The company reported a complete absence of revenue in 2026Q2, underscoring a volatile top-line model that relies exclusively on government incentives rather than commercial sales.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 |
|---|
| Sales/Revenue | 7.56M | 5.44M | 4.02M | 3.92M | 5.12M | 4.34M | 0 | 108.54K | 201.17K | 132.4K | 142.66K | 176.84K | 363.77K | 150.87K | 186.66K | 156.13K | 215.01K | 428.19K | 492K | 507.04K | 762.49K | 2.64M | 2.31M | 1.81M | 794.39K |
| Revenue Growth % | -11.93% | 35.32% | 2.63% | -23.56% | 18.06% | - | -100% | -46.05% | 51.95% | -7.19% | -19.33% | -51.39% | 141.12% | -19.18% | 19.55% | -27.38% | -49.79% | -12.97% | -2.97% | -33.5% | -71.14% | 14.53% | 27.39% | 127.98% | - |
| Cost of Goods Sold | 257.96K | 127.52K | 214.3K | 285.07K | 364.67K | 360.03K | 112.43K | 29.7K | 21.8K | 21.33K | 22.81K | 257.3K | -7.85M | -4.34M | 0 | 399.24K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 2.34% | 5.33% | 7.28% | 7.12% | 8.3% | - | 27.36% | 10.84% | 16.11% | 15.99% | 145.5% | -2156.66% | -2875.15% | - | 255.7% | - | - | - | - | - | - | - | - | - |
| Gross Profit | 7.3M | 5.31M | 3.8M | 3.63M | 4.76M | 3.98M | -112.43K | 78.84K | 179.38K | 111.07K | 119.85K | -80.46K | 8.21M | 4.49M | 186.66K | -243.1K | 215.01K | 428.19K | 492K | 507.04K | 762.49K | 2.64M | 2.31M | 1.81M | 794.39K |
| Gross Margin % | 96.59% | 97.66% | 94.67% | 92.72% | 92.88% | 91.7% | - | 72.64% | 89.16% | 83.89% | 84.01% | -45.5% | 2256.66% | 2975.15% | 100% | -155.7% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | 39.59% | 4.78% | -23.69% | 19.58% | 3639.7% | -242.6% | -56.05% | 61.5% | -7.33% | 248.96% | -100.98% | 82.89% | 2304.6% | 176.78% | -213.07% | -49.79% | -12.97% | -2.97% | -33.5% | -71.14% | 14.53% | 27.39% | 127.98% | - |
| Operating Expenses | 47.63M | 19.89M | 23.41M | 18.24M | 20.26M | 19.16M | 10.07M | 12.47M | 11.1M | 6.77M | 8.49M | 10.61M | 12.41M | 7.64M | 7.85M | 6.04M | 5.12M | 8.72M | 13.23M | 11.5M | 12.18M | 14.45M | 11.2M | 5.6M | 5.79M |
| OpEx % of Revenue | - | 365.62% | 582.36% | 465.69% | 395.42% | 441.42% | - | 11492.14% | 5516.24% | 5115.24% | 5949.59% | 6001.05% | 3411.21% | 5064.22% | 4203.32% | 3866.49% | 2379.38% | 2035.69% | 2688.19% | 2267.55% | 1596.86% | 546.85% | 485.32% | 309.4% | 728.85% |
| Selling, General & Admin | 13.22M | 5.48M | 4.76M | 5.04M | 5.51M | 6.87M | 3.33M | 4.28M | 4.32M | 3.95M | 3.59M | 4.15M | 3.45M | 3.25M | 631.9K | 3.68M | 4.05M | 5.49M | 7.43M | 6.95M | 4.44M | 5.63M | 4.81M | 2.57M | 2.15M |
| SG&A % of Revenue | - | 100.78% | 118.49% | 128.68% | 107.62% | 158.36% | - | 3942.08% | 2147.03% | 2981.44% | 2514.94% | 2345.65% | 948.1% | 2155.49% | 338.52% | 2354.29% | 1884.52% | 1281.73% | 1510.35% | 1370.23% | 582.29% | 213.17% | 208.41% | 141.65% | 270.33% |
| Research & Development | 34.39M | 14.4M | 18.64M | 13.2M | 14.75M | 12.28M | 10.1M | 12.98M | 6.7M | 5.7M | 9.59M | 12.3M | 14.91M | 7.95M | 4.23M | 2.33M | 87.99K | 2.22M | 5.77M | 4.49M | 7.62M | 7.66M | 5.2M | 1.86M | 2.48M |
| R&D % of Revenue | - | 264.84% | 463.86% | 337.01% | 287.81% | 283.06% | - | 11961.88% | 3329.46% | 4305.52% | 6719.17% | 6954.32% | 4098.16% | 5266.89% | 2265.42% | 1491.97% | 40.92% | 517.37% | 1172.68% | 885.77% | 999.06% | 289.76% | 225.42% | 102.47% | 312.35% |
| Other Operating Expenses | 23.05K | 0 | 0 | 0 | 0 | 0 | -3.36M | -4.79M | 0 | -241.89K | -241.95K | -170.98K | -507.32K | -420.95K | 19.62K | 31.58K | 975.99K | 1.01M | 0 | 58.57K | 118.27K | 6.79M | 6M | 3.75M | 3.31M |
| Operating Income | -40.38M | -14.57M | -19.6M | -14.64M | -15.5M | -15.18M | -10.41M | -12.71M | -7.77M | -6.88M | -8.59M | -10.44M | -12.55M | -7.8M | -5.32M | -6.28M | -4.9M | -8.29M | -12.73M | -10.99M | -11.41M | -11.81M | -8.89M | -3.79M | -5M |
| Operating Margin % | -534.24% | -267.96% | -487.69% | -373.72% | -302.56% | -349.77% | - | -11713.74% | -3862.48% | -5197.94% | -6019.19% | -5901.05% | -3450.6% | -5171.41% | -2849.27% | -4020.25% | -2279.38% | -1935.69% | -2588.19% | -2167.55% | -1496.86% | -446.85% | -385.32% | -209.4% | -628.85% |
| Operating Income Growth % | - | 25.65% | -33.93% | 5.59% | -2.13% | -45.75% | 18.09% | -63.62% | -12.91% | 19.86% | 17.72% | 16.86% | -60.89% | -46.69% | 15.27% | -28.08% | 40.87% | 34.91% | -15.86% | 3.71% | 3.34% | -32.82% | -134.4% | 24.08% | - |
| EBITDA | -40.22M | -14.55M | -19.57M | -14.6M | -15.45M | -15.16M | -10.3M | -12.68M | -7.75M | -6.86M | -8.56M | -10.4M | -12.53M | -7.78M | -5.3M | -6.25M | -4.87M | -8.25M | -12.71M | -10.93M | -11.3M | -10.65M | -7.7M | -2.61M | -3.83M |
| EBITDA Margin % | -532.14% | -267.44% | -486.81% | -372.75% | -301.51% | -349.34% | - | -11686.38% | -3851.64% | -5181.83% | -6003.2% | -5883.19% | -3444.44% | -5156.07% | -2838.76% | -4000.03% | -2262.96% | -1927.71% | -2583.03% | -2156% | -1481.35% | -402.93% | -333.83% | -144.11% | -482.67% |
| EBITDA Growth % | -20.82% | 25.66% | -34.03% | 5.5% | -1.9% | -47.16% | 18.78% | -63.7% | -12.94% | 19.89% | 17.69% | 16.97% | -61.08% | -46.8% | 15.15% | -28.36% | 41.05% | 35.05% | -16.25% | 3.22% | -6.09% | -38.23% | -195.09% | 31.93% | - |
| D&A (Non-Cash Add-back) | 158.75K | 28.31K | 35.34K | 37.85K | 54.21K | 18.66K | 112.43K | 29.7K | 21.8K | 21.33K | 22.81K | 31.59K | 22.38K | 23.13K | 19.62K | 31.58K | 35.29K | 34.19K | 25.4K | 58.57K | 118.27K | 1.16M | 1.19M | 1.18M | 1.16M |
| EBIT | -42.17M | -14.66M | -19.61M | -14.64M | -17.45M | -15.18M | -13.46M | -12.8M | -8.2M | -6.88M | -8.59M | -10.35M | -12.55M | -7.77M | -5.23M | -6.43M | -4.91M | -8.29M | -12.71M | -10.99M | -11.72M | -15.64M | -8.89M | -3.79M | -5M |
| Net Interest Income | 1.49M | 446.29K | 268.42K | 16.44K | 2.5K | 20.68K | 17.12K | 0 | 0 | 0 | 0 | 0 | -29.98K | 133.19K | -11.54K | -3.76K | 0 | 0 | 0 | 0 | 0 | 888.51K | 210.04K | 0 | 226.84K |
| Interest Income | 1.49M | 446.29K | 268.42K | 16.44K | 2.5K | 20.68K | 17.12K | 108.54K | 201.17K | 132.4K | 142.66K | 0 | 0 | 150.87K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 888.51K | 210.04K | 0 | 226.84K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 29.98K | 17.68K | 11.54K | 3.76K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -130.13K | 2.49M | 524.33K | 904.68K | 2.72M | -133.04K | 428.68K | 324.64K | -127.86K | -786.28K | 811.97K | 4.68M | -1.23M | -2.97K | -2.16M | -154.17K | -6.08K | 765.71K | -854.32K | -149.57K | 640.82K | -451.64K | -82.31K | -778.76K | -455.83K |
| Pretax Income | -40.51M | -12.08M | -19.08M | -13.7M | -12.78M | -15.31M | -10.06M | -12.34M | -8.27M | -7.54M | -7.73M | -5.89M | -13.33M | -7.79M | -5.24M | -6.43M | -4.91M | -7.52M | -13.59M | -11.14M | -11.73M | -24.91M | -9.83M | -4.57M | -5.45M |
| Pretax Margin % | -535.96% | -222.1% | -474.65% | -349.87% | -249.38% | -352.78% | - | -11367.29% | -4108.75% | -5696.6% | -5418.28% | -3327.87% | -3664.14% | -5161.66% | -2806.9% | -4118.99% | -2282.2% | -1756.87% | -2762.17% | -2197.05% | -1537.92% | -942.61% | -425.88% | -252.4% | -686.23% |
| Income Tax | -6.3M | 68.06K | 46.09K | 104.46K | 70.01K | -3.08M | -362.19K | -376.03K | -495.44K | 660.21K | 0 | -170.98K | -477.34K | 0 | -2.42M | 3.76K | 6.08K | 0 | 855.98K | 0 | 313.1K | 13.1M | 935.82K | 778.76K | 455.83K |
| Effective Tax Rate % | 15.56% | -0.56% | -0.24% | -0.76% | -0.55% | 20.1% | 3.6% | 3.05% | 5.99% | -8.75% | 0% | 2.91% | 3.58% | 0% | 46.19% | -0.06% | -0.12% | 0% | -6.3% | 0% | -2.67% | -52.59% | -9.52% | -17.04% | -8.36% |
| Net Income | -34.2M | -12.15M | -19.12M | -13.81M | -12.85M | -15.31M | -10.06M | -11.96M | -8.27M | -7.54M | -7.73M | -5.89M | -13.33M | -7.79M | -5.24M | -6.43M | -4.91M | -7.52M | -13.59M | -11.14M | -11.73M | -24.91M | -9.83M | -4.57M | -5.45M |
| Net Margin % | -452.58% | -223.35% | -475.79% | -352.54% | -250.75% | -352.78% | - | -11020.84% | -4108.75% | -5696.6% | -5418.28% | -3327.87% | -3664.14% | -5161.66% | -2806.9% | -4118.99% | -2282.2% | -1756.87% | -2762.17% | -2197.05% | -1537.92% | -942.61% | -425.88% | -252.4% | -686.23% |
| Net Income Growth % | -28.69% | 36.48% | -38.51% | -7.47% | 16.08% | -52.19% | 15.9% | -44.72% | -9.59% | 2.43% | -31.34% | 55.85% | -71.17% | -48.63% | 18.53% | -31.06% | 34.77% | 44.64% | -21.99% | 5% | 52.92% | -153.49% | -114.94% | 16.15% | - |
| Net Income (Continuing) | -34.2M | -12.15M | -19.12M | -13.81M | -12.85M | -15.31M | -13.46M | -12.34M | -8.27M | -7.54M | -7.73M | -5.89M | -13.33M | -7.79M | -5.24M | -6.43M | -4.91M | -7.52M | -13.56M | -11.14M | -11.6M | -16.09M | -8.97M | -4.57M | -5.45M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.02 | -1.14 | -3.12 | -3.42 | -3.18 | -5.40 | -6.48 | -11.64 | -9.30 | -8.46 | -8.70 | -7.02 | -18.66 | -13.80 | -10.92 | -15.60 | -12.96 | -22.32 | -46.68 | -47.46 | -54.96 | -120.00 | -78.00 | -47.76 | -59.82 |
| EPS Growth % | 54.13% | 63.46% | 8.77% | -7.55% | 41.11% | 16.67% | 44.33% | -25.16% | -9.93% | 2.76% | -23.93% | 62.38% | -35.22% | -26.37% | 30% | -20.37% | 41.94% | 52.19% | 1.64% | 13.65% | 54.2% | -53.85% | -63.32% | 20.16% | - |
| EPS (Basic) | - | -1.14 | -3.12 | -3.42 | -3.18 | -5.40 | -6.48 | -11.64 | -9.30 | -8.46 | -8.70 | -7.02 | -18.66 | -13.80 | -10.92 | -15.60 | -12.96 | -22.32 | -46.68 | -47.46 | -54.96 | -120.00 | -78.00 | -47.76 | -59.82 |
| Diluted Shares Outstanding | 16.97M | 10.66M | 6.08M | 4.05M | 4.01M | 2.83M | 1.49M | 1.03M | 889.82K | 889.82K | 889.82K | 837.86K | 713.41K | 564.5K | 479.61K | 412.63K | 379.21K | 337.26K | 291.19K | 234.59K | 213.42K | 204.59K | 122.48K | 95.68K | 91.11K |
| Basic Shares Outstanding | 16.97M | 10.66M | 6.08M | 4.05M | 4.01M | 2.83M | 1.49M | 1.03M | 888.79K | 889.82K | 888.51K | 837.86K | 713.41K | 564.5K | 479.61K | 412.63K | 379.21K | 337.26K | 291.19K | 234.59K | 213.42K | 204.59K | 122.48K | 95.68K | 91.11K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial binary outcome
As reported in financial statements, Alterity's top-line figures remain entirely dependent on non-recurring government R&D tax incentives, with the most recent quarterly data showing a complete absence of revenue, highlighting the lack of commercial product sales and the inherent instability of grant-based funding models.
The revenue trajectory is essentially a reflection of R&D spending levels rather than market demand, as the company lacks a commercialized product. Investors should interpret these fluctuations as a proxy for regulatory tax credit timing rather than a signal of business growth or market penetration.
Based on reported figures, the company's cost structure is dominated by research and development expenditures, which reached $8.7 million in 2025Q4, confirming that the firm remains in a high-burn clinical phase where expense discipline is secondary to the progression of its lead candidate, ATH434.
The absence of meaningful COGS results in an artificially high gross margin, which masks the underlying reality of a business that is entirely reliant on external capital. The volatility in R&D spending appears to correlate with the intensity of clinical trial phases, suggesting that operating losses will likely persist until a potential commercial inflection point.
According to recent SEC filings, Alterity's operating income remains consistently negative, with a 2026Q2 operating loss of $12.8 million, indicating that the firm has yet to achieve the scale necessary to offset its fixed research and administrative overhead through any form of operational efficiency.
The lack of operating leverage is expected for a pre-revenue biotech, but the widening gap between R&D spend and revenue suggests that the company is becoming increasingly reliant on dilutive financing. Investors should monitor whether future clinical milestones can justify this level of ongoing cash depletion.
As indicated by the income statement history, the reliance on Australian R&D tax incentives creates a structural vulnerability, as any change in government policy or a reduction in qualifying R&D spend could abruptly remove the company's primary source of non-dilutive funding for its clinical programs.
Short-term observers may focus on the company's ability to maintain a debt-free balance sheet, but this ignores the potential for significant equity dilution required to bridge the gap between current cash reserves and commercialization. The reliance on tax credits rather than product revenue warrants further investigation into the long-term viability of the current funding model.
Quick answers to the most common questions about buying ATHE stock.
For fiscal year 2025, Alterity Therapeutics Limited (ATHE) reported total revenue of $5.4M. This represents a 584.7% increase compared to $0.8M in 2002.
Alterity Therapeutics Limited (ATHE) reported a net loss of $12.1M for the fiscal year ending 2025.
Alterity Therapeutics Limited (ATHE) reported an operating income of $-14.6M, resulting in an operating profit margin of -268.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Alterity Therapeutics Limited (ATHE) generated $5.3M in gross profit for the year, representing a gross profit margin of 97.7%. This demonstrates the company's core pricing power and production efficiency.