Clene Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Clene has an operating margin of -9676.3%, meaning the company retains $-9676 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -6198.8% the prior year.
Clene's revenue declined 47.7% year-over-year, from $654K to $342K. This contraction results in a growth score of 0/100.
Clene's current ratio of 1.57 indicates adequate short-term liquidity, earning a score of 43/100. The company can meet its near-term obligations, though with limited headroom.
While Clene generated -$21.3M in operating cash flow, capex of $15K consumed most of it, leaving -$21.3M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Clene passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Clene generates $0.54 in operating cash flow (-$21.3M OCF vs -$39.4M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Clene earns $-8.1 in operating income for every $1 of interest expense (-$33.1M vs $4.1M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
This page shows Clene (CLNN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 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).
Key Financial Metrics
Clene generated $342K in revenue in fiscal year 2024. This represents a decrease of 47.7% from the prior year.
Clene's EBITDA was -$31.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 19.0% from the prior year.
Clene generated -$21.3M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 30.0% from the prior year.
Clene reported -$39.4M in net income in fiscal year 2024. This represents an increase of 20.4% from the prior year.
Clene held $12.2M in cash against $0 in long-term debt as of fiscal year 2024.
Clene had 8M shares outstanding in fiscal year 2024. This represents an increase of 26.0% from the prior year.
Clene's gross margin was 79.5% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 2.0 percentage points from the prior year.
Clene's operating margin was -9676.3% in fiscal year 2024, reflecting core business profitability. This is down 3477.5 percentage points from the prior year.
Clene's net profit margin was -11520.5% in fiscal year 2024, showing the share of revenue converted to profit. This is down 3951.1 percentage points from the prior year.
Clene invested $20.1M in research and development in fiscal year 2024. This represents a decrease of 24.7% from the prior year.
Clene invested $15K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 95.5% from the prior year.
CLNN Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $15K-44.4% | $27K-66.7% | $81K-11.0% | $91K0.0% | $91K+24.7% | $73K-57.1% | $170K+57.4% | $108K |
| Cost of Revenue | $0 | $0-100.0% | $20K+11.1% | $18K0.0% | $18K+12.5% | $16K-57.9% | $38K+216.7% | $12K |
| Gross Profit | $15K-44.4% | $27K-55.7% | $61K-16.4% | $73K0.0% | $73K+28.1% | $57K-56.8% | $132K+37.5% | $96K |
| R&D Expenses | $3.5M0.0% | $3.5M+137.3% | $1.5M-73.4% | $5.6M+34.2% | $4.2M-29.3% | $5.9M-12.0% | $6.7M+11.7% | $6.0M |
| SG&A Expenses | $2.1M-9.5% | $2.4M-10.5% | $2.7M-15.9% | $3.2M-4.6% | $3.3M-3.1% | $3.4M+0.9% | $3.4M-7.6% | $3.7M |
| Operating Income | -$5.6M+3.7% | -$5.9M-43.9% | -$4.1M+52.9% | -$8.7M-17.1% | -$7.4M+19.9% | -$9.2M+7.0% | -$9.9M-4.1% | -$9.5M |
| Interest Expense | $649K-4.4% | $679K+11.7% | $608K+17.8% | $516K-59.8% | $1.3M+3.1% | $1.2M+3.7% | $1.2M+1.0% | $1.2M |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Income | -$8.8M-18.3% | -$7.4M-887.9% | -$751K+94.5% | -$13.5M-99.7% | -$6.8M+38.8% | -$11.1M-8.9% | -$10.2M-320.7% | -$2.4M |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
CLNN Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $22.3M+0.8% | $22.1M-12.6% | $25.3M-7.4% | $27.3M-32.2% | $40.3M-10.5% | $45.1M-13.9% | $52.3M-13.4% | $60.4M |
| Current Assets | $12.7M+5.7% | $12.0M-18.3% | $14.7M-9.2% | $16.2M-42.1% | $27.9M-13.1% | $32.1M-17.4% | $38.9M-16.4% | $46.4M |
| Cash & Equivalents | $7.9M+8.8% | $7.3M-25.9% | $9.8M-19.1% | $12.2M-43.9% | $21.7M-0.2% | $21.7M-24.6% | $28.8M-31.6% | $42.1M |
| Inventory | $61K-22.8% | $79K+107.9% | $38K-44.1% | $68K+83.8% | $37K0.0% | $37K0.0% | $37K-64.4% | $104K |
| Accounts Receivable | $0 | $0 | $0-100.0% | $64K | $0-100.0% | $64K-55.2% | $143K+123.4% | $64K |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $34.7M+13.0% | $30.7M+1.3% | $30.3M-16.3% | $36.2M-11.4% | $40.8M+0.1% | $40.8M+4.8% | $39.0M-0.2% | $39.0M |
| Current Liabilities | $8.3M+9.7% | $7.6M-29.6% | $10.8M+4.6% | $10.3M-63.3% | $28.1M+7.2% | $26.2M+3.4% | $25.3M+65.9% | $15.3M |
| Long-Term Debt | $17.9M+8.6% | $16.5M-1.0% | $16.6M | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$12.4M-44.5% | -$8.6M-71.9% | -$5.0M+43.9% | -$8.9M-1657.3% | -$504K-111.8% | $4.3M-68.2% | $13.4M-37.4% | $21.4M |
| Retained Earnings | -$299.1M-3.0% | -$290.3M-2.6% | -$282.9M-0.3% | -$282.1M-8.3% | -$260.6M-2.7% | -$253.8M-4.6% | -$242.7M-4.4% | -$232.6M |
CLNN Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.0M+15.9% | -$4.7M+5.3% | -$5.0M-3.0% | -$4.9M+23.5% | -$6.4M+10.3% | -$7.1M+1.3% | -$7.2M-6.1% | -$6.8M |
| Capital Expenditures | $11K | $0 | $0-100.0% | $1K-50.0% | $2K-81.8% | $11K-74.4% | $43K-10.4% | $48K |
| Free Cash Flow | -$4.0M+15.6% | -$4.7M+5.3% | -$5.0M-3.0% | -$4.9M+23.5% | -$6.4M+10.4% | -$7.1M+1.7% | -$7.2M-6.0% | -$6.8M |
| Investing Cash Flow | -$11K | $0 | $0+100.0% | -$2K-100.0% | $6.2M+8700.0% | $71K+101.1% | -$6.2M-12841.7% | -$48K |
| Financing Cash Flow | $4.6M+117.6% | $2.1M-20.2% | $2.7M+5.7% | $2.5M+8928.6% | $28K+247.4% | -$19K-5.6% | -$18K+92.4% | -$237K |
| 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 |
CLNN Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 100.0%0.0pp | 100.0%+24.7pp | 75.3%-4.9pp | 80.2%0.0pp | 80.2%+2.1pp | 78.1%+0.4pp | 77.6%-11.2pp | 88.9% |
| Operating Margin | -37653.3%-15934.8pp | -21718.5%-16686.4pp | -5032.1%+4478.9pp | -9511.0%-1389.0pp | -8122.0%+4524.6pp | -12646.6%-6805.4pp | -5841.2%+2994.0pp | -8835.2% |
| Net Margin | -58513.3%-31035.5pp | -27477.8%-26550.6pp | -927.2%+13961.8pp | -14889.0%-7433.0pp | -7456.0%+7722.0pp | -15178.1%-9194.0pp | -5984.1%-3745.2pp | -2238.9% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -39.3%-5.8pp | -33.5%-30.6pp | -3.0%+46.6pp | -49.6%-32.7pp | -16.8%+7.8pp | -24.6%-5.1pp | -19.4%-15.4pp | -4.0% |
| Current Ratio | 1.53-0.1 | 1.58+0.2 | 1.36-0.2 | 1.57+0.6 | 0.99-0.2 | 1.23-0.3 | 1.53-1.5 | 3.04 |
| Debt-to-Equity | -1.45+0.5 | -1.93+1.4 | -3.34+0.7 | -4.09+76.9 | -81.02-90.6 | 9.57+6.7 | 2.91+1.1 | 1.82 |
| FCF Margin | -26686.7%-9116.3pp | -17570.4%-11384.0pp | -6186.4%-839.2pp | -5347.3%+1639.6pp | -6986.8%+2729.6pp | -9716.4%-5472.3pp | -4244.1%+2059.6pp | -6303.7% |
Note: Shareholder equity is negative (-$8.9M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Frequently Asked Questions
What is Clene's annual revenue?
Clene (CLNN) reported $342K in total revenue for fiscal year 2024. This represents a -47.7% 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 Clene's revenue growing?
Clene (CLNN) revenue declined by 47.7% year-over-year, from $654K to $342K in fiscal year 2024.
Is Clene profitable?
No, Clene (CLNN) reported a net income of -$39.4M in fiscal year 2024, with a net profit margin of -11520.5%.
What is Clene's EBITDA?
Clene (CLNN) had EBITDA of -$31.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Clene's gross margin?
Clene (CLNN) had a gross margin of 79.5% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Clene's operating margin?
Clene (CLNN) had an operating margin of -9676.3% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Clene's net profit margin?
Clene (CLNN) had a net profit margin of -11520.5% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Clene's free cash flow?
Clene (CLNN) generated -$21.3M in free cash flow during fiscal year 2024. This represents a 30.0% 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 Clene's operating cash flow?
Clene (CLNN) generated -$21.3M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Clene's total assets?
Clene (CLNN) had $27.3M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Clene's capital expenditures?
Clene (CLNN) invested $15K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Clene spend on research and development?
Clene (CLNN) invested $20.1M in research and development during fiscal year 2024.
How many shares does Clene have outstanding?
Clene (CLNN) had 8M shares outstanding as of fiscal year 2024.
What is Clene's current ratio?
Clene (CLNN) had a current ratio of 1.57 as of fiscal year 2024, which is generally considered healthy.
What is Clene's debt-to-equity ratio?
Clene (CLNN) had a debt-to-equity ratio of -4.09 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Clene's return on assets (ROA)?
Clene (CLNN) had a return on assets of -144.1% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Clene's cash runway?
Based on fiscal year 2024 data, Clene (CLNN) had $12.2M in cash against an annual operating cash burn of $21.3M. This gives an estimated cash runway of approximately 7 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.
Why is Clene's debt-to-equity ratio negative or unusual?
Clene (CLNN) has negative shareholder equity of -$8.9M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Clene's Piotroski F-Score?
Clene (CLNN) has a Piotroski F-Score of 3 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Clene's earnings high quality?
Clene (CLNN) has an earnings quality ratio of 0.54x, 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.
Can Clene cover its interest payments?
Clene (CLNN) has an interest coverage ratio of -8.1x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Clene?
Clene (CLNN) scores 11 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.