The company maintains a persistent pre-revenue profile, with R&D expenditures reaching $7.0M in 2025Q4 while generating no sales.
| Metric | 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 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3K | 0 | -82K | 187.34K | 56K | 92K | 64K | 405K | 116K | 99K | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | -100% | - | 100% | -143.77% | 234.53% | -39.13% | 43.75% | -84.2% | 249.14% | 17.17% | - | - | - | - | - | - | - |
| Cost of Goods Sold | 234K | 0 | 0 | 0 | 0 | 0 | 250.04K | 16K | 10.68K | 8.79K | 0 | 0 | 0 | 0 | 0 | 282.05K | 11K | 20K | 24K | 209K | 40K | 45K | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 150.56% | 19.64% | 21.74% | 37.5% | 51.6% | 34.48% | 45.45% | - | - | - | - | - | - |
| Gross Profit | -234K | 0 | 0 | 0 | 0 | 0 | -250.04K | -16K | -10.68K | -8.79K | 0 | 0 | 3K | 0 | -82K | -94.71K | 45K | 72K | 40K | 196K | 76K | 54K | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | 100% | - | 100% | -50.56% | 80.36% | 78.26% | 62.5% | 48.4% | 65.52% | 54.55% | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | 100% | -1462.78% | -49.85% | -21.45% | - | - | -100% | - | 100% | 13.42% | -310.47% | -37.5% | 80% | -79.59% | 157.89% | 40.74% | - | - | - | - | - | - | - |
| Operating Expenses | 21.05M | 15.79M | 22.73M | 17.93M | 36.93M | 38.12M | 9.5M | 9.91M | 8.25M | 7.29M | 8.61M | 2.76M | 286K | 458K | 289K | -3.03M | 790K | 1.59M | 2.33M | 2.5M | 2.24M | 1.52M | 544K | 2.32M | 2.42M | 2.43M | 488K | 199K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | 9533.33% | - | -352.44% | -1617.92% | 1410.71% | 1723.91% | 3634.38% | 616.79% | 1932.76% | 1535.35% | - | - | - | - | - | - |
| Selling, General & Admin | 10.77M | 10.28M | 8.26M | 4.76M | 1.15M | 17.97M | 5.79M | 4.64M | 0 | 4.33M | 2.33M | 1.83M | 286K | 458K | 207K | 0 | 719K | 1.18M | 1.53M | 1.67M | 0 | 0 | 0 | 1.29M | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | 9533.33% | - | -252.44% | - | 1283.93% | 1278.26% | 2384.38% | 412.84% | - | - | - | - | - | - | - | - |
| Research & Development | 10.28M | 5.23M | 10.25M | 15.92M | 17.82M | 8.15M | 3.73M | 5.5M | 4.67M | 2.96M | 6.29M | 794K | 0 | 0 | 0 | 0 | 80K | 412K | 737K | 826K | 745K | 457K | 326K | 580K | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 142.86% | 447.83% | 1151.56% | 203.95% | 642.24% | 461.62% | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 10.56M | 12.48M | 2M | 17.96M | 12M | -17.55K | -228.2K | 3.57M | 0 | 0 | 136.76K | 0 | 0 | 82K | -3.03M | -9K | -2K | 63K | 0 | 1.5M | 1.06M | 218K | 451K | 2.42M | 2.43M | 488K | 199K |
| Operating Income | -21.28M | -15.79M | -22.73M | -17.93M | -36.93M | -38.12M | -9.96M | -9.91M | -8.25M | -7.29M | -8.91M | -2.76M | -254.84K | -458K | -289K | -3.03M | -754K | -1.54M | -2.55M | -2.29M | -2.21M | -1.5M | -1.98M | -2.37M | -2.41M | -2.35M | -554K | -272K |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | -8494.83% | - | 352.44% | -1617.92% | -1346.43% | -1675% | -3982.81% | -564.44% | -1907.76% | -1512.12% | - | - | - | - | - | - |
| Operating Income Growth % | -34.76% | 30.52% | -26.8% | 51.45% | 3.14% | -282.63% | -0.53% | -20.19% | -13.14% | 18.17% | -222.45% | -983.8% | 44.36% | -58.48% | 90.47% | -301.99% | 51.07% | 39.54% | -11.5% | -3.3% | -47.83% | 24.55% | 16.25% | 1.7% | -2.51% | -324.37% | -103.68% | - |
| EBITDA | -21.05M | -15.67M | -22.61M | -17.86M | -36.74M | -38M | -9.71M | -9.89M | -8.23M | -7.28M | -291.94K | -2.65M | -251.84K | -458K | -289K | -2.82M | -516K | -1.24M | -2.49M | -2.15M | -2.18M | -1.48M | -1.95M | -2.35M | -2.39M | -2.33M | -553K | -271K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | -8394.83% | - | 352.44% | -1504.5% | -921.43% | -1348.91% | -3889.67% | -531.6% | -1879.31% | -1491.92% | - | - | - | - | - | - |
| EBITDA Growth % | -34.33% | 30.7% | -26.57% | 51.37% | 3.33% | -291.37% | 1.87% | -20.16% | -13.12% | -2393.66% | 88.96% | -950.39% | 45.01% | -58.48% | 89.75% | -446.22% | 58.42% | 50.15% | -15.62% | 1.24% | -47.6% | 24.33% | 16.87% | 1.76% | -2.75% | -320.61% | -104.06% | - |
| D&A (Non-Cash Add-back) | 234K | 124K | 121.34K | 62.68K | 190.2K | 122.1K | 253.79K | 15.97K | 11K | 8K | 8.61M | 0 | 3K | 0 | 0 | 212.49K | 238K | 300K | 59.61K | 133K | 33K | 20K | 32K | 21K | 20K | 25K | 1K | 1K |
| EBIT | -21.28M | -16.74M | -21.78M | -18.92M | -35.72M | -38.06M | -9.96M | -9.91M | -8.25M | -7.29M | -8.91M | -2.65M | -286K | -458K | -289K | 0 | -754K | -1.51M | -2.58M | -2.29M | -2.21M | -1.5M | -1.98M | -2.37M | -2.41M | -2.35M | -554K | -272K |
| Net Interest Income | 1K | 808K | 1.45M | -8.6K | -237.41K | -424.4K | -92.29K | -12K | -8.74K | -9.89K | -18.61K | -14.35K | 0 | 0 | 0 | -4.94K | -3.97K | 7K | 51K | 28K | 37K | 42K | 2K | 20K | 75K | 0 | 0 | 0 |
| Interest Income | 19K | 814K | 1.46M | 0 | 0 | 10.88K | 1.28K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22 | 45 | 10K | 56K | 36K | 47K | 47K | 10K | 22K | 79K | 157K | 8K | 1K |
| Interest Expense | 18K | 6K | 12.64K | 8.6K | 237.41K | 435.28K | 93.57K | 11.98K | 8.74K | 9.89K | 18.61K | 14.35K | 0 | 0 | 0 | 4.96K | 4K | 3K | 5K | 8K | 10K | 5K | 8K | 2K | 4K | 0 | 0 | 0 |
| Other Income/Expense | 2.85M | -952K | 937.89K | -996.77K | 967.18K | -424.4K | -93.57K | -12.64K | -9K | -9K | -18K | -808K | -17.31K | -195K | 0 | -1.13M | -4K | 31K | -37K | -8K | -10K | -5K | -8K | -2K | -4K | 0 | 0 | 0 |
| Pretax Income | -18.43M | -16.75M | -21.79M | -18.92M | -35.96M | -38.55M | -10.06M | -9.92M | -8.26M | -7.3M | -8.63M | -3.57M | -272.15K | -653K | -289K | -1.13M | -758K | -1.51M | -2.59M | -2.29M | -2.22M | -1.5M | -1.99M | -2.37M | -2.41M | -2.35M | -554K | -272K |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | -9071.83% | - | 352.44% | -604.47% | -1353.57% | -1641.3% | -4040.63% | -566.42% | -1916.38% | -1517.17% | - | - | - | - | - | - |
| Income Tax | 0 | -4.88M | 567.54K | 0 | -4.37M | -3M | -692.16K | -1.94M | -1.49M | -89K | 0 | -60K | -3K | 195K | 489K | 3.03M | -28K | -81K | -169K | -118K | -82K | -114K | -30K | -65K | -89K | -83K | 0 | 0 |
| Effective Tax Rate % | 0% | 29.16% | -2.6% | 0% | 12.15% | 7.79% | 6.88% | 19.58% | 17.99% | 1.22% | 0% | 1.68% | 1.1% | -29.86% | -169.2% | -267.66% | 3.69% | 5.36% | 6.54% | 5.14% | 3.69% | 7.59% | 1.51% | 2.74% | 3.69% | 3.53% | 0% | 0% |
| Net Income | -18.43M | -11.86M | -22.36M | -18.92M | -31.59M | -35.54M | -9.36M | -7.98M | -6.77M | -7.21M | -8.63M | -3.51M | -280K | -848K | -778K | -3.03M | -730K | -1.43M | -2.42M | -2.18M | -2.14M | -1.39M | -1.96M | -2.31M | -2.33M | -2.27M | -554K | -272K |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | -9333.33% | - | 948.78% | -1617.92% | -1303.57% | -1553.26% | -3776.56% | -537.28% | -1845.69% | -1402.02% | - | - | - | - | - | - |
| Net Income Growth % | -55.37% | 46.95% | -18.16% | 40.09% | 11.13% | -279.56% | -17.36% | -17.86% | 6.08% | 16.5% | -145.93% | -1153.57% | 66.98% | -9% | 74.33% | -315.21% | 48.92% | 40.88% | -11.08% | -1.63% | -54.25% | 29.26% | 14.92% | 0.82% | -2.51% | -309.39% | -103.68% | - |
| Net Income (Continuing) | -18.43M | -11.86M | -22.36M | -18.92M | -31.59M | -35.54M | -9.36M | -7.98M | -6.77M | -7.21M | -8.92M | -3.51M | -280K | -848K | -778K | -3.03M | -730K | -1.43M | -2.42M | -2.18M | -2.14M | -1.39M | -1.96M | -2.31M | -2.33M | -2.27M | -554K | -272K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.32 | -0.22 | -0.42 | -0.36 | -0.64 | -0.74 | -0.14 | -0.12 | -0.12 | -0.14 | -0.18 | -0.62 | -0.02 | -0.94 | -1.18 | -8.66 | -7.04 | -43.68 | -136.80 | -171.48 | -262.58 | -250.84 | -419.36 | -1001.74 | -2220.64 | -2769.24 | -667.06 | -316.84 |
| EPS Growth % | -45.45% | 47.62% | -16.67% | 43.75% | 13.51% | -428.57% | -16.67% | 0% | 14.29% | 22.22% | 70.97% | -2440.98% | 97.4% | 20.34% | 86.37% | -23.01% | 83.88% | 68.07% | 20.22% | 34.69% | -4.68% | 40.18% | 58.14% | 54.89% | 19.81% | -315.14% | -110.54% | - |
| EPS (Basic) | -0.32 | -0.22 | -0.42 | -0.36 | -0.64 | -0.74 | -0.14 | -0.12 | -0.12 | -0.14 | -0.18 | -0.62 | -0.02 | -0.94 | -1.18 | -8.66 | -7.04 | -43.68 | -136.80 | -171.48 | -262.58 | -250.84 | -419.36 | -1001.74 | -2220.64 | -2769.24 | -667.06 | -316.84 |
| Diluted Shares Outstanding | 59.14M | 53.34M | 50.76M | 50.76M | 48.97M | 48.65M | 68.24M | 68.24M | 58.49M | 53.2M | 46.8M | 5.72M | 11.43M | 911.35K | 655.76K | 350.3K | 103.6K | 32.71K | 17.67K | 12.69K | 8.15K | 5.53K | 4.68K | 2.3K | 1.05K | 819 | 830 | 858 |
| Basic Shares Outstanding | 59.14M | 53.34M | 50.76M | 50.76M | 48.97M | 48.65M | 68.24M | 68.24M | 58.49M | 53.2M | 46.8M | 5.72M | 11.43M | 911.35K | 655.76K | 350.3K | 103.6K | 32.71K | 17.67K | 12.69K | 8.15K | 5.53K | 4.68K | 2.3K | 1.05K | 819 | 830 | 858 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and dilution
As indicated by the company's historical financial statements, Tiziana Life Sciences has maintained a consistent pre-revenue profile, with zero reported sales across the last ten quarters, underscoring its status as a pure-play research entity entirely dependent on external capital to fund its clinical development pipeline.
The absence of revenue confirms that the company remains in the early stages of its lifecycle, with no commercialized products to offset its ongoing research expenditures. Investors should interpret this as a binary outcome scenario where value creation is tied exclusively to clinical trial milestones rather than operational scaling.
According to recent quarterly filings, the company's R&D expenditure reached $7.0M in 2025Q4, representing the primary driver of the firm's cash burn as it prioritizes the advancement of its intranasal Foralumab platform over other operational activities or administrative overhead expansion.
The fluctuation in R&D spending suggests a variable cost structure tied to the timing of clinical trial phases and patient enrollment cycles. This lack of cost predictability necessitates a cautious approach to modeling future cash requirements, as clinical delays could lead to further spikes in expenditure.
Based on the reported income statement data, Tiziana Life Sciences exhibits no operating leverage, as the company consistently records negative operating income, which reached -$12.3M in 2025Q4, reflecting a business model that is currently structured to consume rather than generate operational cash flow.
The lack of a positive gross margin means that every dollar spent on R&D and SG&A directly increases the net loss, leaving no buffer for operational inefficiencies. This structure implies that the company will remain highly sensitive to capital market conditions until a licensing or partnership event occurs.
As reported in financial filings, the company's cash position of approximately $4M creates a significant overhang, suggesting that the current equity base faces substantial dilution risk as management likely seeks additional financing to sustain its clinical programs beyond the immediate near-term horizon.
The recurring net losses and the absence of revenue suggest that the company's survival is contingent upon frequent capital raises, which may continue to erode shareholder value. Investors should monitor the cash runway closely, as any delay in clinical progress could force the company into unfavorable financing terms.
Quick answers to the most common questions about buying TLSA stock.
For fiscal year 2025, Tiziana Life Sciences Ltd (TLSA) reported total revenue of $0.0M.
Tiziana Life Sciences Ltd (TLSA) reported a net loss of $18.4M for the fiscal year ending 2025.