The company remains essentially pre-revenue, with a singular $652,000 recognition in 2024Q4 failing to offset consistent quarterly R&D expenditures that have reached as high as $4.1 million.
| Sales/Revenue | 652K | 0 | 0 | 77K | 426K |
| Revenue Growth % | - | - | -100% | -81.92% | - |
| Cost of Goods Sold | 326K | 0 | 0 | 18K | 30K |
| COGS % of Revenue | - | - | - | 23.38% | 7.04% |
| Gross Profit | 326K | 0 | 0 | 59K | 396K |
| Gross Margin % | 50% | - | - | 76.62% | 92.96% |
| Gross Profit Growth % | - | - | -100% | -85.1% | - |
| Operating Expenses | 24.34M | 26.97M | 29.75M | 24.41M | 22.26M |
| OpEx % of Revenue | - | - | - | 31694.81% | 5224.65% |
| Selling, General & Admin | 14.77M | 16.31M | 14.08M | 7.66M | 7.58M |
| SG&A % of Revenue | - | - | - | 9946.75% | 1780.52% |
| Research & Development | 9.57M | 10.66M | 15.67M | 16.75M | 14.67M |
| R&D % of Revenue | - | - | - | 21748.05% | 3444.13% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -24.01M | -26.97M | -29.75M | -24.35M | -21.86M |
| Operating Margin % | -3682.67% | - | - | -31618.18% | -5131.69% |
| Operating Income Growth % | - | 9.35% | -22.18% | -11.37% | - |
| EBITDA | -23.96M | -26.97M | -28.54M | -23.14M | -20.62M |
| EBITDA Margin % | -3674.54% | - | - | -30046.75% | -4839.67% |
| EBITDA Growth % | 18.35% | 5.53% | -23.37% | -12.22% | - |
| D&A (Non-Cash Add-back) | 53K | 0 | 1.2M | 1.21M | 1.24M |
| EBIT | 20.17M | -41.51M | -82.2M | -24.44M | -21.95M |
| Net Interest Income | 560K | -2.72M | -745K | -2.31M | -1.31M |
| Interest Income | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 6.54M | 2.72M | 745K | 2.31M | 1.31M |
| Other Income/Expense | 510K | -17.27M | -53.2M | -2.4M | -1.4M |
| Pretax Income | -23.5M | -44.23M | -82.95M | -26.75M | -23.26M |
| Pretax Margin % | -3604.45% | - | - | -34736.36% | -5460.09% |
| Income Tax | 53K | 53K | 7K | 7K | 5K |
| Effective Tax Rate % | -0.23% | -0.12% | -0.01% | -0.03% | -0.02% |
| Net Income | -23.55M | -44.29M | -82.95M | -26.75M | -23.27M |
| Net Margin % | -3612.58% | - | - | -34745.45% | -5461.27% |
| Net Income Growth % | 70.56% | 46.61% | -210.06% | -15% | - |
| Net Income (Continuing) | -23.55M | -44.29M | -82.95M | -26.75M | -23.27M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.82 | -1.54 | -5.38 | -1.25 | -1.08 |
| EPS Growth % | 69.63% | 71.38% | -330.4% | -15.74% | - |
| EPS (Basic) | - | -1.54 | -5.38 | -1.25 | -1.08 |
| Diluted Shares Outstanding | 28.83M | 28.83M | 15.43M | 21.45M | 21.45M |
| Basic Shares Outstanding | 28.83M | 28.83M | 15.43M | 21.45M | 21.45M |
| Dividend Payout Ratio | - | - | - | - | - |
Clinical Trial Funding Dependency
As indicated by the company's financial disclosures, NKGen Biotech remains a pre-revenue entity, with the exception of a singular $652,000 revenue recognition in 2024Q4, underscoring that the firm's valuation is currently decoupled from traditional top-line growth metrics and entirely dependent on future clinical trial success.
The lack of consistent revenue streams confirms that the company is in a pure research and development phase. Investors should interpret the sporadic nature of income as non-recurring, likely tied to specific grant or licensing milestones rather than a sustainable commercial trajectory.
Based on reported income statements, NKGen's R&D expenditures have consistently hovered between $1.9 million and $4.1 million per quarter, reflecting the high fixed-cost burden required to maintain specialized manufacturing protocols for its autologous SNK01 cell therapy platform during ongoing clinical development.
The company's expense discipline appears secondary to the necessity of funding clinical trials, as evidenced by the persistent operating losses. The reliance on high-cost, personalized manufacturing suggests that operating expenses will likely remain elevated until the company achieves significant scale or pivots to more efficient production models.
According to recent SEC filings, NKGen's net income figures exhibit significant volatility, such as the $15.3 million gain in 2025Q1, which appears to be driven by non-operating items rather than core operational improvements, warranting caution when evaluating the company's true underlying financial health.
The presence of large, non-recurring swings in net income suggests that investors should focus on operating losses rather than the bottom-line figure to gauge the company's burn rate. These accounting anomalies are common in de-SPAC entities and may mask the ongoing cash requirements of the business.
As reported in financial statements, the company's persistent operating losses and reliance on stock-based compensation, which reached $707,000 in 2025Q1, suggest that the current business model may face significant liquidity challenges if clinical milestones are not met to support future capital raises.
Short-term observers may point to the high cash burn relative to the lack of commercial revenue as a primary risk factor for dilution. The autologous manufacturing requirement creates a structural cost disadvantage that may prove difficult to overcome without a major shift in operational efficiency or a strategic partnership.
Quick answers to the most common questions about buying NKGN stock.
For fiscal year 2024, NKGen Biotech, Inc. Common Stock (NKGN) reported total revenue of $0.0M. This represents a 100.0% decline compared to $0.4M in 2021.
NKGen Biotech, Inc. Common Stock (NKGN) reported a net loss of $44.3M for the fiscal year ending 2024.