Ernexa Therapeutics Inc.
ERNAHealthcare|Biotechnology|US
$1.88
+0.05 (+2.73%)
DCF Value
$1.86
Tangible Book / Share
$2.79
Cash / Share
$3.57
Financials
Financial Snapshot
Market Cap
$3.1M
Enterprise Value
-$2.2M
Revenue (TTM)
$0.00
Net Income (TTM)
-$14.0M
Cash & Investments
$5.6M
Net Cash
$5.3M
Free Cash Flow (TTM)
-$13.7M
Operating CF (TTM)
-$13.7M
Debt/Equity
0.07
Cash Runway & Burn Rate
Cash on Hand
$5.6M
Quarterly Burn
$3.4M
Monthly Burn
$1.1M
Est. Runway
~1.6 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $5.7M | $3.4M | $2.6M | $3.3M | $1.6M | $17.0M | $11.4M | $7.6M | $1.7M | $1.9M | $5.6M | |
| Operating Cash Flow | $23.0K | $549.0K | $1.4M | $2.7M | -$8.1M | -$23.5M | -$21.0M | -$20.4M | -$15.8M | -$7.0M | -$13.7M | |
| Free Cash Flow | -$817.0K | -$903.0K | -$247.0K | $1.6M | -$8.1M | -$23.6M | -$21.3M | -$20.4M | -$16.2M | -$7.1M | -$13.7M | |
| Capital Expenditure | -$840.0K | -$1.5M | -$1.6M | -$1.1M | -$39.0K | -$154.0K | -$297.0K | -$19.0K | -$369.0K | -$37.0K | -$8.0K | |
| Financing Cash Flow | $3.3M | -$1.5M | -$303.0K | -$1.1M | $4.7M | $61.6M | $19.6M | $16.6M | $6.3M | $7.2M | $13.3M |
R&D Spending
R&D (TTM)
$7.3M
R&D Intensity
—
R&D Growth vs Prior
+74.5%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $22.3M | $21.3M | $23.3M | $19.8M | $0.00 | $0.00 | $0.00 | $68.0K | $582.0K | $0.00 | $0.00 | |
| R&D Expense | $0.00 | $139.0K | $72.0K | $26.0K | $4.0M | $12.7M | $10.4M | $5.9M | $4.6M | $4.2M | $7.3M | |
| R&D % of Revenue | 0.0% | 0.7% | 0.3% | 0.1% | — | — | — | 8705.9% | 791.1% | — | — | |
| SG&A | $16.5M | $15.4M | $14.4M | $13.1M | $3.3M | $14.7M | $16.6M | $14.6M | $13.1M | $5.2M | $5.5M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $22.3M | $21.3M | $23.3M | $19.8M | $0.00 | $0.00 | $0.00 | $68.0K | $582.0K | $0.00 | $0.00 | |
| Cost of Revenue | $8.1M | $7.1M | $8.4M | $7.8M | $98.0K | $0.00 | $0.00 | $236.0K | $96.0K | $0.00 | $86.0K | |
| Gross Profit | $14.2M | $14.2M | $14.9M | $12.0M | -$98.0K | $0.00 | $0.00 | -$168.0K | $486.0K | $0.00 | -$86.0K | |
| R&D | $0.00 | $139.0K | $72.0K | $26.0K | $4.0M | $12.7M | $10.4M | $5.9M | $4.6M | $4.2M | $7.3M | |
| SG&A | $16.5M | $15.4M | $14.4M | $13.1M | $3.3M | $14.7M | $16.6M | $14.6M | $13.1M | $5.2M | $5.5M | |
| Operating Income | -$2.3M | -$1.4M | $464.0K | -$1.2M | -$7.2M | -$113.7M | -$33.2M | -$21.1M | -$15.7M | -$9.3M | -$12.7M | |
| Interest Expense | $576.0K | $498.0K | $389.0K | $249.0K | $43.0K | $74.0K | $30.0K | $614.0K | $6.8M | $27.0K | $49.0K | |
| Pretax Income | -$2.9M | -$1.0M | -$323.0K | -$2.0M | -$26.5M | -$122.5M | -$24.5M | -$21.7M | -$44.5M | -$14.1M | -$14.1M | |
| Net Income | -$2.9M | -$1.1M | -$259.0K | -$2.0M | $11.9M | -$122.5M | -$24.6M | -$21.7M | -$44.5M | -$14.1M | -$14.0M | |
| EPS (Diluted) | -1536.00 | -441.00 | -96.25 | -712.00 | -87.75 | -1415.25 | -201.50 | -102.00 | -39.25 | -56.00 | -16.99 | |
| EBITDA | $609.0K | $915.0K | $3.2M | $1.4M | -$26.4M | -$121.9M | -$24.0M | -$19.9M | -$36.1M | -$13.8M | -$19.2M | |
| Shares Out. (M) | 0.00 | 0.00 | 0.00 | 0.00 | 0.07 | 0.09 | 0.12 | 0.21 | 1.14 | 0.25 | 1.56 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $5.7M | $3.4M | $2.6M | $3.3M | $1.6M | $17.0M | $11.4M | $7.6M | $1.7M | $1.9M | $5.6M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $10.7M | $9.6M | $6.8M | $6.1M | $1.7M | $18.8M | $13.7M | $9.6M | $2.4M | $3.1M | $6.7M | |
| Total Assets | $17.1M | $16.6M | $14.9M | $15.3M | $12.9M | $31.5M | $22.3M | $49.1M | $5.3M | $5.8M | $7.1M | |
| Total Current Liabilities | $6.6M | $10.7M | $4.0M | $6.1M | $3.1M | $3.7M | $7.7M | $6.6M | $2.9M | $3.1M | $2.6M | |
| Long-Term Debt | $5.1M | $8.0K | $2.7M | $0.00 | $194.0K | $0.00 | $1.2M | $6.8M | $0.00 | $0.00 | $138.0K | |
| Total Liabilities | $13.1M | $11.0M | $7.9M | $10.2M | $5.2M | $6.0M | $10.2M | $46.9M | $3.6M | $3.4M | $2.8M | |
| Stockholders' Equity | $4.1M | $5.5M | $6.9M | $5.1M | $7.7M | $25.5M | $12.1M | $2.2M | $1.7M | $2.4M | $4.4M | |
| Retained Earnings | -$128.0M | -$129.1M | -$129.4M | -$131.5M | -$18.1M | -$140.7M | -$165.3M | -$187.0M | -$231.5M | -$245.6M | -$258.1M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $23.0K | $549.0K | $1.4M | $2.7M | -$8.1M | -$23.5M | -$21.0M | -$20.4M | -$15.8M | -$7.0M | -$13.7M | |
| Capital Expenditure | -$840.0K | -$1.5M | -$1.6M | -$1.1M | -$39.0K | -$154.0K | -$297.0K | -$19.0K | -$369.0K | -$37.0K | -$8.0K | |
| Free Cash Flow | -$817.0K | -$903.0K | -$247.0K | $1.6M | -$8.1M | -$23.6M | -$21.3M | -$20.4M | -$16.2M | -$7.1M | -$13.7M | |
| Investing Cash Flow | -$840.0K | -$1.5M | -$1.6M | -$1.1M | -$39.0K | -$22.7M | -$47.0K | -$19.0K | -$365.0K | -$37.0K | -$8.0K | |
| Financing Cash Flow | $3.3M | -$1.5M | -$303.0K | -$1.1M | $4.7M | $61.6M | $19.6M | $16.6M | $6.3M | $7.2M | $13.3M | |
| Issuance of Stock | $2.7M | $1.8M | $1.4M | $0.00 | $4.4M | $62.5M | $19.7M | $320.0K | $0.00 | $5.0M | $1.0M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $583.0K | -$3.2M | -$1.6M | $0.00 | $310.0K | -$942.0K | -$2.0K | $16.5M | $5.3M | $2.3M | $0.00 | |
| Stock Based Comp. | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $5.2M | $2.9M | $1.2M | $1.5M | $1.5M | $2.0M | |
| Net Change in Cash | $2.4M | -$2.3M | -$792.0K | $673.0K | -$1.6M | $15.4M | -$1.4M | -$3.9M | -$9.9M | $155.0K | -$1.6M |
Dilution Tracker
Shares outstanding grew 264.0% over 5 years — significant dilution
Shares Outstanding
2M
5-Year Share Growth
+264.0%
Stock Issuance (TTM)
$1.0M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.00 | 0.00 | 0.00 | 0.00 | 0.07 | 0.09 | 0.12 | 0.21 | 1.14 | 0.25 | 1.56 | |
| Change vs Prior % | — | 28.3% | 10.1% | 7.0% | 2310.9% | 24.9% | 40.9% | 74.2% | 434.4% | -77.8% | 518.4% | |
| Stock Issuance | $2.7M | $1.8M | $1.4M | $0.00 | $4.4M | $62.5M | $19.7M | $320.0K | $0.00 | $5.0M | $1.0M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $5.2M | $2.9M | $1.2M | $1.5M | $1.5M | $2.0M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 63.6% | 66.7% | 64.1% | 60.4% | — | — | — | -247.1% | 83.5% | — | — | |
| Operating Margin % | -10.2% | -6.6% | 2.0% | -6.1% | — | — | — | -31080.9% | -2693.1% | — | — | |
| Net Margin % | -13.1% | -5.1% | -1.1% | -10.3% | — | — | — | -31864.7% | -7652.7% | — | — | |
| EBITDA Margin % | 2.7% | 4.3% | 13.8% | 7.1% | — | — | — | -29314.7% | -6206.0% | — | — | |
| FCF Margin % | -3.7% | -4.2% | -1.1% | 8.3% | — | — | — | -30039.7% | -2784.4% | — | — | |
| ROE % | -71.9% | -19.5% | -3.7% | -40.2% | 155.5% | -480.5% | -203.0% | -970.4% | -2618.4% | -586.6% | -332.1% | |
| ROA % | -17.1% | -6.5% | -1.7% | -13.4% | 92.3% | -388.7% | -110.3% | -44.1% | -845.3% | -241.4% | -196.5% | |
| ROIC % | -16.7% | -12.7% | 3.1% | -9.8% | -68.5% | -402.2% | -199.3% | -47.2% | -617.6% | -316.6% | -271.2% | |
| R&D / Revenue % | 0.0% | 0.7% | 0.3% | 0.1% | — | — | — | 8705.9% | 791.1% | — | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | -9.0% | -4.7% | 9.7% | -15.1% | -100.0% | 0.0% | 0.0% | 0.0% | 755.9% | -100.0% | |
| Gross Profit | 23.7% | 0.0% | 5.4% | -20.0% | -100.8% | 100.0% | 0.0% | 0.0% | 389.3% | -100.0% | |
| Operating Income | 65.5% | 38.5% | 133.1% | -361.2% | -498.0% | -1469.2% | 70.8% | 36.4% | 25.8% | 40.5% | |
| Net Income | 59.5% | 63.2% | 76.0% | -690.3% | 681.6% | -1129.3% | 79.9% | 11.8% | -105.6% | 68.4% | |
| EPS (Diluted) | 60.9% | 71.3% | 78.2% | -639.7% | 87.7% | -1512.8% | 85.8% | 49.4% | 61.5% | -42.7% | |
| Operating Cash Flow | 100.6% | 2287.0% | 148.6% | 101.0% | -395.2% | -189.9% | 10.7% | 2.7% | 22.4% | 55.7% | |
| Free Cash Flow | 85.9% | -10.5% | 72.6% | 768.0% | -593.3% | -190.4% | 10.0% | 4.0% | 20.7% | 56.5% | |
| R&D Expense | 0.0% | 0.0% | -48.2% | -63.9% | 15096.2% | 221.6% | -18.2% | -43.0% | -22.2% | -9.7% | |
| SG&A Expense | -8.9% | -6.1% | -6.7% | -8.8% | -74.9% | 346.6% | 12.4% | -11.9% | -10.0% | -60.7% | |
| Total Assets | 1.9% | -3.3% | -10.3% | 2.8% | -15.5% | 144.3% | -29.3% | 120.5% | -89.3% | 10.7% | |
| Book Value / Share | 2.1% | 6.0% | 13.5% | -31.2% | -93.8% | 166.5% | -66.3% | -89.4% | -85.7% | 535.6% | |
| Debt | 11.4% | -36.6% | -29.4% | 59.4% | -52.3% | -6.0% | 52.0% | 911.2% | -98.4% | -28.4% | |
| Diluted Shares | 3.5% | 28.3% | 10.1% | 7.0% | 2310.9% | 24.9% | 40.9% | 74.2% | 434.4% | -77.8% |
Valuation
P/E (TTM)At Loss
P/S0.00
10Y Low / Med / High3.37 / 10.87 / 2109.97
P/B0.67
10Y Low / Med / High3.15 / 59.64 / 304.08
EV/EBITDA0.11
10Y Low / Med / High24.74 / 170.76 / 403.07
EV/Revenue0.00
10Y Low / Med / High3.42 / 11.00 / 2613.91
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$1.86
Tangible Book / Share
$2.79
Net Current Assets / Share
$2.44
Graham Net-Net
$1.84
Cash / Share
$3.57
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -83.01 | -143.20 | -303.90 | -46.35 | -382.91 | -22.10 | -5.99 | -6.62 | -2.81 | -0.54 | -0.11 | |
| P/S Ratio | 10.87 | 7.25 | 3.37 | 4.79 | 0.00 | 0.00 | 0.00 | 2109.97 | 215.18 | 0.00 | 0.00 | |
| P/B Ratio | 59.64 | 27.86 | 11.37 | 18.64 | 304.08 | 106.20 | 12.17 | 64.25 | 73.62 | 3.15 | 0.67 | |
| EV/EBITDA | 403.07 | 170.76 | 24.74 | 69.93 | -88.30 | -22.09 | -5.83 | -8.92 | -3.44 | -0.45 | 0.11 | |
| EV/Revenue | 11.00 | 7.34 | 3.42 | 4.93 | 0.00 | 0.00 | 0.00 | 2613.91 | 213.39 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-58.52
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $75.3M | $0.00 | $0.00 |
| Net Income | -$4.5M | -$469.2K | -$320.4K |
| EPS | $-18.02 | $-1.86 | $-1.27 |
| # Analysts (EPS) | 1 | 1 | 1 |