Revenue remains highly volatile and incidental, with quarterly figures fluctuating between $11.8K and $303.3K, while R&D expenses consistently exceed $2M per quarter.
BioRestorative Therapies, Inc. (BRTX) annual income statement — 16-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Sales/Revenue | 357.87K | 359.7K | 401K | 145.8K | 119.8K | 46K | 77K | 130K | 111K | 81K | 36.35K | 628.91K | 416K | 1.68K | 15.59K | 0 | 0 |
| Revenue Growth % | -8.47% | -10.3% | 175.03% | 21.7% | 160.43% | -40.26% | -40.77% | 17.12% | 37.04% | 122.8% | -94.22% | 51.18% | 24661.67% | -89.22% | - | - | - |
| Cost of Goods Sold | 28.32K | 23.84K | 28.07K | 0 | 0 | 0 | 0 | 0 | 0 | 259.26K | 102 | 261.5K | 213.83K | 208 | 1.31K | 0 | 0 |
| COGS % of Revenue | - | 6.63% | 7% | - | - | - | - | - | - | 320.07% | 0.28% | 41.58% | 51.4% | 12.38% | 8.38% | - | - |
| Gross Profit | 329.55K | 335.86K | 372.93K | 145.8K | 119.8K | 46K | 77K | 130K | 111K | -178.26K | 36.25K | 367.41K | 202.16K | 1.47K | 14.28K | 0 | 0 |
| Gross Margin % | 92.09% | 93.37% | 93% | 100% | 100% | 100% | 100% | 100% | 100% | -220.07% | 99.72% | 58.42% | 48.6% | 87.62% | 91.62% | - | - |
| Gross Profit Growth % | - | -9.94% | 155.78% | 21.7% | 160.43% | -40.26% | -40.77% | 17.12% | 162.27% | -591.71% | -90.13% | 81.74% | 13633.83% | -89.69% | - | - | - |
| Operating Expenses | 14.55M | 15.98M | 11.93M | 15.37M | 18.98M | 26.35M | 2.83M | 8.56M | 7.76M | 8.46M | 7.83M | 7.54M | 5.12M | 4.75M | 5.59M | 3.55M | 2.07M |
| OpEx % of Revenue | - | 4443.42% | 2974.59% | 10539.49% | 15845.83% | 57291.03% | 3674.12% | 6586.16% | 6989.78% | 10438.62% | 21547.27% | 1198.54% | 1231.9% | 282960.83% | 35837.67% | - | - |
| Selling, General & Admin | 5.18M | 5.89M | 6.58M | 11.33M | 15.58M | 25.62M | 1.95M | 6.84M | 6.25M | 6.3M | 4.95M | 5.43M | 3.69M | 3.16M | 5.17M | 3.54M | 2.06M |
| SG&A % of Revenue | - | 1637.01% | 1640.75% | 7772.28% | 13005.4% | 55706.12% | 2535.39% | 5261.28% | 5626.58% | 7781.3% | 13615.59% | 863.82% | 888% | 188076.67% | 33167.96% | - | - |
| Research & Development | 9.37M | 10.09M | 5.35M | 4.03M | 3.51M | 729.06K | 876.83K | 1.72M | 1.51M | 2.15M | 2.88M | 2.11M | 1.43M | 1.59M | 416.18K | 12K | 11.62K |
| R&D % of Revenue | - | 2806.41% | 1333.84% | 2767.21% | 2932.68% | 1584.91% | 1138.74% | 1324.88% | 1363.2% | 2657.32% | 7931.68% | 334.71% | 343.9% | 94884.17% | 2669.7% | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | -110.52K | 0 | 0 | 0 | 0 | -59.94K | -46.6K | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -14.23M | -15.65M | -11.56M | -15.22M | -18.86M | -26.31M | -2.75M | -8.43M | -7.65M | -8.37M | -7.8M | -7.17M | -4.92M | -4.75M | -5.57M | -3.55M | -2.07M |
| Operating Margin % | -3975% | -4350.05% | -2881.59% | -10439.49% | -15745.83% | -57191.03% | -3574.12% | -6486.16% | -6889.78% | -10338.62% | -21447.55% | -1140.12% | -1183.31% | -282873.21% | -35746.05% | - | - |
| Operating Income Growth % | - | -35.41% | 24.08% | 19.31% | 28.3% | -855.93% | 67.36% | -10.26% | 8.68% | -7.4% | -8.74% | -45.66% | -3.58% | 14.72% | -56.88% | -71.65% | - |
| EBITDA | -14.01M | -15.44M | -11.37M | -15.06M | -18.74M | -26.22M | -2.6M | -8.21M | -7.41M | -8.12M | -7.54M | -6.96M | -4.83M | -4.65M | -5.48M | -3.46M | -2.02M |
| EBITDA Margin % | -3916.15% | -4291.67% | -2834.45% | -10325.82% | -15645.21% | -56997.32% | -3376.77% | -6318.89% | -6673.23% | -10018.55% | -20736.71% | -1106.12% | -1160.06% | -276634.46% | -35166.13% | - | - |
| EBITDA Growth % | -16.25% | -35.82% | 24.5% | 19.68% | 28.51% | -908.37% | 68.35% | -10.9% | 8.72% | -7.64% | -8.37% | -44.15% | -3.84% | 15.22% | -58.37% | -71.28% | - |
| D&A (Non-Cash Add-back) | 210.6K | 209.99K | 189.06K | 165.74K | 120.55K | 89.11K | 151.96K | 217.45K | 240.37K | 259.26K | 258.43K | 213.78K | 96.69K | 104.81K | 90.4K | 90.41K | 48.36K |
| EBIT | -11.06M | -14.24M | -8.98M | -15.14M | -13.22M | -42.49M | -9.63M | -9.51M | -9.3M | -8.36M | -7.87M | -7.32M | -4.92M | -4.97M | -5.62M | -3.47M | -2.06M |
| Net Interest Income | 171.72K | 266.21K | 616.08K | 552.29K | 11.65K | -1.82M | -1.64M | -5.14M | -3.22M | -1.09M | -763.94K | -603.03K | -285.27K | -371.28K | -591.81K | 0 | 0 |
| Interest Income | 171.72K | 266.21K | 616.08K | 552.29K | 11.65K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 1.82M | 1.64M | 5.14M | 3.22M | 1.09M | 763.94K | 603.03K | 285.27K | 371.28K | 591.81K | 260.01K | 24.16K |
| Other Income/Expense | 3.17M | 1.41M | 2.58M | 4.8M | 5.64M | -18M | -8.52M | -6.22M | -4.87M | -1.07M | -839.03K | -753.12K | -665.11K | -998.92K | -964.27K | -521.93K | -170.31K |
| Pretax Income | -11.06M | -14.24M | -8.98M | -10.42M | -13.22M | -44.3M | -11.27M | -14.65M | -12.52M | -9.44M | -8.64M | -7.92M | -5.59M | -5.75M | -6.54M | -4.07M | -2.24M |
| Pretax Margin % | -3089.55% | -3959.4% | -2239.25% | -7145.2% | -11036.98% | -96311.51% | -14639.85% | -11267.61% | -11277.3% | -11660.07% | -23755.44% | -1259.87% | -1343.19% | -342332.98% | -41931.63% | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 194.46K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -8.68% |
| Net Income | -11.06M | -14.24M | -8.98M | -10.42M | -13.22M | -44.3M | -11.27M | -14.65M | -12.52M | -9.44M | -8.64M | -7.92M | -5.59M | -5.75M | -6.54M | -4.07M | -2.26M |
| Net Margin % | -3089.55% | -3959.4% | -2239.25% | -7145.2% | -11036.98% | -96311.51% | -14639.85% | -11267.61% | -11277.3% | -11660.07% | -23755.44% | -1259.87% | -1343.19% | -342332.98% | -41931.63% | - | - |
| Net Income Growth % | 8.59% | -58.61% | 13.81% | 21.21% | 70.16% | -293.01% | 23.04% | -17.02% | -32.54% | -9.36% | -9% | -41.8% | 2.84% | 12.02% | -60.45% | -79.96% | - |
| Net Income (Continuing) | -11.06M | -14.24M | -8.98M | -10.42M | -13.22M | -44.3M | -11.27M | -14.65M | -12.52M | -9.44M | -8.64M | -7.92M | -5.59M | -5.75M | -6.54M | -4.07M | -2.26M |
| Discontinued Operations | 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 |
| EPS (Diluted) | -12.47 | -31.60 | -23.20 | -49.40 | -73.00 | -746.00 | -571.20 | -52601.60 | -131246.40 | -139200.00 | -168000.00 | -9580.99 | -13178.33 | -24164.68 | -35143.67 | -26979.72 | -2115.70 |
| EPS Growth % | 26.49% | -36.21% | 53.04% | 32.33% | 90.21% | -30.6% | 98.91% | 59.92% | 5.71% | 17.14% | -1653.47% | 27.3% | 45.46% | 31.24% | -30.26% | -1175.21% | - |
| EPS (Basic) | - | -31.60 | -23.20 | -49.40 | -73.00 | -746.00 | -571.20 | -52601.60 | -131246.40 | -139200.00 | -168000.00 | -9580.99 | -13178.33 | -24164.68 | -35143.67 | -26979.72 | -2115.70 |
| Diluted Shares Outstanding | 886.39K | 449.66K | 388.2K | 210.92K | 180.89K | 59.39K | 19.73K | 278 | 95 | 68 | 51 | 827 | 424 | 238 | 186 | 151 | 1.07K |
| Basic Shares Outstanding | 886.39K | 449.66K | 388.2K | 210.92K | 180.89K | 59.39K | 19.73K | 278 | 95 | 68 | 51 | 827 | 424 | 238 | 186 | 151 | 1.07K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying BRTX stock.
For fiscal year 2025, BioRestorative Therapies, Inc. (BRTX) reported total revenue of $0.4M.
BioRestorative Therapies, Inc. (BRTX) reported a net loss of $14.2M for the fiscal year ending 2025.
BioRestorative Therapies, Inc. (BRTX) reported an operating income of $-15.6M, resulting in an operating profit margin of -4350.1%. This margin reflects the operational efficiency of the business before interest and taxes.
BioRestorative Therapies, Inc. (BRTX) generated $0.3M in gross profit for the year, representing a gross profit margin of 93.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Imminent liquidity and dilution
Metrics are mathematically derived from official filings.
Revenue Lacks Sustainable Commercial Foundation
As reported in financial statements, BRTX's revenue remains highly erratic and incidental, with quarterly figures fluctuating between $11.8K and $303.3K over the last ten periods, confirming that the company has yet to establish a repeatable, volume-based commercial model for its autologous cell therapy platform.
The revenue profile is characterized by non-recurring milestone payments rather than consistent product sales, which complicates any attempt to forecast future growth. Investors should monitor whether the company can transition from research-based inflows to a commercial model, as current figures suggest a pre-revenue stage of development.
R&D Dominates Structural Expense Profile
Based on the provided income statement data, R&D expenditures consistently represent the primary cost driver, frequently exceeding $2M per quarter, which underscores the company's reliance on clinical trial execution as its core operational activity while maintaining minimal cost of goods sold relative to revenue.
The high fixed-cost structure is typical for a clinical-stage biotech, yet the persistent R&D spend relative to the negligible revenue base highlights a significant disconnect. This expense discipline appears focused on regulatory milestones rather than operational efficiency, which may necessitate further capital raises to sustain ongoing research.
Stock-Based Compensation Masks Operational Reality
According to recent SEC filings, BRTX has utilized significant stock-based compensation, including a notable $2M charge in 2025Q1, which complicates the assessment of true net income and suggests that equity dilution is a primary mechanism for funding the company's ongoing operating losses.
The reliance on non-cash compensation to manage liquidity needs warrants further investigation by shareholders concerned with dilution. These charges, when combined with persistent negative operating margins, suggest that the reported net income figures are heavily influenced by accounting adjustments rather than core business performance.
Liquidity Constraints Threaten Operational Continuity
As reported in financial statements, the company's cash-to-burn ratio appears increasingly precarious, with operating losses consistently outpacing revenue and leaving the firm with limited liquidity to fund its dual-track clinical programs, potentially forcing a dilutive financing event or a strategic pivot in the near term.
The decision to simultaneously fund orthopedic and metabolic programs with limited capital may indicate an unsustainable allocation strategy. Investors should monitor the burn-to-milestone ratio, as the current financial trajectory suggests that the company may struggle to reach critical clinical data readouts without significant external capital support.