Gain Therapeutics, Inc.
GANXHealthcare|Biotechnology|US
$1.03
+0.07 (+7.25%)
DCF Value
$0.61
Tangible Book / Share
$0.26
Cash / Share
$0.31
Financials
Financial Snapshot
Market Cap
$43.9M
Enterprise Value
$31.5M
Revenue (TTM)
$0.00
Net Income (TTM)
-$20.1M
Cash & Investments
$13.1M
Net Cash
$12.5M
Free Cash Flow (TTM)
-$19.0M
Operating CF (TTM)
-$19.0M
Debt/Equity
0.05
Cash Runway & Burn Rate
Cash on Hand
$13.1M
Quarterly Burn
$4.7M
Monthly Burn
$1.6M
Est. Runway
~2.8 quarters
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $400.7K | $303.3K | $7.5M | $36.9M | $20.1M | $16.8M | $10.4M | $20.8M | $13.1M | |
| Operating Cash Flow | -$744.5K | -$1.9M | -$3.2M | -$12.4M | -$14.7M | -$18.9M | -$18.9M | -$18.5M | -$19.0M | |
| Free Cash Flow | -$752.5K | -$1.9M | -$3.3M | -$12.5M | -$14.8M | -$18.9M | -$18.9M | -$18.5M | -$19.0M | |
| Capital Expenditure | -$8.0K | -$13.7K | -$20.8K | -$94.2K | -$119.0K | -$15.4K | -$22.5K | $2.00 | -$5.00 | |
| Financing Cash Flow | $983.8K | $1.8M | $10.5M | $41.8M | -$78.8K | $12.6M | $13.0M | $28.4M | $25.4M |
R&D Spending
R&D (TTM)
$10.1M
R&D Intensity
—
R&D Growth vs Prior
-1.1%
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $20.6K | $41.3K | $28.9K | $165.0K | $140.1K | $55.2K | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $826.9K | $1.6M | $2.3M | $7.2M | $8.4M | $11.5M | $10.8M | $10.2M | $10.1M | |
| R&D % of Revenue | 4012.2% | 3840.7% | 7822.5% | 4342.1% | 5979.2% | 20878.2% | — | — | — | |
| SG&A | $222.0K | $555.2K | $1.2M | $6.8M | $9.5M | $10.8M | $9.6M | $8.5M | $9.2M |
Income Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $20.6K | $41.3K | $28.9K | $165.0K | $140.1K | $55.2K | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $20.6K | $41.3K | $28.9K | $165.0K | $140.1K | $55.2K | $0.00 | $0.00 | $0.00 | |
| R&D | $826.9K | $1.6M | $2.3M | $7.2M | $8.4M | $11.5M | $10.8M | $10.2M | $10.1M | |
| SG&A | $222.0K | $555.2K | $1.2M | $6.8M | $9.5M | $10.8M | $9.6M | $8.5M | $9.2M | |
| Operating Income | -$1.0M | -$2.1M | -$3.5M | -$13.8M | -$17.8M | -$22.3M | -$20.4M | -$18.7M | -$19.3M | |
| Interest Expense | $52.5K | $20.5K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$1.1M | -$2.2M | -$3.6M | -$13.9M | -$17.5M | -$22.2M | -$19.9M | -$19.3M | -$19.2M | |
| Net Income | -$1.1M | -$2.2M | -$3.6M | -$13.9M | -$17.6M | -$22.3M | -$20.4M | -$20.2M | -$20.1M | |
| EPS (Diluted) | -0.19 | -0.26 | -0.30 | -1.37 | -1.48 | -1.71 | -0.89 | -0.61 | -0.50 | |
| EBITDA | -$1.0M | -$2.1M | -$3.5M | -$13.9M | -$17.4M | -$22.1M | -$19.8M | -$19.2M | -$19.1M | |
| Shares Out. (M) | 5.86 | 8.37 | 11.88 | 10.17 | 11.88 | 13.01 | 22.88 | 32.97 | 42.88 |
Balance Sheet
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $400.7K | $303.3K | $7.5M | $36.9M | $7.3M | $11.8M | $10.4M | $20.8M | $13.1M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $12.8M | $5.0M | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $494.6K | $398.0K | $9.0M | $37.7M | $21.1M | $17.8M | $11.6M | $22.2M | $15.0M | |
| Total Assets | $811.6K | $660.3K | $9.6M | $39.0M | $24.1M | $18.6M | $12.1M | $22.8M | $15.4M | |
| Total Current Liabilities | $530.8K | $879.1K | $2.1M | $2.6M | $4.1M | $4.9M | $3.9M | $3.4M | $3.4M | |
| Long-Term Debt | $1.0M | $0.00 | $715.7K | $590.5K | $495.3K | $449.1K | $328.3K | $300.1K | $220.1K | |
| Total Liabilities | $1.8M | $1.1M | $3.4M | $4.2M | $5.2M | $6.0M | $4.8M | $4.3M | $4.1M | |
| Stockholders' Equity | -$950.9K | -$449.9K | $6.2M | $34.8M | $18.9M | $12.6M | $7.3M | $18.6M | $11.3M | |
| Retained Earnings | -$1.3M | -$3.5M | -$7.0M | -$20.9M | -$38.5M | -$60.8M | -$81.2M | -$101.4M | -$111.6M |
Cash Flow Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$744.5K | -$1.9M | -$3.2M | -$12.4M | -$14.7M | -$18.9M | -$18.9M | -$18.5M | -$19.0M | |
| Capital Expenditure | -$8.0K | -$13.7K | -$20.8K | -$94.2K | -$119.0K | -$15.4K | -$22.5K | $2.00 | -$5.00 | |
| Free Cash Flow | -$752.5K | -$1.9M | -$3.3M | -$12.5M | -$14.8M | -$18.9M | -$18.9M | -$18.5M | -$19.0M | |
| Investing Cash Flow | -$8.0K | -$13.7K | -$20.8K | -$94.2K | -$14.8M | $10.2M | $5.0M | $0.00 | $0.00 | |
| Financing Cash Flow | $983.8K | $1.8M | $10.5M | $41.8M | -$78.8K | $12.6M | $13.0M | $28.4M | $25.4M | |
| Issuance of Stock | $0.00 | $0.00 | $177.00 | $42.6M | $0.00 | $12.7M | $13.2M | $28.5M | $25.8M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $983.8K | $0.00 | $738.3K | -$22.0K | -$78.8K | -$89.1K | -$90.9K | -$96.5K | -$50.0K | |
| Stock Based Comp. | $0.00 | $0.00 | $81.6K | $839.4K | $1.5M | $3.3M | $2.4M | $1.8M | $1.8M | |
| Net Change in Cash | $237.9K | -$97.2K | $7.2M | $29.4M | -$29.6M | $4.5M | -$1.4M | $10.5M | $6.4M |
Dilution Tracker
Shares outstanding grew 177.6% over 5 years — significant dilution
Shares Outstanding
43M
5-Year Share Growth
+177.6%
Stock Issuance (TTM)
$25.8M
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 5.86 | 8.37 | 11.88 | 10.17 | 11.88 | 13.01 | 22.88 | 32.97 | 42.88 | |
| Change vs Prior % | — | 42.9% | 41.8% | -14.4% | 16.9% | 9.5% | 75.9% | 44.1% | 30.1% | |
| Stock Issuance | $0.00 | $0.00 | $177.00 | $42.6M | $0.00 | $12.7M | $13.2M | $28.5M | $25.8M | |
| Stock Repurchase | $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 | $81.6K | $839.4K | $1.5M | $3.3M | $2.4M | $1.8M | $1.8M |
Margins & Profitability
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | — | — | — | |
| Operating Margin % | -4989.7% | -5084.9% | -12047.5% | -8379.8% | -12688.1% | -40328.3% | — | — | — | |
| Net Margin % | -5364.4% | -5310.9% | -12387.7% | -8418.9% | -12555.1% | -40354.3% | — | — | — | |
| EBITDA Margin % | -4986.1% | -5078.7% | -12014.3% | -8407.0% | -12443.0% | -40059.2% | — | — | — | |
| FCF Margin % | -3651.3% | -4557.4% | -11291.4% | -7551.7% | -10571.2% | -34217.5% | — | — | — | |
| ROE % | 116.3% | 487.6% | -57.7% | -39.9% | -93.2% | -177.0% | -278.1% | -108.6% | -161.6% | |
| ROA % | -136.2% | -332.2% | -37.3% | -35.6% | -73.0% | -119.7% | -168.4% | -88.4% | -130.4% | |
| ROIC % | -271.7% | 1800.2% | -45.6% | -37.6% | -87.5% | -158.9% | -239.9% | -95.0% | -157.8% | |
| R&D / Revenue % | 4012.2% | 3840.7% | 7822.5% | 4342.1% | 5979.2% | 20878.2% | — | — | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 100.4% | -30.1% | 471.3% | -15.1% | -60.6% | -100.0% | 0.0% | |
| Gross Profit | 0.0% | 100.4% | -30.1% | 471.3% | -15.1% | -60.6% | -100.0% | 0.0% | |
| Operating Income | 0.0% | -104.2% | -65.7% | -297.4% | -28.6% | -25.2% | 8.5% | 8.1% | |
| Net Income | 0.0% | -98.4% | -63.1% | -288.3% | -26.6% | -26.6% | 8.3% | 1.2% | |
| EPS (Diluted) | 0.0% | -36.8% | -15.4% | -356.7% | -8.0% | -15.5% | 48.0% | 31.5% | |
| Operating Cash Flow | 0.0% | -151.0% | -73.4% | -281.6% | -18.8% | -28.4% | -0.0% | 2.2% | |
| Free Cash Flow | 0.0% | -150.1% | -73.3% | -282.1% | -18.9% | -27.5% | -0.1% | 2.3% | |
| R&D Expense | 0.0% | 91.8% | 42.4% | 217.1% | 16.9% | 37.5% | -6.3% | -5.4% | |
| SG&A Expense | 0.0% | 150.0% | 125.0% | 446.5% | 39.7% | 13.1% | -11.4% | -11.1% | |
| Total Assets | 0.0% | -18.6% | 1354.6% | 305.9% | -38.2% | -22.8% | -34.9% | 88.2% | |
| Book Value / Share | 0.0% | 66.9% | 1071.9% | 555.9% | -53.6% | -39.2% | -66.8% | 75.6% | |
| Debt | 0.0% | -84.6% | 527.7% | 27.5% | -20.8% | -19.4% | -36.4% | 12.1% | |
| Diluted Shares | 0.0% | 42.9% | 41.8% | -14.4% | 16.9% | 9.5% | 75.9% | 44.1% |
Valuation
P/E (TTM)At Loss
P/S0.00
10Y Low / Med / High265.47 / 2270.50 / 4605.67
P/B3.91
10Y Low / Med / High1.59 / 5.72 / 21.45
EV/EBITDAAt Loss
EV/Revenue0.00
10Y Low / Med / High120.77 / 2268.03 / 4389.90
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.61
Tangible Book / Share
$0.26
Net Current Assets / Share
$0.25
Graham Net-Net
$0.21
Cash / Share
$0.31
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -58.95 | -30.27 | -37.33 | -3.96 | -2.11 | -1.91 | -2.43 | -5.28 | -2.06 | |
| P/S Ratio | 3184.70 | 2270.50 | 4605.67 | 334.55 | 265.47 | 771.06 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | -69.02 | -208.45 | 21.45 | 1.59 | 1.97 | 3.38 | 6.73 | 5.72 | 3.91 | |
| EV/EBITDA | -64.75 | -44.66 | -36.54 | -1.44 | -1.79 | -1.44 | -2.01 | -4.48 | -1.65 | |
| EV/Revenue | 3228.60 | 2268.03 | 4389.90 | 120.77 | 222.38 | 575.93 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-6.96
Distress
Piotroski F-Score
3
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $50.0K | $225.0K | $100.3M |
| Net Income | -$16.4M | -$22.2M | -$22.3M |
| EPS | $-0.50 | $-0.65 | $-0.68 |
| # Analysts (EPS) | 4 | 4 | 2 |