Revenue performance remains highly volatile, evidenced by a 78.9% year-over-year decline in 2025Q3, while persistent R&D expenses exceeding $14 million per quarter continue to drive negative operating margins.
| Sales/Revenue | 15.27M | 19.89M | 5.9M | 0 | 0 | 0 | 0 | 36K |
| Revenue Growth % | -17.82% | 236.92% | - | - | - | - | -100% | - |
| Cost of Goods Sold | 1.4M | 0 | 0 | 0 | 0 | 3.43M | 1.86M | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | 13.87M | 19.89M | 5.9M | 0 | 0 | -3.43M | -1.86M | 36K |
| Gross Margin % | 90.81% | 100% | 100% | - | - | - | - | 100% |
| Gross Profit Growth % | - | 236.92% | - | - | 100% | -84.12% | -5277.78% | - |
| Operating Expenses | 98.45M | 162.28M | 144.47M | 141.18M | 119.1M | 77.68M | 62.3M | 37.33M |
| OpEx % of Revenue | - | 815.82% | 2446.93% | - | - | - | - | 103694.44% |
| Selling, General & Admin | 37.32M | 37.78M | 50.85M | 44.46M | 33.85M | 22.58M | 12.17M | 9.18M |
| SG&A % of Revenue | - | 189.93% | 861.28% | - | - | - | - | 25494.44% |
| Research & Development | 60.38M | 61.3M | 93.62M | 96.72M | 85.25M | 58.53M | 50.13M | 28.15M |
| R&D % of Revenue | - | 308.19% | 1585.65% | - | - | - | - | 78200% |
| Other Operating Expenses | 1.51M | 63.2M | 0 | 0 | 0 | -3.43M | 0 | 0 |
| Operating Income | -84.58M | -142.39M | -138.56M | -141.18M | -119.1M | -81.11M | -62.3M | -37.29M |
| Operating Margin % | -553.92% | -715.82% | -2346.93% | - | - | - | - | -103594.44% |
| Operating Income Growth % | - | -2.76% | 1.86% | -18.54% | -46.83% | -30.19% | -67.06% | - |
| EBITDA | -79.73M | -137.46M | -133.3M | -136.05M | -114.57M | -77.68M | -60.44M | -36.95M |
| EBITDA Margin % | -522.15% | -691.03% | -2257.79% | - | - | - | - | -102630.56% |
| EBITDA Growth % | 47.6% | -3.12% | 2.02% | -18.75% | -47.48% | -28.53% | -63.58% | - |
| D&A (Non-Cash Add-back) | 4.85M | 4.93M | 5.26M | 5.13M | 4.53M | 3.43M | 1.86M | 347K |
| EBIT | -63.35M | -79.19M | -138.56M | -141.18M | -119.1M | -80.52M | -62.3M | -37.29M |
| Net Interest Income | 7.17M | 10.72M | 11.95M | 0 | 137K | 0 | 0 | 1.49M |
| Interest Income | 7.17M | 10.72M | 11.95M | 4.54M | 187K | 591K | 0 | 1.49M |
| Interest Expense | 0 | 0 | 0 | 4.54M | 50K | 591K | 0 | 0 |
| Other Income/Expense | 21.96M | 10.72M | 11.95M | 4.54M | -50K | 591K | 985K | 1.49M |
| Pretax Income | -62.63M | -131.67M | -126.61M | -136.64M | -119.15M | -80.52M | -61.32M | -35.8M |
| Pretax Margin % | -410.13% | -661.91% | -2144.51% | - | - | - | - | -99452.78% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -62.63M | -131.67M | -126.61M | -136.64M | -119.15M | -80.52M | -60.33M | -35.8M |
| Net Margin % | -410.13% | -661.91% | -2144.51% | - | - | - | - | -99452.78% |
| Net Income Growth % | 56.95% | -3.99% | 7.34% | -14.68% | -47.97% | -33.47% | -68.51% | - |
| Net Income (Continuing) | -62.63M | -131.67M | -126.61M | -136.64M | -119.15M | -80.52M | -61.32M | -35.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -9.30 | -19.76 | -19.63 | -23.51 | -21.17 | -29.54 | -13.10 | -18.20 |
| EPS Growth % | 57.33% | -0.66% | 16.5% | -11.05% | 28.33% | -125.5% | 28.02% | - |
| EPS (Basic) | - | -19.76 | -19.63 | -23.51 | -21.17 | -29.54 | -13.10 | -18.20 |
| Diluted Shares Outstanding | 6.74M | 6.66M | 6.45M | 5.81M | 5.63M | 2.73M | 4.62M | 1.97M |
| Basic Shares Outstanding | 6.74M | 6.66M | 6.45M | 5.81M | 5.63M | 2.73M | 4.62M | 1.97M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Clinical and liquidity dependency
As reported in recent financial filings, GBIO's top-line performance remains highly erratic, with quarterly revenue declining 78.9% year-over-year in 2025Q3, underscoring the company's reliance on non-recurring milestone payments from its Moderna collaboration rather than a sustainable, repeatable commercial revenue stream from its genetic medicine platform.
The revenue profile is characterized by significant lumpiness, which complicates the assessment of underlying platform adoption. Investors should interpret these fluctuations as indicators of milestone achievement timing rather than organic growth, as the absence of product sales leaves the company exposed to the inherent unpredictability of research-based contract accounting.
Based on the company's historical income statements, the 100% gross margin observed in most periods is a transient accounting artifact of collaboration revenue recognition, which obscures the future variable cost burden that will likely emerge if the company transitions to internal manufacturing of its proprietary lipid nanoparticles.
While the current margin profile appears favorable, it provides little insight into the long-term unit economics of the ctLNP platform. Analysts should monitor for any shift toward internal production, as this would likely introduce significant COGS and pressure the currently inflated gross margin profile.
According to the provided quarterly data, GBIO maintains a high fixed-cost structure, with R&D expenses consistently exceeding $14 million per quarter, which has resulted in a persistent operating loss and a negative operating margin that reached -13.5% in the most recent reporting period.
The company's expense discipline appears secondary to the necessity of funding its specialized laboratory infrastructure and personnel. This heavy investment phase suggests that the firm is prioritizing platform validation over near-term profitability, leaving it highly sensitive to the availability of external capital to sustain its ongoing research activities.
Financial statements indicate that the company's cash burn, coupled with a limited cash position of $76.3 million, suggests a precarious runway that may necessitate dilutive financing within the next 12 to 18 months to support its current R&D-heavy operating model and ongoing clinical development programs.
Short-term investors should be wary of the potential for significant equity dilution if the company fails to secure additional non-dilutive partnership tranches. The reliance on a single major partner for funding creates a binary risk profile where any delay in clinical progress could severely impair the company's ability to access capital markets.
Quick answers to the most common questions about buying GBIO stock.
For fiscal year 2024, Generation Bio Co. (GBIO) reported total revenue of $19.9M. This represents a 55155.6% increase compared to $0.0M in 2018.
Generation Bio Co. (GBIO) reported a net loss of $131.7M for the fiscal year ending 2024.
Generation Bio Co. (GBIO) reported an operating income of $-142.4M, resulting in an operating profit margin of -715.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Generation Bio Co. (GBIO) generated $19.9M 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.