The company operates as a pre-revenue entity, with quarterly R&D expenses fluctuating significantly, peaking at $5.2 million in 2023Q4 before moderating to $1.2 million in 2026Q1.
| 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 | 0 | 195.8K | 0 | 0 | 1M | 1M | 1M | 100K | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | -100% | - | - | -100% | 0% | 0% | 900% | - | - | - | - | - |
| Cost of Goods Sold | 224.44K | 0 | 186K | 196K | 120 | 55 | 58 | 80 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | 100.1% | - | - | 0.01% | 0.01% | - | - | - | - | - | - |
| Gross Profit | -224.44K | 0 | -186K | -196 | -120 | -55 | 999.94K | 999.92K | 1M | 100K | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | -0.1% | - | - | 99.99% | 99.99% | 100% | 100% | - | - | - | - |
| Gross Profit Growth % | - | 100% | -94797.96% | -63.33% | -118.18% | -100.01% | 0% | -0.01% | 900% | - | - | - | - | - |
| Operating Expenses | 7.71M | 27.46M | 11.01M | -22.47M | 22.6M | 17.93M | 13.24M | 8.75M | 8.83M | 12.06M | 7.18M | 4.07M | 5.18M | 1.17M |
| OpEx % of Revenue | - | - | - | -11474.23% | - | - | 1323.9% | 875.2% | 882.6% | 12061% | - | - | - | - |
| Selling, General & Admin | 3.48M | 2.98M | 2.94M | 4.84M | 5.96M | 5.82M | 5.71M | 6.08M | 5.19M | 6.39M | 3M | 1.51M | 1.27M | 1.06M |
| SG&A % of Revenue | - | - | - | 2473.9% | - | - | 570.8% | 607.8% | 518.8% | 6388% | - | - | - | - |
| Research & Development | 4.22M | 3.73M | 7.62M | 17.03M | 16.32M | 11.83M | 7.49M | 2.28M | 5.27M | 4.64M | 4.18M | 2.56M | 3.19M | 109K |
| R&D % of Revenue | - | - | - | 8699.52% | - | - | 748.8% | 227.8% | 526.8% | 4640% | - | - | - | - |
| Other Operating Expenses | 1 | 20.74M | 450K | 393K | 321K | 12K | 293K | 356K | 0 | 1.03M | 0 | 0 | 0 | 0 |
| Operating Income | -7.87M | -27.46M | -11.01M | -22.27M | -22.6M | -17.93M | -13.24M | -7.16M | -7.83M | -11.97M | -7.18M | -4.07M | -5.18M | -2.55M |
| Operating Margin % | - | - | - | -11374.13% | - | - | -1323.9% | -715.6% | -782.6% | -11966% | - | - | - | - |
| Operating Income Growth % | - | -149.5% | 50.59% | 1.47% | -26.03% | -35.46% | -85.01% | 8.56% | 34.6% | -66.59% | -76.53% | 21.46% | -102.94% | - |
| EBITDA | -7.64M | -27.25M | -10.82M | -22.23M | -22.4M | -17.7M | -13M | -6.98M | -7.82M | -11.96M | -7.18M | -4.07M | -5.23M | -1.2M |
| EBITDA Margin % | - | - | - | -11350.64% | - | - | -1300.4% | -697.7% | -781.9% | -11962% | - | - | - | - |
| EBITDA Growth % | 2.29% | -151.92% | 51.32% | 0.79% | -26.54% | -36.13% | -86.38% | 10.77% | 34.63% | -66.58% | -76.52% | 22.23% | -337.01% | - |
| D&A (Non-Cash Add-back) | 224.61K | 203K | 186K | 46K | 201K | 231K | 235K | 179K | 7K | 4K | 2K | 1K | -50K | 0 |
| EBIT | -5.68M | -26.45M | -7.24M | -19.92M | -21.69M | -17.75M | -28.64M | -6.32M | -5.56M | -12.89M | -7.1M | -4.07M | -4.46M | -1.17M |
| Net Interest Income | -592.69K | 188K | -187K | -1.71M | 465K | 108K | 198K | -30K | 84K | 80K | 132K | 91K | 0 | 0 |
| Interest Income | 415.37K | 227K | 260K | 474K | 532K | 320K | 254K | 151K | 93K | 106K | 138K | 94K | 0 | 0 |
| Interest Expense | 1.01M | 39K | 447K | 2.18M | 67K | 212K | 56K | 181K | 9K | 26K | 6K | 3K | 21K | 48K |
| Other Income/Expense | -18.43M | 966K | 3.73M | 2.29M | 843K | 108K | -15.46M | 1.48M | 2.26M | -1.04M | -4.94M | -133K | -71K | -75K |
| Pretax Income | -26.3M | -26.49M | -7.28M | -19.98M | -21.76M | -17.83M | -28.7M | -5.89M | -5.57M | -12.91M | -12.13M | -4.2M | -5.25M | -2.63M |
| Pretax Margin % | - | - | - | -10202.55% | - | - | -2870.1% | -589.3% | -556.9% | -12913% | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 216K | 0 | 0 | 6K | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -3.67% | 0% | 0% | -0.05% | 0% | 0% | 0% |
| Net Income | -26.2M | -26.39M | -7.24M | -19.88K | -21.67M | -18.38M | -28M | -5.85M | -5.2M | -12.18M | -12.13M | -4.2M | -5.25M | -2.63M |
| Net Margin % | - | - | - | -10.15% | - | - | -2799.9% | -585% | -520% | -12177% | - | - | - | - |
| Net Income Growth % | -566.78% | -264.45% | -36318.51% | 99.91% | -17.86% | 34.34% | -378.62% | -12.5% | 57.3% | -0.43% | -188.55% | 19.99% | -99.85% | - |
| Net Income (Continuing) | -26.3M | -26.49M | -7.28M | -19.98M | -21.76M | -17.83M | -28.7M | -5.41M | -5.57M | -12.91M | -12.13M | -4.2M | -5.25M | -2.63M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | -642K | 0 | -485K | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -58K | -55K | 51K | 90K | 187K | 279K | 363K | 438K | 481K | 1.28M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -5637.08 | -11080.00 | -44.20 | -180.00 | -240.00 | -200.00 | -500.00 | -560.00 | -740.00 | -2580.00 | -4220.00 | -8740.00 | -46880.00 | -64060.00 |
| EPS Growth % | -39635.76% | -24967.87% | 75.44% | 25% | -20% | 60% | 10.71% | 24.32% | 71.32% | 38.86% | 51.72% | 81.36% | 26.82% | - |
| EPS (Basic) | - | -11080.00 | -44.20 | -179.60 | -240.00 | -200.00 | -500.00 | -560.00 | -740.00 | -2580.00 | -4220.00 | -8740.00 | -46880.00 | -64060.00 |
| Diluted Shares Outstanding | 4.65K | 2.4K | 163.98K | 110.67K | 90.41K | 87.84K | 57.5K | 9.68K | 7.1K | 4.73K | 2.88K | 481 | 112 | 41 |
| Basic Shares Outstanding | 4.65K | 2.4K | 163.96K | 110.44K | 90.28K | 91.02K | 56.24K | 10.56K | 7.1K | 4.73K | 2.88K | 481 | 112 | 41 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Binary clinical trial failure
As reported in financial statements, Purple Biotech's quarterly R&D expenditures have fluctuated significantly, peaking at $5.2 million in 2023Q4 before moderating to $1.2 million in 2026Q1, reflecting the episodic nature of clinical trial milestones and the associated payments to external research organizations.
The company's cost structure is entirely dictated by the timing of clinical trial phases rather than operational scale. Investors should note that the reduction in R&D spending may reflect trial completion or enrollment pauses rather than improved efficiency, which warrants caution regarding future cash requirements.
Based on the provided income statement data, Purple Biotech's net income figures are frequently impacted by non-operating items, evidenced by the extreme volatility in EPS, which swung from -$9,870.00 in 2025Q4 to -$19.94 in 2026Q1, suggesting significant accounting adjustments unrelated to core operational performance.
The massive variance in quarterly net income appears to be driven by non-cash items such as warrant revaluations rather than underlying business health. Analysts should prioritize monitoring the cash burn rate over GAAP net income to assess the true viability of the firm's current clinical trajectory.
According to recent SEC filings, Purple Biotech continues to operate without revenue, resulting in a persistent negative operating margin that reflects the company's status as a pre-revenue entity where operating expenses consistently outpace the negligible gross profit generated by its limited manufacturing activities.
The lack of revenue generation means that operating leverage cannot be achieved until the company successfully commercializes its pipeline assets. The current structure suggests that any increase in operational activity directly correlates with higher cash outflows, leaving no buffer for administrative or research inefficiencies.
With cash and equivalents reported at approximately $8.7 million, the company faces a precarious financial position, as the historical quarterly operating losses suggest that current liquidity may be insufficient to sustain the firm's R&D ambitions beyond the next several quarters without significant shareholder dilution.
The reliance on equity-based funding to cover ongoing clinical trial costs creates a structural risk of persistent dilution for existing shareholders. If the company fails to secure a strategic partnership or positive clinical data soon, the current cash position may force management into a distressed capital raise.
Quick answers to the most common questions about buying PPBT stock.
For fiscal year 2025, Purple Biotech Ltd. (PPBT) reported total revenue of $0.0M.
Purple Biotech Ltd. (PPBT) reported a net loss of $26.4M for the fiscal year ending 2025.