The company remains entirely pre-revenue, with R&D expenditures fluctuating significantly as evidenced by quarterly outlays that reached as high as $23.7 million in 2023Q4.
LeonaBio, Inc. (LONA) annual income statement — 8-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 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 68.56M | 68.09M | 0 | 0 | 0 | 479K | 2M | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - |
| Gross Profit | -68.56M | -68.09M | 0 | 0 | 0 | -479K | -2M | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | 100% | 76.05% | - | - | - |
| Operating Expenses | 54.47M | 34.18M | 100.9M | 125.47M | 104.02M | 63.54M | 18M | 4.7M | 5.01M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 21.27M | 16.68M | 26.09M | 33.3M | 32.55M | 21.23M | 6.71M | 1.66M | 1.42M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - |
| Research & Development | 33.26M | 17.5M | 70.68M | 93.79M | 61.46M | 42.79M | 13.29M | 3.79M | 3.59M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -56K | 0 | 4.13M | -1.63M | 10M | -479K | -2M | -754K | 0 |
| Operating Income | -123.03M | -102.27M | -100.9M | -125.47M | -104.02M | -64.02M | -20M | -5.45M | -5.01M |
| Operating Margin % | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -1.35% | 19.58% | -20.62% | -62.47% | -220.19% | -266.95% | -8.78% | - |
| EBITDA | -122.09M | -101.29M | -99.93M | -124.5M | -103.17M | -63.54M | -19.99M | -5.45M | 0 |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -100.01% | -1.36% | 19.73% | -20.67% | -62.36% | -217.83% | -267.05% | - | - |
| D&A (Non-Cash Add-back) | 944K | 972K | 970K | 969K | 845K | 479K | 2K | 2K | 5.01M |
| EBIT | -54.24M | -34.18M | -96.78M | -126.94M | -88.86M | -54.85M | -19.59M | -4.82M | -5.09M |
| Net Interest Income | 1.29M | 0 | 3.96M | 7.64M | -21.1M | 334K | -243K | -295K | 76K |
| Interest Income | 1.29M | 0 | 3.96M | 7.64M | 3.22M | 337K | 124K | 51K | 85K |
| Interest Expense | 0 | 0 | 0 | 0 | 24.32M | 3K | 367K | 346K | 9K |
| Other Income/Expense | -18.42M | -3.34M | 3.96M | 7.79M | 8.38M | 9.17M | 40K | 288K | -88K |
| Pretax Income | -141.46M | -105.61M | -96.94M | -117.67M | -95.64M | -54.85M | -19.95M | -5.16M | -5.1M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -141.46M | -105.61M | -96.94M | -117.67M | -95.64M | -54.85M | -19.95M | -5.16M | -5.1M |
| Net Margin % | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -136.34% | -8.94% | 17.62% | -23.04% | -74.36% | -174.88% | -286.65% | -1.26% | - |
| Net Income (Continuing) | -141.46M | -105.61M | -96.94M | -117.67M | -95.64M | -54.85M | -19.95M | -5.16M | -5.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -33.08 | -24.70 | -25.20 | -30.90 | -25.30 | -14.90 | -6.10 | -1.40 | -1.60 |
| EPS Growth % | -111.76% | 1.98% | 18.45% | -22.13% | -69.8% | -144.26% | -335.71% | 12.5% | - |
| EPS (Basic) | - | -24.70 | -25.20 | -30.90 | -25.30 | -14.90 | -6.10 | -1.40 | -1.60 |
| Diluted Shares Outstanding | 4.28M | 4.28M | 3.85M | 3.8M | 3.77M | 3.69M | 3.25M | 3.26M | 3.26M |
| Basic Shares Outstanding | 4.28M | 4.28M | 3.85M | 3.8M | 3.77M | 3.69M | 3.25M | 3.26M | 3.26M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying LONA stock.
For fiscal year 2025, LeonaBio, Inc. (LONA) reported total revenue of $0.0M.
LeonaBio, Inc. (LONA) reported a net loss of $105.6M for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Binary Clinical Trial Outcome
Metrics are mathematically derived from official filings.
Clinical Trial Driven Expense Volatility
As indicated by the company's quarterly financial statements, Athira's R&D expenditure remains the primary driver of its cost structure, with quarterly outlays fluctuating between $2.6 million and $23.7 million as the firm navigates the capital-intensive requirements of its late-stage LIFT-AD clinical trial program.
The variability in R&D spending suggests that the company's cost base is highly sensitive to the timing of clinical trial milestones and CRO service delivery. Investors should monitor whether these fluctuations represent genuine shifts in operational intensity or merely the lumpy nature of accrual-based accounting for clinical site payments.
Stock-Based Compensation Obscures Burn
Based on reported figures, Athira consistently utilizes stock-based compensation, with quarterly grants reaching as high as $3.2 million in 2024Q2, which serves to mask the true cash-burn rate required to sustain the organization's ongoing research and development activities during this pre-revenue phase.
While stock-based compensation is a standard tool for talent retention in biotechnology, its persistence in the face of significant net losses warrants further investigation into the dilution risk for existing shareholders. The reliance on equity-based incentives suggests that management is attempting to preserve cash, yet this strategy may ultimately limit the upside for investors if clinical milestones are not met.
Transition to High-Stakes Clinical Execution
According to recent SEC filings, the company's pivot toward the LIFT-AD Phase 3 trial represents a critical operational inflection point, concentrating the firm's entire enterprise value into a single, binary clinical readout that will determine the future viability of the HGF/MET signaling pathway.
This strategic narrowing of focus appears to be a defensive measure to extend the company's cash runway while prioritizing the most promising therapeutic candidate. However, this concentration of resources leaves little room for error, as any further delays or negative data readouts could severely impair the firm's ability to secure future financing.
Sustainability of Current Funding Model
As reported in financial statements, the company's persistent net losses, which reached $32.9 million in 2026Q1, highlight a precarious financial position that may necessitate dilutive capital raises or strategic partnerships to avoid a total exhaustion of cash reserves before the next major data catalyst.
Short-sellers would likely focus on the widening gap between the company's cash burn and its lack of commercial revenue, questioning the long-term sustainability of the current operating model. The absence of a clear path to profitability suggests that the firm's survival is entirely contingent upon external capital markets, which may become increasingly restrictive given the competitive landscape in neurodegeneration.