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

Gain Therapeutics, Inc. (GANX) reported diluted earnings per share of $-0.61 for fiscal year 2025. This represents a 31.5% 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.

Gain Therapeutics, Inc. Financials

GANX

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 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 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).

Rhea AI GANX FY2025 2026-05-11

Gain Therapeutics is funding a persistent research cash burn with fresh equity while keeping debt minimal and liquidity cushioned.

FY2025 cash reached $20.8M even though operating cash burn stayed near -$18.5M, so the stronger liquidity position did not come from the business consuming less cash. It came from financing inflows of $28.4M, which means the balance sheet improved mainly because outside capital more than offset another year of similar burn.

The company still looks like an equity-funded development-stage operation: shares outstanding climbed from 27.1M to 42.1M in FY2025, showing financing leaned on new equity rather than on borrowings. That choice kept long-term debt down to $300K, preserving flexibility even as operations remained far from self-funding.

Spending is still centered on building the program, not supporting a scaled commercial engine: R&D expense was $10.2M versus $8.5M of SG&A in FY2025. Meanwhile, near-term liquidity looks comfortable because current assets of $22.2M covered current liabilities of $3.4M; the real operating constraint is annual cash burn, not short-term bills.

Financial Health Signals

Financial Profile 33/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Gain Therapeutics, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

100

Gain Therapeutics, Inc. carries a low D/E ratio of 0.02, meaning only $0.02 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 6.63, Gain Therapeutics, Inc. holds $6.63 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Returns

Gain Therapeutics, Inc. generates a -108.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -278.1% the prior year.

Piotroski F-Score Neutral

4/9

Gain Therapeutics, Inc. passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass.

Earnings Quality Low Quality

0.92x

For every $1 of reported earnings, Gain Therapeutics, Inc. generates $0.92 in operating cash flow (-$18.5M OCF vs -$20.2M 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

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Earnings & Revenue

Revenue

N/A

EBITDA

-$18.6M

YoY+8.1%

Gain Therapeutics, Inc.'s EBITDA was -$18.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 8.1% from the prior year.

Net Income

-$20.2M

YoY+1.2%

Gain Therapeutics, Inc. reported -$20.2M in net income in fiscal year 2025. This represents an increase of 1.2% from the prior year.

EPS (Diluted)

$-0.61

YoY+31.5%

Gain Therapeutics, Inc. earned $-0.61 per diluted share (EPS) in fiscal year 2025. This represents an increase of 31.5% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$20.8M

YoY+100.6%

5Y CAGR+22.7%

Gain Therapeutics, Inc. held $20.8M in cash against $300K in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

42M

YoY+55.1%

5Y CAGR+64.0%

Gain Therapeutics, Inc. had 42M shares outstanding in fiscal year 2025. This represents an increase of 55.1% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-108.6%

YoY+169.5pp

5Y CAGR-50.9pp

Gain Therapeutics, Inc.'s ROE was -108.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 169.5 percentage points from the prior year.

Capital Allocation

R&D Spending

$10.2M

YoY-5.4%

5Y CAGR+35.2%

Gain Therapeutics, Inc. invested $10.2M in research and development in fiscal year 2025. This represents a decrease of 5.4% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

GANX Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	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	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$10.2M-5.4%	$10.8M-6.3%	$11.5M+37.5%	$8.4M+16.9%	$7.2M+217.1%	$2.3M
SG&A Expenses	$8.5M-11.1%	$9.6M-11.4%	$10.8M+13.1%	$9.5M+39.7%	$6.8M+446.5%	$1.2M
Operating Income	-$18.7M+8.1%	-$20.4M+8.5%	-$22.3M-25.2%	-$17.8M-28.6%	-$13.8M-297.4%	-$3.5M
Interest Expense	N/A	N/A	$494K+31.7%	$375K	$0-100.0%	$4K
Income Tax	$861K+60.4%	$537K+577.2%	$79K-14.7%	$93K+2219.8%	$4K-25.6%	$5K
Net Income	-$20.2M+1.2%	-$20.4M+8.3%	-$22.3M-26.6%	-$17.6M-26.6%	-$13.9M-288.3%	-$3.6M
EPS (Diluted)	$-0.61+31.5%	$-0.89+48.0%	$-1.71-15.5%	$-1.48-8.0%	$-1.37-3.0%	$-1.33

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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	$2.8M	N/A	$2.8M+3.3%	$2.8M+22.2%	$2.3M	N/A	$2.6M-40.9%	$4.4M
SG&A Expenses	$2.6M	N/A	$1.9M-16.9%	$2.3M+10.3%	$2.1M	N/A	$1.8M-50.9%	$3.7M
Operating Income	-$5.4M	N/A	-$4.8M+6.0%	-$5.1M-16.5%	-$4.4M	N/A	-$4.5M+45.5%	-$8.2M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	$105K+24.7%	$85K
Income Tax	$183K	N/A	$549K+289.0%	$141K+40.5%	$101K	N/A	$11K+809.3%	$1K
Net Income	-$5.6M	N/A	-$5.3M+9.0%	-$5.8M-28.2%	-$4.5M	N/A	-$4.5M+44.9%	-$8.1M
EPS (Diluted)	$-0.13	N/A	$-0.15+21.1%	$-0.19-18.8%	$-0.16	N/A	$-0.17+59.5%	$-0.42

GANX Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$22.8M+88.2%	$12.1M-34.9%	$18.6M-22.8%	$24.1M-38.2%	$39.0M+305.9%	$9.6M
Current Assets	$22.2M+91.7%	$11.6M-34.7%	$17.8M-15.7%	$21.1M-44.1%	$37.7M+319.7%	$9.0M
Cash & Equivalents	$20.8M+100.6%	$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	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	$9K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$4.3M-11.1%	$4.8M-20.7%	$6.0M+15.5%	$5.2M+25.3%	$4.2M+22.5%	$3.4M
Current Liabilities	$3.4M-14.3%	$3.9M-21.0%	$4.9M+20.0%	$4.1M+61.6%	$2.6M+20.7%	$2.1M
Long-Term Debt	$300K-8.6%	$328K-26.9%	$449K-9.3%	$495K-16.1%	$590K-17.5%	$716K
Total Equity	$18.6M+152.9%	$7.3M-41.6%	$12.6M-33.4%	$18.9M-45.8%	$34.8M+461.4%	$6.2M
Retained Earnings	-$81.2M-33.6%	-$60.8M-57.8%	-$38.5M-84.1%	-$20.9M-197.5%	-$7.0M-103.5%	-$3.5M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$18.7M-17.9%	$22.8M+108.0%	$11.0M+11.6%	$9.8M-15.4%	$11.6M-4.1%	$12.1M-15.6%	$14.4M-25.2%	$19.2M
Current Assets	$18.2M-18.1%	$22.2M+111.4%	$10.5M+13.0%	$9.3M-16.5%	$11.2M-3.9%	$11.6M-15.6%	$13.7M-25.9%	$18.5M
Cash & Equivalents	$16.5M-20.6%	$20.8M+136.6%	$8.8M+31.6%	$6.7M-26.2%	$9.1M-12.7%	$10.4M-13.8%	$12.0M-28.9%	$16.9M
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	$4.7M+11.2%	$4.3M-16.0%	$5.1M-17.5%	$6.1M+5.0%	$5.8M+22.2%	$4.8M-12.3%	$5.5M-26.4%	$7.4M
Current Liabilities	$3.9M+15.9%	$3.4M-19.6%	$4.2M-19.8%	$5.2M+3.4%	$5.0M+28.6%	$3.9M-14.9%	$4.6M-29.6%	$6.5M
Long-Term Debt	$273K-8.9%	$300K+0.4%	$299K-8.2%	$325K+3.5%	$314K-4.2%	$328K-12.7%	$376K+0.2%	$375K
Total Equity	$14.0M-24.6%	$18.6M+214.2%	$5.9M+59.9%	$3.7M-36.1%	$5.8M-21.3%	$7.3M-17.6%	$8.9M-24.4%	$11.8M
Retained Earnings	-$101.4M-24.8%	-$81.2M0.0%	-$81.2M0.0%	-$81.2M0.0%	-$81.2M-33.6%	-$60.8M0.0%	-$60.8M0.0%	-$60.8M

GANX Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$18.5M+2.2%	-$18.9M0.0%	-$18.9M-28.4%	-$14.7M-18.8%	-$12.4M-281.6%	-$3.2M
Capital Expenditures	N/A	$22K+46.5%	$15K-87.1%	$119K+26.3%	$94K+352.4%	$21K
Free Cash Flow	N/A	-$18.9M-0.1%	-$18.9M-27.5%	-$14.8M-18.9%	-$12.5M-282.1%	-$3.3M
Investing Cash Flow	N/A	$5.0M-51.3%	$10.2M+169.2%	-$14.8M-15582.5%	-$94K-352.4%	-$21K
Financing Cash Flow	$28.4M+118.6%	$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	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$4.7M-2.4%	-$4.6M+6.3%	-$4.9M+3.4%	-$5.1M-33.4%	-$3.8M-10.6%	-$3.5M+43.1%	-$6.1M-5.6%	-$5.8M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	$945+94400.0%	$1	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	-$3.5M+43.1%	-$6.1M	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	-$43K-4344600.0%	-$1-100.0%	$2.0M
Financing Cash Flow	$404K-97.6%	$16.6M+135.3%	$7.0M+185.1%	$2.5M+2.9%	$2.4M+3.6%	$2.3M+186.0%	$809K-91.9%	$10.0M
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	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	-40328.3%-27640.2pp	-12688.1%-4308.3pp	-8379.8%+3667.7pp	-12047.5%
Net Margin	N/A	N/A	-40354.3%-27799.2pp	-12555.1%-4136.3pp	-8418.9%+3968.8pp	-12387.7%
Return on Equity	-108.6%+169.5pp	-278.1%-101.1pp	-177.0%-83.9pp	-93.2%-53.3pp	-39.9%+17.8pp	-57.7%
Return on Assets	-88.3%+80.0pp	-168.4%-48.7pp	-119.7%-46.7pp	-73.0%-37.4pp	-35.6%+1.6pp	-37.3%
Current Ratio	6.63+3.7	2.97-0.6	3.59-1.5	5.11-9.7	14.78+10.5	4.25
Debt-to-Equity	0.02-0.0	0.040.0	0.040.0	0.030.0	0.02-0.1	0.12
FCF Margin	N/A	N/A	-34217.5%-23646.3pp	-10571.2%-3019.5pp	-7551.7%+3739.7pp	-11291.4%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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	-40.0%	N/A	-89.4%+67.8pp	-157.2%-78.8pp	-78.4%	N/A	-50.3%+18.8pp	-69.1%
Return on Assets	-29.9%	N/A	-48.2%+10.9pp	-59.1%-20.1pp	-39.0%	N/A	-31.2%+11.2pp	-42.4%
Current Ratio	4.69-1.9	6.63+4.1	2.52+0.7	1.79-0.4	2.22-0.7	2.97-0.0	2.99+0.1	2.84
Debt-to-Equity	0.020.0	0.02-0.0	0.05-0.0	0.09+0.0	0.050.0	0.040.0	0.04+0.0	0.03
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 Gain Therapeutics, Inc. profitable?

No, Gain Therapeutics, Inc. (GANX) reported a net income of -$20.2M in fiscal year 2025.

What is Gain Therapeutics, Inc.'s EBITDA?

Gain Therapeutics, Inc. (GANX) had EBITDA of -$18.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Gain Therapeutics, Inc. have?

As of fiscal year 2025, Gain Therapeutics, Inc. (GANX) had $20.8M in cash and equivalents against $300K in long-term debt.

What is Gain Therapeutics, Inc.'s return on equity (ROE)?

Gain Therapeutics, Inc. (GANX) has a return on equity of -108.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

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

Gain Therapeutics, Inc. (GANX) generated -$18.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

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

Gain Therapeutics, Inc. (GANX) had $22.8M in total assets as of fiscal year 2025, including both current and long-term assets.

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

Gain Therapeutics, Inc. (GANX) invested $10.2M in research and development during fiscal year 2025.

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

Gain Therapeutics, Inc. (GANX) had 42M shares outstanding as of fiscal year 2025.

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

Gain Therapeutics, Inc. (GANX) had a current ratio of 6.63 as of fiscal year 2025, 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 0.02 as of fiscal year 2025, 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 -88.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

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

Based on fiscal year 2025 data, Gain Therapeutics, Inc. (GANX) had $20.8M in cash against an annual operating cash burn of $18.5M. This gives an estimated cash runway of approximately 14 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 4 out of 9, indicating neutral 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 to 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.

How financially healthy is Gain Therapeutics, Inc.?

Gain Therapeutics, Inc. (GANX) scores 33 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.