Detailed financial statements for MetaVia Inc. (MTVA): 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.
Headquartered in Cambridge, Massachusetts, MetaVia Inc. operates as a clinical-stage biotechnology company with a core focus on discovering and commercializing novel pharmaceutical solutions for cardiometabolic disorders. Its leading investigational drug, DA-1241, a unique G-Protein-Coupled Receptor 119 agonist, is currently undergoing Phase 2a clinical trials for metabolic dysfunction-associated steatohepatitis (MASH).
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
Balance sheet quality for MTVA: current ratio of 1.9, net cash position of $10.1M. 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | 0 | 0 | 0 | $67000 | $72000 | $28000 | $7000 | $24000 | $19000 |
| Gross Profit | 0 | 0 | 0 | 0 | -$67000 | -$72000 | -$28000 | -$7000 | -$24000 | -$19000 |
| Research & Development | $8.7M | $22.7M | $13.9M | $17.5M | $21.9M | $6.5M | $2.8M | $9.2M | $21.5M | $6.8M |
| Selling, General & Admin | $6.0M | $10.4M | $1.6M | $2.7M | $7.8M | $8.8M | $8.6M | $6.7M | $7.3M | $6.9M |
| Operating Expenses | $14.7M | $33.1M | $15.5M | $20.2M | $29.7M | $15.3M | $19.6M | $15.9M | $28.8M | $13.7M |
| Operating Income | -$14.7M | -$33.1M | -$15.5M | -$20.2M | -$29.7M | -$15.3M | -$19.6M | -$15.9M | -$28.8M | -$13.7M |
| EBITDA | -$14.7M | -$33.1M | -$15.5M | -$20.2M | -$29.7M | -$15.2M | -$11.8M | -$12.5M | -$27.6M | -$13.0M |
| Interest Expense | 0 | $286000 | $40000 | $22000 | 0 | 0 | $2.2M | 0 | 0 | 0 |
| Pre-tax Income | -$14.6M | -$33.4M | -$15.5M | -$21.3M | -$29.7M | -$15.3M | -$14.0M | -$12.5M | -$27.6M | -$13.0M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$14.6M | -$33.4M | -$15.5M | -$21.3M | -$29.7M | -$15.3M | -$14.0M | -$12.5M | -$27.6M | -$13.0M |
| EPS | $-106454.37 | $-213180.00 | $-112860.00 | $-10771.20 | $-4831.20 | $-1742.40 | $-477.84 | $-27.06 | $-39.16 | $-7.35 |
| EPS (Diluted) | $-106454.37 | $-213180.00 | $-112860.00 | $-10771.20 | $-4831.20 | $-1742.40 | $-477.84 | $-27.06 | $-39.16 | $-7.35 |
| Shares Outstanding (Diluted) | $140 | $157 | $209 | $1979 | $6143 | $8767 | $29246 | $461009 | $705193 | $1.8M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $24.0M | $18.5M | $2.8M | $13.9M | $10.1M | $16.4M | $33.4M | $22.4M | $16.0M | $10.3M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $24.7M | $19.0M | $3.8M | $14.1M | $10.7M | $16.6M | $33.5M | $22.5M | $16.1M | $10.9M |
| Property, Plant & Equipment | 0 | 0 | $12000 | $350000 | $285000 | $215000 | $2000 | $248000 | $167000 | $227000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $24.8M | $19.0M | $3.8M | $14.5M | $11.0M | $16.8M | $33.5M | $22.8M | $16.3M | $69.1M |
| Accounts Payable | $2.0M | $4.0M | $170000 | $638000 | $2.6M | $830000 | $708000 | $821000 | $3.9M | $1.1M |
| Short-term Debt | 0 | $1.4M | $9.4M | 0 | 0 | $26000 | 0 | 0 | 0 | $68000 |
| Total Current Liabilities | $4.1M | $6.4M | $219000 | $2.1M | $3.7M | $2.2M | $11.8M | $6.0M | $8.3M | $5.6M |
| Long-term Debt | 0 | $8.7M | $118000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $4.1M | $15.1M | $17.1M | $2.2M | $3.8M | $2.2M | $11.8M | $6.1M | $8.3M | $63.8M |
| Retained Earnings | -$27.1M | -$60.5M | -$15.6M | -$36.9M | -$66.5M | -$81.8M | -$95.8M | -$108.3M | -$135.9M | -$148.8M |
| Total Equity | $20.6M | $3.9M | -$13.3M | $12.3M | $7.2M | $14.6M | $21.8M | $16.7M | $7.9M | $5.3M |
| Total Debt | 0 | $10.0M | $9.6M | $116000 | $94000 | $71000 | 0 | $203000 | $136000 | $210000 |
| Net Debt | -$24.0M | -$8.4M | $6.7M | -$13.8M | -$10.0M | -$16.3M | -$33.4M | -$22.2M | -$15.9M | -$10.1M |
| Working Capital | $20.6M | $12.6M | $3.6M | $12.0M | $7.0M | $14.4M | $21.7M | $16.6M | $7.8M | $5.2M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$14.6M | -$33.4M | -$15.5M | -$21.3M | -$29.7M | -$15.3M | -$14.0M | -$12.5M | -$27.6M | -$13.0M |
| Depreciation & Amortization | 0 | 0 | 0 | $17000 | $46000 | $48000 | $20000 | $6000 | $20000 | $19000 |
| Stock-based Compensation | $1.7M | $5.3M | 0 | $118000 | $699000 | $662000 | $854000 | $222000 | $538000 | $411000 |
| Change in Working Capital | $1.9M | $1.1M | -$778000 | $744000 | $809000 | -$584000 | -$1.2M | $4.4M | $2.6M | -$2.9M |
| Operating Cash Flow | -$11.0M | -$26.9M | -$14.5M | -$7.0M | -$10.8M | -$15.1M | -$11.7M | -$10.8M | -$24.7M | -$15.7M |
| Capital Expenditure | 0 | 0 | -$3000 | -$214000 | -$4000 | -$3000 | 0 | -$50000 | -$8000 | -$2000 |
| Acquisitions | 0 | 0 | 0 | $1.5M | $180000 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$11.0M | -$26.9M | -$14.5M | -$7.3M | -$10.8M | -$15.1M | -$11.7M | -$10.8M | -$24.7M | -$15.7M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income Growth (YoY) | -129.1% | +53.5% | -37.2% | -39.3% | +48.5% | +8.6% | +10.7% | -121.3% | +53.0% | |
| EPS Growth (YoY) | -100.3% | +47.1% | +90.5% | +55.1% | +63.9% | +72.6% | +94.3% | -44.7% | +81.2% | |
| Shares Change (YoY) | +12.1% | +33.1% | +846.9% | +210.4% | +42.7% | +233.6% | +1476.3% | +53.0% | +150.4% | |
| FCF Growth (YoY) | -143.6% | +46.3% | +49.8% | -48.5% | -40.6% | +22.6% | +7.4% | -127.8% | +36.5% | |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -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 | $-78878.57 | $-171343.95 | $-69157.89 | $-3664.98 | $-1752.89 | $-1726.59 | $-400.47 | $-23.53 | $-35.05 | $-8.89 |
| 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) | $140 | $157 | $209 | $1979 | $6143 | $8767 | $29246 | $461009 | $705193 | $1.8M |
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
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.03 |
| Current Ratio | 2.06 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -0.00 | -0.00 | -0.00 | -0.00 | -0.01 | -0.02 | -0.06 | -1.03 | -0.57 | -1.15 |
| P/B | 0.00 | 0.00 | -0.00 | 0.00 | 0.02 | 0.02 | 0.04 | 0.77 | 1.99 | 2.79 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
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