The company exhibits a lack of commercial scale, with 2025Q3 SG&A expenses of $1.4M dwarfing the $15.9K allocated to R&D, resulting in a net margin of -122.8%.
| Sales/Revenue | 20.94K | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - |
| Cost of Goods Sold | 96.48K | 129.09K | 0 | 0 | 0 | 391.42K |
| COGS % of Revenue | - | - | - | - | - | - |
| Gross Profit | -75.54K | -129.09K | 0 | 0 | 0 | -391.42K |
| Gross Margin % | -360.71% | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | 100% | - |
| Operating Expenses | 9.77M | 18.42M | 81.64M | 38.56M | 116.08M | 23.01M |
| OpEx % of Revenue | - | - | - | - | - | - |
| Selling, General & Admin | 9.6M | 17.88M | 24.56M | 15.32M | 14.33M | 7.47M |
| SG&A % of Revenue | - | - | - | - | - | - |
| Research & Development | 166.45K | 537.43K | 2.71M | 4.17M | 8.37M | 15.54M |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 54.37M | 19.07M | 93.38M | 0 |
| Operating Income | -9.84M | -18.55M | -81.64M | -38.56M | -116.08M | -23.4M |
| Operating Margin % | -46991.97% | - | - | - | - | - |
| Operating Income Growth % | - | 77.28% | -111.74% | 66.78% | -396.03% | - |
| EBITDA | -9.74M | -18.42M | -81.52M | -38.44M | -115.96M | -23.01M |
| EBITDA Margin % | -46531.27% | - | - | - | - | - |
| EBITDA Growth % | 91.39% | 77.41% | -112.05% | 66.85% | -403.93% | - |
| D&A (Non-Cash Add-back) | 96.48K | 129.09K | 121.86K | 113.5K | 123.59K | 391.42K |
| EBIT | -127.68M | -177.28M | -85.99M | -38.98M | -113.06M | -26.47M |
| Net Interest Income | -599.34K | -609.34K | -2.43M | -706.96K | -250.8K | -366.43K |
| Interest Income | 6.93K | 116.35K | 0 | 0 | 122.04K | 13.18K |
| Interest Expense | 606.27K | 725.68K | 2.43M | 706.96K | 372.84K | 379.61K |
| Other Income/Expense | -118.44M | -159.46M | -6.79M | -1.13M | 2.65M | -3.45M |
| Pretax Income | -128.28M | -178.01M | -88.43M | -39.68M | -113.43M | -26.85M |
| Pretax Margin % | -612568.11% | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 34 | -125.28K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | -0% | 0.47% |
| Net Income | -128.28M | -178.01M | -88.43M | -39.68M | -113.43M | -26.72M |
| Net Margin % | -612568.11% | - | - | - | - | - |
| Net Income Growth % | -26.77% | -101.31% | -122.82% | 65.02% | -324.47% | - |
| Net Income (Continuing) | -128.28M | -178.01M | -88.43M | -39.68M | -113.43M | -26.72M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -41.06 | -86.24 | -72.80 | -56.80 | -172.80 | -45.36 |
| EPS Growth % | -8.32% | -18.46% | -28.17% | 67.13% | -280.95% | - |
| EPS (Basic) | - | -86.24 | -72.80 | -56.80 | -172.80 | -45.36 |
| Diluted Shares Outstanding | 3.12M | 2.06M | 1.22M | 703.32K | 656.6K | 589.59K |
| Basic Shares Outstanding | 3.12M | 2.06M | 1.22M | 703.32K | 656.6K | 589.59K |
| Dividend Payout Ratio | - | - | - | - | - | - |
Imminent liquidity and insolvency risk
As indicated by recent financial disclosures, LNAI remains essentially pre-revenue, with a nominal $20.9K reported in 2025Q3 representing the only top-line activity in ten quarters, underscoring the company's total dependence on external capital markets rather than organic product sales to sustain its ongoing operations.
The absence of consistent revenue streams suggests that the company has yet to achieve any commercial validation for its AI-driven diagnostic platform. Investors should monitor whether this minor revenue figure represents a repeatable licensing model or merely a one-time, non-recurring event that fails to signal a sustainable growth trajectory.
Based on reported income statements, LNAI consistently directs the majority of its capital toward SG&A expenses, which reached $1.4M in 2025Q3, significantly dwarfing the $15.9K allocated to R&D, suggesting a cost structure prioritized toward corporate maintenance rather than the advancement of its core neurotoxicity technology.
The disproportionate allocation of funds toward administrative and legal functions relative to research suggests that the company may be struggling to maintain its corporate structure. This expense discipline appears insufficient to support the high-intensity R&D requirements typical of a competitive biotechnology firm.
According to historical filings, LNAI's net income figures are frequently obscured by significant non-operating volatility, including a $126.7M loss in 2024Q4 and a $2.8M gain in 2025Q1, which complicates the assessment of true operational performance and highlights the impact of frequent corporate restructuring and accounting adjustments.
The reliance on stock-based compensation, which totaled $169.0K in 2025Q3, further dilutes the quality of reported earnings and suggests that management retention is being prioritized over cash preservation. Analysts should treat these bottom-line figures with extreme skepticism given the lack of underlying operational profitability.
As reported in recent SEC filings, the company's cash position of $92,700 against a persistent quarterly operating loss of $1.4M suggests an unsustainable financial position that warrants immediate concern regarding the firm's ability to continue as a going concern without massive, highly dilutive equity financing.
Short-sellers would likely focus on the widening gap between the company's ambitious AI narrative and its precarious liquidity position. The lack of institutional partnerships or significant cash reserves implies that the current business model may be fundamentally incapable of reaching a self-sustaining inflection point.
Quick answers to the most common questions about buying LNAI stock.
For fiscal year 2024, Lunai Bioworks Inc. (LNAI) reported total revenue of $0.0M.
Lunai Bioworks Inc. (LNAI) reported a net loss of $178.0M for the fiscal year ending 2024.