The company remains pre-revenue with operating losses widening significantly from $22.3 million in 2023Q4 to $57.3 million in 2026Q1, reflecting the heavy burden of specialized research costs.
| Sales/Revenue | 0 | 0 | 0 | 0 | 8.09M | 13.62M | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | -100% | -40.57% | - | - | - | - | - | - | - |
| Cost of Goods Sold | 781K | 1.64M | 2.46M | 2.58M | 0 | 0 | 3.92M | 2.82M | 1.57M | 0 | 56K | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -781K | -1.64M | -2.46M | -2.58M | 8.09M | 13.62M | -3.92M | -2.82M | -1.57M | -448K | -56K | 0 |
| Gross Margin % | - | - | - | - | 100% | 100% | - | - | - | - | - | - |
| Gross Profit Growth % | - | 33.36% | 4.88% | -131.89% | -40.57% | 447.27% | -38.88% | -80.33% | -249.55% | -700% | - | - |
| Operating Expenses | 195.68M | 177.57M | 127.27M | 101.73M | 114.55M | 85.87M | 82.54M | 119.32M | 75.69M | 54.86M | 25.58M | 6.56M |
| OpEx % of Revenue | - | - | - | - | 1415.2% | 630.5% | - | - | - | - | - | - |
| Selling, General & Admin | 40.91M | 38.88M | 33.3M | 27.75M | 28.95M | 27.14M | 21.58M | 24.58M | 17.72M | 14.95M | 5.46M | 2.37M |
| SG&A % of Revenue | - | - | - | - | 357.65% | 199.23% | - | - | - | - | - | - |
| Research & Development | 155.55M | 140.32M | 96.43M | 76.56M | 78.42M | 58.74M | 64.88M | 94.74M | 57.97M | 39.91M | 20.12M | 4.19M |
| R&D % of Revenue | - | - | - | - | 968.87% | 431.27% | - | - | - | - | - | - |
| Other Operating Expenses | -781K | -1.64M | -2.46M | -2.58M | 7.18M | 0 | -3.92M | 0 | 270K | 0 | 0 | 0 |
| Operating Income | -196.46M | -179.21M | -129.73M | -104.31M | -106.45M | -72.25M | -86.46M | -119.32M | -75.69M | -54.86M | -25.58M | -6.56M |
| Operating Margin % | - | - | - | - | -1315.2% | -530.5% | - | - | - | - | - | - |
| Operating Income Growth % | - | -38.14% | -24.36% | 2.01% | -47.33% | 16.43% | 27.54% | -57.65% | -37.97% | -114.49% | -289.64% | - |
| EBITDA | -194.84M | -177.57M | -127.27M | -101.73M | -104.04M | -69.29M | -82.54M | -116.49M | -74.12M | -54.41M | -25.52M | 0 |
| EBITDA Margin % | - | - | - | - | -1285.45% | -508.74% | - | - | - | - | - | - |
| EBITDA Growth % | -38.79% | -39.52% | -25.1% | 2.22% | -50.16% | 16.05% | 29.15% | -57.17% | -36.23% | -113.2% | - | - |
| D&A (Non-Cash Add-back) | 1.62M | 1.64M | 2.46M | 2.58M | 2.41M | 2.96M | 3.92M | 2.82M | 1.57M | 448K | 56K | 6.56M |
| EBIT | -191.91M | -179.21M | -124.36M | -96.02M | -99.27M | -72.25M | -88.29M | -119.32M | -74.8M | -54.86M | -25.58M | -6.66M |
| Net Interest Income | 9.6M | 9.9M | 9.13M | 7.14M | 2.62M | 64K | 115K | 1.58M | 0 | 0 | 0 | 0 |
| Interest Income | 9.66M | 9.9M | 9.47M | 7.14M | 2.62M | 64K | 115K | 1.58M | 619K | 219K | 369K | 3K |
| Interest Expense | 60K | 0 | 340K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 4.68M | 4.88M | 5.03M | 8.3M | 20.47M | 66K | -1.83M | 2.1M | 889K | 1.68M | 1.8M | -100K |
| Pretax Income | -191.78M | -174.32M | -124.7M | -96.02M | -85.98M | -72.19M | -88.29M | -117.22M | -74.8M | -53.18M | -23.77M | -6.66M |
| Pretax Margin % | - | - | - | - | -1062.28% | -530.01% | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -191.78M | -174.32M | -124.7M | -96.02M | -85.98M | -72.19M | -88.29M | -117.22M | -74.8M | -52.12M | -21.54M | -6.38M |
| Net Margin % | - | - | - | - | -1062.28% | -530.01% | - | - | - | - | - | - |
| Net Income Growth % | -37.3% | -39.8% | -29.87% | -11.67% | -19.11% | 18.24% | 24.68% | -56.72% | -43.52% | -141.97% | -237.76% | - |
| Net Income (Continuing) | -191.78M | -174.32M | -124.7M | -96.02M | -85.98M | -72.19M | -88.29M | -117.22M | -74.8M | -53.18M | -23.77M | -6.66M |
| 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 | 46.47M | 47.59M |
| EPS (Diluted) | -1.75 | -1.99 | -3.06 | -4.83 | -10.10 | -10.14 | -25.50 | -43.05 | -33.73 | -24.26 | -16.80 | -4.97 |
| EPS Growth % | 30.11% | 34.97% | 36.65% | 52.18% | 0.39% | 60.24% | 40.77% | -27.63% | -39.04% | -44.4% | -238.03% | - |
| EPS (Basic) | - | -1.99 | -3.06 | -4.83 | -10.10 | -10.14 | -25.50 | -43.05 | -33.73 | -24.26 | -16.80 | -4.97 |
| Diluted Shares Outstanding | 109.81M | 87.5M | 40.82M | 19.88M | 8.51M | 7.12M | 3.46M | 2.69M | 2.22M | 2.15M | 1.28M | 1.28M |
| Basic Shares Outstanding | 109.81M | 87.5M | 40.82M | 19.88M | 8.51M | 7.12M | 3.46M | 2.69M | 2.22M | 2.15M | 1.28M | 1.28M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical Trial Funding Gap
As indicated by the company's financial disclosures, R&D expenses have surged from $15.5 million in 2023Q4 to $46.1 million by 2026Q1, reflecting the intensive capital requirements necessary to advance the SGT-003 clinical program through increasingly complex manufacturing and testing phases.
The consistent upward trajectory in R&D spending suggests that the firm is prioritizing clinical velocity over near-term expense management. This cost structure appears highly sensitive to CMC requirements, implying that any further clinical delays could lead to inefficient capital allocation and accelerated depletion of existing liquidity.
Based on reported income statements, operating losses have widened significantly from $22.3 million in 2023Q4 to $57.3 million in 2026Q1, demonstrating that the company lacks the commercial scale required to offset its substantial fixed operating overhead and specialized research costs.
The lack of revenue generation means that operating leverage is currently non-existent, as every incremental dollar spent on R&D directly expands the operating loss. Investors should monitor whether the current SG&A run rate of approximately $11 million per quarter can be maintained as the company approaches potential commercialization milestones.
According to recent SEC filings, the company consistently records stock-based compensation, with $5.2 million reported in 2026Q1 alone, which serves to dilute existing shareholders while failing to mitigate the underlying cash burn inherent in the firm's pre-revenue operating model.
The reliance on equity-based incentives appears to be a mechanism for preserving cash, yet it complicates the assessment of true operational costs. Analysts should adjust net loss figures to account for these non-cash charges to better understand the actual rate at which the company is consuming its capital reserves.
Financial data suggests that with quarterly operating losses reaching $57.3 million, the company's reported cash position of $59.9 million appears insufficient to sustain operations beyond the immediate term, raising significant concerns regarding the necessity of dilutive financing to support ongoing clinical development.
The absence of recurring revenue streams leaves the company entirely dependent on external capital markets, which may be unreceptive given the competitive pressure from established DMD therapies. This vulnerability warrants further investigation into the company's ability to secure non-dilutive funding or strategic partnerships before the current runway is exhausted.
Quick answers to the most common questions about buying SLDB stock.
For fiscal year 2025, Solid Biosciences Inc. (SLDB) reported total revenue of $0.0M.
Solid Biosciences Inc. (SLDB) reported a net loss of $174.3M for the fiscal year ending 2025.