Generation Bio Co. (GBIO) Financials
Newest figures come from the 10-Q for Q3 FY2025, filed Nov 5, 2025. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the GBIO SEC filings page.
Generation Bio Co. (GBIO) reported $15.3M in revenue over the twelve months to Sep 30, 2025. This page shows its 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).
Generation Bio remains a development-stage business, with R&D spending and operating cash consumption dominating an early revenue base.
The key mismatch is that revenue reached$19.9M in FY2024 while operating cash flow was-$88.6M : initial commercial receipts are not yet financing the development engine.
R&D remained above revenue in both FY2023 and FY2024, despite falling to
The balance sheet absorbed continued losses, with debt-to-equity rising from 0.8x to 1.7x as equity compressed, making the financing structure more liability-dependent. Current ratio remained 5.5x and reported liquidity equaled 25.1 months of annual operating outflow; positive FY2024 investing cash flow supplied cash even while core operations consumed it.
Financial Health Signals
Scored against emerging companies for FY2024. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Generation Bio Co.'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.
Generation Bio Co. held $185.2M in cash, cash equivalents and investments at the end of fiscal year 2024, and its operations used $88.6M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Generation Bio Co. scores 49/100 among other emerging companies.
Generation Bio Co. had 67M shares outstanding at the end of fiscal year 2024, against 66M in fiscal year 2023. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Generation Bio Co. scores 55/100 among other emerging companies.
Generation Bio Co. spent $61.3M on research and development in fiscal year 2024, which was 37.8% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Generation Bio Co. scores 69/100 among other emerging companies.
Generation Bio Co. reported revenue of $19.9M in fiscal year 2024, against $5.9M in fiscal year 2023. Revenue Progress ranks emerging companies on the three-year path of that line, and Generation Bio Co. scores 93/100 among other emerging companies.
Generation Bio Co.'s operations used $88.6M of cash in fiscal year 2024, against $52.7M used in fiscal year 2023. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Generation Bio Co. scores 52/100 among other emerging companies.
Generation Bio Co.'s cash, cash equivalents and investments came to $185.2M at the end of fiscal year 2024, against $145.0M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Generation Bio Co. scores 64/100 among other emerging companies.
Generation Bio Co. scores -5.24, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($36.0M) relative to total liabilities ($145.0M). 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.
Generation Bio Co. passes 2 of 7 computable financial strength tests (2 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), both operating efficiency signals pass.
Generation Bio Co. reported a net loss of $131.7M while operations used $88.6M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Generation Bio Co. generated $1.6M in revenue in Q3 2025. This represents a decrease of 78.9% from the same quarter a year earlier. Against the prior quarter it is up 108.4%.
Generation Bio Co.'s EBITDA was -$5.3M in Q3 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 68.2% from the same quarter a year earlier. Against the prior quarter it is up 75.6%.
Generation Bio Co. reported -$5.5M in net income in Q3 2025. This represents an increase of 64.0% from the same quarter a year earlier. Against the prior quarter it is up 73.6%.
Generation Bio Co. earned -$0.82 per diluted share (EPS) in Q3 2025. This represents an increase of 64.2% from the same quarter a year earlier. Against the prior quarter it is up 73.7%.
Cash & Balance Sheet
Generation Bio Co. recorded an outflow of $52.7M in free cash flow in Q3 2025, representing a cash shortfall after capex. This represents a decrease of 168.3% from the same quarter a year earlier. Against the prior quarter it is down 204.7%.
Generation Bio Co. held $21.9M in cash as of Q3 2025; long-term debt is not reported for that period.
Not reported for Q3 2025.
Margins & Returns
Generation Bio Co.'s ROE was -10.9% in Q3 2025, measuring profit generated per dollar of shareholder equity. This is up 3.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 27.7 percentage points.
Not reported for Q3 2025.
Not shown for Q3 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q3 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Generation Bio Co. invested $21.6M in research and development in Q3 2025. This represents an increase of 43.4% from the same quarter a year earlier. Against the prior quarter it is up 39.6%.
Generation Bio Co. reported no capital expenditure in Q3 2025. This represents a decrease of 100.0% from the same quarter a year earlier. Against the prior quarter it is down 100.0%.
Not reported for Q3 2025.
GBIO 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 | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.6M-78.9% | $765K-81.3% | $8.7M+114.9% | $4.2M | $7.6M+252.0% | $4.1M+364.9% | $4.1M | N/A |
| R&D Expenses | $21.6M+43.4% | $15.5M-5.4% | $15.4M+7.1% | $15.5M | $15.1M-31.0% | $16.4M-24.9% | $14.3M-34.8% | N/A |
| SG&A Expenses | $12.2M+32.5% | $7.7M-19.4% | $8.8M-15.3% | $8.7M | $9.2M-21.1% | $9.5M-26.6% | $10.4M-18.9% | N/A |
| Operating Income | -$6.7M+62.5% | -$22.9M+1.7% | -$16.6M+78.6% | -$23.6M | -$17.9M+43.0% | -$23.3M+31.3% | -$77.6M-122.7% | N/A |
| EBITDA | -$5.3M+68.2% | -$21.7M+1.3% | -$15.5M+79.7% | -$22.4M | -$16.7M+44.5% | -$22.0M+32.5% | -$76.3M-127.6% | N/A |
| Net Income | -$5.5M+64.0% | -$20.9M-2.4% | -$14.8M+80.1% | -$21.4M | -$15.3M+45.8% | -$20.4M+34.2% | -$74.5M-132.3% | N/A |
| EPS (Basic) | -$0.82+64.2% | -$3.12-1.6% | -$0.22+80.4% | -$0.32+39.6% | -$2.29-432.6% | -$3.07-553.2% | -$1.12-111.3% | -$0.53+1.9% |
| EPS (Diluted) | -$0.82+64.2% | -$3.12-1.6% | -$0.22+80.4% | -$0.32+39.6% | -$2.29 | -$3.07 | -$1.12-111.3% | -$0.53+1.9% |
| Diluted Shares (Avg) | 7M+0.9% | 7M+0.8% | 67M+0.9% | N/A | 7M | 7M | 66M+10.3% | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense, Income Tax.
GBIO 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 | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $121.9M-51.0% | $179.4M-32.4% | $201.3M-29.6% | $231.2M-38.3% | $248.8M-34.8% | $265.3M-34.5% | $285.9M-33.7% | $374.8M-0.4% |
| Current Assets | $93.5M-51.1% | $145.5M-34.8% | $165.1M-27.2% | $192.9M-29.2% | $191.3M-35.8% | $223.3M-30.4% | $226.9M-34.2% | $272.6M-5.0% |
| Cash & Equivalents | $21.9M+1.3% | $49.1M+72.3% | $50.9M+43.3% | $76.3M+14.8% | $21.7M-76.8% | $28.5M-80.3% | $35.5M-62.9% | $66.4M-28.7% |
| Short-Term Investments | $67.7M-58.5% | $92.3M-51.0% | $106.7M-42.0% | $108.9M-45.0% | $163.1M-17.5% | $188.4M+11.4% | $183.8M-4.8% | $197.9M+6.5% |
| Accounts Receivable | $391K-82.3% | $256K-80.9% | $1.4M | $1.2M | $2.2M | $1.3M | N/A | $0 |
| Long-Term Investments | $0-100.0% | $0 | $0-100.0% | $0 | $15.0M | $0 | $14.6M | $0 |
| Total Liabilities | $71.3M-50.6% | $125.3M-16.4% | $128.0M-16.8% | $145.0M-15.5% | $144.3M-3.5% | $149.9M-0.5% | $153.9M+1.1% | $171.6M+83.0% |
| Current Liabilities | $21.0M-30.3% | $19.4M-35.7% | $19.6M-30.8% | $35.1M-12.2% | $30.2M-8.1% | $30.1M+13.7% | $28.3M+24.5% | $39.9M+108.4% |
| Non-Current Liabilities | $50.3M-55.9% | $106.0M-11.5% | $108.4M-13.7% | $109.9M-16.5% | $114.2M-2.2% | $119.8M-3.5% | $125.6M-3.1% | $131.7M+76.5% |
| Total Equity | $50.6M-51.6% | $54.1M-53.1% | $73.3M-44.4% | $86.2M-57.6% | $104.4M-55.0% | $115.4M-54.6% | $132.0M-52.7% | $203.1M-28.1% |
| Retained Earnings | -$744.3M-9.2% | -$738.8M-10.9% | -$717.8M-11.1% | -$703.0M-23.0% | -$681.7M-27.1% | -$666.4M-31.2% | -$645.9M-35.5% | -$571.4M-28.5% |
Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.
GBIO 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 | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$52.7M-169.5% | -$16.8M+21.9% | -$28.4M+10.5% | -$15.8M+36.8% | -$19.5M+21.5% | -$21.5M-186.8% | -$31.7M-14.5% | -$25.0M-8.6% |
| Depreciation & Amortization | $1.4M+16.7% | $1.2M-7.7% | $1.1M-13.4% | $1.2M-11.2% | $1.2M-7.7% | $1.3M0.0% | $1.3M-1.4% | $1.3M-1.6% |
| Stock-Based Compensation | $2.0M-47.3% | $1.7M-54.2% | $2.0M-49.7% | N/A | $3.8M-37.5% | $3.7M-38.6% | $4.0M-36.2% | N/A |
| Capital Expenditures | $0-100.0% | $459K+3178.6% | $246K-87.2% | $378K-91.7% | $91K-85.1% | $14K-99.0% | $1.9M+154.0% | $4.6M+571.6% |
| Free Cash Flow | -$52.7M-168.3% | -$17.3M+19.8% | -$28.6M+14.9% | -$16.2M+45.3% | -$19.6M+23.0% | -$21.5M-192.3% | -$33.6M-18.2% | -$29.6M-24.8% |
| Investing Cash Flow | $25.5M+100.9% | $15.0M+23.7% | $3.0M+634.7% | $70.3M+3772.1% | $12.7M+147.8% | $12.1M-50.5% | -$553K+90.2% | -$1.9M+89.6% |
| Financing Cash Flow | -$2K+33.3% | $80K-65.8% | -$7K+94.4% | $144K+87.0% | -$3K+97.7% | $234K+136.4% | -$125K-100.3% | $77K-7.2% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
GBIO 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 | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -420.8% | -2995.6% | -190.4% | -562.6% | -236.8% | -569.8% | -1912.6% | N/A |
| Net Margin | -346.3% | -2735.0% | -169.7% | -510.6% | -202.7% | -499.4% | -1836.4% | N/A |
| Return on Equity | -10.9%+3.7pp | -38.7%-21.0pp | -20.2%+36.3pp | -24.8% | -14.7%-2.5pp | -17.7%-5.5pp | -56.5%-45.0pp | N/A |
| Return on Assets | -4.5%+1.6pp | -11.7%-4.0pp | -7.3%+18.7pp | -9.3% | -6.2%+1.2pp | -7.7%0.0pp | -26.1%-18.6pp | N/A |
| Current Ratio | 4.44-1.9x | 7.51+0.1x | 8.43+0.4x | 5.50-1.3x | 6.34-2.7x | 7.42-4.7x | 8.01-7.1x | 6.83-8.2x |
| Debt-to-Equity | 1.410.0x | 2.32+1.0x | 1.75+0.6x | 1.68+0.8x | 1.38+0.7x | 1.30+0.7x | 1.17+0.6x | 0.84+0.5x |
| Asset Turnover | 0.010.0x | 0.000.0x | 0.040.0x | 0.02 | 0.030.0x | 0.020.0x | 0.010.0x | N/A |
| FCF Margin | -3304.9% | -2259.7% | -327.9% | -385.9% | -260.0% | -526.7% | -828.2% | N/A |
Not reported in any period shown, so not listed: Gross Margin.
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.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Generation Bio Co. GBIO | FY2024 | $19.9M | -$131.7M | N/A | $36.0M | 64/100 |
| Estrella Immunopharma, Inc. ESLA | FY2025 | N/A | -$13.1M | N/A | $28.7M | — |
| Century Therapeutics, Inc. IPSC | FY2025 | $109.2M | -$9.6M | -8.8% | $351.3M | 59/100 |
| PepGen Inc. PEPG | FY2025 | N/A | -$89.7M | N/A | $206.4M | — |
| Jasper Therapeutics, Inc. JSPR | FY2025 | N/A | -$76 | N/A | $22.0M | — |
| LAVA Therapeutics N.V. LVTX | FY2024 | $12.0M | -$25.1M | N/A | $45.8M | 53/100 |
Where Generation Bio Co. Ranks
Frequently Asked Questions
What is Generation Bio Co.'s annual revenue?
Generation Bio Co. (GBIO) reported $19.9M in total revenue for fiscal year 2024. This represents a 236.9% 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 Generation Bio Co.'s revenue growing?
Generation Bio Co. (GBIO) revenue grew by 236.9% year-over-year, from $5.9M to $19.9M in fiscal year 2024.
Is Generation Bio Co. profitable?
No, Generation Bio Co. (GBIO) reported a net income of -$131.7M in fiscal year 2024.
What is Generation Bio Co.'s EBITDA?
Generation Bio Co. (GBIO) had EBITDA of -$137.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Generation Bio Co.'s return on equity (ROE)?
Generation Bio Co. (GBIO) has a return on equity of -152.7% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Generation Bio Co.'s free cash flow?
Generation Bio Co. (GBIO) recorded an outflow of $91.0M in free cash flow during fiscal year 2024. This represents a -51.2% 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 Generation Bio Co.'s operating cash flow?
Generation Bio Co. (GBIO) recorded an outflow of $88.6M in operating cash flow during fiscal year 2024, representing cash used by core business activities.
What are Generation Bio Co.'s total assets?
Generation Bio Co. (GBIO) had $231.2M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Generation Bio Co.'s capital expenditures?
Generation Bio Co. (GBIO) invested $2.4M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Generation Bio Co. spend on research and development?
Generation Bio Co. (GBIO) invested $61.3M in research and development during fiscal year 2024.
What is Generation Bio Co.'s current ratio?
Generation Bio Co. (GBIO) had a current ratio of 5.50 as of fiscal year 2024, which is generally considered healthy.
What is Generation Bio Co.'s debt-to-equity ratio?
Generation Bio Co. (GBIO) had a debt-to-equity ratio of 1.68 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Generation Bio Co.'s return on assets (ROA)?
Generation Bio Co. (GBIO) had a return on assets of -57.0% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
How does Generation Bio Co.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2024, Generation Bio Co. (GBIO) held $185.2M in cash, cash equivalents and investments, and reported an operating cash outflow of $88.6M over that year. Dividing the one by the other, the reported balance equals about 25 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Generation Bio Co.'s Altman Z-Score?
Generation Bio Co. (GBIO) has an Altman Z-Score of -5.24, 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 Generation Bio Co.'s Piotroski F-Score?
Generation Bio Co. (GBIO) has a Piotroski F-Score of 2 out of 7 computable signals; 2 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 Generation Bio Co.'s earnings high quality?
Generation Bio Co. (GBIO) reported a net loss of $131.7M while operations used $88.6M 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.
How financially healthy is Generation Bio Co.?
Generation Bio Co. (GBIO) scores 64 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.