Clene Financials
Clene (CLNN) reported $200K in revenue for fiscal year 2025, down 41.5% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 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).
Clene still operates as a development-stage business, with cash burn management replacing revenue growth as the key financial mechanic.
The smaller loss did not come from commercialization: revenue was only$200K while R&D still ran at$14.0M . With cash down to$5.2M and the current ratio at 0.8x, the company appears funded mainly by periodic financing and short-term obligations rather than by internally generated cash.
Expense reduction has been the main improvement lever. Operating loss fell to
The balance sheet posture has shifted from cushion to constraint: equity is negative, and long-term debt now sits at
Financial Health Signals
Clene does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Clene scores -27.18, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($55.5M) relative to total liabilities ($35.7M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Clene passes 1 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
Clene reported a net loss of $26.2M while operations used $18.5M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Clene reported an operating loss of $23.1M against $2.7M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Clene generated $200K in revenue in fiscal year 2025. This represents a decrease of 41.5% from the prior year.
Clene's EBITDA was -$21.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 31.2% from the prior year.
Clene reported -$26.2M in net income in fiscal year 2025. This represents an increase of 33.6% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Clene recorded an outflow of $18.6M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 12.9% from the prior year.
Clene held $5.2M in cash against $17.8M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Clene's gross margin was 78.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.0 percentage points from the prior year.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for fiscal year 2025.
Capital Allocation
Clene invested $14.0M in research and development in fiscal year 2025. This represents a decrease of 30.1% from the prior year.
Clene invested $39K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 160.0% from the prior year.
Not reported for fiscal year 2025.
CLNN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $197K | $200K-41.5% | $342K-47.7% | $654K+38.3% | $473K-34.6% | $723K+251.0% | $206K | N/A |
| Cost of Revenue | $59K | $43K-38.6% | $70K-42.1% | $121K+365.4% | $26K-91.0% | $289K | N/A | N/A |
| Gross Profit | $138K | $157K-42.3% | $272K-49.0% | $533K+19.2% | $447K+3.0% | $434K | N/A | N/A |
| R&D Expenses | $12.8M | $14.0M-30.1% | $20.1M-24.7% | $26.7M-16.5% | $31.9M+12.3% | $28.4M+86.9% | $15.2M+59.0% | $9.6M |
| SG&A Expenses | $7.9M | $9.2M-30.6% | $13.3M-7.7% | $14.4M-14.9% | $16.9M-23.0% | $22.0M+327.0% | $5.2M-23.9% | $6.8M |
| Operating Income | -$20.6M | -$23.1M+30.2% | -$33.1M+18.4% | -$40.5M+16.3% | -$48.4M+3.1% | -$50.0M-147.2% | -$20.2M-23.8% | -$16.3M |
| Interest Expense | $2.9M | $2.7M-34.0% | $4.1M-10.8% | $4.6M+38.3% | $3.3M+278.9% | $870K-8.4% | $950K+979.5% | $88K |
| Income Tax | $0 | $0 | $0 | $0 | $0+100.0% | -$428K-205.4% | $406K | N/A |
| Net Income | -$39.5M | -$26.2M+33.6% | -$39.4M+20.4% | -$49.5M-65.5% | -$29.9M-207.2% | -$9.7M+49.5% | -$19.3M-19.3% | -$16.2M |
Not reported in any period shown, so not listed: EPS (Diluted).
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
CLNN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Total Assets | $18.1M-33.7% | $27.3M-47.8% | $52.3M+17.6% | $44.5M-29.4% | $63.1M-7.6% | $68.2M+358.7% | $14.9M |
| Current Assets | $9.0M-44.4% | $16.2M-58.4% | $38.9M+33.1% | $29.2M-46.5% | $54.6M-13.3% | $63.0M+564.7% | $9.5M |
| Cash & Equivalents | $5.2M-57.3% | $12.2M-57.8% | $28.8M+57.2% | $18.3M-63.5% | $50.3M-15.2% | $59.3M+574.5% | $8.8M |
| Inventory | $37K-45.6% | $68K+83.8% | $37K-14.0% | $43K+4.9% | $41K-78.5% | $191K+582.1% | $28K |
| Accounts Receivable | $0-100.0% | $64K-55.2% | $143K-24.3% | $189K+285.7% | $49K+133.3% | $21K | N/A |
| Total Liabilities | $35.7M-1.3% | $36.2M-7.1% | $39.0M-5.6% | $41.3M-18.2% | $50.5M-25.7% | $67.9M-17.8% | $82.7M |
| Current Liabilities | $10.8M+4.7% | $10.3M-59.4% | $25.3M+82.8% | $13.9M+130.0% | $6.0M-48.4% | $11.7M+170.5% | $4.3M |
| Long-Term Debt | $17.8M | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$17.6M-98.6% | -$8.9M-166.1% | $13.4M+313.7% | $3.2M-74.3% | $12.6M+3594.1% | $341K+100.5% | -$67.8M |
| Retained Earnings | -$308.3M-9.3% | -$282.1M-16.2% | -$242.7M-25.6% | -$193.2M-18.3% | -$163.3M-6.3% | -$153.6M-120.7% | -$69.6M |
Not reported in any period shown, so not listed: Goodwill.
CLNN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$15.9M | -$18.5M+13.0% | -$21.3M+29.3% | -$30.2M+22.7% | -$39.0M-12.7% | -$34.6M-82.9% | -$18.9M-43.4% | -$13.2M |
| Capital Expenditures | N/A | $39K+160.0% | $15K-95.5% | $330K-93.6% | $5.2M+288.8% | $1.3M+244.2% | $387K+31.6% | $294K |
| Free Cash Flow | N/A | -$18.6M+12.9% | -$21.3M+30.0% | -$30.5M+31.0% | -$44.2M-22.9% | -$36.0M-86.1% | -$19.3M-43.2% | -$13.5M |
| Investing Cash Flow | -$40K | -$39K-100.6% | $6.3M+521.3% | -$1.5M+85.3% | -$10.2M-663.1% | -$1.3M-244.2% | -$387K-31.6% | -$294K |
| Financing Cash Flow | $18.3M | $11.5M+853.3% | -$1.5M-103.6% | $42.2M+144.4% | $17.2M-36.4% | $27.1M-61.0% | $69.5M+1163.6% | $5.5M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
CLNN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 78.5%-1.0pp | 79.5%-2.0pp | 81.5%-13.0pp | 94.5%+34.5pp | 60.0% | N/A | N/A |
| Operating Margin | -11541.5% | -9676.3% | -6198.8% | -10234.5% | -6912.6% | -9812.6% | N/A |
| Net Margin | -13086.5% | -11520.5% | -7569.4% | -6325.2% | -1347.2% | -9357.8% | N/A |
| Return on Equity | N/A | N/A | -369.7%+554.5pp | -924.3%-846.9pp | -77.3%+5575.8pp | -5653.1% | N/A |
| Return on Assets | -144.3%-0.2pp | -144.1%-49.6pp | -94.6%-27.3pp | -67.2%-51.8pp | -15.4%+12.8pp | -28.2%+80.3pp | -108.6% |
| Current Ratio | 0.83-0.7x | 1.570.0x | 1.53-0.6x | 2.11-7.0x | 9.06+3.7x | 5.40+3.2x | 2.20 |
| Debt-to-Equity | N/A | N/A | 2.91-9.8x | 12.75+8.7x | 4.01-195.1x | 199.13 | N/A |
| FCF Margin | -9292.5% | -6240.1% | -4663.8% | -9342.5% | -4973.2% | -9376.7% | N/A |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Note: Shareholder equity is negative (-$17.6M), 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.
Note: The current ratio is below 1.0 (0.83), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Where Clene Ranks
Frequently Asked Questions
What is Clene's annual revenue?
Clene (CLNN) reported $200K in total revenue for fiscal year 2025. This represents a -41.5% 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 41.5% year-over-year, from $342K to $200K in fiscal year 2025.
Is Clene profitable?
No, Clene (CLNN) reported a net income of -$26.2M in fiscal year 2025.
What is Clene's EBITDA?
Clene (CLNN) had EBITDA of -$21.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Clene have?
As of fiscal year 2025, Clene (CLNN) had $5.2M in cash and equivalents against $17.8M in long-term debt.
What is Clene's gross margin?
Clene (CLNN) had a gross margin of 78.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Clene's free cash flow?
Clene (CLNN) recorded an outflow of $18.6M in free cash flow during fiscal year 2025. This represents a 12.9% 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) recorded an outflow of $18.5M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Clene's total assets?
Clene (CLNN) had $18.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Clene's capital expenditures?
Clene (CLNN) invested $39K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Clene spend on research and development?
Clene (CLNN) invested $14.0M in research and development during fiscal year 2025.
What is Clene's current ratio?
Clene (CLNN) had a current ratio of 0.83 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Clene's return on assets (ROA)?
Clene (CLNN) had a return on assets of -144.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Clene's cash runway?
Based on fiscal year 2025 data, Clene (CLNN) had $5.2M in cash against an annual operating cash burn of $18.5M. This gives an estimated cash runway of approximately 3 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 not reported?
Clene (CLNN) has negative shareholder equity of -$17.6M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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 Altman Z-Score?
Clene (CLNN) has an Altman Z-Score of -27.18, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Clene's Piotroski F-Score?
Clene (CLNN) has a Piotroski F-Score of 1 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 Clene's earnings high quality?
Clene (CLNN) reported a net loss of $26.2M while operations used $18.5M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $23.1M against $2.7M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.