Lexeo Therapeutics, Inc. Common Stock
LXEOHealthcare|Biotechnology|US
$2.89
-0.01 (-0.52%)
DCF Value
$0.95
Tangible Book / Share
$2.75
Cash / Share
$2.47
Financials
Financial Snapshot
Market Cap
$237.2M
Enterprise Value
$151.2M
Revenue (TTM)
$0.00
Net Income (TTM)
-$87.3M
Cash & Investments
$211.7M
Net Cash
$204.9M
Free Cash Flow (TTM)
-$88.7M
Operating CF (TTM)
-$88.4M
Debt/Equity
0.03
Cash Runway & Burn Rate
Cash on Hand
$211.7M
Quarterly Burn
$22.1M
Monthly Burn
$7.4M
Est. Runway
~9.6 quarters
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $29.4M | $135.9M | $77.3M | $121.5M | $121.5M | $181.8M | $211.7M | |
| Operating Cash Flow | -$3.1M | -$44.2M | -$54.6M | -$59.5M | -$81.2M | -$98.6M | -$88.4M | |
| Free Cash Flow | -$3.1M | -$44.4M | -$55.5M | -$59.7M | -$81.6M | -$99.0M | -$88.7M | |
| Capital Expenditure | $0.00 | -$188.0K | -$901.0K | -$165.0K | -$481.0K | -$397.0K | -$331.0K | |
| Financing Cash Flow | $32.4M | $150.9M | $189.0K | $103.8M | $88.8M | $216.8M | $170.7M |
R&D Spending
R&D (TTM)
$66.6M
R&D Intensity
—
R&D Growth vs Prior
+4.4%
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Revenue | $518.5K | $1.7M | $654.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $4.3M | $45.1M | $49.2M | $53.1M | $74.1M | $63.8M | $66.6M | |
| R&D % of Revenue | 833.0% | 2723.1% | 7517.1% | — | — | — | — | |
| SG&A | $787.5K | $7.2M | $12.0M | $15.4M | $31.7M | $45.5M | $28.5M |
Income Statement
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Revenue | $518.5K | $1.7M | $654.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $546.0K | |
| Gross Profit | $518.5K | $1.7M | $654.0K | $0.00 | $0.00 | $0.00 | -$546.0K | |
| R&D | $4.3M | $45.1M | $49.2M | $53.1M | $74.1M | $63.8M | $66.6M | |
| SG&A | $787.5K | $7.2M | $12.0M | $15.4M | $31.7M | $45.5M | $28.5M | |
| Operating Income | -$4.6M | -$50.6M | -$60.5M | -$68.5M | -$105.8M | -$109.3M | -$95.1M | |
| Interest Expense | $147.2K | $0.00 | $91.0K | $205.0K | $114.0K | $206.0K | $138.0K | |
| Pretax Income | -$5.2M | -$50.6M | -$59.3M | -$66.4M | -$98.3M | -$100.0M | -$87.3M | |
| Net Income | -$5.2M | -$50.6M | -$59.3M | -$66.4M | -$98.3M | -$100.0M | -$87.3M | |
| EPS (Diluted) | -0.20 | -2.01 | -2.40 | -2.49 | -3.09 | -1.86 | -1.15 | |
| EBITDA | -$4.6M | -$50.6M | -$58.0M | -$64.3M | -$96.2M | -$97.7M | -$85.0M | |
| Shares Out. (M) | 25.17 | 25.17 | 25.17 | 26.65 | 31.79 | 53.65 | 85.63 |
Balance Sheet
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $29.4M | $135.9M | $77.3M | $121.5M | $35.0M | $63.0M | $92.8M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $86.5M | $118.8M | $118.9M | |
| Total Current Assets | $29.4M | $136.7M | $80.0M | $124.3M | $126.1M | $188.4M | $217.9M | |
| Total Assets | $29.4M | $136.9M | $97.1M | $139.8M | $146.9M | $268.7M | $254.9M | |
| Total Current Liabilities | $697.7K | $7.4M | $14.3M | $17.2M | $22.8M | $16.8M | $15.7M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $34.9M | $192.5M | $210.0M | $26.3M | $30.1M | $22.0M | $19.8M | |
| Stockholders' Equity | -$5.5M | -$55.6M | -$113.0M | $113.5M | $116.8M | $246.7M | $235.1M | |
| Retained Earnings | -$5.5M | -$56.2M | -$115.4M | -$181.8M | -$280.2M | -$380.1M | -$426.2M |
Cash Flow Statement
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.1M | -$44.2M | -$54.6M | -$59.5M | -$81.2M | -$98.6M | -$88.4M | |
| Capital Expenditure | $0.00 | -$188.0K | -$901.0K | -$165.0K | -$481.0K | -$397.0K | -$331.0K | |
| Free Cash Flow | -$3.1M | -$44.4M | -$55.5M | -$59.7M | -$81.6M | -$99.0M | -$88.7M | |
| Investing Cash Flow | $0.00 | -$188.0K | -$901.0K | -$165.0K | -$94.1M | -$90.3M | -$25.0M | |
| Financing Cash Flow | $32.4M | $150.9M | $189.0K | $103.8M | $88.8M | $216.8M | $170.7M | |
| Issuance of Stock | $0.00 | $170.0K | $332.0K | $100.3M | $88.7M | $217.3M | $171.2M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | -$17.0K | $0.00 | $0.00 | |
| Net Debt Issuance | $2.6M | $0.00 | -$163.0K | $3.6M | -$410.0K | -$533.0K | -$515.0K | |
| Stock Based Comp. | $0.00 | $386.0K | $1.8M | $3.0M | $12.5M | $12.1M | $13.8M | |
| Net Change in Cash | $29.2M | $106.5M | -$55.3M | $44.1M | -$86.5M | $28.0M | $57.4M |
Dilution Tracker
Shares outstanding grew 113.1% over 5 years — significant dilution
Shares Outstanding
82M
5-Year Share Growth
+113.1%
Stock Issuance (TTM)
$171.2M
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 25.17 | 25.17 | 25.17 | 26.65 | 31.79 | 53.65 | 85.63 | |
| Change vs Prior % | — | 0.0% | 0.0% | 5.9% | 19.3% | 68.8% | 59.6% | |
| Stock Issuance | $0.00 | $170.0K | $332.0K | $100.3M | $88.7M | $217.3M | $171.2M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | -$17.0K | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $386.0K | $1.8M | $3.0M | $12.5M | $12.1M | $13.8M |
Margins & Profitability
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 100.0% | 100.0% | 100.0% | — | — | — | — | |
| Operating Margin % | -884.9% | -3055.9% | -9252.1% | — | — | — | — | |
| Net Margin % | -993.8% | -3055.0% | -9063.8% | — | — | — | — | |
| EBITDA Margin % | -884.9% | -3054.3% | -8874.8% | — | — | — | — | |
| FCF Margin % | -604.3% | -2677.7% | -8480.3% | — | — | — | — | |
| ROE % | 93.1% | 91.0% | 52.5% | -58.5% | -84.2% | -40.5% | -41.9% | |
| ROA % | -17.5% | -37.0% | -61.1% | -47.5% | -66.9% | -37.2% | -34.2% | |
| ROIC % | -16.0% | -39.1% | -67.4% | -54.7% | -83.4% | -42.9% | -39.3% | |
| R&D / Revenue % | 833.0% | 2723.1% | 7517.1% | — | — | — | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 219.6% | -60.5% | -100.0% | 0.0% | 0.0% | |
| Gross Profit | 0.0% | 219.6% | -60.5% | -100.0% | 0.0% | 0.0% | |
| Operating Income | 0.0% | -1003.7% | -19.5% | -13.2% | -54.4% | -3.3% | |
| Net Income | 0.0% | -882.4% | -17.1% | -12.0% | -48.1% | -1.7% | |
| EPS (Diluted) | 0.0% | -905.0% | -19.4% | -3.8% | -24.1% | 39.8% | |
| Operating Cash Flow | 0.0% | -1310.0% | -23.5% | -9.0% | -36.4% | -21.5% | |
| Free Cash Flow | 0.0% | -1316.0% | -25.0% | -7.6% | -36.8% | -21.2% | |
| R&D Expense | 0.0% | 944.8% | 9.0% | 8.1% | 39.5% | -13.9% | |
| SG&A Expense | 0.0% | 810.9% | 67.3% | 28.2% | 105.9% | 43.5% | |
| Total Assets | 0.0% | 365.4% | -29.1% | 44.0% | 5.1% | 82.9% | |
| Book Value / Share | 0.0% | -904.3% | -103.1% | 194.9% | -13.7% | 25.1% | |
| Debt | 0.0% | 0.0% | 0.0% | -13.7% | -14.7% | -20.5% | |
| Diluted Shares | 0.0% | 0.0% | 0.0% | 5.9% | 19.3% | 68.8% |
Valuation
P/E (TTM)At Loss
P/S0.00
10Y Low / Med / High152.66 / 386.78 / 487.88
P/B1.05
10Y Low / Med / High1.79 / 2.16 / 3.15
EV/EBITDAAt Loss
EV/Revenue0.00
10Y Low / Med / High70.66 / 289.14 / 431.22
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.95
Tangible Book / Share
$2.75
Net Current Assets / Share
$2.41
Graham Net-Net
$2.24
Cash / Share
$2.47
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -50.25 | -5.00 | -4.26 | -5.39 | -2.13 | -5.34 | -2.51 | |
| P/S Ratio | 487.88 | 152.66 | 386.78 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | -45.69 | -4.55 | -2.24 | 3.15 | 1.79 | 2.16 | 1.05 | |
| EV/EBITDA | -48.73 | -2.31 | -3.26 | -3.85 | -1.91 | -4.89 | -1.78 | |
| EV/Revenue | 431.22 | 70.66 | 289.14 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
4.66
Safe
Piotroski F-Score
1
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $0.00 | $6.9M | $46.5M |
| Net Income | -$64.6M | -$71.9M | -$68.0M |
| EPS | $-1.19 | $-1.34 | $-1.20 |
| # Analysts (EPS) | 6 | 7 | 6 |