Clene Inc.
CLNNHealthcare|Biotechnology|US
$3.95
-0.02 (-0.50%)
Cash / Share
$0.76
Financials
Financial Snapshot
Market Cap
$56.1M
Enterprise Value
$68.9M
Revenue (TTM)
$238.0K
Net Income (TTM)
-$26.8M
Cash & Investments
$9.9M
Net Cash
-$12.7M
Free Cash Flow (TTM)
-$16.6M
Operating CF (TTM)
-$16.5M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$9.9M
Quarterly Burn
$4.1M
Monthly Burn
$1.4M
Est. Runway
~2.4 quarters
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | — | $743.8K | $8.8M | $59.3M | $50.3M | $23.3M | $35.0M | $12.2M | $5.2M | $9.9M | |
| Operating Cash Flow | — | -$205.4K | -$13.2M | -$18.9M | -$34.6M | -$39.0M | -$30.2M | -$21.3M | -$18.5M | -$16.5M | |
| Free Cash Flow | — | -$957.4K | -$13.5M | -$19.3M | -$36.0M | -$44.2M | -$30.5M | -$21.3M | -$18.6M | -$16.6M | |
| Capital Expenditure | — | -$752.0K | -$294.0K | -$387.0K | -$1.3M | -$5.2M | -$330.0K | -$15.0K | -$39.0K | -$80.0K | |
| Financing Cash Flow | — | $46.9M | $5.5M | $69.5M | $27.1M | $17.2M | $42.2M | -$1.5M | $11.5M | $18.5M |
R&D Spending
R&D (TTM)
$13.8M
R&D Intensity
5777.3%
R&D Growth vs Prior
-1.9%
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $206.0K | $723.0K | $473.0K | $654.0K | $342.0K | $200.0K | $238.0K | |
| R&D Expense | $0.00 | $6.6M | $8.8M | $15.2M | $28.4M | $31.9M | $26.7M | $20.1M | $14.0M | $13.8M | |
| R&D % of Revenue | — | — | — | 7380.6% | 3930.3% | 6748.4% | 4075.7% | 5864.9% | 7005.5% | 5777.3% | |
| SG&A | $2.4K | $323.9K | $6.7M | $3.3M | $18.8M | $16.2M | $14.4M | $13.3M | $9.2M | $7.4M |
Income Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $206.0K | $723.0K | $473.0K | $654.0K | $342.0K | $200.0K | $238.0K | |
| Cost of Revenue | $0.00 | $0.00 | $900.0K | $65.0K | $289.0K | $26.0K | $121.0K | $70.0K | $43.0K | $430.0K | |
| Gross Profit | $0.00 | $0.00 | -$900.0K | $141.0K | $434.0K | $447.0K | $533.0K | $272.0K | $157.0K | -$192.0K | |
| R&D | $0.00 | $6.6M | $8.8M | $15.2M | $28.4M | $31.9M | $26.7M | $20.1M | $14.0M | $13.8M | |
| SG&A | $2.4K | $323.9K | $6.7M | $3.3M | $18.8M | $16.2M | $14.4M | $13.3M | $9.2M | $7.4M | |
| Operating Income | -$2.4K | -$323.9K | -$16.3M | -$20.2M | -$50.0M | -$48.4M | -$40.5M | -$33.1M | -$23.1M | -$21.0M | |
| Interest Expense | $0.00 | $0.00 | $88.0K | $950.0K | $870.0K | $3.3M | $4.6M | $4.1M | $2.7M | $2.9M | |
| Pretax Income | -$2.4K | $19.4K | -$16.2M | -$18.9M | -$10.2M | -$29.9M | -$49.5M | -$39.4M | -$26.2M | -$26.8M | |
| Net Income | -$2.4K | -$277.3K | -$16.2M | -$19.3M | -$9.7M | -$29.9M | -$49.5M | -$39.4M | -$26.2M | -$26.8M | |
| EPS (Diluted) | -0.00 | -0.09 | -4.69 | -5.51 | -3.16 | -4.69 | -9.43 | -5.67 | -2.65 | -2.65 | |
| EBITDA | -$2.4K | -$8.5M | -$15.2M | -$17.0M | -$8.3M | -$25.6M | -$43.2M | -$33.7M | -$22.0M | -$26.1M | |
| Shares Out. (M) | 3.12 | 3.12 | 3.47 | 3.50 | 3.08 | 3.26 | 5.25 | 6.95 | 9.86 | 14.67 |
Balance Sheet
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | — | $743.8K | $8.8M | $59.3M | $50.3M | $18.3M | $28.8M | $12.2M | $5.2M | $9.9M | |
| Short-Term Investments | — | $0.00 | $0.00 | $0.00 | $0.00 | $5.0M | $6.2M | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | — | $790.5K | $9.5M | $63.0M | $54.6M | $29.2M | $38.9M | $16.2M | $9.0M | $14.5M | |
| Total Assets | — | $47.2M | $14.9M | $68.2M | $63.1M | $44.5M | $52.3M | $27.3M | $18.1M | $22.2M | |
| Total Current Liabilities | — | $222.2K | $4.3M | $11.7M | $6.0M | $13.9M | $25.3M | $10.3M | $10.8M | $17.1M | |
| Long-Term Debt | — | $0.00 | $640.0K | $1.9M | $19.1M | $19.3M | $7.2M | $15.4M | $13.5M | $6.3M | |
| Total Liabilities | — | $42.2M | $10.0M | $67.9M | $50.5M | $41.3M | $39.0M | $36.2M | $35.7M | $37.0M | |
| Stockholders' Equity | — | $5.0M | $4.9M | $341.0K | $12.6M | $3.2M | $13.4M | -$8.9M | -$17.6M | $0.00 | |
| Retained Earnings | — | $17.0K | -$69.6M | -$153.6M | -$163.3M | -$193.2M | -$242.7M | -$282.1M | -$308.3M | -$325.9M |
Cash Flow Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | — | -$205.4K | -$13.2M | -$18.9M | -$34.6M | -$39.0M | -$30.2M | -$21.3M | -$18.5M | -$16.5M | |
| Capital Expenditure | — | -$752.0K | -$294.0K | -$387.0K | -$1.3M | -$5.2M | -$330.0K | -$15.0K | -$39.0K | -$80.0K | |
| Free Cash Flow | — | -$957.4K | -$13.5M | -$19.3M | -$36.0M | -$44.2M | -$30.5M | -$21.3M | -$18.6M | -$16.6M | |
| Investing Cash Flow | — | -$46.0M | -$294.0K | -$387.0K | -$1.3M | -$10.2M | -$1.5M | $6.3M | -$39.0K | -$80.0K | |
| Financing Cash Flow | — | $46.9M | $5.5M | $69.5M | $27.1M | $17.2M | $42.2M | -$1.5M | $11.5M | $18.5M | |
| Issuance of Stock | — | $46.9M | $0.00 | $0.00 | $9.3M | $11.5M | $42.1M | $9.2M | $10.4M | $8.5M | |
| Repurchase of Stock | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | — | $3.9M | -$3.2M | $5.9M | $19.8M | $5.6M | $269.0K | -$10.9M | $1.1M | $20.6K | |
| Stock Based Comp. | — | $269.0K | $399.0K | $761.0K | $12.4M | $8.5M | $9.1M | $8.0M | $6.4M | $6.5M | |
| Net Change in Cash | — | $787.8K | -$8.0M | $50.5M | -$8.9M | -$32.0M | $10.5M | -$16.7M | -$7.0M | $2.0M |
Dilution Tracker
Shares outstanding grew 181.6% over 5 years — significant dilution
Shares Outstanding
14M
5-Year Share Growth
+181.6%
Stock Issuance (TTM)
$8.5M
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 3.12 | 3.12 | 3.47 | 3.50 | 3.08 | 3.26 | 5.25 | 6.95 | 9.86 | 14.67 | |
| Change vs Prior % | — | 0.0% | 11.3% | 0.8% | -12.1% | 5.9% | 60.9% | 32.5% | 41.8% | 48.8% | |
| Stock Issuance | — | $46.9M | $0.00 | $0.00 | $9.3M | $11.5M | $42.1M | $9.2M | $10.4M | $8.5M | |
| Stock Repurchase | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | — | $269.0K | $399.0K | $761.0K | $12.4M | $8.5M | $9.1M | $8.0M | $6.4M | $6.5M |
Margins & Profitability
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | — | 68.4% | 60.0% | 94.5% | 81.5% | 79.5% | 78.5% | -80.7% | |
| Operating Margin % | — | — | — | -9812.6% | -6912.6% | -10234.5% | -6198.8% | -9676.3% | -11541.5% | -8823.1% | |
| Net Margin % | — | — | — | -9357.8% | -1347.2% | -6325.2% | -7569.4% | -11520.5% | -13086.5% | -11271.4% | |
| EBITDA Margin % | — | — | — | -8232.0% | -1153.9% | -5412.9% | -6611.8% | -9851.2% | -10998.0% | -10948.3% | |
| FCF Margin % | — | — | — | -9376.7% | -4973.2% | -9342.5% | -4663.8% | -6240.1% | -9292.5% | -6986.9% | |
| ROE % | 0.0% | -5.5% | -330.6% | -5653.1% | -77.3% | -924.3% | -369.7% | 444.8% | 148.8% | 175.4% | |
| ROA % | 0.0% | -0.6% | -108.6% | -28.2% | -15.4% | -67.2% | -94.6% | -144.1% | -144.4% | -121.1% | |
| ROIC % | 0.0% | -0.6% | -148.8% | -35.5% | -83.2% | -128.7% | -86.0% | -180.5% | -188.6% | -111.8% | |
| R&D / Revenue % | — | — | — | 7380.6% | 3930.3% | 6748.4% | 4075.7% | 5864.9% | 7005.5% | 5777.3% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 251.0% | -34.6% | 38.3% | -47.7% | -41.5% | |
| Gross Profit | 0.0% | 0.0% | 0.0% | 115.7% | 207.8% | 3.0% | 19.2% | -49.0% | -42.3% | |
| Operating Income | 0.0% | -13454.0% | -4941.7% | -23.8% | -147.2% | 3.1% | 16.3% | 18.4% | 30.2% | |
| Net Income | 0.0% | -11517.6% | -5725.6% | -19.3% | 49.5% | -207.2% | -65.5% | 20.4% | 33.6% | |
| EPS (Diluted) | 0.0% | -11012.5% | -5175.6% | -17.5% | 42.6% | -48.4% | -101.1% | 39.9% | 53.3% | |
| Operating Cash Flow | 0.0% | 0.0% | -6325.9% | -43.4% | -82.9% | -12.7% | 22.7% | 29.3% | 13.0% | |
| Free Cash Flow | 0.0% | 0.0% | -1309.2% | -43.2% | -86.1% | -22.9% | 31.0% | 30.0% | 12.9% | |
| R&D Expense | 0.0% | 0.0% | 31.9% | 73.5% | 86.9% | 12.3% | -16.5% | -24.7% | -30.1% | |
| SG&A Expense | 0.0% | 13471.2% | 1958.7% | -51.1% | 476.7% | -14.1% | -10.8% | -7.7% | -30.6% | |
| Total Assets | 0.0% | 0.0% | -68.5% | 358.7% | -7.6% | -29.4% | 17.6% | -47.8% | -33.7% | |
| Book Value / Share | 0.0% | 0.0% | -12.2% | -93.1% | 4101.7% | -75.7% | 157.0% | -149.9% | -40.1% | |
| Debt | 0.0% | 0.0% | -10.7% | 50.2% | 456.1% | 32.4% | 1.1% | -35.2% | 4.0% | |
| Diluted Shares | 0.0% | 0.0% | 11.3% | 0.8% | -12.1% | 5.9% | 60.9% | 32.5% | 41.8% |
Valuation
P/E (TTM)At Loss
P/S235.90
10Y Low / Med / High47.58 / 289.36 / 3062.35
P/B0.00
10Y Low / Med / High2.32 / 123.56 / 1849.98
EV/EBITDAAt Loss
EV/Revenue289.34
10Y Low / Med / High52.68 / 312.79 / 2795.59
P/FCFAt Loss
Intrinsic Value Models (per share)
Cash / Share
$0.76
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -243750.00 | -2227.22 | -44.69 | -32.70 | -25.95 | -4.26 | -0.63 | -0.94 | -2.22 | -1.65 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 3062.35 | 349.09 | 137.85 | 47.58 | 107.97 | 289.36 | 235.90 | |
| P/B Ratio | 0.00 | 123.56 | 148.89 | 1849.98 | 20.04 | 20.14 | 2.32 | -4.17 | -3.29 | 0.00 | |
| EV/EBITDA | 0.00 | -73.07 | -47.42 | -33.96 | -27.11 | -3.07 | -0.80 | -1.35 | -3.38 | -2.64 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 2795.59 | 312.79 | 166.38 | 52.68 | 133.38 | 371.78 | 289.34 |
Analyst Estimates & Quality
Altman Z-Score
-23.90
Distress
Piotroski F-Score
3
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $252.7K | $26.4M | $185.4M |
| Net Income | -$22.8M | -$14.6M | $48.1M |
| EPS | $-2.31 | $-1.49 | $2.17 |
| # Analysts (EPS) | 3 | 3 | 5 |
Revenue Segments
By Product
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Product | $176.0K | $570.0K | $316.0K | $498.0K | $237.0K | $119.0K |
| Royalty | $30.0K | $153.0K | $144.0K | $156.0K | $105.0K | $81.0K |