Gain Therapeutics, Inc. Financials

GANX

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

This page shows Gain Therapeutics, Inc. (GANX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 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

1/9

Gain Therapeutics, 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).

Earnings Quality Low Quality

0.92x

For every $1 of reported earnings, Gain Therapeutics, Inc. generates $0.92 in operating cash flow (-$18.9M OCF vs -$20.4M 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

Revenue

N/A

EBITDA

-$20.3M

YoY+8.6%

Gain Therapeutics, Inc.'s EBITDA was -$20.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 8.6% from the prior year.

Free Cash Flow

-$18.9M

YoY-0.1%

Gain Therapeutics, Inc. generated -$18.9M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 0.1% from the prior year.

Net Income

-$20.4M

YoY+8.3%

Gain Therapeutics, Inc. reported -$20.4M in net income in fiscal year 2024. This represents an increase of 8.3% from the prior year.

EPS (Diluted)

$-0.89

YoY+48.0%

Gain Therapeutics, Inc. earned $-0.89 per diluted share (EPS) in fiscal year 2024. This represents an increase of 48.0% from the prior year.

Cash & Debt

$10.4M

YoY-11.9%

Gain Therapeutics, Inc. held $10.4M in cash against $328K in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

27M

YoY+67.4%

Gain Therapeutics, Inc. had 27M shares outstanding in fiscal year 2024. This represents an increase of 67.4% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

R&D Spending

$10.8M

YoY-6.3%

Gain Therapeutics, Inc. invested $10.8M in research and development in fiscal year 2024. This represents a decrease of 6.3% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$22K

YoY+46.5%

Gain Therapeutics, Inc. invested $22K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 46.5% from the prior year.

GANX Income Statement

Metric	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	$55K-60.6%	$140K-15.1%	$165K+471.3%	$29K
Cost of Revenue	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$10.8M-6.3%	$11.5M+37.5%	$8.4M+16.9%	$7.2M+217.1%	$2.3M
SG&A Expenses	$9.6M-11.4%	$10.8M+13.1%	$9.5M+39.7%	$6.8M+446.5%	$1.2M
Operating Income	-$20.4M+8.5%	-$22.3M-25.2%	-$17.8M-28.6%	-$13.8M-297.4%	-$3.5M
Interest Expense	N/A	$494K+31.7%	$375K	$0-100.0%	$4K
Income Tax	$537K+577.2%	$79K-14.7%	$93K+2219.8%	$4K-25.6%	$5K
Net Income	-$20.4M+8.3%	-$22.3M-26.6%	-$17.6M-26.6%	-$13.9M-288.3%	-$3.6M
EPS (Diluted)	$-0.89+48.0%	$-1.71-15.5%	$-1.48-8.0%	$-1.37-3.0%	$-1.33

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	$55K	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	$2.8M+3.3%	$2.8M+22.2%	$2.3M	N/A	$2.4M-40.6%	$4.0M+42.9%	$2.8M	N/A
SG&A Expenses	$1.9M-16.9%	$2.3M+10.3%	$2.1M	N/A	$2.5M-32.7%	$3.7M+50.1%	$2.5M	N/A
Operating Income	-$4.8M+6.0%	-$5.1M-16.5%	-$4.4M	N/A	-$4.9M+36.8%	-$7.7M-47.8%	-$5.2M	N/A
Interest Expense	$105K+24.7%	$85K-26.7%	$115K	N/A	$106K-18.4%	$130K-14.5%	$152K	N/A
Income Tax	$549K+289.0%	$141K+40.5%	$101K	N/A	$21K-19.3%	$27K+58.9%	$17K	N/A
Net Income	-$5.3M+9.0%	-$5.8M-28.2%	-$4.5M	N/A	-$4.7M+38.6%	-$7.7M-49.6%	-$5.1M	N/A
EPS (Diluted)	$-0.15+21.1%	$-0.19-18.8%	$-0.16	N/A	$-0.37+40.3%	$-0.62-44.2%	$-0.43	N/A

GANX Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20
Total Assets	$12.1M-34.9%	$18.6M-22.8%	$24.1M-38.2%	$39.0M+305.9%	$9.6M
Current Assets	$11.6M-34.7%	$17.8M-15.7%	$21.1M-44.1%	$37.7M+319.7%	$9.0M
Cash & Equivalents	$10.4M-11.9%	$11.8M+61.3%	$7.3M-80.2%	$36.9M+392.2%	$7.5M
Inventory	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	$9K
Goodwill	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$4.8M-20.7%	$6.0M+15.5%	$5.2M+25.3%	$4.2M+22.5%	$3.4M
Current Liabilities	$3.9M-21.0%	$4.9M+20.0%	$4.1M+61.6%	$2.6M+20.7%	$2.1M
Long-Term Debt	$328K-26.9%	$449K-9.3%	$495K-16.1%	$590K-17.5%	$716K
Total Equity	$7.3M-41.6%	$12.6M-33.4%	$18.9M-45.8%	$34.8M+461.4%	$6.2M
Retained Earnings	-$60.8M-57.8%	-$38.5M-84.1%	-$20.9M-197.5%	-$7.0M-103.5%	-$3.5M

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Total Assets	$11.0M+11.6%	$9.8M-15.4%	$11.6M-37.5%	$18.6M+32.0%	$14.1M-22.8%	$18.3M-14.4%	$21.3M-11.5%	$24.1M
Current Assets	$10.5M+13.0%	$9.3M-16.5%	$11.2M-37.3%	$17.8M+34.3%	$13.2M-23.5%	$17.3M-10.4%	$19.3M-8.4%	$21.1M
Cash & Equivalents	$8.8M+31.6%	$6.7M-26.2%	$9.1M-23.1%	$11.8M+176.1%	$4.3M-32.4%	$6.3M+5.5%	$6.0M-18.1%	$7.3M
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	$5.1M-17.5%	$6.1M+5.0%	$5.8M-3.1%	$6.0M-10.9%	$6.8M-5.6%	$7.2M+15.9%	$6.2M+18.5%	$5.2M
Current Liabilities	$4.2M-19.8%	$5.2M+3.4%	$5.0M+1.6%	$4.9M-14.1%	$5.8M+3.1%	$5.6M+8.4%	$5.2M+25.0%	$4.1M
Long-Term Debt	$299K-8.2%	$325K+3.5%	$314K-30.0%	$449K+3.2%	$435K-6.8%	$467K-2.4%	$478K-3.4%	$495K
Total Equity	$5.9M+59.9%	$3.7M-36.1%	$5.8M-54.0%	$12.6M+71.6%	$7.3M-33.9%	$11.1M-26.7%	$15.1M-19.8%	$18.9M
Retained Earnings	-$81.2M0.0%	-$81.2M0.0%	-$81.2M-110.8%	-$38.5M	N/A	N/A	-$38.5M-84.1%	-$20.9M

GANX Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$18.9M0.0%	-$18.9M-28.4%	-$14.7M-18.8%	-$12.4M-281.6%	-$3.2M
Capital Expenditures	$22K+46.5%	$15K-87.1%	$119K+26.3%	$94K+352.4%	$21K
Free Cash Flow	-$18.9M-0.1%	-$18.9M-27.5%	-$14.8M-18.9%	-$12.5M-282.1%	-$3.3M
Investing Cash Flow	$5.0M-51.3%	$10.2M+169.2%	-$14.8M-15582.5%	-$94K-352.4%	-$21K
Financing Cash Flow	$13.0M+2.9%	$12.6M+16147.6%	-$79K-100.2%	$41.8M+298.3%	$10.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Operating Cash Flow	-$4.9M+3.4%	-$5.1M-33.4%	-$3.8M+32.5%	-$5.7M-42.7%	-$4.0M+21.0%	-$5.0M-19.1%	-$4.2M-8.0%	-$3.9M
Capital Expenditures	$945	N/A	N/A	$19-97.1%	$650-82.2%	$4K-67.0%	$11K+17.5%	$9K
Free Cash Flow	-$3.5M	N/A	N/A	-$5.7M-42.7%	-$4.0M+21.0%	-$5.0M-18.8%	-$4.2M-8.0%	-$3.9M
Investing Cash Flow	-$43K-102.2%	$2.0M-33.7%	$3.0M-3.9%	$3.1M+62.9%	$1.9M-36.7%	$3.0M+44.5%	$2.1M+1474.4%	$134K
Financing Cash Flow	$7.0M+185.1%	$2.5M+2.9%	$2.4M-74.9%	$9.6M+7009.7%	$134K-93.9%	$2.2M+193.4%	$749K+3570.1%	-$22K
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

GANX Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	-40328.3%-27640.2pp	-12688.1%-4308.3pp	-8379.8%+3667.7pp	-12047.5%
Net Margin	N/A	-40354.3%-27799.2pp	-12555.1%-4136.3pp	-8418.9%+3968.8pp	-12387.7%
Return on Equity	N/A	N/A	N/A	N/A	N/A
Return on Assets	-168.4%-48.7pp	-119.7%-46.7pp	-73.0%-37.4pp	-35.6%+1.6pp	-37.3%
Current Ratio	2.97-0.6	3.59-1.5	5.11-9.7	14.78+10.5	4.25
Debt-to-Equity	0.040.0	0.040.0	0.030.0	0.02-0.1	0.12
FCF Margin	N/A	-34217.5%-23646.3pp	-10571.2%-3019.5pp	-7551.7%+3739.7pp	-11291.4%

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
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	-9477.7%	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	-9310.1%	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-48.2%+10.9pp	-59.1%-20.1pp	-39.0%	N/A	-33.5%+8.6pp	-42.1%-18.0pp	-24.1%	N/A
Current Ratio	2.52+0.7	1.79-0.4	2.22-1.4	3.59+1.3	2.30-0.8	3.10-0.7	3.75-1.4	5.11
Debt-to-Equity	0.05-0.0	0.09+0.0	0.05+0.0	0.04-0.0	0.06+0.0	0.04+0.0	0.030.0	0.03
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	-7663.0%	N/A

Similar Companies

Applied Therapeutics APLT

$14.9M

Mink Therapeutics, Inc. INKT

$52.5M

Camp4 Therapeutics Corp. CAMP

$230.9M

Alx Oncology Holdings Inc ALXO

$341.1M

Medicinova MNOV

$76.2M

Frequently Asked Questions

Is Gain Therapeutics, Inc. profitable?

No, Gain Therapeutics, Inc. (GANX) reported a net income of -$20.4M in fiscal year 2024.

What is Gain Therapeutics, Inc.'s earnings per share (EPS)?

Gain Therapeutics, Inc. (GANX) reported diluted earnings per share of $-0.89 for fiscal year 2024. This represents a 48.0% 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 Gain Therapeutics, Inc.'s EBITDA?

Gain Therapeutics, Inc. (GANX) had EBITDA of -$20.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Gain Therapeutics, Inc. have?

As of fiscal year 2024, Gain Therapeutics, Inc. (GANX) had $10.4M in cash and equivalents against $328K in long-term debt.

What is Gain Therapeutics, Inc.'s free cash flow?

Gain Therapeutics, Inc. (GANX) generated -$18.9M in free cash flow during fiscal year 2024. This represents a -0.1% 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 Gain Therapeutics, Inc.'s operating cash flow?

Gain Therapeutics, Inc. (GANX) generated -$18.9M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Gain Therapeutics, Inc.'s total assets?

Gain Therapeutics, Inc. (GANX) had $12.1M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Gain Therapeutics, Inc.'s capital expenditures?

Gain Therapeutics, Inc. (GANX) invested $22K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Gain Therapeutics, Inc. spend on research and development?

Gain Therapeutics, Inc. (GANX) invested $10.8M in research and development during fiscal year 2024.

How many shares does Gain Therapeutics, Inc. have outstanding?

Gain Therapeutics, Inc. (GANX) had 27M shares outstanding as of fiscal year 2024.

What is Gain Therapeutics, Inc.'s current ratio?

Gain Therapeutics, Inc. (GANX) had a current ratio of 2.97 as of fiscal year 2024, which is generally considered healthy.

What is Gain Therapeutics, Inc.'s debt-to-equity ratio?

Gain Therapeutics, Inc. (GANX) had a debt-to-equity ratio of 0.04 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Gain Therapeutics, Inc.'s return on assets (ROA)?

Gain Therapeutics, Inc. (GANX) had a return on assets of -168.4% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Gain Therapeutics, Inc.'s cash runway?

Based on fiscal year 2024 data, Gain Therapeutics, Inc. (GANX) had $10.4M in cash against an annual operating cash burn of $18.9M. 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.

What is Gain Therapeutics, Inc.'s Piotroski F-Score?

Gain Therapeutics, Inc. (GANX) 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Gain Therapeutics, Inc.'s earnings high quality?

Gain Therapeutics, Inc. (GANX) has an earnings quality ratio of 0.92x, 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.