The company maintains a pre-revenue structure characterized by volatile R&D expenditures that reached $2.0 million in 2025Q1, contributing to a persistent negative operating margin.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 31.62K | 28.25K | 188 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -31.62K | -28.25K | -188 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - | 100% | -11.93% | -14927.66% | - |
| Operating Expenses | 11.53M | 11.11M | 8.22M | 7.69M | 11.07M | 14.1M | 7.3M | 7.71M | 2.5M | 1.87M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 6.03M | 6.41M | 4.97M | 4.21M | 6.13M | 6.57M | 4.41M | 5.06M | 1.22M | 1.28M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 5.51M | 5.95M | 3.25M | 3.48M | 4.93M | 7.53M | 2.89M | 2.12M | 1.02M | 586.84K |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | -1.25M | 0 | 0 | 0 | 0 | 0 | 0 | 258.71K | 0 |
| Operating Income | -11.53M | -11.11M | -8.22M | -7.69M | -11.07M | -14.1M | -7.3M | -7.71M | -2.5M | -1.87M |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -35.24% | -6.8% | 30.48% | 21.53% | -93.12% | 5.35% | -209.15% | -33.34% | - |
| EBITDA | -11.69M | -12.47M | 0 | 0 | 0 | -14.31M | -7.3M | -7.71M | -2.49M | -1.87M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -210.42% | - | - | - | 100% | -96.05% | 5.35% | -209.26% | -33.29% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 8.22M | 7.69M | 11.07M | 0 | 1.04K | 1.23K | 1.22K | 188 |
| EBIT | -11.69M | -12.47M | -8.19M | -7.85M | -11.07M | -14.31M | -7.3M | -7.71M | -2.5M | -2.02M |
| Net Interest Income | 158 | 680 | 27.71K | 51.77K | -299.04K | 0 | 8 | 25 | 0 | 0 |
| Interest Income | 158 | 680 | 27.71K | 51.77K | 6.37K | 0 | 8 | 25 | 0 | 216K |
| Interest Expense | 0 | 0 | 0 | 0 | 305.41K | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -152.15K | -1.36M | 27.13K | -153.15K | -306.4K | -212.26K | 104.16K | 10.36K | 0 | -144K |
| Pretax Income | -11.69M | -12.47M | -8.19M | -7.85M | -11.37M | -14.31M | -7.2M | -7.7M | -2.5M | -2.02M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0% |
| Net Income | -11.69M | -12.47M | -8.19M | -7.85M | -11.37M | -14.31M | -7.2M | -7.69M | -2.5M | -2.02M |
| Net Margin % | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -21.43% | -52.28% | -4.37% | 31.01% | 20.55% | -98.86% | 6.45% | -208.32% | -23.82% | - |
| Net Income (Continuing) | -11.69M | -12.47M | -8.19M | -7.85M | -11.37M | -14.31M | -7.2M | -7.7M | -2.5M | -2.02M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.74 | -0.90 | -1.28 | -2.30 | -9.50 | -16.03 | -14.56 | -20.99 | -6.62 | -5.24 |
| EPS Growth % | 34.68% | 29.69% | 44.35% | 75.79% | 40.74% | -10.1% | 30.63% | -217.07% | -26.34% | - |
| EPS (Basic) | - | -0.90 | -1.28 | -2.30 | -9.50 | -16.03 | -14.56 | -20.99 | -6.62 | -5.24 |
| Diluted Shares Outstanding | 15.79M | 13.81M | 6.38M | 3.41M | 1.2M | 893.2K | 494.51K | 366.58K | 376.98K | 384.48K |
| Basic Shares Outstanding | 15.79M | 13.81M | 6.38M | 3.41M | 1.2M | 893.2K | 494.51K | 366.58K | 376.98K | 384.48K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Clinical trial funding shortfall
As reported in financial statements, Hoth Therapeutics maintains a pre-revenue cost structure dominated by R&D expenditures, which fluctuated between $0.57 million and $2.0 million per quarter over the last ten periods, reflecting the variable nature of clinical trial progression and external academic research licensing commitments.
The company's expense profile is inherently tied to the advancement of its HT-001 and BioLexa programs, with no offsetting revenue to mitigate the cash outflow. Investors should note that the lack of internal manufacturing infrastructure means these costs are almost entirely directed toward third-party clinical research organizations and academic partners, leaving little room for expense optimization without stalling the pipeline.
Based on reported figures, Hoth Therapeutics exhibits a persistent negative operating margin as SG&A expenses, which reached $2.4 million in 2025Q3, continue to scale alongside R&D, suggesting that the company lacks the operational leverage required to achieve self-sustaining growth under its current licensing-heavy business model.
The inability to scale operating income faster than gross profit—which remains at zero—highlights the structural challenge of a clinical-stage firm. The consistent quarterly operating losses, often exceeding $2 million, indicate that management is currently unable to decouple administrative overhead from the high-cost requirements of clinical development.
According to recent SEC filings, the company's net loss figures are periodically impacted by stock-based compensation, such as the $513.4K recorded in 2024Q1, which complicates the assessment of true cash-based operational burn and potentially masks the underlying volatility of the firm's core research-focused financial performance.
The presence of non-cash stock-based compensation in a pre-revenue environment warrants further investigation, as it may serve as a mechanism to preserve limited cash reserves at the expense of shareholder dilution. Analysts should adjust for these items to better understand the actual cash runway remaining for the company's clinical milestones.
As indicated by the company's financial history, the reliance on external academic IP creates a binary risk profile where the absence of commercial revenue, combined with a $6.2 million cash balance, suggests that the current trajectory may be unsustainable without significant future equity-based financing.
Short-sellers may focus on the potential for continued dilution as the primary mechanism for funding operations, given the lack of a clear path to commercialization. The broad dispersion of the pipeline across disparate therapeutic areas may further exacerbate this risk, as management resources are spread thin across multiple high-cost clinical programs.
Quick answers to the most common questions about buying HOTH stock.
For fiscal year 2025, Hoth Therapeutics, Inc. (HOTH) reported total revenue of $0.0M.
Hoth Therapeutics, Inc. (HOTH) reported a net loss of $12.5M for the fiscal year ending 2025.