Revenue generation has ceased entirely, with a 100% year-over-year decline reported as the firm sustains deep operating losses, including a $3.5 million operating loss in 2026Q1.
| Sales/Revenue | 0 | 0 | 582K | 68K | 0 | 0 | 0 | 19.81M | 23.34M | 21.27M | 22.31M | 24.52M |
| Revenue Growth % | -100% | -100% | 755.88% | - | - | - | -100% | -15.12% | 9.69% | -4.65% | -9% | - |
| Cost of Goods Sold | 86K | 0 | 96K | 236K | 0 | 0 | 98K | 7.84M | 8.38M | 7.09M | 8.13M | 13.06M |
| COGS % of Revenue | - | - | 16.49% | 347.06% | - | - | - | 39.6% | 35.93% | 33.32% | 36.45% | 53.26% |
| Gross Profit | -86K | 0 | 486K | -168K | 0 | 0 | -98K | 11.96M | 14.95M | 14.19M | 14.18M | 11.46M |
| Gross Margin % | - | - | 83.51% | -247.06% | - | - | - | 60.4% | 64.07% | 66.68% | 63.55% | 46.74% |
| Gross Profit Growth % | - | -100% | 389.29% | - | - | 100% | -100.82% | -19.98% | 5.39% | 0.04% | 23.73% | - |
| Operating Expenses | 10.05M | 9.32M | 16.16M | 20.97M | 33.22M | 113.73M | 7.15M | 13.18M | 14.49M | 15.59M | 16.46M | 18.06M |
| OpEx % of Revenue | - | - | 2776.63% | 30833.82% | - | - | - | 66.52% | 62.08% | 73.27% | 73.76% | 73.66% |
| Selling, General & Admin | 5.37M | 5.16M | 13.13M | 14.59M | 16.55M | 14.72M | 3.3M | 13.15M | 14.41M | 15.45M | 16.46M | 18.06M |
| SG&A % of Revenue | - | - | 2256.36% | 21450% | - | - | - | 66.39% | 61.77% | 72.61% | 73.76% | 73.66% |
| Research & Development | 4.76M | 4.16M | 4.6M | 5.92M | 10.39M | 12.71M | 3.95M | 26K | 72K | 139K | 0 | 0 |
| R&D % of Revenue | - | - | 791.07% | 8705.88% | - | - | - | 0.13% | 0.31% | 0.65% | - | - |
| Other Operating Expenses | -86K | 0 | -1.58M | 461K | 6.27M | 86.3M | -98K | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -10.13M | -9.32M | -15.67M | -21.14M | -33.22M | -113.73M | -7.25M | -1.21M | 464K | -1.4M | -2.28M | -6.6M |
| Operating Margin % | - | - | -2693.13% | -31080.88% | - | - | - | -6.12% | 1.99% | -6.59% | -10.21% | -26.92% |
| Operating Income Growth % | - | 40.54% | 25.84% | 36.37% | 70.79% | -1469.15% | -498.02% | -361.21% | 133.1% | 38.45% | 65.48% | - |
| EBITDA | -9.91M | -9.06M | -14.04M | -20.01M | -32.72M | -113.27M | -7.15M | 1.96M | 3.23M | 915K | 609K | -3.5M |
| EBITDA Margin % | - | - | -2411.68% | -29429.41% | - | - | - | 9.88% | 13.83% | 4.3% | 2.73% | -14.26% |
| EBITDA Growth % | 13.48% | 35.48% | 29.86% | 38.84% | 71.11% | -1484.24% | -465.54% | -39.41% | 252.79% | 50.25% | 117.42% | - |
| D&A (Non-Cash Add-back) | 227K | 263K | 1.64M | 1.12M | 497K | 459K | 98K | 3.17M | 2.76M | 2.32M | 2.89M | 3.1M |
| EBIT | -14.13M | -14.1M | -37.76M | -21.06M | -24.5M | -122.41M | -26.49M | -1.77M | 66K | -513K | -2.31M | -6.73M |
| Net Interest Income | 60K | 56K | -6.5M | -476K | -30K | -74K | -43K | -249K | 0 | 0 | 0 | -481K |
| Interest Income | 91K | 83K | 249K | 138K | 0 | 0 | 0 | - | 0 | 0 | 0 | 3K |
| Interest Expense | 31K | 27K | 6.75M | 614K | 30K | 74K | 43K | 249K | 389K | 498K | 576K | 484K |
| Other Income/Expense | -1.35M | -4.81M | -28.84M | -536K | 8.68M | -8.75M | -19.28M | -808K | -787K | 391K | -607K | -614K |
| Pretax Income | -11.48M | -14.13M | -44.51M | -21.67M | -24.53M | -122.48M | -26.53M | -2.02M | -323K | -1.01M | -2.88M | -7.21M |
| Pretax Margin % | - | - | -7647.59% | -31869.12% | - | - | - | -10.2% | -1.38% | -4.75% | -12.93% | -29.42% |
| Income Tax | -93K | -45K | 30K | -3K | 45K | 64K | 0 | 27K | -64K | 66K | 38K | 12K |
| Effective Tax Rate % | 0.81% | 0.32% | -0.07% | 0.01% | -0.18% | -0.05% | 0% | -1.34% | 19.81% | -6.53% | -1.32% | -0.17% |
| Net Income | -11.39M | -14.08M | -44.54M | -21.67M | -24.58M | -122.55M | 11.91M | -2.05M | -259K | -1.08M | -2.92M | -7.23M |
| Net Margin % | - | - | -7652.75% | -31864.71% | - | - | - | -10.34% | -1.11% | -5.06% | -13.1% | -29.47% |
| Net Income Growth % | 75.3% | 68.38% | -105.55% | 11.84% | 79.94% | -1129.27% | 681.63% | -690.35% | 75.95% | 63.15% | 59.55% | - |
| Net Income (Continuing) | -11.39M | -14.08M | -44.54M | -21.67M | -24.58M | -122.55M | -26.53M | -2.05M | -259K | -1.08M | -2.92M | -7.23M |
| Discontinued Operations | 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 |
| EPS (Diluted) | -14.38 | -56.00 | -39.25 | -102.00 | -201.50 | -1415.25 | -87.75 | -712.00 | -96.25 | -441.00 | -1536.00 | -3931.50 |
| EPS Growth % | 81.14% | -42.68% | 61.52% | 49.38% | 85.76% | -1512.82% | 87.68% | -639.74% | 78.17% | 71.29% | 60.93% | - |
| EPS (Basic) | - | -56.00 | -39.25 | -102.00 | -201.50 | -1415.25 | -87.75 | -712.00 | -96.25 | -441.00 | -1536.00 | -3931.50 |
| Diluted Shares Outstanding | 792K | 252.28K | 1.14M | 212.56K | 122.04K | 86.6K | 69.31K | 2.88K | 2.69K | 2.44K | 1.9K | 1.84K |
| Basic Shares Outstanding | 792K | 252.28K | 1.14M | 212.56K | 122.04K | 86.6K | 69.31K | 2.88K | 2.69K | 2.44K | 1.9K | 1.84K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and insolvency risk
As reported in recent financial filings, Ernexa has experienced a -100% year-over-year revenue decline, effectively transitioning the firm into a pure-play, pre-revenue research entity with no active commercial streams to support its ongoing operational requirements or long-term development of the ERNA-101 and ERNA-102 pipeline assets.
The total absence of top-line growth suggests that the company has abandoned its previous business model, leaving it entirely dependent on external capital markets. Investors should interpret this revenue void as a permanent shift toward a high-risk, milestone-dependent valuation framework that lacks any near-term commercial validation.
Based on the company's reported income statements, R&D expenditures remain the primary driver of cash burn, consistently consuming the majority of available resources while the firm attempts to advance its iMSC platform without the benefit of any offsetting revenue or sustainable gross margin contributions.
The persistent R&D spend, despite the lack of revenue, indicates a management team prioritizing pipeline advancement over immediate fiscal preservation. This cost structure appears unsustainable given the current cash position, suggesting that further expense rationalization or significant dilution is likely required to maintain laboratory operations.
According to the provided income statement data, Ernexa exhibits no operating leverage, as the firm continues to report deep operating losses each quarter without any corresponding scale in gross profit to mitigate the impact of fixed SG&A and research-related overhead on the bottom line.
The inability to scale operating income relative to expenses highlights the speculative nature of the current business model. Without a clear path to commercialization, the company remains trapped in a cycle of negative operating margins that will likely persist until a major clinical or partnership inflection point is reached.
As indicated by the $1.88 million cash balance and the recent rebranding, Ernexa faces a critical liquidity challenge that may force management into highly dilutive financing events, potentially undermining the equity value for existing shareholders before the company can demonstrate the clinical efficacy of its iMSC platform.
Short-sellers would likely focus on the 'Going Concern' risk implied by the rapid depletion of cash reserves and the lack of revenue. The market appears to be pricing in a high probability of failure, and any delay in clinical milestones could render the current capital structure untenable.
Quick answers to the most common questions about buying ERNA stock.
For fiscal year 2025, Ernexa Therapeutics Inc. (ERNA) reported total revenue of $0.0M. This represents a 100.0% decline compared to $24.5M in 2015.
Ernexa Therapeutics Inc. (ERNA) reported a net loss of $14.1M for the fiscal year ending 2025.