The company continues to operate with deep losses, evidenced by a 2025Q2 operating deficit of $13.1 million and a lack of consistent revenue scale.
| 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 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 | Dec'95 | Dec'94 |
|---|
| Sales/Revenue | 300K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.16M | 103.09K | 0 | 0 | 0 | 0 | 10K | 874.1K | 506.57K | 399.38K | 400K | 500K | 500K | 100K | 100K |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -100% | 2969.69% | - | - | - | - | -100% | -98.86% | 72.55% | 26.84% | -0.16% | -20% | 0% | 400% | 0% | 0% |
| Cost of Goods Sold | 24K | 108K | 0 | 0 | 0 | 0 | 0 | 0 | 272K | 245K | 157K | 72K | 0 | 0 | 0 | 0 | 467.62K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 118.78K | 86.34K | 100K | 100K | 100K | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 14.78% | - | - | - | - | - | - | - | 23.45% | 21.62% | 25% | 20% | 20% | - | - |
| Gross Profit | 276K | -108K | 0 | 0 | 0 | 0 | 0 | 0 | -272K | -245K | -157K | -72K | 0 | 0 | 0 | 0 | 2.7M | 103.09K | 0 | 0 | 0 | 0 | 10K | 874.1K | 387.8K | 313.04K | 300K | 400K | 400K | 100K | 100K |
| Gross Margin % | 92% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 85.22% | 100% | - | - | - | - | 100% | 100% | 76.55% | 78.38% | 75% | 80% | 80% | 100% | 100% |
| Gross Profit Growth % | - | - | - | - | - | - | - | 100% | -11.02% | -56.05% | -118.06% | - | - | - | - | -100% | 2516.08% | - | - | - | - | -100% | -98.86% | 125.4% | 23.88% | 4.35% | -25% | 0% | 300% | 0% | - |
| Operating Expenses | 22.01M | 14.91M | 26.35M | 21.43M | 21.58M | 14.27M | 10.16M | 15.66M | 17.57M | 26.25M | 39.25M | 40.98M | 20.5M | 12.34M | 17.3M | 5.93M | 4.28M | 3.78M | 7.32M | 10.14M | 4.1M | 1.32M | 8.26M | 10.68M | 6.68M | 5.79M | 5.5M | 10.1M | 7.8M | 7.4M | 6.4M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 135.28% | 3671.17% | - | - | - | - | 82587.81% | 1222.05% | 1319.41% | 1448.56% | 1375% | 2020% | 1560% | 7400% | 6400% |
| Selling, General & Admin | 16.07M | 15.45M | 7.4M | 7.78M | 7.57M | 6.47M | 5.03M | 4.58M | 5.73M | 7.47M | 10.14M | 8.07M | 6.01M | 5.83M | 5.01M | 2.59M | 2.7M | 2.58M | 2.68M | 3.81M | 1.44M | 285.7K | 4.48M | 4.55M | 2.82M | 2.28M | 3M | 4.6M | 7.7M | 3M | 6.4M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 85.35% | 2503.31% | - | - | - | - | 44822.18% | 520.73% | 556.2% | 570.17% | 750% | 920% | 1540% | 3000% | 6400% |
| Research & Development | 5.99M | 8.6M | 12.03M | 14.31M | 11.72M | 7.8M | 5.13M | 11.08M | 11.84M | 18.78M | 29.11M | 32.91M | 14.49M | 6.51M | 12.29M | 3.34M | 1.58M | 1.2M | 4.64M | 6.33M | 2.67M | 946.07K | 3.62M | 6M | 3.75M | 3.42M | 2.4M | 5.4M | 0 | 4.4M | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 49.93% | 1167.86% | - | - | - | - | 36224.35% | 686.39% | 739.76% | 856.77% | 600% | 1080% | - | 4400% | - |
| Other Operating Expenses | -51K | -9.14M | 6.92M | -660K | 2.29M | 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 |
| Operating Income | -21.73M | -15.02M | -26.35M | -21.43M | -21.58M | -14.27M | -10.16M | -15.66M | -17.57M | -26.25M | -39.25M | -40.98M | -20.5M | -12.34M | -17.3M | -5.93M | -1.58M | -3.68M | -7.32M | -10.14M | -4.12M | -1.36M | -8.09M | -9.68M | -6.3M | 9.7M | 8.2M | -9.6M | -7.3M | -7.3M | -6.4M |
| Operating Margin % | -7245% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -50.05% | -3571.17% | - | - | - | - | -80946.53% | -1107.12% | -1243.26% | 2428.9% | 2050% | -1920% | -1460% | -7300% | -6400% |
| Operating Income Growth % | - | 42.99% | -22.93% | 0.7% | -51.19% | -40.49% | 35.13% | 10.86% | 33.07% | 33.12% | 4.22% | -99.88% | -66.16% | 28.67% | -191.82% | -274.25% | 56.98% | 49.7% | 27.81% | -146.25% | -203.46% | 83.24% | 16.35% | -53.66% | -164.92% | 18.3% | 185.42% | -31.51% | 0% | -14.06% | -88.24% |
| EBITDA | -21.63M | -14.91M | -26.21M | -21.3M | -21.5M | -14.19M | -9.96M | -15.42M | -17.3M | -26.01M | -39.09M | -40.91M | -20.48M | -12.3M | -17.24M | -5.73M | -1.23M | -3.3M | -6.91M | -9.94M | -4.09M | -1.35M | -8.25M | -9.81M | -6.42M | 9.61M | 8.1M | -9.7M | -7.4M | -7.3M | -6.3M |
| EBITDA Margin % | -7209.67% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -38.72% | -3200.53% | - | - | - | - | -82487.81% | -1122.05% | -1266.71% | 2407.29% | 2025% | -1940% | -1480% | -7300% | -6300% |
| EBITDA Growth % | 13.7% | 43.1% | -23.07% | 0.93% | -51.52% | -42.45% | 35.43% | 10.84% | 33.48% | 33.48% | 4.43% | -99.73% | -66.57% | 28.66% | -200.96% | -367.42% | 62.86% | 52.28% | 30.43% | -143.21% | -201.7% | 83.58% | 15.9% | -52.85% | -166.74% | 18.69% | 183.51% | -31.08% | -1.37% | -15.87% | -80% |
| D&A (Non-Cash Add-back) | 106K | 108K | 137K | 135K | 85K | 87K | 201K | 240K | 272K | 245K | 157K | 72K | 20K | 43K | 63K | 201K | 358.71K | 382.09K | 404.62K | 199.63K | 30.68K | 2.26K | -154.13K | -130.55K | -118.78K | -86.34K | -100K | -100K | -100K | 0 | 0 |
| EBIT | -21.66M | -15.02M | -19.43M | -22.09M | -19.29M | -14.27M | -10.16M | -15.66M | -17.57M | -26.25M | -39.25M | -40.98M | -20.5M | -12.32M | -17.28M | -7.63M | -1.08M | -3.72M | -7.19M | -9.84M | -4.1M | -20.5K | -8.25M | -9.81M | -6.3M | -5.47M | -5.25M | -8M | -7.4M | -7.3M | -6.3M |
| Net Interest Income | 273K | 287K | 697K | 1.44M | 512K | 6K | 44K | 283K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10.11K | -6.91K | 114.41K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 273K | 287K | 697K | 1.44M | 512K | 6K | 44K | 283K | 67K | 21K | 37K | 6K | 3K | 33K | 33K | 14K | 0 | 2.96K | 128.24K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.11K | 9.88K | 13.83K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 276K | -8.72M | 693K | 1.44M | 471K | 6K | 44K | 283K | 4.15M | 10.76M | 11.45M | -3.81M | 718K | 21K | 15K | -1.7M | -127.21K | -43.01K | -357 | 245.88K | -12.5K | 1.34M | 0 | 79.71K | 237.55K | 172.68K | 250K | -1.5M | 100K | 7.3M | 0 |
| Pretax Income | -21.46M | -23.74M | -25.65M | -19.99M | -21.11M | -14.27M | -10.12M | -15.38M | -13.42M | -15.49M | -27.8M | -44.78M | -19.78M | -12.32M | -17.28M | -7.63M | -1.71M | -3.72M | -7.32M | 0 | -4.13M | -1.39M | 0 | -9.6M | -6.06M | -5.3M | -5M | -9.5M | -7.2M | 0 | -6.3M |
| Pretax Margin % | -7153% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -54.07% | -3612.89% | - | - | - | - | - | -1098% | -1195.96% | -1326.94% | -1250% | -1900% | -1440% | - | -6300% |
| Income Tax | 0 | 1.51M | 0 | -1.64M | -1.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -22K | 0 | 0 | 10.11K | 49.92K | -114.05K | -245.88K | -5.48K | 36.63K | 677.06K | -67.57K | -295.25K | 12.09M | 13.6M | 0 | -200K | 7.4M | 0 |
| Effective Tax Rate % | 0% | -6.36% | 0% | 8.2% | 6.75% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.18% | 0% | 0% | -0.59% | -1.34% | 1.56% | - | 0.13% | -2.63% | - | 0.7% | 4.87% | -228.05% | -272% | 0% | 2.78% | - | 0% |
| Net Income | -21.46M | -25.25M | -25.65M | -18.35M | -19.68M | -14.27M | -10.04M | -15.3M | -13.37M | -15.17M | -27.25M | -43.74M | -19.78M | -12.32M | -17.07M | -8.15M | -1.71M | -3.73M | -7.21M | -9.89M | -4.1M | -1.36M | -8.62M | -9.48M | -5.76M | -17.38M | -18.6M | -9.5M | -7M | -7.4M | -6.3M |
| Net Margin % | -7153% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -54.07% | -3619.6% | - | - | - | - | -86175.82% | -1084.45% | -1137.68% | -4352.97% | -4650% | -1900% | -1400% | -7400% | -6300% |
| Net Income Growth % | 13.52% | 1.57% | -39.81% | 6.79% | -37.98% | -42.06% | 34.37% | -14.48% | 11.91% | 44.33% | 37.68% | -121.07% | -60.62% | 27.84% | -109.45% | -376.23% | 54.14% | 48.21% | 27.16% | -141.33% | -202.33% | 84.27% | 9.09% | -64.48% | 66.85% | 6.53% | -95.79% | -35.71% | 5.41% | -17.46% | -61.54% |
| Net Income (Continuing) | -21.46M | -25.25M | -25.65M | -18.35M | -19.68M | -14.27M | -10.12M | -15.38M | -13.42M | -15.49M | -27.8M | -44.78M | -19.78M | -12.32M | -17.28M | -7.63M | -1.71M | -3.73M | -7.21M | -9.89M | -4.1M | -20.5K | -8.62M | -9.48M | -5.76M | -17.38M | -18.6M | -9.5M | -7M | -7.4M | -6.3M |
| 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 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | -2.77M | -2.88M | -2.91M | -1.91M | -1.6M | -1.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.52 | -2.08 | -19.03 | -28.48 | -32.66 | -1.90 | -6.60 | -9.14 | -21.45 | -42.70 | -101.17 | -189.68 | -111.78 | -94.40 | -171.19 | -102.93 | -26.75 | -61.26 | -122.12 | -196.76 | -442.24 | -982.49 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EPS Growth % | 87.77% | 89.07% | 33.18% | 12.8% | -1618.95% | 71.21% | 27.79% | 57.39% | 49.77% | 57.79% | 46.66% | -69.69% | -18.41% | 44.86% | -66.32% | -284.79% | 56.33% | 49.84% | 37.93% | 55.51% | 54.99% | - | - | - | - | - | - | - | - | - | - |
| EPS (Basic) | - | -2.08 | -19.03 | -28.49 | -32.66 | -1.90 | -6.60 | -9.14 | -21.45 | -42.70 | -101.17 | -189.68 | -111.78 | -94.40 | -171.19 | -102.93 | -26.75 | -61.26 | -122.12 | -196.76 | -442.24 | -982.49 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Diluted Shares Outstanding | 41.07M | 12.14M | 1.35M | 644.28K | 613.09K | 12.19M | 1.9M | 1.64M | 623.24K | 355.33K | 269.4K | 230.58K | 176.98K | 130.48K | 99.7K | 79.17K | 63.98K | 60.91K | 59K | 50.28K | 9.27K | 1.38K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Basic Shares Outstanding | 41.07M | 12.14M | 1.35M | 644K | 613.09K | 12.19M | 1.9M | 1.64M | 623.24K | 355.33K | 269.4K | 230.58K | 176.98K | 130.48K | 99.7K | 79.17K | 63.98K | 60.91K | 59K | 50.28K | 9.27K | 1.38K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and dilution risk
As indicated by the most recent quarterly data, Theriva recorded $300,000 in revenue during 2026Q1, marking a rare departure from the company's historical pattern of zero-revenue quarters, though this figure does not yet represent a sustainable or recurring commercial trajectory for the clinical-stage biotechnology firm.
The emergence of revenue in 2026Q1 appears to be an isolated event rather than a shift toward consistent commercialization. Investors should monitor whether this inflow stems from a one-time milestone or a repeatable licensing arrangement, as the company remains fundamentally reliant on capital markets to fund its pipeline.
Based on reported financial statements, Theriva's cost structure is dominated by research and development expenditures, which reached a peak of $4.2 million in 2023Q4, reflecting the heavy capital requirements necessary to advance its dual-platform pipeline of microbiome and oncolytic virus assets through clinical trials.
The company's expense discipline is constrained by the non-discretionary nature of clinical trial execution and contract manufacturing fees. The volatility in quarterly R&D spending suggests that management is forced to throttle development activities based on the availability of cash, which may introduce delays in critical data readouts.
According to historical income statement data, Theriva consistently reports significant operating losses, with a quarterly deficit reaching $13.1 million in 2025Q2, demonstrating that the firm has yet to achieve the operational scale required to offset its substantial fixed overhead and specialized research-related expenses.
The lack of operating leverage is a hallmark of the current development phase, where SG&A and R&D costs scale independently of revenue. Until the company secures a transformative partnership or commercializes an asset, the operating margin will likely remain a function of cash availability rather than operational efficiency.
As evidenced by the company's limited cash reserves of approximately $13.06 million, Theriva faces a precarious financial position that may necessitate further dilutive equity offerings, a trend that has historically pressured shareholder value and complicates the long-term viability of its multi-asset clinical development strategy.
Short-term liquidity risks appear to be the primary challenge, as the current burn rate may outpace the company's ability to reach meaningful clinical milestones. Investors should remain cautious regarding the potential for future reverse stock splits or dilutive financing rounds, which may be required to maintain exchange listing compliance.
Quick answers to the most common questions about buying TOVX stock.
For fiscal year 2025, Theriva Biologics, Inc. (TOVX) reported total revenue of $0.0M. This represents a 100.0% decline compared to $0.1M in 1994.
Theriva Biologics, Inc. (TOVX) reported a net loss of $25.2M for the fiscal year ending 2025.