Clene Warrant (CLNNW) Financials
Newest figures come from the 10-Q for Q1 FY2026, filed May 14, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CLNNW SEC filings page.
Clene Inc. Warrant (CLNNW) 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's development-stage economics show tiny revenue, sustained research spending, cash losses, and liabilities exceeding assets.
In FY2025, the net loss of$26.2M was larger than the operating cash outflow of$18.5M , so noncash items reduced—but did not eliminate—the cash effect of reported losses. Against just$200K of revenue, that outflow shows the business is still financed around development activity rather than customer receipts.
Research spending remains the operating center of gravity: R&D was
Liabilities reached
Financial Health Signals
We do not publish a peer-relative financial health score for Clene Inc. Warrant, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
Clene Inc. Warrant 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 Inc. Warrant 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 Inc. Warrant 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 Inc. Warrant generated $15K in revenue in Q1 2026. This represents a decrease of 81.5% from the same quarter a year earlier. Against the prior quarter it is down 80.5%.
Clene Inc. Warrant's EBITDA was -$1.7M in Q1 2026, measuring earnings before interest, taxes, depreciation, and amortization. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Clene Inc. Warrant reported a net loss of $8.1M in Q1 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Not reported for Q1 2026.
Cash & Balance Sheet
Clene Inc. Warrant held $5.9M in cash against $17.7M in long-term debt as of Q1 2026.
Not reported for Q1 2026.
Not reported for Q1 2026.
Margins & Returns
Clene Inc. Warrant's gross margin was 100.0% in Q1 2026, indicating the percentage of revenue retained after direct costs. This is up 24.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 29.9 percentage points.
Not shown for Q1 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q1 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for Q1 2026.
Capital Allocation
Clene Inc. Warrant invested $329K in research and development in Q1 2026. This represents a decrease of 77.8% from the same quarter a year earlier. Against the prior quarter it is down 94.0%.
Not reported for Q1 2026.
Not reported for Q1 2026.
CLNNW Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $15K-81.5% | $77K-15.4% | $15K-82.8% | $27K-70.3% | $81K+11.0% | $91K-46.5% | $87K-19.4% | $91K-66.2% |
| Cost of Revenue | $0-100.0% | $23K+27.8% | $0-100.0% | $0-100.0% | $20K+25.0% | $18K-52.6% | $18K+50.0% | $18K-72.7% |
| Gross Profit | $15K-75.4% | $54K-26.0% | $15K-78.3% | $27K-63.0% | $61K+7.0% | $73K-44.7% | $69K-28.1% | $73K-64.0% |
| R&D Expenses | $329K-77.8% | $5.5M-1.2% | $3.5M-21.4% | $3.5M-15.3% | $1.5M-74.8% | $5.6M-16.6% | $4.5M-25.1% | $4.2M-37.3% |
| SG&A Expenses | $1.7M-34.2% | $2.0M-35.3% | $2.1M-37.0% | $2.4M-28.3% | $2.7M-22.3% | $3.2M-6.8% | $3.4M-6.9% | $3.3M-15.5% |
| Operating Income | -$2.1Mn/m | -$7.5Mn/m | -$5.6Mn/m | -$5.9Mn/m | -$4.1Mn/m | -$8.7Mn/m | -$7.8Mn/m | -$7.4Mn/m |
| EBITDA | -$1.7Mn/m | -$7.1Mn/m | -$5.3Mn/m | -$5.5Mn/m | -$3.7Mn/m | -$8.2Mn/m | -$7.4Mn/m | -$7.0Mn/m |
| Interest Expense | $791K+30.1% | $746K+44.6% | $649K-36.5% | $679K-47.0% | $608K-51.1% | $516K-57.0% | $1.0M-14.0% | $1.3M+16.1% |
| Income Tax | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Net Income | -$8.1Mn/m | -$9.2Mn/m | -$8.8Mn/m | -$7.4Mn/m | -$751Kn/m | -$13.5Mn/m | -$8.0Mn/m | -$6.8Mn/m |
| EPS (Basic) | -$0.69n/m | N/A | -$0.85n/m | -$0.78n/m | -$0.09 | N/A | -$1.22 | -$1.06 |
Not reported in any period shown, so not listed: EPS (Diluted), Diluted Shares (Avg).
CLNNW Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $21.7M-14.4% | $18.1M-33.7% | $22.3M-29.3% | $22.1M-45.1% | $25.3M-43.8% | $27.3M-47.8% | $31.6M-47.8% | $40.3M-40.6% |
| Current Assets | $13.0M-11.2% | $9.0M-44.4% | $12.7M-35.7% | $12.0M-57.1% | $14.7M-54.3% | $16.2M-58.4% | $19.7M-57.6% | $27.9M-47.7% |
| Cash & Equivalents | $5.9M-39.6% | $5.2M-57.3% | $7.9M-45.9% | $7.3M-66.4% | $9.8M-54.8% | $12.2M-57.8% | $14.6M-65.2% | $21.7M-56.0% |
| Inventory | $54K+42.1% | $37K-45.6% | $61K-52.3% | $79K+113.5% | $38K+2.7% | $68K+83.8% | $128K+23.1% | $37K-28.8% |
| Accounts Receivable | N/A | $0-100.0% | $0n/m | $0n/m | $0-100.0% | $64K-55.2% | $0-100.0% | $0-100.0% |
| Total Liabilities | $40.5M+33.6% | $35.7M-1.3% | $34.7M-2.9% | $30.7M-24.9% | $30.3M-25.8% | $36.2M-7.1% | $35.7M-8.5% | $40.8M-11.8% |
| Current Liabilities | $6.7M-37.5% | $10.8M+4.7% | $8.3M-65.1% | $7.6M-73.0% | $10.8M-58.9% | $10.3M-59.4% | $23.8M+56.1% | $28.1M+389.4% |
| Non-Current Liabilities | $33.7M+72.8% | $24.9M-3.7% | $26.4M+122.2% | $23.1M+81.0% | $19.5M+33.5% | $25.9M+90.2% | $11.9M-50.1% | $12.8M-68.5% |
| Long-Term Debt | $17.7M+6.4% | $17.8M | $17.9M | $16.5M | $16.6M | N/A | N/A | N/A |
| Total Equity | -$18.8Mn/m | -$17.6Mn/m | -$12.4Mn/m | -$8.6Mn/m | -$5.0M-216.6% | -$8.9M-166.1% | -$4.1M-119.3% | -$504K-102.3% |
| Retained Earnings | -$316.4Mn/m | -$308.3Mn/m | -$299.1Mn/m | -$290.3Mn/m | -$282.9Mn/m | -$282.1Mn/m | -$268.6Mn/m | -$260.6Mn/m |
Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments, Goodwill.
CLNNW Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.5Mn/m | -$4.8Mn/m | -$4.0Mn/m | -$4.7Mn/m | -$5.0Mn/m | -$4.9Mn/m | -$3.0Mn/m | -$6.4Mn/m |
| Depreciation & Amortization | $355K-12.1% | $360K-13.7% | $365K-12.7% | $366K-15.3% | $404K-9.6% | $417K-12.6% | $418K-8.1% | $432K-6.7% |
| Stock-Based Compensation | $1.3M-32.6% | N/A | $1.7M-22.2% | $1.4M-29.9% | $1.9M-3.3% | N/A | $2.2M-8.7% | $2.0M-20.4% |
| Capital Expenditures | N/A | $28K+2700.0% | $11K+1000.0% | $0-100.0% | $0-100.0% | $1K-97.7% | $1K-97.9% | $2K |
| Free Cash Flow | N/A | -$4.8Mn/m | -$4.0Mn/m | -$4.7Mn/m | -$5.0Mn/m | -$4.9Mn/m | -$3.0Mn/m | -$6.4Mn/m |
| Investing Cash Flow | $0n/m | -$28Kn/m | -$11Kn/m | $0-100.0% | $0-100.0% | -$2Kn/m | -$1Kn/m | $6.2M+15920.5% |
| Financing Cash Flow | $5.2M+95.8% | $2.1M-18.1% | $4.6Mn/m | $2.1M+7517.9% | $2.7Mn/m | $2.5Mn/m | -$4.1Mn/m | $28K-99.9% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
CLNNW Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 100.0%+24.7pp | 70.1%-10.1pp | 100.0%+20.7pp | 100.0%+19.8pp | 75.3%-2.8pp | 80.2%+2.6pp | 79.3%-9.6pp | 80.2%+4.8pp |
| Operating Margin | -13740.0% | -9733.8% | -37653.3% | -21718.5% | -5032.1% | -9511.0% | -8982.8% | -8122.0% |
| Net Margin | -53940.0% | -11981.8% | -58513.3% | -27477.8% | -927.2% | -14889.0% | -9179.3% | -7456.0% |
| Return on Assets | -37.4%-34.4pp | -50.9%-1.3pp | -39.3%-14.0pp | -33.5%-16.7pp | -3.0%+21.6pp | -49.6%-30.1pp | -25.3%-21.3pp | -16.8%+20.2pp |
| Current Ratio | 1.94+0.6x | 0.83-0.7x | 1.53+0.7x | 1.58+0.6x | 1.36+0.1x | 1.570.0x | 0.83-2.2x | 0.99-8.3x |
| Asset Turnover | 0.000.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.000.0x |
| FCF Margin | N/A | -6268.8% | -26686.7% | -17570.4% | -6186.4% | -5347.3% | -3475.9% | -6986.8% |
Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity, Liabilities-to-Equity.
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 the debt-to-equity, liabilities-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.
Where Clene Inc. Warrant Ranks
Frequently Asked Questions
Clene Inc. Warrant (CLNNW) 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.
Clene Inc. Warrant (CLNNW) revenue declined by 41.5% year-over-year, from $342K to $200K in fiscal year 2025.
No, Clene Inc. Warrant (CLNNW) reported a net loss of $26.2M in fiscal year 2025.
Clene Inc. Warrant (CLNNW) had EBITDA of -$21.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2025, Clene Inc. Warrant (CLNNW) had $5.2M in cash and equivalents against $17.8M in long-term debt.
Clene Inc. Warrant (CLNNW) had a gross margin of 78.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
Clene Inc. Warrant (CLNNW) recorded an outflow of $18.6M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. 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.
Clene Inc. Warrant (CLNNW) recorded an outflow of $18.5M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
Clene Inc. Warrant (CLNNW) had $18.1M in total assets as of fiscal year 2025, including both current and long-term assets.
Clene Inc. Warrant (CLNNW) invested $39K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Clene Inc. Warrant (CLNNW) invested $14.0M in research and development during fiscal year 2025.
Clene Inc. Warrant (CLNNW) had a current ratio of 0.83 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
Clene Inc. Warrant (CLNNW) had a return on assets of -144.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Clene Inc. Warrant (CLNNW) has negative shareholder equity of -$17.6M as of fiscal year 2025, so no debt-to-equity or liabilities-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.
Clene Inc. Warrant (CLNNW) 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.
Clene Inc. Warrant (CLNNW) 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.
Clene Inc. Warrant (CLNNW) 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.