The company exhibits a complete lack of commercial revenue, with operating losses widening to $8.5 million in 2025Q4 due to non-discretionary R&D spending.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 1.72M | 1.12M | 1.01M | 947K | 411K | 205K | 127K | 108K | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | -1.72M | -1.12M | -1.01M | -947K | -411K | -205K | -127K | -108K | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | 100% | -53.94% | -10.47% | -6.86% | -130.41% | -100.49% | -61.42% | -17.59% | - | - | - |
| Operating Expenses | 32.97M | 28.03M | 22.87M | 37.17M | 42.03M | 25.26M | 17.61M | 18.36M | 13.8M | 10.26M | 8.57M | 3.58M | 1.79M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 9.16M | 5.22M | 6.72M | 10.9M | 12.45M | 9.32M | 3.53M | 5.81M | 4.06M | 2.55M | 2.93M | 938K | 410K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 23.81M | 22.81M | 16.15M | 27.99M | 30.42M | 16.95M | 14.08M | 12.55M | 9.74M | 7.71M | 5.63M | 2.64M | 1.38M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | -1.72M | -848K | -1.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -32.97M | -28.03M | -22.87M | -38.89M | -43.15M | -26.27M | -18.56M | -18.36M | -13.8M | -10.26M | -11.28M | -3.58M | -1.79M |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | -17.62% | -22.57% | 41.2% | 9.87% | -64.22% | -41.55% | -1.07% | -33.07% | -34.52% | 9.02% | -215.06% | -100.28% | - |
| EBITDA | -31.34M | -26.41M | -21.05M | -37.17M | -42.03M | -25.26M | -17.61M | -17.95M | -13.6M | -10.13M | -11.17M | -3.51M | -1.73M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -18.7% | -25.48% | 43.38% | 11.56% | -66.38% | -43.42% | 1.89% | -32.06% | -34.18% | 9.28% | -218.36% | -103.13% | - |
| D&A (Non-Cash Add-back) | 1.62M | 1.62M | 1.82M | 1.72M | 1.12M | 1.01M | 947K | 411K | 205K | 127K | 108K | 71K | 60K |
| EBIT | -33.48M | -27.45M | -22.09M | -38.09M | -42.6M | -36.87M | -6.89M | 5.96M | -54.47M | -11.28M | -8.06M | -3.88M | -1.79M |
| Net Interest Income | -685K | -1.08M | -1.16M | -1.07M | 468K | 457K | 45K | 84K | 74K | -37K | -1.69M | 0 | 0 |
| Interest Income | 0 | 442K | 548K | 267K | 468K | 474K | 60K | 126K | 90K | 71K | 0 | 0 | 0 |
| Interest Expense | 685K | 1.52M | 1.71M | 1.34M | 0 | 17K | 15K | 42K | 16K | 108K | 1.69M | 0 | 0 |
| Other Income/Expense | -1.2M | -951K | -929K | -540K | 544K | -10.6M | 11.65M | 24.28M | -40.69M | -1.13M | -1.18M | -305K | -3K |
| Pretax Income | -34.16M | -28.98M | -23.8M | -39.43M | -42.6M | -36.87M | -6.91M | 5.92M | -54.49M | -11.39M | -9.75M | -3.88M | -1.79M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 5K | 42K | 69K | 129K | 0 | 0 | 0 | 0 | 0 | 0 | -1.53M | 0 | 3K |
| Effective Tax Rate % | -0.01% | -0.14% | -0.29% | -0.33% | 0% | 0% | 0% | 0% | 0% | 0% | 15.68% | 0% | -0.17% |
| Net Income | -34.17M | -29.02M | -23.86M | -39.52M | -40.71M | -35.32M | -6.91M | 5.92M | -54.49M | -11.39M | -8.22M | -3.88M | -1.79M |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -17.73% | -21.61% | 39.62% | 2.92% | -15.26% | -411.57% | -216.7% | 110.86% | -378.3% | -38.59% | -111.64% | -116.98% | - |
| Net Income (Continuing) | -34.17M | -29.02M | -23.86M | -39.56M | -42.6M | -36.87M | -6.91M | 5.92M | -54.49M | -11.39M | -9.75M | -3.88M | -1.79M |
| Discontinued Operations | 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 |
| EPS (Diluted) | -2.09 | -4.91 | -16.99 | -61.20 | -67.80 | -122.10 | 21.44 | 26.70 | -370.58 | -77.48 | -37.62 | -39.58 | -8.08 |
| EPS Growth % | 57.43% | 71.1% | 72.24% | 9.73% | 44.47% | -669.5% | -19.7% | 107.2% | -378.29% | -105.95% | 4.95% | -389.85% | - |
| EPS (Basic) | -2.09 | -4.91 | -16.99 | -61.20 | -67.80 | -4.48 | 21.44 | 26.70 | -370.58 | -77.48 | -37.62 | -39.58 | -8.08 |
| Diluted Shares Outstanding | 16.35M | 5.91M | 1.4M | 1.3M | 1.25M | 1.28M | 886.43K | 886.43K | 588.15K | 588.15K | 874.15K | 392.44K | 886.43K |
| Basic Shares Outstanding | 16.35M | 5.91M | 1.4M | 1.3M | 1.25M | 1.28M | 886.43K | 886.43K | 588.15K | 588.15K | 874.15K | 392.44K | 886.43K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
Binary clinical trial dependency
As reported in recent financial statements, PolyPid's operating expenses are dominated by R&D outlays, which reached $6.2 million in 2025Q4, reflecting the non-discretionary nature of the SHIELD II Phase III clinical trial as the company continues to prioritize its primary asset development over commercial infrastructure.
The cost structure remains entirely focused on clinical execution, with R&D spending consistently outpacing SG&A by a significant margin. This allocation suggests management is maintaining a lean administrative footprint while funneling all available liquidity into the regulatory pathway for D-PLEX100.
Based on the company's reported figures, operating losses have widened to $8.5 million in 2025Q4, indicating that the firm lacks the revenue base to achieve operating leverage and remains entirely dependent on external capital to fund its ongoing research and development activities.
The absence of revenue means that every dollar spent on R&D and SG&A translates directly into a deeper operating deficit. Investors should monitor the efficiency of these expenditures, as the current burn rate appears to be accelerating relative to earlier periods in the 2023 fiscal year.
According to recent SEC filings, the company's net loss of $8.5 million in 2025Q4 highlights a persistent lack of earnings quality, as the firm continues to operate without a commercial revenue stream while facing significant pressure from its ongoing clinical trial funding requirements.
The reported net losses are essentially a direct reflection of the cash burn required to sustain the SHIELD II trial. Because there are no operating margins or revenue to analyze, the quality of earnings is currently non-existent, leaving investors to focus solely on the cash runway and clinical milestones.
As indicated by the reported $6.4 million in cash and equivalents, the company faces a precarious liquidity position that warrants further investigation into its ability to fund operations through the next major data readout without resorting to highly dilutive equity financing measures.
Short-term liquidity constraints represent the most immediate threat to the company's survival, potentially forcing management to compromise on long-term value to secure immediate capital. The reliance on a single clinical trial outcome creates a binary risk profile that may not be fully captured by traditional income statement metrics.
Quick answers to the most common questions about buying PYPD stock.
For fiscal year 2025, PolyPid Ltd. (PYPD) reported total revenue of $0.0M.
PolyPid Ltd. (PYPD) reported a net loss of $34.2M for the fiscal year ending 2025.