The company remains pre-revenue with zero sales recorded over the last ten quarters, while R&D expenditures fluctuated significantly to a peak of $2.5 million in 2024Q4.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Expenses | 11.71M | 11.4M | 10.11M | 9.93M | 10.29M | 7.44M | 4.69M | 3.21M | 2.34M | 232.79K | 29.69K | 15.24K | 15.27K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 6.9M | 5.98M | 4.12M | 4.23M | 5.96M | 4.6M | 2.77M | 2.12M | 1.09M | 232.79K | 29.69K | 15.24K | 15.27K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 4.81M | 5.42M | 5.99M | 5.7M | 4.32M | 2.84M | 1.92M | 1.09M | 1.25M | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -11.71M | -11.4M | -10.11M | -9.93M | -10.29M | -7.44M | -4.69M | -3.21M | -2.34M | -232.79K | -29.69K | -15.24K | -15.27K |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -12.82% | -1.79% | 3.47% | -38.25% | -58.79% | -46% | -36.96% | -906.7% | -684.07% | -94.8% | 0.18% | - |
| EBITDA | -12.78M | -11.26M | -10.11M | -9.93M | -10.08M | -7.44M | -4.69M | -3.21M | -2.34M | -232.19K | -6.87K | -15.24K | -15.27K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -31.01% | -11.38% | -1.79% | 1.47% | -35.51% | -58.72% | -46.01% | -36.95% | -909.18% | -3277.79% | 54.9% | 0.18% | - |
| D&A (Non-Cash Add-back) | 0 | 146K | 0 | 0 | 0 | 0 | 500 | 510 | 282 | 600 | 22.82K | 0 | 0 |
| EBIT | -12.78M | -12.69M | -10.11M | -9.93M | -10.08M | -7.44M | -4.69M | 0 | -2.34M | -232.79K | 0 | 0 | 0 |
| Net Interest Income | -664K | -194K | 0 | 0 | -3K | 2K | 0 | 0 | 0 | -2.1K | 0 | 0 | 0 |
| Interest Income | 20K | 0 | 0 | 0 | 2K | 2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 684K | 194K | 0 | 0 | 5K | 0 | 0 | 0 | 0 | 2.1K | 0 | 0 | 0 |
| Other Income/Expense | -1.75M | -1.48M | 282K | 641K | 204K | 4K | 31K | 1.04M | 0 | -2.1K | 0 | 0 | 0 |
| Pretax Income | -13.46M | -12.88M | -9.83M | -9.29M | -10.08M | -7.44M | -4.66M | -2.17M | -2.34M | -234.89K | -29.69K | -15.24K | -15.27K |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.04M | 8 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 94.07% | -0% | 0% | 0% | 0% | 0% |
| Net Income | -13.46M | -12.88M | -9.83M | -9.29M | -10.08M | -7.44M | -4.66M | -2.17M | -2.34M | -234.89K | -29.69K | -15.24K | -15.27K |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -38.6% | -31.07% | -5.78% | 7.87% | -35.58% | -59.76% | -114.3% | 7.31% | -897.7% | -691.14% | -94.8% | 0.18% | - |
| Net Income (Continuing) | -13.46M | -12.88M | -9.83M | -9.29M | -10.08M | -7.44M | -4.66M | -2.17M | -2.34M | -234.89K | -29.69K | -15.24K | -15.27K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -18.22 | -5.47 | -1.02 | -1.05 | -1.16 | -1.99 | -6.28 | -5.00 | -9.17 | -1.08 | -0.16 | -0.08 | -0.20 |
| EPS Growth % | -214.08% | -438.09% | 2.87% | 10.03% | 41.54% | 68.3% | -25.53% | 45.49% | -752.01% | -587.23% | -95.83% | 60% | - |
| EPS (Basic) | - | -5.47 | -1.02 | -1.05 | -1.16 | -1.99 | -6.28 | -5.00 | -9.17 | -1.08 | -0.16 | -0.08 | -0.20 |
| Diluted Shares Outstanding | 739K | 2.36M | 9.67M | 8.88M | 1.42M | 622.5K | 123.59K | 72.42K | 42.58K | 36.38K | 31.83K | 31.83K | 12.81K |
| Basic Shares Outstanding | 739K | 2.36M | 9.67M | 8.88M | 1.42M | 622.5K | 123.5K | 72K | 42K | 36K | 31.5K | 31.83K | 12.5K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and dilution
As indicated by the company's financial statements, Artelo Biosciences remains a pre-revenue entity, with zero reported revenue across the last ten quarters, confirming that the firm's trajectory is defined entirely by clinical development milestones rather than commercial market penetration or organic sales growth.
The absence of revenue underscores the speculative nature of the investment, as the company relies exclusively on external capital to fund its research pipeline. Future growth prospects appear contingent upon successful licensing agreements or milestone payments, which remain unproven and highly sensitive to clinical trial outcomes.
According to historical income statement data, Artelo's cost structure is dominated by R&D expenditures, which fluctuated significantly from a low of $325,000 in 2024Q3 to a peak of $2.5 million in 2024Q4, reflecting the variable nature of clinical trial site management and patient enrollment costs.
The volatility in R&D spending suggests that management lacks a predictable cost baseline, likely due to the episodic nature of clinical trial phases. Investors should monitor whether these expenditures are effectively translating into clinical progress or if they merely represent the high fixed costs of maintaining a research-heavy operational footprint.
Based on reported figures, the company consistently records net losses, with the most recent 2026Q1 loss reaching $3.0 million, a trend that is exacerbated by the ongoing issuance of stock-based compensation, which totaled $368,000 in 2025Q4 alone, further diluting existing shareholders during periods of negative earnings.
The quality of earnings is effectively non-existent given the lack of operational income, and the reliance on equity-based incentives during a cash-burning phase warrants caution. The persistent net losses suggest that the company's survival is tethered to its ability to access capital markets, which may lead to further equity dilution.
As reported in financial filings, the company's cash position of $600,000 against quarterly operating losses often exceeding $2.5 million suggests a critical liquidity shortfall that may force management to seek dilutive financing or significantly curtail R&D activities in the immediate future to maintain operations.
The current burn rate appears unsustainable without an immediate capital infusion, creating a binary risk profile for investors. The lack of a commercial revenue stream means there is no internal buffer to absorb clinical delays, making the company highly vulnerable to market sentiment and interest rate fluctuations.
Quick answers to the most common questions about buying ARTL stock.
For fiscal year 2025, Artelo Biosciences, Inc. (ARTL) reported total revenue of $0.0M.
Artelo Biosciences, Inc. (ARTL) reported a net loss of $12.9M for the fiscal year ending 2025.