Biocardia Inc Financials

BCDA

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Biocardia Inc (BCDA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI BCDA FY2025 2026-05-15

BioCardia is being financed as a development-stage program, with external capital replacing missing commercial revenue while annual cash burn stays near $8M.

From FY2023 through FY2025, net loss and operating cash outflow moved almost in lockstep—in FY2025, -$8.2M versus -$7.4M—while capital spending was only $7K. That combination says the company’s cash need comes mainly from funding R&D and overhead, not from building a heavy asset base, so fresh financing rather than operating scale has been keeping the business going.

In FY2025, financing inflow of $7.6M nearly covered free-cash outflow of -$7.4M. That is why cash still ended the year around $2.5M, showing how external funding is functioning as the company’s working fuel.

The current ratio recovered from 0.4x in FY2023 to 1.1x in FY2025 and equity turned positive again, so the short-term balance-sheet squeeze eased. But cash of $2.5M remains small beside annual operating cash use of -$7.4M, which leaves only a narrow liquidity cushion at the present spending pace.

Financial Health Signals

Financial Profile 10/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Biocardia Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Biocardia Inc's revenue declined 100% year-over-year, from $58K to $0. This contraction results in a growth score of 0/100.

Leverage

Biocardia Inc has a moderate D/E ratio of 2.81. This balance of debt and equity financing earns a leverage score of 45/100.

Liquidity

Biocardia Inc's current ratio of 1.12 is below the typical benchmark, resulting in a score of 18/100. However, the company holds substantial cash reserves (103% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.

Returns

Biocardia Inc generates a -919.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -949.3% the prior year.

Piotroski F-Score Weak

1/9

Biocardia Inc passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Low Quality

0.90x

For every $1 of reported earnings, Biocardia Inc generates $0.90 in operating cash flow (-$7.4M OCF vs -$8.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

YoY-100.0%

Biocardia Inc generated $0 in revenue in fiscal year 2025. This represents a decrease of 100.0% from the prior year.

EBITDA

-$8.3M

YoY-4.0%

Biocardia Inc's EBITDA was -$8.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 4.0% from the prior year.

Net Income

-$8.2M

YoY-3.5%

Biocardia Inc reported -$8.2M in net income in fiscal year 2025. This represents a decrease of 3.5% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$7.4M

YoY+5.7%

Biocardia Inc generated -$7.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 5.7% from the prior year.

Cash & Debt

$2.5M

YoY+5.3%

5Y CAGR-34.9%

10Y CAGR-3.5%

Biocardia Inc held $2.5M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

11M

YoY+133.8%

Biocardia Inc had 11M shares outstanding in fiscal year 2025. This represents an increase of 133.8% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-919.3%

YoY+30.0pp

5Y CAGR-841.1pp

Biocardia Inc's ROE was -919.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 30.0 percentage points from the prior year.

Capital Allocation

R&D Spending

$5.0M

YoY+13.1%

5Y CAGR-12.7%

10Y CAGR+12.6%

Biocardia Inc invested $5.0M in research and development in fiscal year 2025. This represents an increase of 13.1% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$7K

YoY+16.7%

5Y CAGR-26.2%

10Y CAGR-25.0%

Biocardia Inc invested $7K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 16.7% from the prior year.

BCDA Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$0-100.0%	$58K-87.8%	$477K-64.7%	$1.4M+33.2%	$1.0M+600.0%	$145K
Cost of Revenue	N/A	N/A	N/A	N/A	$0-100.0%	$4K
Gross Profit	N/A	N/A	N/A	N/A	$1.0M+619.9%	$141K
R&D Expenses	$5.0M+13.1%	$4.4M-43.2%	$7.7M-12.5%	$8.8M+3.2%	$8.6M-12.8%	$9.8M
SG&A Expenses	$3.3M-9.7%	$3.7M-16.5%	$4.4M-0.5%	$4.4M-13.1%	$5.1M-13.2%	$5.9M
Operating Income	-$8.3M-3.5%	-$8.0M+31.3%	-$11.6M+2.2%	-$11.9M+5.8%	-$12.6M+18.7%	-$15.5M
Interest Expense	N/A	N/A	N/A	N/A	$0-100.0%	$3K
Income Tax	$0	$0	$0	$0	$0	$0
Net Income	-$8.2M-3.5%	-$7.9M+31.3%	-$11.6M+2.8%	-$11.9M+5.7%	-$12.6M+15.9%	-$15.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	$0	$0	$0	N/A	$0-100.0%	$3K
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$1.2M	N/A	$936K-31.6%	$1.4M-10.6%	$1.5M	N/A	$931K+16.4%	$800K
SG&A Expenses	$1.0M	N/A	$552K-19.2%	$683K-42.9%	$1.2M	N/A	$825K-3.2%	$852K
Operating Income	-$2.3M	N/A	-$1.5M+27.5%	-$2.1M+24.8%	-$2.7M	N/A	-$1.8M-6.5%	-$1.6M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	N/A	$0	$0	$0	N/A	$0	$0
Net Income	-$2.3M	N/A	-$1.5M+27.6%	-$2.0M+24.4%	-$2.7M	N/A	-$1.7M-5.5%	-$1.6M
EPS (Diluted)	$-0.21	N/A	N/A	N/A	$-0.59	N/A	N/A	N/A

BCDA Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$3.4M-8.4%	$3.7M+24.7%	$3.0M-69.5%	$9.8M-37.7%	$15.7M-32.9%	$23.4M
Current Assets	$2.7M+4.2%	$2.6M+79.5%	$1.5M-81.4%	$7.9M-41.7%	$13.5M-40.5%	$22.7M
Cash & Equivalents	$2.5M+5.3%	$2.4M+115.0%	$1.1M-85.0%	$7.4M-42.8%	$12.9M-39.9%	$21.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$20K	$0-100.0%	$63K-68.7%	$201K+36.7%	$147K-36.6%	$232K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.5M-12.8%	$2.9M-37.1%	$4.6M-6.3%	$4.9M-8.3%	$5.3M+25.8%	$4.2M
Current Liabilities	$2.4M+4.8%	$2.3M-35.7%	$3.6M+0.6%	$3.6M-3.4%	$3.7M-12.6%	$4.2M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$895K+6.9%	$837K+152.2%	-$1.6M-132.8%	$4.9M-52.8%	$10.4M-45.9%	$19.2M
Retained Earnings	-$168.3M-5.1%	-$160.1M-5.2%	-$152.2M-8.2%	-$140.6M-9.3%	-$128.7M-10.9%	-$116.1M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$1.7M-49.8%	$3.4M-44.5%	$6.1M+194.3%	$2.1M-3.6%	$2.2M-41.8%	$3.7M-40.6%	$6.3M+116.9%	$2.9M
Current Assets	$1.1M-58.3%	$2.7M-49.1%	$5.4M+347.5%	$1.2M+2.2%	$1.2M-55.3%	$2.6M-48.1%	$5.1M+221.4%	$1.6M
Cash & Equivalents	$951K-61.9%	$2.5M-52.8%	$5.3M+439.5%	$980K+3.3%	$949K-60.0%	$2.4M-51.9%	$4.9M+246.9%	$1.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$20K0.0%	$20K	N/A	$10K	N/A	$0-100.0%	$10K0.0%	$10K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.8M+10.3%	$2.5M-28.5%	$3.5M-11.4%	$4.0M+7.8%	$3.7M+27.7%	$2.9M-17.8%	$3.5M-27.6%	$4.9M
Current Liabilities	$2.8M+14.2%	$2.4M-26.5%	$3.3M-9.1%	$3.6M+12.6%	$3.2M+39.3%	$2.3M-18.3%	$2.8M-30.2%	$4.1M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$1.1M-219.1%	$895K-65.9%	$2.6M+239.3%	-$1.9M-24.1%	-$1.5M-281.6%	$837K-69.6%	$2.8M+240.4%	-$2.0M
Retained Earnings	-$170.6M-1.3%	-$168.3M-1.2%	-$166.4M-0.9%	-$164.9M-1.3%	-$162.8M-1.7%	-$160.1M-1.5%	-$157.8M-1.1%	-$156.1M

BCDA Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$7.4M+5.7%	-$7.9M+20.9%	-$10.0M+5.6%	-$10.6M-1.9%	-$10.4M+16.1%	-$12.4M
Capital Expenditures	$7K+16.7%	$6K-50.0%	$12K-82.9%	$70K-39.7%	$116K+262.5%	$32K
Free Cash Flow	-$7.4M+5.7%	-$7.9M+21.0%	-$10.0M+6.1%	-$10.6M-1.4%	-$10.5M+15.4%	-$12.4M
Investing Cash Flow	-$7K-16.7%	-$6K+50.0%	-$12K+82.9%	-$70K+39.7%	-$116K-262.5%	-$32K
Financing Cash Flow	$7.6M-17.4%	$9.2M+145.8%	$3.7M-27.3%	$5.1M+163.1%	$1.9M-93.1%	$28.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$1.7M+33.6%	-$2.5M-49.3%	-$1.7M-1.4%	-$1.6M-1.9%	-$1.6M+33.5%	-$2.4M+6.8%	-$2.6M-99.0%	-$1.3M
Capital Expenditures	$3K-50.0%	$6K	$0-100.0%	$1K	$0-100.0%	$1K-50.0%	$2K-33.3%	$3K
Free Cash Flow	-$1.7M+33.6%	-$2.5M-49.7%	-$1.7M-1.3%	-$1.6M-2.0%	-$1.6M+33.5%	-$2.4M+6.9%	-$2.6M-98.7%	-$1.3M
Investing Cash Flow	-$3K+50.0%	-$6K	$0+100.0%	-$1K	$0+100.0%	-$1K+50.0%	-$2K+33.3%	-$3K
Financing Cash Flow	$117K+140.6%	-$288K-104.8%	$6.0M+255.7%	$1.7M+757.7%	$196K+256.8%	-$125K-102.0%	$6.1M+242.6%	$1.8M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BCDA Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	100.0%+2.8pp	97.2%
Operating Margin	N/A	-13794.8%-11353.7pp	-2441.1%-1560.8pp	-880.3%+364.1pp	-1244.3%+9465.3pp	-10709.7%
Net Margin	N/A	-13700.0%-11274.2pp	-2425.8%-1545.1pp	-880.7%+363.0pp	-1243.7%+9103.9pp	-10347.6%
Return on Equity	-919.3%+30.0pp	-949.3%	N/A	-243.4%-121.7pp	-121.7%-43.4pp	-78.2%
Return on Assets	-241.1%-27.7pp	-213.4%+174.0pp	-387.4%-265.8pp	-121.6%-41.3pp	-80.3%-16.3pp	-64.0%
Current Ratio	1.120.0	1.13+0.7	0.40-1.8	2.19-1.4	3.63-1.7	5.33
Debt-to-Equity	2.81-0.6	3.45+6.3	-2.86-3.9	1.00+0.5	0.52+0.3	0.22
FCF Margin	N/A	-13606.9%-11513.4pp	-2093.5%-1307.2pp	-786.3%+246.4pp	-1032.7%+7511.4pp	-8544.1%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-54966.7%
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-54866.7%
Return on Equity	N/A	N/A	-56.5%	N/A	N/A	N/A	-63.1%	N/A
Return on Assets	-131.9%	N/A	-24.1%+74.0pp	-98.1%+27.1pp	-125.2%	N/A	-27.7%+29.2pp	-57.0%
Current Ratio	0.41-0.7	1.12-0.5	1.62+1.3	0.33-0.0	0.36-0.8	1.13-0.7	1.78+1.4	0.39
Debt-to-Equity	-2.61-5.4	2.81+1.5	1.34+3.4	-2.11+0.3	-2.42-5.9	3.45+2.2	1.28+3.8	-2.47
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-43833.3%

Similar Companies

Biomx Inc PHGE

$7.5M

Adaptimmune Therapeutics Plc ADAP

$14.6M

Phio Pharmaceuticals Corp PHIO

$12.7M

Briacell Therapeutics Corp BCTX

$27.0M

Immuron Ltd IMRN

$8.0M

Frequently Asked Questions

What is Biocardia Inc's annual revenue?

Biocardia Inc (BCDA) reported $0 in total revenue for fiscal year 2025. This represents a -100.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Biocardia Inc's revenue growing?

Biocardia Inc (BCDA) revenue declined by 100% year-over-year, from $58K to $0 in fiscal year 2025.

Is Biocardia Inc profitable?

No, Biocardia Inc (BCDA) reported a net income of -$8.2M in fiscal year 2025.

What is Biocardia Inc's EBITDA?

Biocardia Inc (BCDA) had EBITDA of -$8.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Biocardia Inc's return on equity (ROE)?

Biocardia Inc (BCDA) has a return on equity of -919.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Biocardia Inc's free cash flow?

Biocardia Inc (BCDA) generated -$7.4M in free cash flow during fiscal year 2025. This represents a 5.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Biocardia Inc's operating cash flow?

Biocardia Inc (BCDA) generated -$7.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Biocardia Inc's total assets?

Biocardia Inc (BCDA) had $3.4M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Biocardia Inc's capital expenditures?

Biocardia Inc (BCDA) invested $7K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Biocardia Inc spend on research and development?

Biocardia Inc (BCDA) invested $5.0M in research and development during fiscal year 2025.

How many shares does Biocardia Inc have outstanding?

Biocardia Inc (BCDA) had 11M shares outstanding as of fiscal year 2025.

What is Biocardia Inc's current ratio?

Biocardia Inc (BCDA) had a current ratio of 1.12 as of fiscal year 2025, which is considered adequate.

What is Biocardia Inc's debt-to-equity ratio?

Biocardia Inc (BCDA) had a debt-to-equity ratio of 2.81 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Biocardia Inc's return on assets (ROA)?

Biocardia Inc (BCDA) had a return on assets of -241.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Biocardia Inc's cash runway?

Based on fiscal year 2025 data, Biocardia Inc (BCDA) had $2.5M in cash against an annual operating cash burn of $7.4M. This gives an estimated cash runway of approximately 4 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Biocardia Inc's Piotroski F-Score?

Biocardia Inc (BCDA) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Biocardia Inc's earnings high quality?

Biocardia Inc (BCDA) has an earnings quality ratio of 0.90x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Biocardia Inc?

Biocardia Inc (BCDA) scores 10 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.