Detailed financial statements for PolyPid Ltd. (PYPD): 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.
PolyPid Ltd. is an advanced-stage biopharmaceutical company specializing in the development, manufacturing, and commercialization of therapeutic solutions. These solutions are based on its proprietary polymer-lipid encapsulation matrix (PLEX) platform, with the goal of addressing significant unmet medical needs. The company's leading product candidate, D-PLEX100, is currently undergoing Phase III clinical trials.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $5.21, PYPD has negative trailing earnings (P/E not meaningful) and an ROE of -311.07%. Market capitalisation stands at $99M.
Balance sheet quality for PYPD: current ratio of 2.0, 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 | $127000 | $205000 | $411000 | $947000 | $1.0M | $1.1M | $1.7M | 0 | 0 | 0 |
| Gross Profit | -$127000 | -$205000 | -$411000 | -$947000 | -$1.0M | -$1.1M | -$1.7M | 0 | 0 | 0 |
| Research & Development | $7.7M | $9.7M | $12.6M | $14.1M | $17.0M | $30.4M | $28.0M | $16.1M | $22.8M | $23.8M |
| Selling, General & Admin | $2.6M | $4.1M | $5.8M | $3.5M | $9.3M | $12.5M | $10.9M | $6.7M | $5.2M | $9.2M |
| Operating Expenses | $10.3M | $13.8M | $18.4M | $17.6M | $25.3M | $42.0M | $37.2M | $22.9M | $28.0M | $33.0M |
| Operating Income | -$10.3M | -$13.8M | -$18.4M | -$18.6M | -$26.3M | -$43.1M | -$38.9M | -$22.9M | -$28.0M | -$33.0M |
| EBITDA | -$10.1M | -$13.6M | -$42.1M | -$5.9M | -$35.9M | -$41.5M | -$36.4M | -$20.3M | -$25.8M | -$31.9M |
| Interest Expense | $108000 | $16000 | $42000 | $15000 | $17000 | 0 | $1.3M | $1.7M | $1.5M | $685000 |
| Pre-tax Income | -$11.4M | -$54.5M | $5.9M | -$6.9M | -$36.9M | -$42.6M | -$39.4M | -$23.8M | -$29.0M | -$34.2M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | $129000 | $69000 | $42000 | $5000 |
| Net Income | -$11.4M | -$54.5M | $5.9M | -$6.9M | -$35.3M | -$40.7M | -$39.5M | -$23.9M | -$29.0M | -$34.2M |
| EPS | $-77.48 | $-370.58 | $26.70 | $-15.03 | $-4.48 | $-67.80 | $-61.20 | $-16.99 | $-4.91 | $-2.09 |
| EPS (Diluted) | $-77.48 | $-370.58 | $26.70 | $-15.03 | $-122.10 | $-67.80 | $-61.20 | $-16.99 | $-4.91 | $-2.09 |
| Shares Outstanding (Diluted) | $588148 | $588148 | $886430 | $886430 | $1.3M | $1.2M | $1.3M | $1.4M | $5.9M | $16.4M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 |
| Operating Income | -$7.5M | $8.5M | -$7.8M | $7.8M |
| EBITDA | -$7.4M | -$8.1M | -$7.7M | -$7.5M |
| Net Income | -$7.5M | -$8.5M | -$7.7M | -$7.8M |
| EPS | $-0.37 | $-0.41 | $-0.35 | $-0.35 |
| EPS (Diluted) | $-0.37 | $-0.41 | $-0.35 | $-0.35 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $10.2M | $3.9M | $7.3M | $3.9M | $4.3M | $9.8M | $8.6M | $5.6M | $15.6M | $6.4M |
| Short-term Investments | $7.5M | $14.0M | 0 | $22.7M | $40.2M | $22.4M | $4.0M | 0 | 0 | $6.5M |
| Receivables | $28000 | $28000 | $24000 | $18000 | $139000 | $118000 | $298000 | 0 | 0 | 0 |
| Inventory | 0 | 0 | -$24000 | $351000 | 0 | 0 | 0 | 0 | 0 | $1.1M |
| Total Current Assets | $18.3M | $18.7M | $8.0M | $27.4M | $47.2M | $34.8M | $14.2M | $6.1M | $16.6M | $15.2M |
| Property, Plant & Equipment | $847000 | $2.9M | $6.2M | $6.1M | $5.9M | $8.8M | $11.7M | $9.2M | $8.4M | $6.8M |
| 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 | $19.2M | $23.0M | $14.5M | $33.8M | $75.8M | $44.2M | $26.0M | $15.4M | $25.2M | $22.3M |
| Accounts Payable | $778000 | $2.0M | $1.1M | $1.6M | $974000 | $4.1M | $1.1M | $772000 | $2.4M | $2.9M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | $4.0M | $4.0M | $6.8M | $988000 |
| Total Current Liabilities | $1.7M | $3.4M | $3.7M | $2.6M | $2.9M | $8.1M | $8.6M | $7.3M | $12.7M | $7.7M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | $7.6M | $6.4M | $634000 | 0 |
| Total Liabilities | $53.2M | $111.6M | $96.2M | $2.8M | $3.1M | $8.3M | $20.1M | $17.5M | $17.5M | $11.3M |
| Retained Earnings | -$36.6M | -$92.3M | -$86.4M | -$93.3M | -$132.3M | -$174.9M | -$214.4M | -$238.3M | -$267.3M | -$301.5M |
| Total Equity | -$34.0M | -$88.6M | -$81.7M | $30.9M | $72.8M | $36.0M | $5.8M | -$2.1M | $7.7M | $11.0M |
| Total Debt | 0 | 0 | 0 | 0 | 0 | 0 | $13.7M | $11.8M | $9.6M | $2.8M |
| Net Debt | -$17.8M | -$17.9M | -$7.3M | -$26.6M | -$44.5M | -$32.2M | $1.1M | $6.2M | -$6.0M | -$10.1M |
| Working Capital | $16.6M | $15.4M | $4.3M | $24.8M | $44.3M | $26.7M | $5.6M | -$1.2M | $3.9M | $7.5M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $9.9M | $6.4M | $9.1M | $6.6M |
| Total Assets | $26.8M | $22.3M | $19.2M | $15.2M |
| Total Liabilities | $11.5M | $11.3M | $10.4M | $9.8M |
| Total Equity | $15.4M | $11.0M | $8.8M | $5.4M |
| Total Debt | $4.3M | $2.8M | $2.3M | $1.6M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$11.4M | -$54.5M | $5.9M | -$6.9M | -$36.9M | -$42.6M | -$39.6M | -$23.9M | -$29.0M | -$34.2M |
| Depreciation & Amortization | $127000 | $205000 | $411000 | $947000 | $1.0M | $1.1M | $1.7M | $1.8M | $1.6M | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -$237000 | -$187000 | $472000 | -$1.0M | -$1.7M | $4.3M | -$1.1M | -$110000 | $1.9M | 0 |
| Operating Cash Flow | -$9.7M | -$12.3M | -$16.7M | -$17.4M | -$21.6M | -$32.4M | -$34.3M | -$17.2M | -$22.0M | 0 |
| Capital Expenditure | -$539000 | -$1.9M | -$3.1M | -$879000 | -$1.2M | -$3.0M | -$1.8M | -$196000 | -$76000 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 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 | -$10.3M | -$14.2M | -$19.8M | -$18.2M | -$22.8M | -$35.4M | -$36.1M | -$17.4M | -$22.0M | 0 |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | 0 | 0 | 0 | 0 |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | -378.3% | +110.9% | -216.7% | -411.6% | -15.3% | +2.9% | +39.6% | -21.6% | -17.7% |
| EPS Growth (YoY) | | -378.3% | +107.2% | -156.3% | +70.2% | -1413.4% | +9.7% | +72.2% | +71.1% | +57.4% |
| Shares Change (YoY) | | +0.0% | +50.7% | +0.0% | +44.1% | -2.3% | +3.8% | +8.4% | +321.0% | +176.5% |
| FCF Growth (YoY) | | -38.2% | -39.1% | +7.7% | -24.9% | -55.4% | -2.0% | +51.7% | -26.4% | +100.0% |
| Effective Tax Rate | -0.0% | -0.0% | 0.0% | -0.0% | -0.0% | -0.0% | -0.3% | -0.3% | -0.1% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-17.46 | $-24.14 | $-22.28 | $-20.57 | $-17.82 | $-28.35 | $-27.86 | $-12.41 | $-3.73 | $0.00 |
| 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) | $588148 | $588148 | $886430 | $886430 | $1.3M | $1.2M | $1.3M | $1.4M | $5.9M | $16.3M |
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 | -311.07% |
| Return on Invested Capital | 11.71% |
| Return on Assets | -206.78% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.29 |
| Current Ratio | 1.35 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -7.36 | -1.54 | 21.35 | -37.92 | -66.29 | -2.54 | -0.34 | -0.22 | -0.62 | -2.08 |
| P/B | -9.87 | -3.78 | -6.18 | 16.33 | 5.21 | 5.98 | 4.65 | -2.55 | 2.34 | 6.47 |
| 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% |