Detailed financial statements for Nutriband Inc. (NTRB): 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.
Nutriband Inc. specializes in developing a diverse range of pharmaceutical products delivered via transdermal patches. The company's most advanced program centers on AVERSA fentanyl, an innovative fentanyl transdermal system engineered to prevent abuse. This extended-release patch provides healthcare professionals and patients with a continuous opioid therapy solution for the ongoing management of chronic pain.
Analysis Summary
Nutriband Inc. reported revenue of $2.0M in the most recent fiscal year, growing at a 5-year CAGR of 16.6%.
Trailing-twelve-month margins: gross margin 33.1%, operating margin -435.6%, net margin -430.4%.
At the current price of $7.04, NTRB has negative trailing earnings (P/E not meaningful) and an ROE of -109.02%. Market capitalisation stands at $86M.
Balance sheet quality for NTRB: current ratio of 6.4, net cash position of $4.3M. 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 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | $245285 | $370647 | $943702 | $1.4M | $2.1M | $2.1M | $2.1M | $2.0M |
| Cost of Revenue | 0 | 0 | $288301 | $549107 | $582378 | $917844 | $1.3M | $1.2M | $1.4M | $1.5M |
| Gross Profit | 0 | 0 | -$43016 | -$178460 | $361324 | $504310 | $750409 | $862105 | $699302 | $566308 |
| Research & Development | 0 | 0 | 0 | 0 | 0 | $411383 | $982227 | $2.0M | $3.1M | $1.9M |
| Selling, General & Admin | $151260 | $171946 | $3.3M | $1.8M | $3.0M | $4.0M | $3.9M | $3.8M | $4.3M | $7.0M |
| Operating Expenses | $151260 | $171946 | $3.3M | $1.8M | $3.0M | $4.4M | $4.9M | $5.7M | $7.4M | $8.9M |
| Operating Income | -$151260 | -$171946 | -$3.3M | -$2.0M | -$2.6M | -$3.9M | -$4.1M | -$4.9M | -$6.7M | -$8.3M |
| EBITDA | 0 | -$2.7M | -$3.3M | -$2.6M | -$2.5M | -$5.7M | -$4.1M | -$5.1M | -$10.2M | -$8.0M |
| Interest Expense | 0 | 0 | 0 | $73413 | $280686 | $118421 | $8289 | $75815 | $21407 | $22535 |
| Pre-tax Income | -$151260 | -$2.7M | -$3.3M | -$2.7M | -$2.9M | -$6.2M | -$4.5M | -$5.5M | -$10.5M | -$8.2M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$151260 | -$2.7M | -$3.3M | -$2.8M | -$3.2M | -$8.4M | -$4.8M | -$5.5M | -$10.5M | -$8.2M |
| EPS | $-0.03 | $-0.48 | $-0.53 | $-0.44 | $-0.48 | $-1.06 | $-0.57 | $-0.69 | $-0.99 | $-2.58 |
| EPS (Diluted) | $-0.03 | $-0.48 | $-0.53 | $-0.44 | $-0.48 | $-1.06 | $-0.57 | $-0.69 | $-0.99 | $-2.58 |
| Shares Outstanding (Diluted) | $6.1M | $5.6M | $6.2M | $6.3M | $6.7M | $7.9M | $8.5M | $8.0M | $10.6M | $11.6M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $346058 | $400709 | $433399 | $437514 |
| Gross Profit | $68505 | $88941 | $196801 | $181874 |
| Operating Income | -$3.9M | -$1.0M | -$1.3M | -$890637 |
| EBITDA | -$3.8M | -$926846 | -$1.2M | -$857311 |
| Net Income | -$3.9M | -$968059 | -$1.2M | -$880561 |
| EPS | $-0.32 | $-0.08 | $-0.10 | $-0.07 |
| EPS (Diluted) | $-0.32 | $-0.08 | $-0.10 | $-0.07 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $27124 | 0 | $474653 | $10181 | $151993 | $4.9M | $2.0M | $492942 | $4.3M | $4.6M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $229 | $263 | $13088 | $12833 | $109347 | $71380 | $113045 | $148649 | $73847 | $118404 |
| Inventory | $8048 | $4133 | 0 | $0 | $52848 | $131648 | $229335 | $168605 | $212041 | $117987 |
| Total Current Assets | $37727 | $164899 | $590466 | $43181 | $314188 | $5.5M | $2.7M | $1.0M | $4.8M | $5.0M |
| Property, Plant & Equipment | 0 | 0 | $146147 | $120639 | $1.1M | $998340 | $960489 | $806298 | $695063 | $639255 |
| Goodwill | 0 | 0 | $1.7M | $1.7M | $7.5M | $5.3M | $5.0M | $5.0M | $1.7M | $1.7M |
| Intangible Assets | 0 | 0 | $351770 | $314700 | $1.0M | $926913 | $780430 | $667280 | $261092 | $200427 |
| Total Assets | $37727 | $164899 | $2.8M | $2.2M | $9.9M | $12.7M | $9.5M | $7.5M | $7.5M | $7.5M |
| Accounts Payable | $4149 | $12341 | $291781 | $771931 | 0 | 0 | 0 | $680132 | $698821 | $502654 |
| Short-term Debt | $10469 | $31050 | $40000 | $311567 | $1.5M | $14119 | $19740 | $127182 | $128144 | $161324 |
| Total Current Liabilities | $14618 | $43391 | $403006 | $2.0M | $2.6M | $779256 | $748613 | $999093 | $982845 | $784281 |
| Long-term Debt | 0 | 0 | 0 | 0 | $150063 | $101119 | $100497 | $79826 | $58205 | $35861 |
| Total Liabilities | $14618 | $43391 | $403006 | $2.0M | $2.8M | $880375 | $883387 | $1.1M | $1.0M | $868447 |
| Retained Earnings | -$177464 | -$2.8M | -$6.2M | -$8.9M | -$11.8M | -$18.0M | -$22.5M | -$28.0M | -$38.5M | -$46.7M |
| Total Equity | $23109 | $121508 | $2.4M | $175433 | $7.1M | $11.9M | $8.6M | $6.4M | $6.4M | $6.7M |
| Total Debt | $10469 | $31050 | $40000 | $321617 | $1.8M | $134569 | $185805 | $241285 | $186349 | $245490 |
| Net Debt | -$16655 | $31050 | -$434653 | $311436 | $1.6M | -$4.8M | -$1.8M | -$251657 | -$4.1M | -$4.3M |
| Working Capital | $23109 | $121508 | $187460 | -$2.0M | -$2.3M | $4.7M | $1.9M | $22770 | $3.8M | $4.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $5.3M | $4.6M | $4.0M | $3.4M |
| Total Assets | $8.4M | $7.5M | $6.9M | $6.3M |
| Total Liabilities | $870208 | $868447 | $902312 | $964358 |
| Total Equity | $7.5M | $6.7M | $6.0M | $5.3M |
| Total Debt | $216422 | $245490 | $232714 | $194620 |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$151260 | -$2.7M | -$3.3M | -$2.7M | -$2.9M | -$6.2M | -$4.5M | -$5.5M | -$10.5M | -$8.2M |
| Depreciation & Amortization | 0 | 0 | $37011 | $91405 | $169718 | $318263 | $368956 | $287722 | $285054 | $193797 |
| Stock-based Compensation | $7770 | 0 | $1.8M | $252700 | $2.0M | $897832 | $732130 | $742696 | $1.5M | $104400 |
| Change in Working Capital | -$4433 | $75088 | $400513 | $712961 | $110226 | -$541377 | -$219316 | $223219 | $34088 | $126809 |
| Operating Cash Flow | -$147923 | -$92858 | -$1.1M | -$894470 | -$297055 | -$2.8M | -$3.0M | -$3.5M | -$4.6M | -$5.1M |
| Capital Expenditure | 0 | 0 | -$4163 | 0 | 0 | -$81595 | -$79304 | -$51761 | -$92043 | -$5320 |
| Acquisitions | 0 | 0 | -$400000 | 0 | $66994 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | -$104467 | -$119006 | 0 | -$149000 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -$196589 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$147923 | -$92858 | -$1.1M | -$894470 | -$297055 | -$2.9M | -$3.1M | -$3.6M | -$4.7M | -$5.1M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | -$1.8M | -$731830 | -$563104 | -$584999 |
| Capital Expenditure | -$3 | 0 | $4 | -$4 |
| Free Cash Flow | -$1.8M | -$731830 | -$563104 | -$585003 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $2.5M | $98513 | $552458 | $220370 |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +51.1% | +154.6% | +50.7% | +46.2% | +0.3% | +2.6% | -4.8% | |||
| Net Income Growth (YoY) | -1666.5% | -24.7% | +16.1% | -15.0% | -162.1% | +42.9% | -14.0% | -91.1% | +21.5% | |
| EPS Growth (YoY) | -1820.0% | -10.4% | +17.0% | -9.1% | -120.8% | +46.2% | -21.1% | -43.5% | -160.6% | |
| Shares Change (YoY) | -7.5% | +11.4% | +1.3% | +6.4% | +17.8% | +6.6% | -6.0% | +33.4% | +9.7% | |
| FCF Growth (YoY) | +37.2% | -1095.0% | +19.4% | +66.8% | -873.2% | -6.1% | -16.7% | -31.8% | -8.8% | |
| Gross Margin | -17.5% | -48.1% | 38.3% | 35.5% | 36.1% | 41.3% | 32.7% | 27.8% | ||
| Operating Margin | -1358.1% | -531.4% | -275.1% | -276.3% | -199.5% | -233.6% | -312.6% | -408.4% | ||
| EBITDA Margin | -1343.0% | -689.7% | -263.1% | -403.6% | -197.5% | -245.6% | -475.5% | -393.5% | ||
| Net Margin | -1358.1% | -754.1% | -340.5% | -592.2% | -231.3% | -263.0% | -489.9% | -404.1% | ||
| FCF Margin | -452.4% | -241.3% | -31.5% | -203.3% | -147.5% | -171.6% | -220.5% | -252.1% | ||
| 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 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.02 | $-0.02 | $-0.18 | $-0.14 | $-0.04 | $-0.36 | $-0.36 | $-0.45 | $-0.44 | $-0.44 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.02 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $6.1M | $5.6M | $6.2M | $6.3M | $6.7M | $7.9M | $8.5M | $8.0M | $10.6M | $11.6M |
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 | -109.02% |
| Return on Invested Capital | -126.99% |
| Return on Assets | -110.64% |
| Gross Margin | 33.14% |
| Operating Margin | -435.58% |
| Net Margin | -430.43% |
Financial Health
| Debt / Equity | 0.04 |
| Current Ratio | 4.21 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 27.17 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -229.60 | -11.96 | -10.83 | -13.05 | -11.96 | -3.54 | -6.40 | -3.78 | -8.37 | -1.86 |
| P/B | 1504.50 | 264.71 | 14.91 | 207.04 | 5.43 | 2.51 | 3.60 | 3.22 | 13.68 | 8.35 |
| P/S | 0.00 | 0.00 | 146.13 | 98.00 | 40.95 | 20.92 | 14.85 | 9.96 | 41.09 | 27.38 |
| Gross Margin | 0.0% | 0.0% | -17.5% | -48.1% | 38.3% | 35.5% | 36.1% | 41.3% | 32.7% | 27.8% |
| Operating Margin | 0.0% | 0.0% | -1358.1% | -531.4% | -275.1% | -276.3% | -199.5% | -233.6% | -312.6% | -408.4% |
| Net Margin | 0.0% | 0.0% | -1358.1% | -754.1% | -340.5% | -592.2% | -231.3% | -263.0% | -489.9% | -404.1% |
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Explore sector: Healthcare · Biotechnology
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