Theriva Biologics, Inc. (TOVX) 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 Oct 20, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 11, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the TOVX SEC filings page.
This page shows Theriva Biologics, Inc. (TOVX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Theriva funds recurring operating losses with financing inflows rather than heavy debt, while its short-term liquidity cushion keeps shrinking.
In FY2025, operating cash flow of-$16.7M essentially equaled free cash flow of-$16.7M , showing little cash was diverted to investment. The same cash-use pattern held from FY2022 through FY2024, so recurring losses are translating into cash consumption rather than being mainly a noncash accounting charge.
Debt-to-equity was 0.1x in FY2025, but liabilities exceeded equity, so the balance sheet's pressure is broader than borrowing alone. Current liquidity also contracted sharply between FY2021 and FY2025, indicating less room to absorb operating demands even as financing activities supplied cash in FY2025.
The cost mix shifted sharply from R&D toward SG&A between FY2024 and FY2025, yet operating losses remained above
Financial Health Signals
Theriva Biologics, 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.
Theriva Biologics, Inc. passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
Theriva Biologics, Inc. reported a net loss of $23.7M while operations used $16.7M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Theriva Biologics, Inc. reported an operating loss of $24.1M against $61K 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
Theriva Biologics, Inc.'s EBITDA was -$3.3M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 75.0% from the same quarter a year earlier. Against the prior quarter it is down 55.5%.
Theriva Biologics, Inc. reported -$3.2M in net income in Q2 2026. This represents an increase of 75.4% from the same quarter a year earlier. Against the prior quarter it is down 57.4%.
Theriva Biologics, Inc. earned -$0.07 per diluted share (EPS) in Q2 2026. Against the prior quarter it is down 40.0%.
Not reported for Q2 2026.
Cash & Balance Sheet
Theriva Biologics, Inc. held $11.3M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Theriva Biologics, Inc.'s ROE was -26.4% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 96.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 13.1 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
Theriva Biologics, Inc. invested $1.3M in research and development in Q2 2026. This represents a decrease of 35.1% from the same quarter a year earlier. Against the prior quarter it is up 257.2%.
Not reported for Q2 2026.
Not reported for Q2 2026.
TOVX 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 | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | $300K | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $1.3M-35.1% | $355K-88.0% | N/A | $2.6M-6.7% | $2.0M-33.9% | $3.0M-14.2% | N/A | $2.7M-31.8% |
| SG&A Expenses | $2.0M-81.9% | $2.1M+43.0% | N/A | $1.9M-17.9% | $11.2M+662.0% | $1.4M-25.0% | N/A | $2.3M+985.8% |
| Operating Income | -$3.3M+74.9% | -$2.1M+51.8% | N/A | -$4.4M+43.7% | -$13.1M-54.7% | -$4.4M+18.1% | N/A | -$7.9M-87.0% |
| EBITDA | -$3.3M+75.0% | -$2.1M+52.1% | N/A | -$4.4M+43.8% | -$13.1M-55.1% | -$4.4M+18.0% | N/A | -$7.9M-87.6% |
| Interest Expense | $17K+6.3% | $16K+33.3% | N/A | N/A | $16K | $12K | N/A | N/A |
| Net Income | -$3.2M+75.4% | -$2.0M+52.7% | N/A | -$4.4M+43.6% | -$13.1M-57.0% | -$4.3M+16.3% | N/A | -$7.7M-133.9% |
| EPS (Basic) | -$0.07+96.4% | -$0.05+96.8% | $1.30-76.1% | -$0.45+93.4% | -$1.93+82.0% | -$1.55+79.4% | $5.44+167.2% | -$6.81-40.4% |
| EPS (Diluted) | -$0.07 | -$0.05 | $1.30 | -$0.45 | -$1.93 | -$1.55 | $5.44 | -$6.81 |
| Diluted Shares (Avg) | 46M | 41M | N/A | 10M | 7M | 3M | N/A | 1M |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Income Tax.
TOVX 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 | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $34.9M-2.7% | $38.2M+18.9% | $38.2M+8.2% | $30.8M-23.1% | $35.8M-15.5% | $32.2M-34.0% | $35.4M-36.0% | $40.1M-34.8% |
| Current Assets | $13.7M-7.3% | $16.8M+34.3% | $17.5M+7.3% | $9.9M-49.3% | $14.7M-25.2% | $12.5M-42.4% | $16.3M-40.6% | $19.5M-43.8% |
| Cash & Equivalents | $11.3M-6.5% | $14.4M+44.1% | $13.1M+12.5% | $7.5M-54.1% | $12.1M-27.0% | $10.0M-45.2% | $11.6M-49.9% | $16.4M-47.3% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | $0-100.0% | N/A |
| Total Liabilities | $22.7M-10.1% | $22.8M+37.1% | $22.9M+40.4% | $24.1M+55.7% | $25.2M+71.0% | $16.7M+14.1% | $16.3M+4.9% | $15.5M-12.4% |
| Current Liabilities | $12.1M-2.3% | $10.3M+26.0% | $10.0M+32.0% | $11.0M+50.3% | $12.4M+81.0% | $8.1M+35.6% | $7.6M+12.6% | $7.3M-16.2% |
| Non-Current Liabilities | $10.6M-17.6% | $12.6M+47.8% | $12.8M+47.6% | $13.1M+60.7% | $12.8M+62.3% | $8.5M-1.0% | $8.7M-1.0% | $8.2M-8.6% |
| Long-Term Debt | N/A | N/A | $1.7M+1716.3% | N/A | N/A | N/A | $92K-43.2% | N/A |
| Total Equity | $12.2M+14.7% | $15.4M-0.6% | $15.4M-19.3% | $6.7M-72.6% | $10.6M-59.0% | $15.5M-50.6% | $19.1M-48.4% | $24.6M-40.1% |
| Retained Earnings | -$364.0M-3.3% | -$360.8M-6.3% | -$358.7M-7.1% | -$356.7M-7.9% | -$352.4M-9.2% | -$339.3M-7.9% | -$335.0M-8.3% | -$330.5M-8.8% |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable.
TOVX 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 | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.1M+34.5% | -$2.5M+48.4% | -$2.9M+38.6% | -$4.3M-10.4% | -$4.7M-36.5% | -$4.8M+2.6% | -$4.7M+28.3% | -$3.9M-32.5% |
| Depreciation & Amortization | $24K-11.1% | $24K-7.7% | $27K0.0% | $28K-15.2% | $27K-28.9% | $26K-33.3% | $27K-30.8% | $33K+3.1% |
| Stock-Based Compensation | N/A | $135K+35.0% | N/A | N/A | N/A | $100K-37.5% | N/A | N/A |
| Capital Expenditures | N/A | N/A | $0 | $19K | N/A | N/A | $0-100.0% | $0-100.0% |
| Free Cash Flow | N/A | N/A | -$2.9M+38.6% | -$4.3M-10.9% | N/A | N/A | -$4.7M+28.9% | -$3.9M-27.0% |
| Investing Cash Flow | N/A | N/A | $0 | -$19K | N/A | N/A | $0+100.0% | $0+100.0% |
| Financing Cash Flow | -$14K-100.2% | $3.9M+25.8% | $8.5M+120728.6% | -$148K-104.0% | $6.8M | $3.1M | $7K+100.5% | $3.7M+371500.0% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TOVX 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 | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | N/A | -709.0% | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | -681.3% | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | -26.4%+96.5pp | -13.3%+14.6pp | N/A | -64.7%-33.4pp | -122.9%-90.8pp | -27.9%-11.5pp | N/A | -31.4%-23.3pp |
| Return on Assets | -9.2%+27.2pp | -5.3%+8.1pp | N/A | -14.1%+5.1pp | -36.4%-16.8pp | -13.4%-2.8pp | N/A | -19.3%-13.9pp |
| Current Ratio | 1.13-0.1x | 1.63+0.1x | 1.74-0.4x | 0.90-1.8x | 1.19-1.7x | 1.53-2.1x | 2.15-1.9x | 2.67-1.3x |
| Debt-to-Equity | 1.86-0.5x | 1.48+0.4x | 0.11+0.1x | 3.58+2.9x | 2.37+1.8x | 1.08+0.6x | 0.000.0x | 0.63+0.6x |
| Asset Turnover | N/A | 0.01 | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Gross Margin, FCF 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.
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 |
|---|---|---|---|---|---|---|
| Theriva Biologics, Inc. TOVX | FY2025 | N/A | -$23.7M | N/A | $9.4M | — |
| XORTX Therapeutics Inc. XRTX | FY2025 | N/A | -$2.7M | N/A | $1.7M | — |
| Galecto, Inc. GLTO | FY2025 | N/A | -$209.8M | N/A | $1.7B | — |
| Entero Therapeutics, Inc. ENTO | FY2025 | $36K | -$6.4M | N/A | $4.7M | — |
| Quoin Pharmaceuticals, Ltd. QNRX | FY2025 | N/A | -$15.8M | N/A | $19.4M | — |
| Azitra Inc AZTR | FY2025 | $0 | -$11.0M | N/A | $4.3M | — |
Where Theriva Biologics, Inc. Ranks
Frequently Asked Questions
Is Theriva Biologics, Inc. profitable?
No, Theriva Biologics, Inc. (TOVX) reported a net income of -$23.7M in fiscal year 2025.
What is Theriva Biologics, Inc.'s EBITDA?
Theriva Biologics, Inc. (TOVX) had EBITDA of -$23.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Theriva Biologics, Inc. have?
As of fiscal year 2025, Theriva Biologics, Inc. (TOVX) had $13.1M in cash and equivalents against $1.7M in long-term debt.
What is Theriva Biologics, Inc.'s return on equity (ROE)?
Theriva Biologics, Inc. (TOVX) has a return on equity of -154.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Theriva Biologics, Inc.'s free cash flow?
Theriva Biologics, Inc. (TOVX) recorded an outflow of $16.7M in free cash flow during fiscal year 2025. This represents a 1.4% 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 Theriva Biologics, Inc.'s operating cash flow?
Theriva Biologics, Inc. (TOVX) recorded an outflow of $16.7M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Theriva Biologics, Inc.'s total assets?
Theriva Biologics, Inc. (TOVX) had $38.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Theriva Biologics, Inc.'s capital expenditures?
Theriva Biologics, Inc. (TOVX) invested $35K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Theriva Biologics, Inc. spend on research and development?
Theriva Biologics, Inc. (TOVX) invested $8.6M in research and development during fiscal year 2025.
What is Theriva Biologics, Inc.'s current ratio?
Theriva Biologics, Inc. (TOVX) had a current ratio of 1.74 as of fiscal year 2025, which is generally considered healthy.
What is Theriva Biologics, Inc.'s debt-to-equity ratio?
Theriva Biologics, Inc. (TOVX) had a debt-to-equity ratio of 0.11 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Theriva Biologics, Inc.'s return on assets (ROA)?
Theriva Biologics, Inc. (TOVX) had a return on assets of -62.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Theriva Biologics, Inc.'s P/E ratio?
Theriva Biologics, Inc. (TOVX) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $9.4M as of Oct 20, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Theriva Biologics, Inc.'s price-to-sales ratio?
Theriva Biologics, Inc. (TOVX) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $9.4M as of Oct 20, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Theriva Biologics, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Theriva Biologics, Inc. (TOVX) held $13.1M in cash, cash equivalents and investments, and reported an operating cash outflow of $16.7M over that year. Dividing the one by the other, the reported balance equals about 9 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 Theriva Biologics, Inc.'s Piotroski F-Score?
Theriva Biologics, Inc. (TOVX) 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 Theriva Biologics, Inc.'s earnings high quality?
Theriva Biologics, Inc. (TOVX) reported a net loss of $23.7M while operations used $16.7M 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 Theriva Biologics, Inc. cover its interest payments?
Theriva Biologics, Inc. (TOVX) reported an operating loss of $24.1M against $61K 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.