Revenue growth has remained at -100% for several quarters, reflecting a complete absence of commercial sales while operating losses consistently exceed $12 million per quarter.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Sales/Revenue | 0 | 0 | 4.97M | 7.04M | 189.56M | 9.33M | 9.34M | 20.38M | 10.36M | 20.02M | 23.04M | 29.12M | 26.63M | 32.42M |
| Revenue Growth % | -100% | -100% | -29.38% | -96.29% | 1931.68% | -0.15% | -54.16% | 96.84% | -48.27% | -13.13% | -20.88% | 9.37% | -17.87% | - |
| Cost of Goods Sold | 0 | 0 | 47.5M | 47.84M | 50.75M | 55.72M | 56.08M | 43.5M | 15.6M | 17.82M | 14.57M | 1.17M | 170.75K | 1.22M |
| COGS % of Revenue | - | - | 955.81% | 679.8% | 26.77% | 597.19% | 600.12% | 213.4% | 150.67% | 89.04% | 63.24% | 4% | 0.64% | 3.77% |
| Gross Profit | 0 | 0 | -42.53M | -40.81M | 138.81M | -46.39M | -46.73M | -23.11M | -5.25M | 2.19M | 8.47M | 27.95M | 26.45M | 31.2M |
| Gross Margin % | - | - | -855.81% | -579.8% | 73.23% | -497.19% | -500.12% | -113.4% | -50.67% | 10.96% | 36.76% | 96% | 99.36% | 96.23% |
| Gross Profit Growth % | - | 100% | -4.23% | -129.4% | 399.23% | 0.73% | -102.17% | -340.54% | -339.15% | -74.09% | -69.7% | 5.67% | -15.2% | - |
| Operating Expenses | 55.43M | 58.12M | 18.68M | 20.3M | 72.94M | 72.75M | 67.67M | 57.04M | 47.77M | 45.86M | 42.53M | 31.34M | 24.78M | 25.3M |
| OpEx % of Revenue | - | - | 375.92% | 288.46% | 38.48% | 779.73% | 724.21% | 279.86% | 461.27% | 229.12% | 184.57% | 107.62% | 93.09% | 78.05% |
| Selling, General & Admin | 14.65M | 14.87M | 17.16M | 19M | 21.82M | 16.91M | 11.03M | 13.16M | 9.46M | 8.28M | 7.24M | 6.22M | 4.9M | 3.59M |
| SG&A % of Revenue | - | - | 345.35% | 269.89% | 11.51% | 181.2% | 118.01% | 64.58% | 91.38% | 41.37% | 31.41% | 21.36% | 18.4% | 11.08% |
| Research & Development | 37.72M | 40.19M | 48.6M | 48.78M | 50.75M | 55.72M | 56.08M | 43.5M | 38.2M | 37.45M | 35.19M | 23.92M | 18.79M | 20.82M |
| R&D % of Revenue | - | - | 977.95% | 693.15% | 26.77% | 597.19% | 600.12% | 213.4% | 368.93% | 187.12% | 152.71% | 82.14% | 70.59% | 64.23% |
| Other Operating Expenses | 1.44M | 3.06M | -47.09M | -47.48M | 372K | 125K | 568K | 381K | 100K | 126K | 103K | 1.2M | 1.09M | 889.7K |
| Operating Income | -55.43M | -58.12M | -61.22M | -61.11M | 116.61M | -63.42M | -58.33M | -36.66M | -37.41M | -25.84M | -19.49M | -2.22M | 1.84M | 7.12M |
| Operating Margin % | - | - | -1231.73% | -868.26% | 61.52% | -679.72% | -624.21% | -179.86% | -361.27% | -129.12% | -84.57% | -7.62% | 6.91% | 21.95% |
| Operating Income Growth % | - | 5.05% | -0.18% | -152.4% | 283.88% | -8.73% | -59.1% | 2% | -44.75% | -32.63% | -778.5% | -220.5% | -74.13% | - |
| EBITDA | -53.33M | -55.98M | -58.85M | -58.69M | 119M | -60.85M | -55.44M | -34.19M | -36.49M | -24.7M | -18.4M | -1.31M | 2.65M | 7.91M |
| EBITDA Margin % | - | - | -1184.06% | -833.87% | 62.78% | -652.23% | -593.31% | -167.74% | -352.35% | -123.4% | -79.85% | -4.49% | 9.95% | 24.4% |
| EBITDA Growth % | 9.89% | 4.87% | -0.27% | -149.32% | 295.55% | -9.77% | -62.14% | 6.29% | -47.72% | -34.26% | -1305.74% | -149.38% | -66.49% | - |
| D&A (Non-Cash Add-back) | 2.09M | 2.14M | 2.37M | 2.42M | 2.39M | 2.56M | 2.89M | 2.47M | 924K | 1.15M | 1.09M | 909.39K | 809.53K | 793.02K |
| EBIT | -58M | -61.63M | -54.02M | -61.95M | 116.61M | -63.23M | -62.47M | -36.17M | -37.04M | -25.84M | -18.61M | 5K | -2.28M | 7.12M |
| Net Interest Income | 1.18M | 1.5M | 3.35M | 4.23M | 547.61K | -499.85K | 67.12K | 1.51M | 591K | 524K | 246K | 204K | 337.6K | 226.53K |
| Interest Income | 1.2M | 1.52M | 3.38M | 4.28M | 1.2M | 108.28K | 391K | 1.61M | 693K | 610K | 335K | 358K | 347.85K | 234.82K |
| Interest Expense | 20K | 18K | 25K | 49K | 648.12K | 608.14K | 323.88K | 100.63K | 102K | 197K | 89K | 154K | 853 | 8.29K |
| Other Income/Expense | -2.6M | -3.52M | 7.18M | -876K | 1.24M | -365K | -4.45M | 389K | 374K | 414K | 874K | 2.07M | -4.12M | 24.93K |
| Pretax Income | -58.02M | -61.65M | -54.04M | -61.98M | 117.85M | -63.78M | -62.77M | -36.27M | -37.04M | -25.43M | -18.61M | -148.82K | -2.28M | 7.14M |
| Pretax Margin % | - | - | -1087.34% | -880.7% | 62.17% | -683.63% | -671.82% | -177.95% | -357.66% | -127.05% | -80.78% | -0.51% | -8.57% | 22.03% |
| Income Tax | 4K | 2K | 2K | 0 | 0 | 2K | -11K | 17K | -156K | -1K | 0 | -1.78M | 0 | 0 |
| Effective Tax Rate % | -0.01% | -0% | -0% | 0% | 0% | -0% | 0.02% | -0.05% | 0.42% | 0% | 0% | 1198.35% | 0% | 0% |
| Net Income | -58.03M | -61.65M | -54.04M | -61.98M | 117.85M | -63.78M | -62.76M | -36.29M | -37.04M | -25.43M | -18.61M | -148.82K | -2.28M | 7.14M |
| Net Margin % | - | - | -1087.38% | -880.7% | 62.17% | -683.65% | -671.7% | -178.03% | -357.66% | -127.05% | -80.78% | -0.51% | -8.57% | 22.03% |
| Net Income Growth % | 2.46% | -14.08% | 12.81% | -152.59% | 284.77% | -1.63% | -72.96% | 2.02% | -45.64% | -36.63% | -12406.13% | 93.48% | -131.96% | - |
| Net Income (Continuing) | -58.03M | -61.65M | -54.04M | -61.98M | 117.85M | -63.78M | -62.76M | -36.29M | -37.04M | -25.43M | -18.61M | -149K | -2.28M | 7.14M |
| Discontinued Operations | 0 | 0 | 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 | 0 | 0 |
| EPS (Diluted) | -1.55 | -1.65 | -1.59 | -1.89 | 3.54 | -2.06 | -2.51 | -1.69 | -1.75 | -1.22 | -0.91 | -0.01 | -0.15 | 0.37 |
| EPS Growth % | 9.3% | -3.77% | 15.87% | -153.39% | 271.84% | 17.93% | -48.52% | 3.43% | -43.44% | -34.07% | - | 94.93% | -140.54% | - |
| EPS (Basic) | - | -1.65 | -1.59 | -1.89 | 3.63 | -2.06 | -2.51 | -1.69 | -1.75 | -1.22 | -0.91 | -0.01 | -0.15 | 0.37 |
| Diluted Shares Outstanding | 37.5M | 37.27M | 34.03M | 32.77M | 33.27M | 31.01M | 25M | 21.41M | 21.17M | 20.86M | 20.43M | 19.54M | 15.29M | 19.49M |
| Basic Shares Outstanding | 37.5M | 37.27M | 34.03M | 32.77M | 32.47M | 31.01M | 25M | 21.41M | 21.17M | 20.86M | 20.43M | 19.54M | 15.22M | 19.49M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical Milestone Dependency
As reported in recent financial statements, Molecular Partners has experienced a complete cessation of revenue, with growth metrics hitting -100% for several consecutive quarters, reflecting the company's total reliance on non-recurring milestone payments rather than a sustainable, recurring commercial product sales model or diversified income stream.
The absence of revenue suggests the company is currently between major partnership milestones, leaving the top line entirely dependent on the timing of clinical or regulatory events. This lumpy revenue profile makes traditional growth analysis difficult, as the current trajectory is a function of project-based collaboration agreements rather than operational scaling.
Based on the provided income statement data, the company maintains a rigid cost structure dominated by R&D expenses, which have consistently hovered near $10 million per quarter, highlighting the significant capital intensity required to sustain its Swiss-based scientific operations in the absence of commercial revenue.
The high fixed-cost base, primarily driven by specialized labor in the Zurich hub, creates a persistent burn rate that is not easily adjusted in the short term. Investors should monitor whether management can optimize these R&D expenditures without compromising the clinical progression of the DARPin platform.
According to the quarterly income statement, the company's operating losses have remained consistently deep, often exceeding $12 million per quarter, which indicates that the firm lacks the operating leverage necessary to scale its expenses efficiently while awaiting the next phase of clinical validation for its pipeline.
The lack of gross profit generation means that every dollar spent on SG&A and R&D flows directly to the bottom line as a loss. This structure suggests that the company is currently in a pure cash-consumption phase, where operational efficiency is secondary to the necessity of funding ongoing clinical trials.
As evidenced by the recent financial filings, the company's reliance on sporadic partnership payments creates a precarious financial position, where the absence of consistent cash inflows may necessitate dilutive financing or further surrender of pipeline rights to maintain operations in the high-cost Swiss biotech environment.
Short-term observers may argue that the current valuation ignores the potential for future milestone payments, yet the historical failure to convert clinical progress into sustained commercial success warrants caution. The risk remains that the company may exhaust its cash runway before achieving the next critical value-inflection point.
Quick answers to the most common questions about buying MOLN stock.
For fiscal year 2025, Molecular Partners AG (MOLN) reported total revenue of $0.0M. This represents a 100.0% decline compared to $32.4M in 2013.
Molecular Partners AG (MOLN) reported a net loss of $61.7M for the fiscal year ending 2025.