The company lacks a sustainable commercial foundation, as evidenced by the absence of recurring revenue and a reliance on non-operating items that caused net income to swing from a $335,000 profit in 2025Q2 to a $695,000 loss in 2026Q1.
| Sales/Revenue | 1.4M | 1.4M | 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 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | 1.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | 0% | 100% | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Expenses | 3.5M | 4.69M | 11.28M | 14.54M | 8.04M | 3.74M | 5.21M | 26.27M | 21.82M | 6.7M | 2.38M | 4.84M |
| OpEx % of Revenue | - | 334.05% | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 2.67M | 3.65M | 4.64M | 4.18M | 5.34M | 2.48M | 2.35M | 3.07M | 4.12M | 3.62M | 997K | 842K |
| SG&A % of Revenue | - | 260.19% | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 826K | 1.04M | 6.64M | 10.36M | 2.7M | 1.25M | 2.87M | 23.19M | 17.7M | 7.8M | 1.38M | 4M |
| R&D % of Revenue | - | 73.86% | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 175K | -99K | 0 | 0 |
| Operating Income | -2.1M | -3.29M | -11.28M | -14.54M | -8.04M | -3.74M | -5.21M | -26.27M | -21.82M | -11.42M | -2.38M | -4.84M |
| Operating Margin % | -149.29% | -234.05% | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 70.88% | 22.4% | -80.78% | -115.17% | 28.29% | 80.15% | -20.39% | -91.02% | -380.48% | 50.92% | - |
| EBITDA | -2.06M | -3.29M | -11.7M | 0 | -2.44M | 0 | -5.15M | -25.91M | 0 | 0 | 0 | 440K |
| EBITDA Margin % | -146.37% | -234.05% | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 77.79% | 71.9% | - | 100% | - | 100% | 80.12% | - | - | - | -100% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 14.54M | 0 | 3.74M | 0 | 0 | 21.82M | 11.42M | 2.38M | 5.28M |
| EBIT | -2.06M | -3.29M | -11.7M | -10.49M | -2.44M | -3.73M | -5.15M | -25.91M | -21.55M | -11.88M | -2.56M | -4.84M |
| Net Interest Income | 107K | 121K | 176K | 126K | -1.14M | 7K | 62K | 357K | 0 | -287K | 0 | -418K |
| Interest Income | 107K | 121K | 176K | 126K | 20K | 7K | 62K | 357K | 93K | 88K | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 1.16M | 0 | 0 | 0 | 0 | 375K | 612K | 417.82K |
| Other Income/Expense | 311K | 339K | -413K | 4.05M | 4.44M | 7K | 62K | 357K | 268K | -837K | -800K | -383K |
| Pretax Income | -1.78M | -2.95M | -11.7M | -10.49M | -3.6M | -3.73M | -5.15M | -25.91M | -21.55M | -12.26M | -3.18M | -5.23M |
| Pretax Margin % | -127.07% | -209.9% | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -268K | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 1.24% | 0% | 0% | 0% |
| Net Income | -1.75M | -2.91M | -11.65M | -10.38M | -3.55M | -3.73M | -5.15M | -25.91M | -21.55M | -12.26M | -3.18M | -5.23M |
| Net Margin % | -124.79% | -207.19% | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | 87.17% | 75.03% | -12.29% | -192.15% | 4.8% | 27.57% | 80.12% | -20.23% | -75.79% | -285.84% | 39.21% | - |
| Net Income (Continuing) | -1.77M | -2.95M | -11.7M | -10.49M | -3.6M | -3.73M | -5.15M | -25.91M | -21.55M | -12.26M | -3.18M | -5.23M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | -941K | -928K | -639K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.53 | -0.93 | -0.90 | -73.48 | -121.91 | -3.29 | -4.65 | -24.38 | -31.17 | -27.71 | -5.39 | -9.40 |
| EPS Growth % | 88.04% | -3.33% | 98.78% | 39.73% | -3605.47% | 29.25% | 80.93% | 21.78% | -12.49% | -414.1% | 42.66% | - |
| EPS (Basic) | - | -0.93 | -0.90 | -73.60 | -121.91 | -3.29 | -4.65 | -24.38 | -31.17 | -27.71 | -5.39 | -9.40 |
| Diluted Shares Outstanding | 3.29M | 3.13M | 12.95M | 141.22K | 29.14K | 1.13M | 1.1M | 1.05M | 682.61K | 442.33K | 589.43K | 556.1K |
| Basic Shares Outstanding | 3.29M | 3.13M | 12.95M | 141K | 29.14K | 1.13M | 1.1M | 1.05M | 682.61K | 442.33K | 589.43K | 556.1K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Binary Regulatory Approval Failure
As indicated by the company's financial filings, Avenue Therapeutics generates no recurring revenue, with the $1.4M recorded in 2025Q2 appearing as a singular, non-operational milestone payment rather than a sign of product-led growth, leaving the firm entirely dependent on future regulatory outcomes for any meaningful top-line trajectory.
The absence of consistent revenue streams highlights the company's pre-commercial status and reliance on transactional licensing agreements. Investors should interpret the lack of sequential growth as a reflection of the firm's inability to move its lead asset, IV Tramadol, through the final stages of the FDA approval process.
Based on reported income statements, the company's cost structure is dominated by R&D and SG&A expenses, which frequently exceed $1M per quarter, underscoring a persistent cash burn that has historically necessitated significant shareholder dilution to maintain operations while awaiting a definitive regulatory path for its lead asset.
The volatility in R&D spending, which peaked at $2.4M in 2024Q1, suggests that management is aggressively managing clinical trial costs to preserve liquidity. This expense profile indicates that the firm remains in a high-risk development phase where cost discipline is secondary to the necessity of meeting stringent FDA safety data requirements.
According to historical income statements, the company's net income is highly erratic, with reported figures often swinging between losses and temporary gains due to non-operating items, which obscures the underlying reality of a business that has yet to establish a viable, self-sustaining commercial operating model.
The inconsistency in EPS, ranging from significant losses to occasional positive prints, suggests that investors should disregard these bottom-line figures as indicators of operational health. The reliance on non-recurring items to bolster net income warrants further investigation into the sustainability of the company's current financial reporting practices.
As reported in regulatory disclosures, the company has faced multiple Complete Response Letters from the FDA, suggesting that the primary asset's path to market remains highly uncertain and potentially blocked by the agency's strict stance on opioid stacking, which poses a material risk to the firm's long-term survival.
Short-sellers would likely focus on the company's inability to clear the FDA's safety bar, which effectively renders the primary intellectual property a distressed asset. The recent pivot toward the AJ201 program may be interpreted as a defensive move to mitigate the existential risk posed by the repeated failures of the IV Tramadol program.
Quick answers to the most common questions about buying ATXI stock.
For fiscal year 2025, Avenue Therapeutics, Inc. (ATXI) reported total revenue of $1.4M.
Avenue Therapeutics, Inc. (ATXI) reported a net loss of $2.9M for the fiscal year ending 2025.
Avenue Therapeutics, Inc. (ATXI) reported an operating income of $-3.3M, resulting in an operating profit margin of -234.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Avenue Therapeutics, Inc. (ATXI) generated $1.4M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.