Lexaria Bioscience Corp.
LEXXHealthcare|Biotechnology|CA
$4.50
+0.33 (+7.91%)
Tangible Book / Share
$2.42
Cash / Share
$2.19
Financials
Financial Snapshot
Market Cap
$7.4M
Enterprise Value
$4.0M
Revenue (TTM)
$194.0K
Net Income (TTM)
-$7.7M
Cash & Investments
$3.6M
Net Cash
$3.5M
Free Cash Flow (TTM)
-$7.5M
Operating CF (TTM)
-$7.4M
Debt/Equity
0.02
Cash Runway & Burn Rate
Cash on Hand
$3.6M
Quarterly Burn
$1.9M
Monthly Burn
$618.8K
Est. Runway
~1.9 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $93.4K | $2.5M | $1.7M | $1.3M | $1.3M | $11.8M | $6.2M | $1.5M | $6.6M | $2.0M | $3.6M | |
| Operating Cash Flow | -$660.9K | -$1.5M | -$2.5M | -$3.0M | -$2.6M | -$4.0M | -$4.9M | -$5.9M | -$5.0M | -$10.5M | -$7.4M | |
| Free Cash Flow | -$681.0K | -$1.6M | -$2.6M | -$3.8M | -$2.7M | -$4.1M | -$4.9M | -$6.1M | -$5.0M | -$10.5M | -$7.5M | |
| Capital Expenditure | -$20.1K | -$9.7K | -$85.4K | -$769.2K | -$33.6K | -$79.5K | -$49.2K | -$169.6K | -$43.0K | -$24.6K | -$101.9K | |
| Financing Cash Flow | $514.3K | $4.0M | $1.9M | $3.3M | $2.7M | $13.4M | -$44.6K | $1.6M | $10.3M | $6.0M | $6.5M |
R&D Spending
R&D (TTM)
$4.0M
R&D Intensity
2061.7%
R&D Growth vs Prior
-51.5%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $40.7K | $63.6K | $433.3K | $222.6K | $384.5K | $722.7K | $255.4K | $226.2K | $464.3K | $705.9K | $194.0K | |
| R&D Expense | $9.0K | $54.2K | $492.9K | $555.7K | $387.1K | $1.3M | $1.8M | $3.7M | $2.4M | $8.2M | $4.0M | |
| R&D % of Revenue | 22.2% | 85.1% | 113.8% | 249.6% | 100.7% | 174.7% | 721.5% | 1621.0% | 508.4% | 1167.1% | 2061.7% | |
| SG&A | $1.2M | $1.8M | $6.5M | $3.6M | $4.0M | $5.0M | $5.0M | $3.1M | $3.9M | $4.3M | $3.9M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $40.7K | $63.6K | $433.3K | $222.6K | $384.5K | $722.7K | $255.4K | $226.2K | $464.3K | $705.9K | $194.0K | |
| Cost of Revenue | $45.6K | $29.8K | $25.2K | $22.9K | $99.4K | $175.3K | $71.8K | $31.5K | $4.8K | $2.7K | $0.00 | |
| Gross Profit | -$4.9K | $33.9K | $408.1K | $199.7K | $215.4K | $547.4K | $183.6K | $194.7K | $459.5K | $703.2K | $194.0K | |
| R&D | $9.0K | $54.2K | $492.9K | $555.7K | $387.1K | $1.3M | $1.8M | $3.7M | $2.4M | $8.2M | $4.0M | |
| SG&A | $1.2M | $1.8M | $6.5M | $3.6M | $4.0M | $5.0M | $5.0M | $3.1M | $3.9M | $4.3M | $3.9M | |
| Operating Income | -$1.2M | -$1.9M | -$6.6M | -$4.1M | -$4.1M | -$5.7M | -$6.6M | -$6.5M | -$5.8M | -$11.9M | -$7.7M | |
| Interest Expense | $2.3K | $6.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$1.3M | -$1.9M | -$6.6M | -$4.2M | -$4.1M | -$4.2M | -$7.4M | -$6.7M | -$5.8M | -$11.9M | -$7.7M | |
| Net Income | -$1.2M | -$1.9M | -$6.6M | -$4.1M | -$3.9M | -$4.0M | -$7.3M | -$6.7M | -$5.8M | -$11.9M | -$7.7M | |
| EPS (Diluted) | -12.45 | -14.25 | -41.85 | -24.30 | -21.30 | -13.80 | -18.60 | -15.15 | -7.05 | -9.90 | -5.32 | |
| EBITDA | -$1.3M | -$1.9M | -$6.6M | -$4.0M | -$4.0M | -$4.0M | -$7.3M | -$6.6M | -$5.7M | -$11.8M | -$7.7M | |
| Shares Out. (M) | 0.10 | 0.13 | 0.16 | 0.17 | 0.18 | 0.29 | 0.39 | 0.44 | 0.83 | 1.20 | 1.65 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $93.4K | $2.5M | $1.7M | $1.3M | $1.3M | $10.9M | $5.8M | $1.4M | $6.5M | $1.8M | $3.5M | |
| Short-Term Investments | $0.00 | $0.00 | $10.2K | $64.2K | $19.3K | $833.8K | $347.3K | $125.6K | $55.8K | $165.4K | $142.1K | |
| Total Current Assets | $510.2K | $2.8M | $2.3M | $1.8M | $1.9M | $12.4M | $7.0M | $2.2M | $7.9M | $3.5M | $4.1M | |
| Total Assets | $566.6K | $2.9M | $2.4M | $2.7M | $2.8M | $13.3M | $7.8M | $3.1M | $8.9M | $4.2M | $4.8M | |
| Total Current Liabilities | $433.9K | $92.3K | $43.6K | $184.5K | $225.9K | $153.3K | $194.0K | $267.7K | $1.1M | $1.5M | $383.4K | |
| Long-Term Debt | $45.0K | $0.00 | $0.00 | $0.00 | $30.7K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $478.9K | $92.3K | $43.6K | $184.5K | $346.0K | $203.3K | $201.4K | $403.9K | $1.2M | $1.6M | $437.1K | |
| Stockholders' Equity | $266.0K | $3.0M | $2.4M | $2.4M | $2.5M | $13.3M | $7.9M | $3.0M | $8.0M | $3.0M | $4.7M | |
| Retained Earnings | -$11.3M | -$13.2M | -$19.8M | -$23.9M | -$27.8M | -$31.8M | -$39.1M | -$45.8M | -$51.6M | -$63.5M | -$68.5M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$660.9K | -$1.5M | -$2.5M | -$3.0M | -$2.6M | -$4.0M | -$4.9M | -$5.9M | -$5.0M | -$10.5M | -$7.4M | |
| Capital Expenditure | -$20.1K | -$9.7K | -$85.4K | -$769.2K | -$33.6K | -$79.5K | -$49.2K | -$169.6K | -$43.0K | -$24.6K | -$101.9K | |
| Free Cash Flow | -$681.0K | -$1.6M | -$2.6M | -$3.8M | -$2.7M | -$4.1M | -$4.9M | -$6.1M | -$5.0M | -$10.5M | -$7.5M | |
| Investing Cash Flow | -$20.1K | -$9.7K | -$155.4K | -$769.2K | -$26.8K | $193.9K | -$180.6K | -$169.6K | -$188.6K | -$243.0K | -$244.0K | |
| Financing Cash Flow | $514.3K | $4.0M | $1.9M | $3.3M | $2.7M | $13.4M | -$44.6K | $1.6M | $10.3M | $6.0M | $6.5M | |
| Issuance of Stock | $419.3K | $4.0M | $1.9M | $2.3M | $2.7M | $9.5M | $0.00 | $1.6M | $4.2M | $6.0M | $6.5M | |
| 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 | $95.0K | -$50.0K | $0.00 | $0.00 | -$13.8K | -$66.7K | -$44.6K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $122.0K | $113.0K | $2.6M | $626.7K | $1.1M | $410.0K | $752.6K | $170.4K | $492.2K | $859.5K | $365.5K | |
| Net Change in Cash | -$166.7K | $2.4M | -$806.2K | -$442.0K | $8.6K | $9.6M | -$5.1M | -$4.5M | $5.1M | -$4.7M | -$1.1M |
Dilution Tracker
Shares outstanding grew 549.0% over 5 years — significant dilution
Shares Outstanding
2M
5-Year Share Growth
+549.0%
Stock Issuance (TTM)
$6.5M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.10 | 0.13 | 0.16 | 0.17 | 0.18 | 0.29 | 0.39 | 0.44 | 0.83 | 1.20 | 1.65 | |
| Change vs Prior % | — | 34.0% | 20.8% | 9.6% | 7.0% | 58.3% | 34.0% | 12.4% | 87.2% | 45.3% | 37.8% | |
| Stock Issuance | $419.3K | $4.0M | $1.9M | $2.3M | $2.7M | $9.5M | $0.00 | $1.6M | $4.2M | $6.0M | $6.5M | |
| 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. | $122.0K | $113.0K | $2.6M | $626.7K | $1.1M | $410.0K | $752.6K | $170.4K | $492.2K | $859.5K | $365.5K |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | -12.0% | 53.3% | 94.2% | 89.7% | 56.0% | 75.7% | 71.9% | 86.1% | 99.0% | 99.6% | 100.0% | |
| Operating Margin % | -3023.1% | -2914.6% | -1523.3% | -1823.7% | -1078.9% | -786.8% | -2591.7% | -2888.5% | -1239.2% | -1683.0% | -3973.2% | |
| Net Margin % | -2983.4% | -2937.3% | -1523.0% | -1841.5% | -1023.0% | -557.2% | -2846.3% | -2946.4% | -1248.2% | -1686.0% | -3985.6% | |
| EBITDA Margin % | -3129.8% | -3020.1% | -1522.8% | -1796.5% | -1040.9% | -555.7% | -2850.8% | -2903.1% | -1234.7% | -1674.9% | -3948.2% | |
| FCF Margin % | -1672.4% | -2444.4% | -600.8% | -1695.7% | -689.8% | -563.0% | -1929.8% | -2674.9% | -1077.4% | -1483.9% | -3880.1% | |
| ROE % | -456.6% | -62.2% | -276.3% | -172.0% | -155.8% | -30.4% | -91.5% | -218.9% | -72.1% | -398.1% | -160.7% | |
| ROA % | -214.4% | -65.4% | -271.4% | -153.2% | -139.1% | -30.4% | -92.8% | -216.1% | -65.4% | -285.1% | -161.7% | |
| ROIC % | -927.2% | -67.0% | -276.4% | -163.0% | -157.2% | -43.2% | -86.2% | -229.7% | -73.8% | -438.1% | -174.0% | |
| R&D / Revenue % | 22.2% | 85.1% | 113.8% | 249.6% | 100.7% | 174.7% | 721.5% | 1621.0% | 508.4% | 1167.1% | 2061.7% |
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 | 177.0% | 56.3% | 580.9% | -48.6% | 72.7% | 87.9% | -64.7% | -11.4% | 105.2% | 52.0% | |
| Gross Profit | 67.7% | 792.0% | 1104.2% | -51.1% | 7.9% | 154.1% | -66.5% | 6.1% | 136.0% | 53.1% | |
| Operating Income | 36.2% | -50.7% | -255.8% | 38.5% | -2.2% | -37.1% | -16.4% | 1.3% | 12.0% | -106.5% | |
| Net Income | 31.4% | -53.9% | -253.0% | 37.9% | 4.0% | -2.4% | -80.5% | 8.3% | 13.0% | -105.4% | |
| EPS (Diluted) | 38.1% | -14.5% | -193.7% | 41.9% | 12.3% | 35.2% | -34.8% | 18.5% | 53.5% | -40.4% | |
| Operating Cash Flow | 56.0% | -133.9% | -62.9% | -19.4% | 12.9% | -52.3% | -22.3% | -20.5% | 15.7% | -110.7% | |
| Free Cash Flow | 55.7% | -128.4% | -67.4% | -45.0% | 29.7% | -53.4% | -21.1% | -22.8% | 17.3% | -109.4% | |
| R&D Expense | -93.8% | 500.5% | 809.6% | 12.8% | -30.3% | 226.3% | 45.9% | 99.0% | -35.6% | 249.0% | |
| SG&A Expense | -31.0% | 50.7% | 255.3% | -44.1% | 9.2% | 25.0% | -0.2% | -38.3% | 25.8% | 12.8% | |
| Total Assets | -20.4% | 404.8% | -15.0% | 10.0% | 5.7% | 369.1% | -41.0% | -60.6% | 187.5% | -52.9% | |
| Book Value / Share | -87.9% | 2252.9% | -28.5% | -4.9% | -6.8% | 232.4% | -56.4% | -68.8% | 52.6% | -76.6% | |
| Debt | 0.0% | -5.1% | -81.6% | -100.0% | 0.0% | -37.7% | -48.6% | 228.0% | -16.2% | -20.4% | |
| Diluted Shares | 10.4% | 34.0% | 20.8% | 9.6% | 7.0% | 58.3% | 34.0% | 12.4% | 87.2% | 45.3% |
Valuation
P/E (TTM)At Loss
P/S38.33
10Y Low / Med / High22.44 / 52.18 / 160.78
P/B1.57
10Y Low / Med / High2.06 / 4.87 / 24.61
EV/EBITDAAt Loss
EV/Revenue20.87
10Y Low / Med / High20.04 / 45.64 / 159.59
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$2.42
Net Current Assets / Share
$2.20
Graham Net-Net
$1.95
Cash / Share
$2.19
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -5.40 | -4.72 | -1.61 | -2.77 | -3.15 | -6.76 | -2.39 | -1.04 | -8.32 | -1.33 | -0.85 | |
| P/S Ratio | 160.78 | 137.90 | 24.46 | 52.18 | 32.31 | 37.79 | 68.21 | 30.70 | 104.29 | 22.44 | 38.33 | |
| P/B Ratio | 24.61 | 2.92 | 4.44 | 4.87 | 4.92 | 2.06 | 2.19 | 2.28 | 6.03 | 5.30 | 1.57 | |
| EV/EBITDA | -5.10 | -3.27 | -1.35 | -2.58 | -2.82 | -4.11 | -1.60 | -0.88 | -7.34 | -1.20 | -0.53 | |
| EV/Revenue | 159.59 | 98.76 | 20.49 | 46.41 | 29.35 | 22.82 | 45.64 | 25.45 | 90.59 | 20.04 | 20.87 |
Analyst Estimates & Quality
Altman Z-Score
-14.22
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2027 | FY2028 | FY2029 |
|---|---|---|---|
| Revenue | $1.4M | $1.6M | $70.2M |
| Net Income | -$5.6M | -$5.0M | $24.1M |
| EPS | $-4.65 | $-4.20 | $20.10 |
| # Analysts (EPS) | 1 | 1 | 1 |
Revenue Segments
By Product
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Freight revenuet | $641.00 | — | — | — | — | — |
| License | $232.9K | — | — | — | — | — |
| Product | $151.0K | — | — | — | — | — |
| B2B | — | $383.2K | — | — | — | $9.9K |
| Licensing Revenue | — | $335.0K | $54.6K | — | — | — |
| Other Revenue | — | $4.6K | $32.6K | — | — | — |
| Research & Development | — | — | $54.8K | — | — | — |
| IP Licensing | — | — | — | $146.8K | $458.0K | $696.0K |
| Other | — | — | — | $35.2K | $900.00 | — |