The company exhibits no operating leverage, maintaining zero revenue while reporting quarterly operating losses that reached $7.9 million in 2026Q1.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 37K | 90K | 0 | 0 | 0 | 0 | 0 | 185K | 68K | 18K | 6.16K | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -37K | -90K | 0 | 0 | 0 | 0 | 0 | -185K | -68K | -18K | -6.16K | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - | 100% | -172.06% | -277.78% | -192.11% | - | - |
| Operating Expenses | 27M | 25.1M | 26.64M | 29.63M | 30.64M | 22.97M | 19.74M | 17.34M | 15.03M | 8.65M | 3.88M | 738.23K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 9.13M | 9.12M | 8.79M | 10.02M | 11.54M | 8.39M | 6.79M | 6.33M | 5.3M | 4.09M | 2.38M | 477.81K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 17.83M | 15.89M | 17.73M | 19.49M | 18.97M | 14.42M | 12.76M | 11.01M | 9.73M | 4.54M | 1.5M | 260.42K |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 38K | 90K | 126K | 127K | 130K | 164K | 200K | 0 | -40K | 18K | 6.16K | 0 |
| Operating Income | -27.03M | -25.1M | -26.64M | -29.63M | -30.64M | -22.97M | -19.74M | -17.52M | -15.03M | -8.65M | -3.88M | -738.23K |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 5.77% | 10.09% | 3.29% | -33.4% | -16.34% | -12.66% | -16.63% | -73.64% | -122.83% | -426.01% | - |
| EBITDA | -26.96M | -25.01M | -26.52M | -29.5M | -30.51M | -22.8M | -19.54M | -17.34M | -14.96M | -8.63M | -3.88M | 1.03M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -4.59% | 5.66% | 10.13% | 3.3% | -33.79% | -16.69% | -12.71% | -15.93% | -73.21% | -122.72% | -475.13% | - |
| D&A (Non-Cash Add-back) | 68K | 90K | 126K | 127K | 130K | 164K | 200K | 185K | 68K | 18K | 6.16K | 1.77M |
| EBIT | -28.95M | -25.1M | -26.64M | -29.63M | -30.64M | -22.97M | -19.74M | -13.43M | -15.06M | -8.49M | -3.88M | -1.77M |
| Net Interest Income | 108K | 105K | 550K | 1.37M | 240K | 306K | 13K | 13K | 0 | 0 | 0 | 0 |
| Interest Income | 108K | 105K | 550K | 1.37M | 240K | 306K | 13K | 13K | 0 | 0 | 0 | 24.32K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 43.21K | 0 |
| Other Income/Expense | -3.3M | -8.46M | 4.88M | -138K | 1.61M | 7.07M | 2.39M | 4.09M | 3.15M | -1.15M | -43.36K | -10.13K |
| Pretax Income | -30.33M | -33.56M | -21.76M | -29.77M | -29.02M | -15.89M | -17.36M | -13.43M | -11.88M | -9.8M | -3.93M | -748.36K |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -229K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 1.7% | 0% | 0% | 0% | 0% |
| Net Income | -30.33M | -33.56M | -21.76M | -29.77M | -29.02M | -15.89M | -17.36M | -13.21M | -11.88M | -9.8M | -3.93M | -748.36K |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -30.58% | -54.21% | 26.89% | -2.56% | -82.62% | 8.42% | -31.43% | -11.19% | -21.12% | -149.72% | -424.66% | - |
| Net Income (Continuing) | -30.33M | -33.56M | -21.76M | -29.77M | -29.02M | -15.89M | -17.36M | -13.21M | -11.88M | -9.8M | -3.93M | -748.36K |
| 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) | -0.74 | -28.42 | -158.00 | -376.75 | -380.50 | -221.75 | -661.00 | -729.50 | -1031.50 | -1188.00 | -899.00 | -295.75 |
| EPS Growth % | 98.49% | 82.01% | 58.06% | 0.99% | -71.59% | 66.45% | 9.39% | 29.28% | 13.17% | -32.15% | -203.97% | - |
| EPS (Basic) | - | -28.42 | -158.00 | -376.75 | -380.50 | -221.75 | -661.00 | -729.50 | -1031.50 | -1188.00 | -899.00 | -297.00 |
| Diluted Shares Outstanding | 41.24M | 11.85M | 137.72K | 79.02K | 76.28K | 71.67K | 26.25K | 18.1K | 11.51K | 8.25K | 4.37K | 2.53K |
| Basic Shares Outstanding | 41.24M | 11.85M | 137.72K | 79.02K | 76.28K | 71.67K | 26.25K | 18.1K | 11.51K | 8.25K | 4.37K | 2.52K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial liquidity dependence
As reported in recent financial statements, Moleculin Biotech maintains a high-fixed cost structure, with quarterly R&D expenditures consistently ranging between $3.4 million and $6.6 million, which underscores the company's total reliance on external capital to sustain its clinical development pipeline for Annamycin and other oncology assets.
The company's cost structure is almost entirely comprised of R&D and G&A expenses, reflecting its status as a pre-revenue clinical-stage entity. Investors should monitor the efficiency of these expenditures, as the lack of commercial revenue means that every dollar spent on clinical trials directly accelerates the depletion of the company's limited cash reserves.
Based on the company's reported figures, net income has been significantly distorted by non-operating items, including a $15.6 million gain in 2025Q4, which contrasts sharply with the persistent operating losses that characterize the firm's fundamental financial performance and ongoing reliance on dilutive equity financing.
The reported net income figures are frequently impacted by the revaluation of warrant liabilities and other non-cash items, which do not reflect the underlying operational progress of the clinical programs. Analysts should focus on operating income and cash burn rates rather than net income to gain a clearer picture of the company's actual financial health.
According to the provided income statement data, Moleculin Biotech exhibits no operating leverage, as the company continues to generate zero revenue while maintaining significant quarterly operating losses that have fluctuated between $5.7 million and $8.9 million over the last ten quarters of reported financial activity.
The absence of revenue means that the company cannot achieve economies of scale, and SG&A expenses remain relatively sticky despite the variability in R&D spending. This suggests that the company's financial trajectory is entirely decoupled from operational efficiency and remains tethered to the binary outcomes of its clinical trials.
As indicated by the most recent quarterly data, the company's cash position of approximately $8.8 million appears insufficient to support long-term clinical development, suggesting that further dilutive capital raises may be required to avoid a potential liquidity crisis before reaching critical clinical milestones for its lead assets.
Short-term investors should be wary of the persistent need for 'at-the-market' offerings, which have historically diluted shareholder value. The reliance on external financing in a high-rate environment creates a significant risk that the company may be forced to pause or delay clinical trials if capital market conditions deteriorate.
Quick answers to the most common questions about buying MBRX stock.
For fiscal year 2025, Moleculin Biotech, Inc. (MBRX) reported total revenue of $0.0M.
Moleculin Biotech, Inc. (MBRX) reported a net loss of $33.6M for the fiscal year ending 2025.