89Bio, Inc. Financials

ETNB

Source SEC Filings (10-K/10-Q) Updated Jun 30, 2025 Currency USD FYE December

This page shows 89Bio, Inc. (ETNB) financial statements, including the 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).

Financial Health Signals

Piotroski F-Score Weak

0/9

89Bio, Inc. passes 0 of 9 financial strength tests. No profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

1.00x

For every $1 of reported earnings, 89Bio, Inc. generates $1.00 in operating cash flow (-$367.8M OCF vs -$367.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-72.7x

89Bio, Inc. earns $-72.7 in operating income for every $1 of interest expense (-$384.7M vs $5.3M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

N/A

EBITDA

-$384.6M

YoY-154.5%

89Bio, Inc.'s EBITDA was -$384.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 154.5% from the prior year.

Free Cash Flow

-$367.8M

YoY-184.7%

89Bio, Inc. generated -$367.8M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 184.7% from the prior year.

Net Income

-$367.1M

YoY-158.2%

89Bio, Inc. reported -$367.1M in net income in fiscal year 2024. This represents a decrease of 158.2% from the prior year.

EPS (Diluted)

$-3.51

YoY-75.5%

89Bio, Inc. earned $-3.51 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 75.5% from the prior year.

Cash & Debt

$126.1M

YoY-60.1%

5Y CAGR+6.2%

89Bio, Inc. held $126.1M in cash against $35.7M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

120M

YoY+28.5%

5Y CAGR+54.1%

89Bio, Inc. had 120M shares outstanding in fiscal year 2024. This represents an increase of 28.5% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

R&D Spending

$345.0M

YoY+182.3%

5Y CAGR+74.5%

89Bio, Inc. invested $345.0M in research and development in fiscal year 2024. This represents an increase of 182.3% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$15K

YoY+275.0%

5Y CAGR-35.9%

89Bio, Inc. invested $15K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 275.0% from the prior year.

ETNB Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	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
R&D Expenses	$345.0M+182.3%	$122.2M+51.3%	$80.8M+14.9%	$70.3M+94.3%	$36.2M+69.6%	$21.3M
SG&A Expenses	$39.6M+36.7%	$29.0M+35.1%	$21.5M+10.5%	$19.4M+47.6%	$13.2M+148.5%	$5.3M
Operating Income	-$384.7M-154.4%	-$151.2M-47.9%	-$102.2M-13.9%	-$89.7M-81.8%	-$49.4M-85.3%	-$26.6M
Interest Expense	$5.3M+10.3%	$4.8M+149.4%	$1.9M+185.2%	$674K	N/A	N/A
Income Tax	$692K-82.1%	$3.9M+20252.6%	$19K+112.9%	-$147K-149.2%	-$59K-127.1%	$218K
Net Income	-$367.1M-158.2%	-$142.2M-39.4%	-$102.0M-13.2%	-$90.1M-82.1%	-$49.5M+13.8%	-$57.4M
EPS (Diluted)	$-3.51-75.5%	$-2.00+31.7%	$-2.93+34.6%	$-4.48	N/A	N/A

Metric	Q2'25	Q2'24	Q3'24	Q4'23	Q3'23	Q4'22	Q3'22	Q4'21
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
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	$103.9M+131.6%	$44.9M-68.3%	$141.4M	N/A	$31.4M	N/A	$22.2M	N/A
SG&A Expenses	$11.9M+39.1%	$8.6M-18.3%	$10.5M	N/A	$7.9M	N/A	$4.8M	N/A
Operating Income	-$115.8M-116.8%	-$53.4M+64.8%	-$151.9M	N/A	-$39.3M	N/A	-$27.0M	N/A
Interest Expense	$1.1M+30.1%	$874K-63.0%	$2.4M	N/A	$959K	N/A	$535K	N/A
Income Tax	$753K+461.9%	$134K-34.3%	$204K	N/A	$0	N/A	$2K	N/A
Net Income	-$111.5M-132.4%	-$48.0M+67.8%	-$149.1M	N/A	-$34.7M	N/A	-$26.8M	N/A
EPS (Diluted)	$-0.71-47.9%	$-0.48+65.5%	$-1.39	N/A	$-0.45	N/A	$-0.57	N/A

ETNB Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$478.7M-19.7%	$596.3M+202.9%	$196.8M+21.2%	$162.4M-23.0%	$211.1M+120.9%	$95.6M
Current Assets	$476.4M-19.7%	$593.5M+202.7%	$196.1M+21.1%	$162.0M-22.9%	$210.2M+120.5%	$95.3M
Cash & Equivalents	$126.1M-60.1%	$316.2M+472.2%	$55.3M+5.4%	$52.4M-46.6%	$98.2M+5.2%	$93.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$77.9M+29.9%	$60.0M+33.3%	$45.0M+23.4%	$36.5M+349.5%	$8.1M+44.6%	$5.6M
Current Liabilities	$36.1M+22.0%	$29.6M+20.3%	$24.6M+26.0%	$19.5M+140.8%	$8.1M+44.6%	$5.6M
Long-Term Debt	$35.7M+44.1%	$24.8M+22.8%	$20.2M+19.5%	$16.9M	N/A	N/A
Total Equity	$400.8M-25.3%	$536.3M+253.2%	$151.8M+20.5%	$126.0M-37.9%	$203.0M+125.7%	$89.9M
Retained Earnings	-$824.5M-80.2%	-$457.4M-45.1%	-$315.2M-47.9%	-$213.2M-73.2%	-$123.1M-67.3%	-$73.6M

Metric	Q2'25	Q2'24	Q3'24	Q4'23	Q3'23	Q4'22	Q3'22	Q4'21
Total Assets	$603.5M+26.1%	$478.7M+4.4%	$458.3M-23.1%	$596.3M+29.6%	$460.1M+133.8%	$196.8M-1.9%	$200.6M+23.5%	$162.4M
Current Assets	$601.5M+26.3%	$476.4M+4.4%	$456.2M-23.1%	$593.5M+29.2%	$459.5M+134.4%	$196.1M-1.9%	$199.9M+23.4%	$162.0M
Cash & Equivalents	$129.1M+2.4%	$126.1M+37.9%	$91.4M-71.1%	$316.2M+25.5%	$251.9M+355.9%	$55.3M-23.7%	$72.4M+38.1%	$52.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$81.8M+5.0%	$77.9M-2.9%	$80.2M+33.7%	$60.0M+20.2%	$49.9M+10.9%	$45.0M-6.3%	$48.0M+31.6%	$36.5M
Current Liabilities	$39.6M+9.6%	$36.1M-7.7%	$39.1M+32.2%	$29.6M+17.4%	$25.2M+2.4%	$24.6M-28.5%	$34.4M+76.2%	$19.5M
Long-Term Debt	$36.2M+1.2%	$35.7M+0.5%	$35.5M+43.4%	$24.8M+0.6%	$24.6M+22.0%	$20.2M+55.8%	$13.0M-23.3%	$16.9M
Total Equity	$521.7M+30.2%	$400.8M+6.0%	$378.1M-29.5%	$536.3M+30.7%	$410.2M+170.2%	$151.8M-0.5%	$152.6M+21.1%	$126.0M
Retained Earnings	-$1.0B-22.2%	-$824.5M-16.8%	-$706.2M-54.4%	-$457.4M-9.6%	-$417.2M-32.3%	-$315.2M-8.5%	-$290.6M-36.3%	-$213.2M

ETNB Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$367.8M-184.7%	-$129.2M-59.3%	-$81.1M-5.6%	-$76.8M-66.0%	-$46.2M-81.6%	-$25.5M
Capital Expenditures	$15K+275.0%	$4K-42.9%	$7K-88.9%	$63K-50.0%	$126K-9.4%	$139K
Free Cash Flow	-$367.8M-184.7%	-$129.2M-59.3%	-$81.1M-5.5%	-$76.8M-65.7%	-$46.4M-81.1%	-$25.6M
Investing Cash Flow	-$40.9M+66.8%	-$123.0M-262.4%	-$33.9M-574.1%	$7.2M+106.7%	-$106.8M-76757.6%	-$139K
Financing Cash Flow	$218.6M-57.4%	$513.1M+335.5%	$117.8M+393.6%	$23.9M-84.9%	$157.9M+46.6%	$107.7M
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	Q2'25	Q2'24	Q3'24	Q4'23	Q3'23	Q4'22	Q3'22	Q4'21
Operating Cash Flow	-$100.4M+17.4%	-$121.6M+16.4%	-$145.4M-323.9%	-$34.3M-13.0%	-$30.4M-12.0%	-$27.1M-82.9%	-$14.8M+47.5%	-$28.2M
Capital Expenditures	$0	$0	N/A	N/A	N/A	$2K	$0-100.0%	$27K
Free Cash Flow	-$100.4M-64.2%	-$61.2M	N/A	N/A	N/A	-$27.1M-82.9%	-$14.8M+47.6%	-$28.3M
Investing Cash Flow	-$106.6M-637.8%	$19.8M+329.5%	-$8.6M+86.4%	-$63.6M-266.1%	$38.3M+446.5%	-$11.1M+73.7%	-$42.1M-320.4%	$19.1M
Financing Cash Flow	$20.7M-84.8%	$136.4M+311.0%	$33.2M-79.5%	$162.2M+11057.5%	-$1.5M-107.0%	$21.0M-69.4%	$68.6M+213.5%	$21.9M
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

ETNB Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	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
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-76.7%-52.8pp	-23.8%+28.0pp	-51.8%+3.6pp	-55.5%-32.0pp	-23.4%+36.6pp	-60.1%
Current Ratio	13.19-6.9	20.04+12.1	7.97-0.3	8.29-17.6	25.91+8.9	17.00
Debt-to-Equity	0.09+0.0	0.05-0.1	0.130.0	0.13+0.1	0.04-0.0	0.06
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'25	Q2'24	Q3'24	Q4'23	Q3'23	Q4'22	Q3'22	Q4'21
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	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-18.5%-10.2pp	-8.2%+24.3pp	-32.5%	N/A	-7.5%	N/A	-13.4%	N/A
Current Ratio	15.19+2.0	13.19+1.5	11.66-8.4	20.04+1.8	18.23+10.3	7.97+2.2	5.81-2.5	8.29
Debt-to-Equity	0.07-0.0	0.090.0	0.09+0.0	0.05-0.0	0.06-0.1	0.13+0.0	0.08-0.0	0.13
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is 89Bio, Inc. profitable?

No, 89Bio, Inc. (ETNB) reported a net income of -$367.1M in fiscal year 2024.

What is 89Bio, Inc.'s earnings per share (EPS)?

89Bio, Inc. (ETNB) reported diluted earnings per share of $-3.51 for fiscal year 2024. This represents a -75.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is 89Bio, Inc.'s EBITDA?

89Bio, Inc. (ETNB) had EBITDA of -$384.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does 89Bio, Inc. have?

As of fiscal year 2024, 89Bio, Inc. (ETNB) had $126.1M in cash and equivalents against $35.7M in long-term debt.

What is 89Bio, Inc.'s free cash flow?

89Bio, Inc. (ETNB) generated -$367.8M in free cash flow during fiscal year 2024. This represents a -184.7% 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 89Bio, Inc.'s operating cash flow?

89Bio, Inc. (ETNB) generated -$367.8M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are 89Bio, Inc.'s total assets?

89Bio, Inc. (ETNB) had $478.7M in total assets as of fiscal year 2024, including both current and long-term assets.

What are 89Bio, Inc.'s capital expenditures?

89Bio, Inc. (ETNB) invested $15K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does 89Bio, Inc. spend on research and development?

89Bio, Inc. (ETNB) invested $345.0M in research and development during fiscal year 2024.

How many shares does 89Bio, Inc. have outstanding?

89Bio, Inc. (ETNB) had 120M shares outstanding as of fiscal year 2024.

What is 89Bio, Inc.'s current ratio?

89Bio, Inc. (ETNB) had a current ratio of 13.19 as of fiscal year 2024, which is generally considered healthy.

What is 89Bio, Inc.'s debt-to-equity ratio?

89Bio, Inc. (ETNB) had a debt-to-equity ratio of 0.09 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is 89Bio, Inc.'s return on assets (ROA)?

89Bio, Inc. (ETNB) had a return on assets of -76.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is 89Bio, Inc.'s cash runway?

Based on fiscal year 2024 data, 89Bio, Inc. (ETNB) had $126.1M in cash against an annual operating cash burn of $367.8M. 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 89Bio, Inc.'s Piotroski F-Score?

89Bio, Inc. (ETNB) has a Piotroski F-Score of 0 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 89Bio, Inc.'s earnings high quality?

89Bio, Inc. (ETNB) has an earnings quality ratio of 1.00x, 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 89Bio, Inc. cover its interest payments?

89Bio, Inc. (ETNB) has an interest coverage ratio of -72.7x, 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.