NKGen Biotech Inc (NKGN) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q1 FY2025, filed Jan 20, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NKGN SEC filings page.
This page shows NKGen Biotech Inc (NKGN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 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).
External financing remains the operating mechanic as recurring cash outflows coexist with a shrinking asset base and strained liquidity.
In FY2024, operating cash flow of-$20.9M was nearly matched by$20.9M of financing inflows, repeating FY2023’s pattern rather than showing internally funded operations. Meanwhile, assets stayed near$16M while liabilities rose to$86.1M , indicating that financing is supporting activity without building a stronger asset base.
This remains a development-stage cost structure: FY2022 revenue was only
The balance sheet shows short-term funding pressure rather than ordinary working-capital flexibility: the current ratio was just 0.0x in FY2024, while negative equity widened to
Financial Health Signals
NKGen Biotech Inc does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
NKGen Biotech Inc passes 1 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 1 of 3 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
NKGen Biotech Inc reported a net loss of $44.3M while operations used $20.9M of cash. With neither figure positive, the ratio between the two carries no quality signal.
NKGen Biotech Inc reported an operating loss of $27.0M against $2.7M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
NKGen Biotech Inc's EBITDA was -$4.3M in Q1 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 41.0% from the same quarter a year earlier.
NKGen Biotech Inc reported $15.3M in net income in Q1 2025. This represents an increase of 385.2% from the same quarter a year earlier.
NKGen Biotech Inc earned -$0.04 per diluted share (EPS) in Q1 2025. This represents an increase of 84.0% from the same quarter a year earlier. Against the prior quarter it is up 95.8%.
Not reported for Q1 2025.
Cash & Balance Sheet
NKGen Biotech Inc held $6K in cash as of Q1 2025; long-term debt is not reported for that period.
Not reported for Q1 2025.
Not reported for Q1 2025.
Margins & Returns
None of these metrics is reported for Q1 2025.
Capital Allocation
NKGen Biotech Inc invested $1.9M in research and development in Q1 2025. This represents a decrease of 42.6% from the same quarter a year earlier.
Not reported for Q1 2025.
Not reported for Q1 2025.
NKGN 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 | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K | Q3'2310-Q | Q2'2310-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | $0-100.0% | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | $0 | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | $0-100.0% | N/A |
| R&D Expenses | $1.9M-42.6% | N/A | $2.8M-29.3% | $3.1M-23.8% | $3.2M-10.1% | N/A | $3.9M-4.7% | $4.0M |
| SG&A Expenses | $2.8M-35.9% | N/A | $4.0M+34.8% | $4.4M+9613.3% | $4.4M+37.1% | N/A | $3.0M+58.7% | $45K0.0% |
| Operating Income | -$4.7M+38.8% | N/A | -$6.8M+1.7% | -$7.5M-12.8% | -$7.6M-12.1% | N/A | -$6.9M-15.2% | -$6.6M-582.3% |
| EBITDA | -$4.3M+41.0% | N/A | -$6.5M+1.7% | -$7.2M-19.1% | -$7.3M-12.8% | N/A | -$6.6M-16.0% | -$6.0M |
| Interest Expense | $509K-52.4% | N/A | $472K+123.7% | $647K+943.5% | $1.1M+3044.1% | N/A | $211K-66.8% | $62K |
| Income Tax | $0 | N/A | $0 | $0 | $0-100.0% | N/A | $0 | $0+100.0% |
| Net Income | $15.3M+385.2% | N/A | $6.6M+119.9% | -$16.1M-105.0% | -$5.4M+35.3% | N/A | -$33.2M-395.7% | -$7.8M-920.9% |
| EPS (Basic) | $0.33+232.0% | -$0.95+43.5% | $0.23+109.3% | -$0.67-13.6% | -$0.25+60.3% | -$1.68-5700.0% | -$2.48-125.5% | -$0.59-1575.0% |
| EPS (Diluted) | -$0.04+84.0% | -$0.95 | $0.15 | -$0.67 | -$0.25 | -$1.68-900.0% | -$2.48 | -$0.59 |
| Diluted Shares (Avg) | 103M+368.0% | N/A | 41M | 24M | 22M | N/A | 13M | 13M |
NKGN 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 | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K | Q3'2310-Q | Q2'2310-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $15.8M-2.9% | $16.2M-1.5% | $15.0M-40.5% | $15.6M-75.4% | $16.3M-90.7% | $16.5M+0.9% | $25.2M-85.5% | $63.6M-63.4% |
| Current Assets | $2.4M+48.2% | $2.5M+27.4% | $911K-91.2% | $1.2M+1551.3% | $1.6M+444.4% | $1.9M+451.4% | $10.3M+802.6% | $76K-95.8% |
| Cash & Equivalents | $6K-82.4% | $106K+307.7% | $8K-99.9% | $79K+90.5% | $34K-83.6% | $26K-77.8% | $8.8M+1106.9% | $41K-96.7% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | $0-100.0% | $0 | N/A |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $66.2M-7.3% | $86.1M+14.6% | $62.0M-5.8% | $85.4M+12.4% | $71.4M-60.6% | $75.2M+409.1% | $65.8M-71.6% | $76.0M-66.2% |
| Current Liabilities | $43.9M+17.1% | $58.0M+46.9% | $37.1M-4.5% | $51.4M+715.8% | $37.5M+962.4% | $39.5M+167.6% | $38.8M+1300.7% | $6.3M+120.6% |
| Non-Current Liabilities | $22.3M-34.2% | $28.2M-21.1% | $24.9M-7.6% | $34.0M-51.3% | $33.9M-80.9% | $35.7M+137292.3% | $27.0M-88.2% | $69.7M-68.6% |
| Total Equity | -$50.3M+8.6% | -$69.9M-19.1% | -$47.0M-15.8% | -$69.7M-464.2% | -$55.1M-901.5% | -$58.7M-3855.2% | -$40.6M+29.5% | -$12.4M+75.8% |
| Retained Earnings | -$191.1M-14.1% | -$206.4M-27.3% | -$177.0M-37.7% | -$183.6M-2050.0% | -$167.5M-3060.8% | -$162.1M-104.8% | -$128.5M-3190.5% | -$8.5M-102.8% |
Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.
NKGN 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 | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K | Q3'2310-Q | Q2'2310-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.8M+30.6% | -$7.0M-0.2% | -$3.9M+14.7% | -$6.0M-8.5% | -$4.0M+17.9% | -$6.9M-26.9% | -$4.6M+72.5% | -$5.5M-2930.7% |
| Depreciation & Amortization | $341K+15.6% | $295K-1.7% | $300K0.0% | $300K-50.0% | $295K-3.0% | $300K-2.0% | $300K0.0% | $600K |
| Stock-Based Compensation | $707K-36.7% | N/A | $1.1M+12.9% | $1.1M+11.7% | $1.1M-11.2% | N/A | $967K+5943.8% | $982K |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | $0-100.0% | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | -$6.9M-26.8% | N/A | N/A |
| Investing Cash Flow | -$52K-248.6% | -$16K+11.1% | -$17K | -$15K+11.8% | $35K+369.2% | -$18K-260.0% | $0 | -$17K |
| Financing Cash Flow | $2.6M-34.0% | $7.0M+486.4% | $3.8M-68.5% | $6.1M-3.4% | $4.0M-27.9% | -$1.8M-132.8% | $12.1M | $6.3M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
NKGN 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 | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K | Q3'2310-Q | Q2'2310-Q |
|---|---|---|---|---|---|---|---|---|
| Return on Assets | 96.9%+129.9pp | N/A | 44.0%+175.7pp | -102.8%-90.5pp | -33.0%-28.3pp | N/A | -131.7%-127.8pp | -12.3%-12.9pp |
| Current Ratio | 0.050.0x | 0.040.0x | 0.02-0.2x | 0.020.0x | 0.040.0x | 0.050.0x | 0.27-0.1x | 0.01-0.6x |
| Asset Turnover | N/A | N/A | N/A | N/A | N/A | N/A | 0.000.0x | N/A |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Debt-to-Equity, FCF Margin.
Note: Shareholder equity is negative (-$69.9M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.04), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Where NKGen Biotech Inc Ranks
Frequently Asked Questions
Is NKGen Biotech Inc profitable?
No, NKGen Biotech Inc (NKGN) reported a net income of -$44.3M in fiscal year 2024.
What is NKGen Biotech Inc's EBITDA?
NKGen Biotech Inc (NKGN) had EBITDA of -$25.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is NKGen Biotech Inc's operating cash flow?
NKGen Biotech Inc (NKGN) recorded an outflow of $20.9M in operating cash flow during fiscal year 2024, representing cash used by core business activities.
What are NKGen Biotech Inc's total assets?
NKGen Biotech Inc (NKGN) had $16.2M in total assets as of fiscal year 2024, including both current and long-term assets.
How much does NKGen Biotech Inc spend on research and development?
NKGen Biotech Inc (NKGN) invested $10.7M in research and development during fiscal year 2024.
What is NKGen Biotech Inc's current ratio?
NKGen Biotech Inc (NKGN) had a current ratio of 0.04 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.
What is NKGen Biotech Inc's return on assets (ROA)?
NKGen Biotech Inc (NKGN) had a return on assets of -272.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is NKGen Biotech Inc's P/E ratio?
NKGen Biotech Inc (NKGN) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2024). The market capitalization is $7.8M as of Sep 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is NKGen Biotech Inc's price-to-sales ratio?
NKGen Biotech Inc (NKGN) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $7.8M as of Sep 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does NKGen Biotech Inc's liquidity compare with its operating cash outflow?
At the end of fiscal year 2024, NKGen Biotech Inc (NKGN) held $106K in cash, cash equivalents and investments, and reported an operating cash outflow of $20.9M over that year. Dividing the one by the other, the reported balance equals about 0 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.
Why is NKGen Biotech Inc's debt-to-equity ratio negative or not reported?
NKGen Biotech Inc (NKGN) has negative shareholder equity of -$69.9M as of fiscal year 2024, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is NKGen Biotech Inc's Piotroski F-Score?
NKGen Biotech Inc (NKGN) has a Piotroski F-Score of 1 out of 5 computable signals; 4 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 NKGen Biotech Inc's earnings high quality?
NKGen Biotech Inc (NKGN) reported a net loss of $44.3M while operations used $20.9M 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.
Can NKGen Biotech Inc cover its interest payments?
NKGen Biotech Inc (NKGN) reported an operating loss of $27.0M against $2.7M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.