Detailed financial statements for NovaBridge Biosciences (NBP): 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.
NovaBridge Biosciences, a biotechnology firm, primarily focuses on pioneering immuno-oncology treatments for cancer patients within the United States. Its development pipeline features several significant drug candidates: givastomig, a bispecific antibody currently in Phase 1b clinical trials for gastric cancer; uliledlimab, a CD73 neutralizing antibody; and ragistomig, another bispecific antibody, which is undergoing Phase 1 clinical evaluation for solid tumors.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $1.57, NBP has negative trailing earnings (P/E not meaningful) and an ROE of -1.45%. Market capitalisation stands at $181M.
Balance sheet quality for NBP: current ratio of 8.1, net cash position of $29.7M. 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 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.3M | $53.8M | $30.0M | $1.54B | $88.0M | -$10.7M | $4.5M | 0 | 0 |
| Cost of Revenue | 0 | 0 | 0 | 0 | $46.4M | 0 | 0 | 0 | 0 |
| Gross Profit | $11.6M | $53.8M | $30.0M | $1.54B | $41.6M | -$10.7M | $4.5M | 0 | 0 |
| Research & Development | $267.1M | $426.0M | $840.4M | $984.7M | $190.3M | $155.5M | $114.4M | $158.9M | $9.0M |
| Selling, General & Admin | $25.4M | $66.4M | $654.6M | $402.4M | $899.9M | $199.9M | $63.9M | $216.5M | $4.5M |
| Operating Expenses | $292.5M | $492.4M | $1.49B | $1.39B | $2.11B | $355.4M | $515.6M | $375.4M | $13.5M |
| Operating Income | -$273.9M | -$455.7M | -$1.46B | $155.6M | -$2.07B | -$366.1M | -$511.2M | -$375.4M | -$13.5M |
| EBITDA | -$279.3M | -$431.9M | -$197.3M | $168.3M | -$2.06B | -$356.4M | -$344.2M | -$373.5M | -$13.4M |
| Interest Expense | $864338 | $1.7M | $427481 | $146480 | 0 | 0 | $101854 | 0 | 0 |
| Pre-tax Income | -$290.7M | -$416.8M | -$1.45B | $483.1M | -$2.33B | -$973.2M | -$1.47B | -$362.7M | -$12.6M |
| Income Tax | 0 | $1.7M | 0 | $12.2M | -$494814 | -$5.6M | -$1.26B | 0 | 0 |
| Net Income | -$298.2M | -$402.8M | -$1.45B | $470.9M | -$2.33B | -$967.5M | -$1.47B | -$162.3M | -$6.6M |
| EPS | $-5.13 | $-6.92 | $-25.53 | $8.07 | $-30.70 | $-30.38 | $-17.62 | $-4.46 | $-0.16 |
| EPS (Diluted) | $-5.13 | $-6.92 | $-25.53 | $6.90 | $-30.68 | $-30.38 | $-17.62 | $-4.46 | $-0.16 |
| Shares Outstanding (Diluted) | $58.2M | $58.2M | $58.2M | $68.4M | $76.0M | $82.5M | $83.2M | $81.2M | $41.6M |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $307.9M | $1.59B | $1.14B | $4.76B | $552.8M | $3.21B | $291.5M | $498.2M | $30.1M |
| Short-term Investments | $266.2M | $256.0M | $32.0M | $31.5M | $118.2M | $235.4M | $20.2M | $767.4M | $30021 |
| Receivables | $4.1M | $9.4M | $55.3M | $357.9M | $61.0M | $4.8M | $1.8M | 0 | $256327 |
| Inventory | 0 | 0 | -$55.9M | 0 | $4.3M | -$80.3M | 0 | 0 | 0 |
| Total Current Assets | $691.6M | $2.04B | $1.36B | $5.34B | $750.2M | $3.63B | $329.9M | $1.29B | $31.1M |
| Property, Plant & Equipment | $22.3M | $27.7M | $46.5M | $40.3M | $24.9M | $124.0M | $5.6M | $27.7M | $421589 |
| Goodwill | $162.6M | $162.6M | $162.6M | $162.6M | $25.5M | $162.6M | 0 | 0 | 0 |
| Intangible Assets | $148.8M | $148.8M | $148.8M | $120.4M | $18.8M | $118.9M | 0 | 0 | 0 |
| Total Assets | $1.03B | $2.38B | $1.74B | $6.33B | $878.7M | $4.07B | $368.9M | $1.55B | $37.2M |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | $99.0M | $80.0M | $50.0M | 0 | 0 | $2.7M | 0 | 0 | 0 |
| Total Current Liabilities | $195.1M | $346.2M | $588.5M | $576.1M | $97.9M | $659.7M | $58.1M | $61.7M | $3.8M |
| Long-term Debt | $114.0M | $67.0M | $68.2M | $5.5M | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $1.33B | $3.33B | $3.77B | $712.2M | $163.4M | $1.07B | $126.3M | $84.1M | $4.2M |
| Retained Earnings | -$357.9M | -$1.01B | -$2.49B | -$2.02B | -$683.2M | -$6.77B | -$1.26B | -$9.39B | -$190.5M |
| Total Equity | $410.5M | -$955.1M | $1.07B | $5.63B | $715.3M | $3.01B | $242.6M | $1.47B | $33.0M |
| Total Debt | $213.0M | $147.0M | $132.5M | $19.1M | $17.6M | $38.3M | $3.9M | $28.3M | $438458 |
| Net Debt | -$361.2M | -$1.70B | -$1.04B | -$4.77B | -$653.3M | -$3.41B | -$307.8M | -$1.24B | -$29.7M |
| Working Capital | $496.4M | $1.69B | $772.8M | $4.77B | $652.3M | $2.97B | $271.8M | $1.23B | $27.3M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$298.2M | -$402.8M | -$1.45B | $470.9M | -$2.33B | -$2.51B | -$208.2M | -$362.7M | -$88.3M |
| Depreciation & Amortization | $1.6M | $6.7M | $15.6M | $23.1M | $34.1M | $63.8M | $1.1M | $7.1M | $856000 |
| Stock-based Compensation | $7.0M | $3.5M | $366.9M | $493.5M | $608.6M | $357.1M | $10.3M | -$14.2M | $6.0M |
| Change in Working Capital | $25.0M | $147.1M | $184.8M | -$240.6M | $394.5M | $552.1M | -$37.2M | -$20.5M | $17.1M |
| Operating Cash Flow | -$252.2M | -$280.7M | -$868.0M | $433.6M | -$973.1M | -$1.10B | -$72.9M | -$384.4M | -$20.6M |
| Capital Expenditure | -$20.3M | -$14.4M | -$12.2M | -$8.0M | -$29.9M | -$45.8M | -$164354 | -$350342 | -$7000 |
| Acquisitions | $93.3M | 0 | -$224.7M | -$257.7M | -$6.0M | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | -$5.3M | 0 | -$3.1M | -$8.7M | -$2.4M | 0 |
| Dividends Paid | 0 | 0 | -$5.3M | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$272.5M | -$295.1M | -$880.2M | $425.6M | -$1.00B | -$1.15B | -$73.0M | -$384.8M | -$20.6M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +377.4% | -44.2% | +5042.2% | -94.3% | -112.2% | +141.9% | -100.0% | ||
| Net Income Growth (YoY) | -35.1% | -259.5% | +132.5% | -595.1% | +58.5% | -51.5% | +88.9% | +95.9% | |
| EPS Growth (YoY) | -34.9% | -268.9% | +131.6% | -480.4% | +1.0% | +42.0% | +74.7% | +96.4% | |
| Shares Change (YoY) | +0.0% | +0.0% | +17.5% | +11.1% | +8.6% | +0.9% | -2.5% | -48.7% | |
| FCF Growth (YoY) | -8.3% | -198.3% | +148.3% | -335.7% | -14.5% | +93.6% | -427.0% | +94.6% | |
| Gross Margin | 102.6% | 100.0% | 100.0% | 100.0% | 47.3% | 100.0% | 100.0% | ||
| Operating Margin | -2431.2% | -847.4% | -4883.2% | 10.1% | -2353.1% | 3422.2% | -11395.1% | ||
| EBITDA Margin | -2479.5% | -803.1% | -657.5% | 10.9% | -2337.4% | 3331.5% | -7674.2% | ||
| Net Margin | -2647.4% | -749.0% | -4826.8% | 30.5% | -2648.7% | 9044.6% | -32674.0% | ||
| FCF Margin | -2418.8% | -548.7% | -2934.1% | 27.6% | -1139.5% | 10737.7% | -1627.8% | ||
| Effective Tax Rate | -0.0% | -0.4% | -0.0% | 2.5% | 0.0% | 0.6% | 85.9% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-4.68 | $-5.07 | $-15.13 | $6.22 | $-13.20 | $-13.92 | $-0.88 | $-4.74 | $-0.49 |
| Dividends Per Share | $0.00 | $0.00 | $0.09 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $58.2M | $58.2M | $58.2M | $68.2M | $75.9M | $82.5M | $83.2M | $81.2M | $41.6M |
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 | -1.45% |
| Return on Invested Capital | -29.03% |
| Return on Assets | -21.17% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.02 |
| Current Ratio | 7.64 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| P/E | -15.86 | -12.41 | -3.41 | 38.11 | -9.80 | -0.95 | -0.77 | -1.39 | -25.22 |
| P/B | 11.53 | -5.23 | 4.73 | 3.73 | 31.95 | 0.79 | 4.62 | 0.34 | 5.02 |
| P/S | 419.96 | 92.96 | 168.74 | 13.61 | 259.67 | -222.39 | 250.09 | 0.00 | 0.00 |
| Gross Margin | 102.6% | 100.0% | 100.0% | 100.0% | 47.3% | 100.0% | 100.0% | 0.0% | 0.0% |
| Operating Margin | -2431.2% | -847.4% | -4883.2% | 10.1% | -2353.1% | 3422.2% | -11395.1% | 0.0% | 0.0% |
| Net Margin | -2647.4% | -749.0% | -4826.8% | 30.5% | -2648.7% | 9044.6% | -32674.0% | 0.0% | 0.0% |
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Explore sector: Healthcare · Biotechnology
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