.3M | $32.8M | $34.0M | $37.3M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | -$658569 | -$641873 | -$9.4M | -$482103 |
| Operating Income | -$14.9M | -$15.8M | -$13.4M | -$13.5M |
| EBITDA | -$14.2M | -$15.2M | -$12.6M | -$13.1M |
| Net Income | -$14.8M | -$15.8M | -$13.1M | -$13.5M |
| EPS | $-0.32 | $-0.33 | $-0.35 | $-0.35 |
| EPS (Diluted) | $-0.32 | $-0.33 | $-0.35 | $-0.35 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $149.7M | $131.3M | $99.0M | $75.7M | $133.7M | $71.8M | $87.9M | $67.3M | $63.9M | $82.7M |
| Short-term Investments | $30.5M | $9.7M | 0 | $19.4M | $40.0M | $61.0M | $161.2M | $119.6M | $85.6M | $10.4M |
| Receivables | $844000 | $1.2M | $51.6M | $2.5M | $2.8M | $25.7M | $1.7M | $3.1M | $286000 | $1.9M |
| Inventory | 0 | -$9.4M | -$2.3M | -$486000 | -$199000 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $181.6M | $142.5M | $153.3M | $99.9M | $177.8M | $164.2M | $254.8M | $192.5M | $154.3M | $96.9M |
| Property, Plant & Equipment | $2.5M | $1.9M | $1.5M | $4.2M | $9.4M | $8.1M | $7.2M | $5.7M | $4.2M | $5.2M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $47000 | $27000 | $382000 | $772000 | $347000 | $330000 | $271000 | $212000 | $49000 | $2000 |
| Total Assets | $184.1M | $144.4M | $155.2M | $104.9M | $187.5M | $172.7M | $262.3M | $198.4M | $158.5M | $102.1M |
| Accounts Payable | $1.0M | $716000 | $2.1M | $2.0M | $2.8M | $4.9M | $997000 | $410000 | $679000 | $937000 |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $15.8M | $14.1M | $36.9M | $28.6M | $57.7M | $46.9M | $17.3M | $14.4M | $10.8M | $11.0M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $48.3M | $27.7M | $63.5M | $50.8M | $80.3M | $65.4M | $27.1M | $21.9M | $16.9M | $21.8M |
| Retained Earnings | -$37.3M | -$60.7M | -$89.9M | -$130.9M | -$195.2M | -$250.9M | -$127.8M | -$191.8M | -$246.3M | -$311.8M |
| Total Equity | $135.8M | $116.7M | $91.7M | $54.1M | $107.2M | $107.3M | $235.2M | $176.4M | $141.6M | $80.3M |
| Total Debt | 0 | 0 | 0 | $2.5M | $7.2M | $6.0M | $4.8M | $3.7M | $2.4M | $3.6M |
| Net Debt | -$180.2M | -$141.1M | -$99.0M | -$92.5M | -$166.5M | -$126.8M | -$244.3M | -$183.2M | -$147.0M | -$89.4M |
| Working Capital | $165.8M | $128.4M | $116.5M | $71.3M | $120.1M | $117.3M | $237.5M | $178.0M | $143.5M | $85.8M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $82.4M | $82.7M | $64.3M | $67.7M |
| Total Assets | $112.2M | $102.1M | $87.4M | $75.4M |
| Total Liabilities | $16.6M | $21.8M | $19.1M | $17.1M |
| Total Equity | $95.5M | $80.3M | $68.2M | $58.3M |
| Total Debt | $1.5M | $3.6M | $3.3M | $3.0M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$18.6M | -$25.4M | -$37.0M | -$36.3M | -$62.8M | -$63.8M | $117.9M | -$62.0M | -$54.0M | -$61.7M |
| Depreciation & Amortization | $1.1M | $1.1M | $924000 | $2.5M | $2.9M | $2.6M | $2.4M | $2.4M | $2.4M | $2.1M |
| Stock-based Compensation | $2.9M | $3.6M | $3.7M | $2.4M | $2.9M | $4.1M | $5.1M | $5.2M | $4.1M | $4.4M |
| Change in Working Capital | $1.2M | -$217000 | $131000 | $30.2M | $22.5M | -$34.7M | -$6.0M | -$6.0M | -$3.8M | $1.2M |
| Operating Cash Flow | -$35.4M | -$40.0M | -$42.5M | -$1.2M | -$29.0M | -$91.0M | $118.6M | -$59.0M | -$59.2M | -$51.3M |
| Capital Expenditure | -$1.1M | -$500000 | -$867000 | -$1.9M | -$1.7M | -$1.3M | -$1.4M | -$575000 | -$723000 | -$714000 |
| Acquisitions | 0 | -$19000 | -$411000 | $833000 | $232000 | $374000 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | -$631000 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$36.5M | -$40.5M | -$43.3M | -$3.1M | -$30.7M | -$92.3M | $117.1M | -$59.8M | -$60.0M | -$52.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$12.8M | -$13.5M | -$14.5M | -$10.8M |
| Capital Expenditure | -$63127 | -$174424 | 0 | -$20459 |
| Free Cash Flow | -$12.8M | -$13.6M | -$14.5M | -$10.8M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $1.1M | $973000 | $936000 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | -13.1% | -48.3% | +96.8% | -54.2% | -0.1% | +1931.7% | -96.3% | -29.4% | -100.0% |
| Net Income Growth (YoY) | | -36.6% | -45.6% | +2.0% | -73.0% | -1.6% | +284.8% | -152.6% | +12.8% | -14.1% |
| EPS Growth (YoY) | | -34.1% | -43.4% | +3.4% | -48.5% | +17.9% | +276.2% | -152.1% | +15.9% | -3.8% |
| Shares Change (YoY) | | +2.1% | +1.5% | +1.2% | +16.8% | +24.0% | +7.3% | -1.5% | +3.9% | +9.5% |
| FCF Growth (YoY) | | -11.1% | -7.0% | +93.0% | -904.5% | -200.9% | +227.0% | -151.1% | -0.3% | +13.3% |
| Gross Margin | 36.8% | 11.0% | -50.7% | -113.4% | -500.1% | -497.2% | 73.2% | -579.8% | -855.8% | |
| Operating Margin | -84.6% | -129.1% | -361.3% | -179.9% | -624.2% | -679.7% | 61.5% | -868.3% | -1231.7% | |
| EBITDA Margin | -76.1% | -123.4% | -348.7% | -165.3% | -637.7% | -650.2% | 62.8% | -845.6% | -1039.2% | |
| Net Margin | -80.8% | -127.0% | -357.7% | -178.0% | -671.7% | -683.7% | 62.2% | -880.7% | -1087.4% | |
| FCF Margin | -158.3% | -202.4% | -418.6% | -15.0% | -328.2% | -988.9% | 61.8% | -849.9% | -1206.7% | |
| Effective Tax Rate | -0.0% | 0.0% | 0.4% | -0.0% | 0.0% | -0.0% | 0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-1.79 | $-1.94 | $-2.05 | $-0.14 | $-1.23 | $-2.98 | $3.52 | $-1.83 | $-1.76 | $-1.39 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $20.4M | $20.9M | $21.2M | $21.4M | $25.0M | $31.0M | $32.5M | $32.8M | $34.0M | $37.3M |
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 | -67.67% |
| Return on Invested Capital | -76.91% |
| Return on Assets | -67.68% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.05 |
| Current Ratio | 7.27 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -21.97 | -15.68 | -11.05 | -11.25 | -6.93 | -8.49 | 1.67 | -1.86 | -2.71 | -2.10 |
| P/B | 3.01 | 3.42 | 4.46 | 7.52 | 4.06 | 5.05 | 0.84 | 0.65 | 1.04 | 1.60 |
| P/S | 17.73 | 19.94 | 39.52 | 19.96 | 46.56 | 58.11 | 1.04 | 16.36 | 29.53 | 0.00 |
| Gross Margin | 36.8% | 11.0% | -50.7% | -113.4% | -500.1% | -497.2% | 73.2% | -579.8% | -855.8% | 0.0% |
| Operating Margin | -84.6% | -129.1% | -361.3% | -179.9% | -624.2% | -679.7% | 61.5% | -868.3% | -1231.7% | 0.0% |
| Net Margin | -80.8% | -127.0% | -357.7% | -178.0% | -671.7% | -683.7% | 62.2% | -880.7% | -1087.4% | 0.0% |