Adlai Nortye Ltd.
ANLHealthcare|Biotechnology|SG
$10.28
+0.60 (+6.20%)
DCF Value
$0.48
Tangible Book / Share
$13.49
Cash / Share
$14.56
Financials
Financial Snapshot
Market Cap
$545.7M
Enterprise Value
$439.8M
Revenue (TTM)
$19.7M
Net Income (TTM)
-$22.5M
Cash & Investments
$232.8M
Net Cash
$206.1M
Free Cash Flow (TTM)
-$58.3M
Operating CF (TTM)
-$58.0M
Debt/Equity
0.12
Cash Runway & Burn Rate
Cash on Hand
$232.8M
Quarterly Burn
$14.5M
Monthly Burn
$4.8M
Est. Runway
~16.1 quarters
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $6.0M | $24.5M | $117.9M | $64.0M | $98.5M | $60.9M | $23.8M | $232.8M | |
| Operating Cash Flow | -$14.9M | -$34.6M | -$3.0M | -$43.2M | -$56.7M | -$51.8M | -$33.5M | -$58.0M | |
| Free Cash Flow | -$15.1M | -$36.2M | -$4.2M | -$44.5M | -$56.9M | -$52.0M | -$33.7M | -$58.3M | |
| Capital Expenditure | -$185.0K | -$1.6M | -$1.1M | -$1.3M | -$200.0K | -$170.0K | -$187.5K | -$280.5K | |
| Financing Cash Flow | $16.2M | $53.9M | $97.2M | -$6.8M | $116.2M | -$6.6M | -$3.8M | $209.1M |
R&D Spending
R&D (TTM)
$32.2M
R&D Intensity
163.7%
R&D Growth vs Prior
-1.9%
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $45.7M | $0.00 | $0.00 | $0.00 | $5.0M | $19.7M | |
| R&D Expense | $13.3M | $19.0M | $42.1M | $54.5M | $58.2M | $44.9M | $32.8M | $32.2M | |
| R&D % of Revenue | — | — | 92.1% | — | — | — | 656.7% | 163.7% | |
| SG&A | $4.3M | $5.6M | $12.4M | $12.4M | $14.8M | $9.4M | $7.8M | $10.0M |
Income Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $45.7M | $0.00 | $0.00 | $0.00 | $5.0M | $19.7M | |
| Cost of Revenue | $1.5M | $1.5M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | -$1.5M | -$1.5M | $45.7M | $0.00 | $0.00 | $0.00 | $5.0M | $19.7M | |
| R&D | $13.3M | $19.0M | $42.1M | $54.5M | $58.2M | $44.9M | $32.8M | $32.2M | |
| SG&A | $4.3M | $5.6M | $12.4M | $12.4M | $14.8M | $9.4M | $7.8M | $10.0M | |
| Operating Income | -$19.1M | -$26.1M | -$8.6M | -$67.3M | -$72.6M | -$52.9M | -$35.7M | -$22.3M | |
| Interest Expense | $466.1K | $1.7M | $1.3M | $433.0K | $791.0K | $1.9M | $1.5M | $1.3M | |
| Pretax Income | -$17.8M | -$63.4M | -$56.7M | -$58.8M | -$109.2M | -$51.9M | -$35.5M | -$22.5M | |
| Net Income | -$17.8M | -$63.4M | -$56.7M | -$58.8M | -$109.2M | -$51.9M | -$35.5M | -$22.5M | |
| EPS (Diluted) | -2.10 | -7.62 | -4.62 | -4.77 | -15.42 | -4.89 | -3.33 | -1.96 | |
| EBITDA | -$15.9M | -$60.0M | -$53.5M | -$56.3M | -$106.2M | -$48.1M | -$32.6M | -$21.0M | |
| Shares Out. (M) | 8.48 | 8.48 | 12.30 | 12.30 | 6.80 | 10.64 | 10.66 | 15.92 |
Balance Sheet
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $6.0M | $24.2M | $64.1M | $42.8M | $91.5M | $60.9M | $23.8M | $132.6M | |
| Short-Term Investments | $0.00 | $241.0K | $53.8M | $21.3M | $7.0M | $7.0K | $0.00 | $99.3M | |
| Total Current Assets | $6.4M | $28.6M | $124.5M | $66.3M | $101.2M | $64.1M | $26.9M | $240.9M | |
| Total Assets | $10.8M | $36.7M | $131.7M | $72.6M | $130.2M | $71.3M | $34.4M | $248.4M | |
| Total Current Liabilities | $20.3M | $88.0M | $17.5M | $312.7M | $49.7M | $45.4M | $41.6M | $25.2M | |
| Long-Term Debt | $634.3K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $7.3M | |
| Total Liabilities | $80.2M | $168.3M | $317.1M | $313.9M | $55.1M | $45.8M | $42.8M | $33.5M | |
| Stockholders' Equity | -$69.4M | -$131.6M | -$185.4M | -$241.3M | $75.0M | $25.5M | -$8.3M | $214.8M | |
| Retained Earnings | -$86.6M | -$159.2M | -$209.4M | -$268.2M | -$377.4M | -$429.3M | -$464.8M | -$470.2M |
Cash Flow Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$14.9M | -$34.6M | -$3.0M | -$43.2M | -$56.7M | -$51.8M | -$33.5M | -$58.0M | |
| Capital Expenditure | -$185.0K | -$1.6M | -$1.1M | -$1.3M | -$200.0K | -$170.0K | -$187.5K | -$280.5K | |
| Free Cash Flow | -$15.1M | -$36.2M | -$4.2M | -$44.5M | -$56.9M | -$52.0M | -$33.7M | -$58.3M | |
| Investing Cash Flow | -$184.5K | -$1.6M | -$54.9M | $28.4M | -$11.0M | $28.1M | -$15.6M | -$98.0M | |
| Financing Cash Flow | $16.2M | $53.9M | $97.2M | -$6.8M | $116.2M | -$6.6M | -$3.8M | $209.1M | |
| Issuance of Stock | $0.00 | -$1.2M | $97.4M | $0.00 | $91.8M | $152.1K | $0.00 | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | -$2.6M | $1.0M | -$6.5M | $25.1M | -$4.9M | -$2.0M | -$2.6M | |
| Stock Based Comp. | $0.00 | $2.3M | $3.4M | $6.1M | $4.3M | $2.5M | $0.00 | $2.3M | |
| Net Change in Cash | $1.1M | $18.2M | $39.9M | -$21.4M | $48.7M | -$30.6M | -$37.1M | -$52.8M |
Dilution Tracker
Shares outstanding grew 25.7% over 5 years — significant dilution
Shares Outstanding
53M
5-Year Share Growth
+25.7%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 8.48 | 8.48 | 12.30 | 12.30 | 6.80 | 10.64 | 10.66 | 15.92 | |
| Change vs Prior % | — | 0.0% | 45.0% | 0.0% | -44.7% | 56.4% | 0.2% | 49.4% | |
| Stock Issuance | $0.00 | -$1.2M | $97.4M | $0.00 | $91.8M | $152.1K | $0.00 | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $2.3M | $3.4M | $6.1M | $4.3M | $2.5M | $0.00 | $2.3M |
Margins & Profitability
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | 100.0% | — | — | — | 100.0% | 100.0% | |
| Operating Margin % | — | — | -18.9% | — | — | — | -714.0% | -113.3% | |
| Net Margin % | — | — | -124.0% | — | — | — | -710.6% | -114.5% | |
| EBITDA Margin % | — | — | -117.0% | — | — | — | -652.5% | -106.8% | |
| FCF Margin % | — | — | -9.1% | — | — | — | -674.5% | -296.0% | |
| ROE % | 25.7% | 48.2% | 30.6% | 24.4% | -145.5% | -203.5% | 426.9% | -21.8% | |
| ROA % | -165.0% | -172.5% | -43.0% | -81.0% | -83.9% | -72.8% | -103.2% | -9.1% | |
| ROIC % | -1366.9% | 61.9% | -6.9% | 28.7% | -65.0% | -100.4% | -197.7% | -9.2% | |
| R&D / Revenue % | — | — | 92.1% | — | — | — | 656.7% | 163.7% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | -100.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | 0.0% | -1.9% | 3131.2% | -100.0% | 0.0% | 0.0% | 0.0% | |
| Operating Income | 0.0% | -36.5% | 66.9% | -678.0% | -7.9% | 27.0% | 32.6% | |
| Net Income | 0.0% | -255.5% | 10.6% | -3.7% | -85.8% | 52.5% | 31.5% | |
| EPS (Diluted) | 0.0% | -262.9% | 39.4% | -3.2% | -223.3% | 68.3% | 31.9% | |
| Operating Cash Flow | 0.0% | -131.8% | 91.2% | -1324.6% | -31.1% | 8.5% | 35.3% | |
| Free Cash Flow | 0.0% | -139.7% | 88.5% | -971.0% | -27.8% | 8.6% | 35.1% | |
| R&D Expense | 0.0% | 42.7% | 121.2% | 29.4% | 6.7% | -22.8% | -26.9% | |
| SG&A Expense | 0.0% | 29.4% | 124.1% | -0.2% | 19.3% | -36.3% | -17.6% | |
| Total Assets | 0.0% | 240.1% | 258.4% | -44.9% | 79.3% | -45.3% | -51.7% | |
| Book Value / Share | 0.0% | -89.6% | 2.8% | -30.1% | 156.2% | -78.3% | -132.6% | |
| Debt | 0.0% | -8.1% | 21.5% | -51.0% | 382.1% | -13.7% | -3.1% | |
| Diluted Shares | 0.0% | 0.0% | 45.0% | 0.0% | -44.7% | 56.4% | 0.2% |
Valuation
P/E (TTM)At Loss
P/S27.73
P/B0.76
EV/EBITDAAt Loss
EV/Revenue22.35
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.48
Tangible Book / Share
$13.49
Net Current Assets / Share
$3.91
Graham Net-Net
$12.47
Cash / Share
$14.56
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -7.14 | -1.97 | -3.25 | -3.14 | -0.58 | -0.55 | -0.43 | -5.26 | |
| P/S Ratio | 0.00 | 0.00 | 4.03 | 0.00 | 0.00 | 0.00 | 3.03 | 27.73 | |
| P/B Ratio | -1.83 | -0.97 | -1.00 | -0.76 | 0.82 | 1.12 | -1.82 | 0.76 | |
| EV/EBITDA | -8.38 | -1.90 | -2.50 | -2.63 | -0.01 | 0.11 | -0.54 | -20.93 | |
| EV/Revenue | 0.00 | 0.00 | 2.92 | 0.00 | 0.00 | 0.00 | 3.54 | 22.35 |
Analyst Estimates & Quality
Altman Z-Score
7.94
Safe
Piotroski F-Score
3
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $17.2M | $7.6M | $13.0M |
| Net Income | -$2.0M | -$3.1M | -$4.0M |
| EPS | $-0.18 | $-0.29 | $-0.37 |
| # Analysts (EPS) | 5 | 5 | 2 |