Moleculin Biotec Financials

MBRX

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Moleculin Biotec (MBRX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 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 MBRX FY2025 2026-05-14

External financing rather than operations remains the core engine, as cash burn persistently outpaces the company’s internal funding.

Across FY2023-FY2025, free cash flow stayed near -$23M a year and almost matched operating cash flow because capital spending was minimal, so reinvestment needs are not what is consuming cash. Cash recovered to $8.9M only because financing inflow of $27.3M exceeded that burn.

Liquidity looks repaired but dependent. Cash ended FY2025 at $8.9M and the current ratio moved back above 1.0x. That makes the stronger working-capital posture a financing outcome, not evidence that operations are self-funding.

The spending mix is still development-led: FY2025 R&D was $15.9M versus SG&A of $9.1M, so most expense still supports research activity rather than a scaled selling organization. With total liabilities at $7.1M against equity of $15.0M, balance-sheet strain comes more from recurring losses than from debt service. The balance sheet is being worn down by repeated losses, not by leverage.

Financial Health Signals

Financial Profile 19/100

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 Moleculin Biotec'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

Moleculin Biotec carries a low D/E ratio of 0.47, meaning only $0.47 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 92/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Moleculin Biotec's current ratio of 1.41 is below the typical benchmark, resulting in a score of 24/100. However, the company holds substantial cash reserves (130% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.

Returns

Moleculin Biotec generates a -223.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -232.4% the prior year.

Piotroski F-Score Weak

3/9

Moleculin Biotec passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

0.68x

For every $1 of reported earnings, Moleculin Biotec generates $0.68 in operating cash flow (-$22.7M OCF vs -$33.6M 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

Moleculin Biotec generated $0 in revenue in fiscal year 2025.

EBITDA

-$25.0M

YoY+5.7%

Moleculin Biotec's EBITDA was -$25.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 5.7% from the prior year.

Net Income

-$33.6M

YoY-28.8%

Moleculin Biotec reported -$33.6M in net income in fiscal year 2025. This represents a decrease of 28.8% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$22.7M

YoY+4.8%

Moleculin Biotec generated -$22.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 4.8% from the prior year.

Cash & Debt

$8.9M

YoY+107.5%

5Y CAGR-10.2%

10Y CAGR+77.9%

Moleculin Biotec held $8.9M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

Moleculin Biotec had 3M shares outstanding in fiscal year 2025. This represents an increase of 2267.1% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-223.6%

YoY+8.8pp

5Y CAGR-125.9pp

Moleculin Biotec's ROE was -223.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 8.8 percentage points from the prior year.

Capital Allocation

R&D Spending

$15.9M

YoY-10.4%

5Y CAGR+4.5%

Moleculin Biotec invested $15.9M in research and development in fiscal year 2025. This represents a decrease of 10.4% from the prior year.

Share Buybacks

N/A

Capital Expenditures

YoY-100.0%

Moleculin Biotec invested $0 in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 100.0% from the prior year.

MBRX Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$0	$0	$0	$0	$0	$0
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	$15.9M-10.4%	$17.7M-9.0%	$19.5M+2.7%	$19.0M+31.6%	$14.4M+13.0%	$12.8M
SG&A Expenses	$9.1M+3.8%	$8.8M-12.3%	$10.0M-13.2%	$11.5M+37.6%	$8.4M+23.6%	$6.8M
Operating Income	-$25.1M+5.8%	-$26.6M+10.1%	-$29.6M+3.3%	-$30.6M-33.4%	-$23.0M-16.3%	-$19.7M
Interest Expense	N/A	N/A	N/A	$240K-21.6%	$306K+2253.8%	$13K
Income Tax	$0	$0	$0	$0	$0	$0
Net Income	-$33.6M-28.8%	-$26.0M+12.5%	-$29.8M-2.6%	-$29.0M-82.6%	-$15.9M+8.4%	-$17.4M
EPS (Diluted)	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
Revenue	$0	N/A	$0	$0	$0	N/A	$0	$0
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	$5.4M	N/A	$3.7M+3.8%	$3.6M+4.8%	$3.4M	N/A	$4.9M+20.6%	$4.1M
SG&A Expenses	$2.5M	N/A	$2.1M+2.7%	$2.1M-15.6%	$2.5M	N/A	$2.2M+5.2%	$2.1M
Operating Income	-$7.9M	N/A	-$5.9M-3.3%	-$5.7M+3.8%	-$5.9M	N/A	-$7.1M-15.4%	-$6.2M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	N/A	$0	$0	$0	N/A	$0	$0
Net Income	-$12.8M	N/A	-$25.4M-42.6%	-$17.8M-201.6%	-$5.9M	N/A	-$7.0M-16.8%	-$6.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MBRX Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$22.1M+30.7%	$16.9M-55.7%	$38.2M-33.4%	$57.4M-31.7%	$84.1M+189.7%	$29.0M
Current Assets	$9.7M+86.5%	$5.2M-80.2%	$26.3M-42.4%	$45.6M-37.1%	$72.5M+321.5%	$17.2M
Cash & Equivalents	$8.9M+107.5%	$4.3M-81.8%	$23.6M-45.4%	$43.1M-39.1%	$70.9M+367.3%	$15.2M
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	$7.1M+24.5%	$5.7M-52.9%	$12.1M+132.2%	$5.2M+2.6%	$5.1M-54.8%	$11.3M
Current Liabilities	$6.9M+27.9%	$5.4M-21.4%	$6.8M+41.4%	$4.8M+33.0%	$3.6M+24.0%	$2.9M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$15.0M+33.9%	$11.2M-63.8%	$30.9M-40.7%	$52.2M-33.9%	$79.0M+344.8%	$17.8M
Retained Earnings	-$206.0M-19.5%	-$172.4M-31.0%	-$131.6M-29.2%	-$101.8M-39.9%	-$72.8M-27.9%	-$56.9M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$23.4M+5.6%	$22.1M+8.7%	$20.4M-5.7%	$21.6M+2.8%	$21.0M+24.2%	$16.9M-27.7%	$23.4M-8.5%	$25.6M
Current Assets	$11.0M+13.2%	$9.7M+22.8%	$7.9M-13.1%	$9.1M-2.8%	$9.3M+79.8%	$5.2M-55.2%	$11.6M-15.5%	$13.7M
Cash & Equivalents	$10.3M+16.2%	$8.9M+32.4%	$6.7M-11.3%	$7.6M-2.1%	$7.7M+80.4%	$4.3M-54.5%	$9.4M-13.3%	$10.8M
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	$8.2M+14.9%	$7.1M-84.9%	$47.3M+87.8%	$25.2M+248.6%	$7.2M+26.3%	$5.7M-4.4%	$6.0M-24.0%	$7.9M
Current Liabilities	$8.0M+16.2%	$6.9M+20.6%	$5.7M-28.2%	$7.9M+14.7%	$6.9M+28.7%	$5.4M-4.2%	$5.6M-2.7%	$5.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$15.2M+1.2%	$15.0M+155.7%	-$26.9M-650.9%	-$3.6M-126.0%	$13.8M+23.0%	$11.2M-35.6%	$17.4M-10.3%	$19.4M
Retained Earnings	-$218.8M-6.2%	-$206.0M+7.0%	-$221.6M-12.9%	-$196.2M-10.0%	-$178.3M-3.4%	-$172.4M-13.8%	-$151.5M-7.5%	-$140.9M

MBRX Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$22.7M+4.7%	-$23.9M-1.1%	-$23.6M+14.6%	-$27.6M-45.8%	-$19.0M-6.6%	-$17.8M
Capital Expenditures	$0-100.0%	$13K-89.5%	$124K+85.1%	$67K+252.6%	$19K-94.9%	$376K
Free Cash Flow	-$22.7M+4.8%	-$23.9M-0.7%	-$23.7M+14.4%	-$27.7M-46.1%	-$19.0M-4.5%	-$18.1M
Investing Cash Flow	$0+100.0%	-$13K+89.5%	-$124K-85.1%	-$67K-252.6%	-$19K+94.9%	-$374K
Financing Cash Flow	$27.3M+488.7%	$4.6M+11.9%	$4.1M+18104.3%	-$23K-100.0%	$74.7M+231.4%	$22.5M
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	-$6.1M-13.9%	-$5.4M+25.7%	-$7.2M-29.4%	-$5.6M-22.3%	-$4.6M+10.2%	-$5.1M+16.8%	-$6.1M-2.8%	-$5.9M
Capital Expenditures	N/A	$0	$0	$0	$0	$0	$0-100.0%	$13K
Free Cash Flow	N/A	-$5.4M+25.7%	-$7.2M-29.4%	-$5.6M-22.3%	-$4.6M+10.2%	-$5.1M+16.8%	-$6.1M-2.5%	-$6.0M
Investing Cash Flow	$0	$0	$0	$0	$0	$0	$0+100.0%	-$13K
Financing Cash Flow	$7.6M+1.7%	$7.5M+17.4%	$6.4M+17.6%	$5.4M-32.2%	$8.0M+799800.0%	$1K-100.0%	$4.7M+18736.0%	-$25K
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

MBRX 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	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	-223.6%+8.8pp	-232.4%-136.2pp	-96.3%-40.6pp	-55.6%-35.5pp	-20.1%+77.6pp	-97.7%
Return on Assets	-151.7%+2.2pp	-153.9%-76.0pp	-77.9%-27.3pp	-50.5%-31.6pp	-18.9%+40.9pp	-59.8%
Current Ratio	1.41+0.4	0.97-2.9	3.86-5.6	9.46-10.6	20.02+14.1	5.89
Debt-to-Equity	0.47-0.0	0.51+0.1	0.39+0.3	0.10+0.0	0.06-0.6	0.63
FCF Margin	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
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	-84.6%	N/A	N/A	N/A	-42.8%	N/A	-40.3%-9.3pp	-31.0%
Return on Assets	-55.0%	N/A	-124.8%-42.3pp	-82.5%-54.4pp	-28.1%	N/A	-30.0%-6.5pp	-23.5%
Current Ratio	1.38-0.0	1.41+0.0	1.39+0.2	1.15-0.2	1.35+0.4	0.97-1.1	2.08-0.3	2.39
Debt-to-Equity	0.54+0.1	0.47+2.2	-1.76+5.3	-7.02-7.5	0.52+0.0	0.51+0.2	0.34-0.1	0.41
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

What is Moleculin Biotec's annual revenue?

Moleculin Biotec (MBRX) reported $0 in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Is Moleculin Biotec profitable?

No, Moleculin Biotec (MBRX) reported a net income of -$33.6M in fiscal year 2025.

What is Moleculin Biotec's EBITDA?

Moleculin Biotec (MBRX) had EBITDA of -$25.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Moleculin Biotec's return on equity (ROE)?

Moleculin Biotec (MBRX) has a return on equity of -223.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Moleculin Biotec's free cash flow?

Moleculin Biotec (MBRX) generated -$22.7M in free cash flow during fiscal year 2025. This represents a 4.8% 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 Moleculin Biotec's operating cash flow?

Moleculin Biotec (MBRX) generated -$22.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Moleculin Biotec's total assets?

Moleculin Biotec (MBRX) had $22.1M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Moleculin Biotec's capital expenditures?

Moleculin Biotec (MBRX) invested $0 in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Moleculin Biotec spend on research and development?

Moleculin Biotec (MBRX) invested $15.9M in research and development during fiscal year 2025.

How many shares does Moleculin Biotec have outstanding?

Moleculin Biotec (MBRX) had 3M shares outstanding as of fiscal year 2025.

What is Moleculin Biotec's current ratio?

Moleculin Biotec (MBRX) had a current ratio of 1.41 as of fiscal year 2025, which is considered adequate.

What is Moleculin Biotec's debt-to-equity ratio?

Moleculin Biotec (MBRX) had a debt-to-equity ratio of 0.47 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Moleculin Biotec's return on assets (ROA)?

Moleculin Biotec (MBRX) had a return on assets of -151.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Moleculin Biotec's cash runway?

Based on fiscal year 2025 data, Moleculin Biotec (MBRX) had $8.9M in cash against an annual operating cash burn of $22.7M. This gives an estimated cash runway of approximately 5 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 Moleculin Biotec's Piotroski F-Score?

Moleculin Biotec (MBRX) has a Piotroski F-Score of 3 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Moleculin Biotec's earnings high quality?

Moleculin Biotec (MBRX) has an earnings quality ratio of 0.68x, 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 Moleculin Biotec?

Moleculin Biotec (MBRX) scores 19 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.