Molecular Partners AG
MOLNHealthcare|Biotechnology|CH
$3.14
-0.08 (-2.48%)
DCF Value
$2.61
Tangible Book / Share
$1.32
Cash / Share
$1.50
Financials
Financial Snapshot
Market Cap
$119.7M
Enterprise Value
$44.9M
Revenue (TTM)
$0.00
Net Income (TTM)
-$54.2M
Cash & Investments
$57.5M
Net Cash
$54.8M
Free Cash Flow (TTM)
-$49.4M
Operating CF (TTM)
-$49.2M
Debt/Equity
0.05
Cash Runway & Burn Rate
Cash on Hand
$57.5M
Quarterly Burn
$12.3M
Monthly Burn
$4.1M
Est. Runway
~4.7 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $180.2M | $141.1M | $99.0M | $95.1M | $173.7M | $132.8M | $249.1M | $186.9M | $149.4M | $93.1M | $57.5M | |
| Operating Cash Flow | -$35.4M | -$40.0M | -$42.5M | -$1.2M | -$29.0M | -$91.0M | $118.6M | -$59.0M | -$59.2M | -$51.3M | -$49.2M | |
| Free Cash Flow | -$36.5M | -$40.5M | -$43.3M | -$3.1M | -$30.7M | -$92.3M | $117.1M | -$59.6M | -$60.0M | -$52.0M | -$49.4M | |
| Capital Expenditure | -$1.1M | -$500.0K | -$867.0K | -$1.9M | -$1.7M | -$1.3M | -$1.4M | -$575.0K | -$723.0K | -$714.0K | -$194.7K | |
| Financing Cash Flow | $395.0K | $799.0K | $392.0K | -$227.0K | $113.2M | $50.6M | -$1.6M | -$1.2M | $14.4M | -$1.1M | -$1.2M |
R&D Spending
R&D (TTM)
$29.3M
R&D Intensity
—
R&D Growth vs Prior
-27.1%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $23.0M | $20.0M | $10.4M | $20.4M | $9.3M | $9.3M | $189.6M | $7.0M | $5.0M | $0.00 | $0.00 | |
| R&D Expense | $35.2M | $37.5M | $38.2M | $43.5M | $56.1M | $55.7M | $50.7M | $48.8M | $48.6M | $40.2M | $29.3M | |
| R&D % of Revenue | 152.7% | 187.1% | 368.9% | 213.4% | 600.1% | 597.2% | 26.8% | 693.2% | 977.9% | — | — | |
| SG&A | $7.2M | $8.3M | $9.5M | $13.2M | $11.0M | $16.9M | $21.8M | $19.0M | $17.2M | $14.9M | $15.5M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $23.0M | $20.0M | $10.4M | $20.4M | $9.3M | $9.3M | $189.6M | $7.0M | $5.0M | $0.00 | $0.00 | |
| Cost of Revenue | $14.6M | $17.8M | $15.6M | $43.5M | $56.1M | $55.7M | $50.7M | $47.8M | $47.5M | $2.0M | $11.0M | |
| Gross Profit | $8.5M | $2.2M | -$5.2M | -$23.1M | -$46.7M | -$46.4M | $138.8M | -$40.8M | -$42.5M | -$2.0M | -$11.0M | |
| R&D | $35.2M | $37.5M | $38.2M | $43.5M | $56.1M | $55.7M | $50.7M | $48.8M | $48.6M | $40.2M | $29.3M | |
| SG&A | $7.2M | $8.3M | $9.5M | $13.2M | $11.0M | $16.9M | $21.8M | $19.0M | $17.2M | $14.9M | $15.5M | |
| Operating Income | -$19.5M | -$25.8M | -$37.4M | -$36.7M | -$58.3M | -$63.4M | $116.6M | -$61.1M | -$61.2M | -$58.1M | -$54.9M | |
| Interest Expense | $89.0K | $197.0K | $102.0K | $100.6K | $323.9K | $608.1K | $648.1K | $49.0K | $25.0K | $18.0K | $36.9K | |
| Pretax Income | -$18.6M | -$25.4M | -$37.0M | -$36.3M | -$62.8M | -$63.8M | $117.9M | -$62.0M | -$54.0M | -$61.6M | -$54.2M | |
| Net Income | -$18.6M | -$25.4M | -$37.0M | -$36.3M | -$62.8M | -$63.8M | $117.9M | -$62.0M | -$54.0M | -$61.7M | -$54.2M | |
| EPS (Diluted) | -0.91 | -1.22 | -1.75 | -1.69 | -2.51 | -2.06 | 3.54 | -1.89 | -1.59 | -1.65 | -1.34 | |
| EBITDA | -$17.5M | -$24.7M | -$36.1M | -$33.7M | -$59.6M | -$60.7M | $119.0M | -$59.5M | -$51.6M | -$59.5M | -$52.1M | |
| Shares Out. (M) | 20.43 | 20.86 | 21.17 | 21.41 | 25.00 | 31.01 | 33.27 | 32.77 | 34.03 | 37.27 | 38.33 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $149.7M | $131.3M | $99.0M | $75.7M | $133.7M | $71.8M | $87.9M | $67.3M | $63.9M | $82.7M | $57.5M | |
| Short-Term Investments | $30.5M | $9.7M | $0.00 | $19.4M | $40.0M | $61.0M | $161.2M | $119.6M | $85.6M | $10.4M | $0.00 | |
| Total Current Assets | $181.6M | $142.5M | $153.3M | $99.9M | $177.8M | $164.2M | $254.8M | $192.5M | $154.3M | $96.9M | $60.7M | |
| Total Assets | $184.1M | $144.4M | $155.2M | $104.9M | $187.5M | $172.7M | $262.3M | $198.4M | $158.5M | $102.1M | $64.5M | |
| Total Current Liabilities | $15.8M | $14.1M | $36.9M | $28.6M | $57.7M | $46.9M | $17.3M | $14.4M | $10.8M | $11.0M | $9.4M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $48.3M | $27.7M | $63.5M | $50.8M | $80.3M | $65.4M | $27.1M | $21.9M | $16.9M | $21.8M | $13.9M | |
| Stockholders' Equity | $135.8M | $116.7M | $91.7M | $54.1M | $107.2M | $107.3M | $235.2M | $176.4M | $141.6M | $80.3M | $50.7M | |
| Retained Earnings | -$37.3M | -$60.7M | -$89.9M | -$130.9M | -$195.2M | -$250.9M | -$127.8M | -$191.8M | -$246.3M | -$311.8M | -$344.1M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$35.4M | -$40.0M | -$42.5M | -$1.2M | -$29.0M | -$91.0M | $118.6M | -$59.0M | -$59.2M | -$51.3M | -$49.2M | |
| Capital Expenditure | -$1.1M | -$500.0K | -$867.0K | -$1.9M | -$1.7M | -$1.3M | -$1.4M | -$575.0K | -$723.0K | -$714.0K | -$194.7K | |
| Free Cash Flow | -$36.5M | -$40.5M | -$43.3M | -$3.1M | -$30.7M | -$92.3M | $117.1M | -$59.6M | -$60.0M | -$52.0M | -$49.4M | |
| Investing Cash Flow | -$11.3M | $20.9M | $9.6M | -$19.8M | -$21.7M | -$22.2M | -$101.1M | $44.6M | $40.5M | $72.5M | $25.1M | |
| Financing Cash Flow | $395.0K | $799.0K | $392.0K | -$227.0K | $113.2M | $50.6M | -$1.6M | -$1.2M | $14.4M | -$1.1M | -$1.2M | |
| Issuance of Stock | $395.0K | $799.0K | $392.0K | $1.0M | $113.6M | $51.5M | $250.0K | $31.0K | $17.3M | $63.0K | $102.9K | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$631.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | -$1.2M | -$1.3M | -$1.2M | -$1.2M | -$1.2M | -$1.2M | -$1.2M | -$1.2M | |
| Stock Based Comp. | $2.9M | $3.6M | $3.7M | $2.4M | $2.9M | $4.1M | $5.1M | $5.2M | $4.1M | $4.4M | $2.9M | |
| Net Change in Cash | -$45.6M | -$18.4M | -$32.4M | -$23.2M | $58.0M | -$61.9M | $16.1M | -$20.6M | -$3.4M | $18.8M | -$51.0M |
Dilution Tracker
Shares outstanding grew 49.1% over 5 years — significant dilution
Shares Outstanding
38M
5-Year Share Growth
+49.1%
Stock Issuance (TTM)
$102.9K
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 20.43 | 20.86 | 21.17 | 21.41 | 25.00 | 31.01 | 33.27 | 32.77 | 34.03 | 37.27 | 38.33 | |
| Change vs Prior % | — | 2.1% | 1.5% | 1.2% | 16.8% | 24.0% | 7.3% | -1.5% | 3.9% | 9.5% | 2.8% | |
| Stock Issuance | $395.0K | $799.0K | $392.0K | $1.0M | $113.6M | $51.5M | $250.0K | $31.0K | $17.3M | $63.0K | $102.9K | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$631.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $2.9M | $3.6M | $3.7M | $2.4M | $2.9M | $4.1M | $5.1M | $5.2M | $4.1M | $4.4M | $2.9M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 36.8% | 11.0% | -50.7% | -113.4% | -500.1% | -497.2% | 73.2% | -579.8% | -855.8% | — | — | |
| Operating Margin % | -84.6% | -129.1% | -361.3% | -179.9% | -624.2% | -679.7% | 61.5% | -868.3% | -1231.7% | — | — | |
| Net Margin % | -80.8% | -127.0% | -357.7% | -178.0% | -671.7% | -683.7% | 62.2% | -880.7% | -1087.4% | — | — | |
| EBITDA Margin % | -76.1% | -123.4% | -348.7% | -165.3% | -637.7% | -650.2% | 62.8% | -845.6% | -1039.2% | — | — | |
| FCF Margin % | -158.3% | -202.4% | -418.6% | -15.0% | -328.2% | -988.9% | 61.8% | -846.5% | -1206.7% | — | — | |
| ROE % | -13.7% | -21.8% | -40.4% | -67.0% | -58.5% | -59.5% | 50.1% | -35.1% | -38.2% | -76.7% | -79.2% | |
| ROA % | -10.1% | -17.6% | -23.9% | -34.6% | -33.5% | -36.9% | 44.9% | -31.2% | -34.1% | -60.4% | -79.2% | |
| ROIC % | -11.6% | -19.8% | -31.5% | -47.2% | -44.5% | -49.9% | 47.4% | -33.0% | -41.1% | -63.0% | -91.8% | |
| R&D / Revenue % | 152.7% | 187.1% | 368.9% | 213.4% | 600.1% | 597.2% | 26.8% | 693.2% | 977.9% | — | — |
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 | -20.9% | -13.1% | -48.3% | 96.8% | -54.2% | -0.1% | 1931.7% | -96.3% | -29.4% | -100.0% | |
| Gross Profit | -69.7% | -74.1% | -339.2% | -340.5% | -102.2% | 0.7% | 399.2% | -129.4% | -4.2% | 95.2% | |
| Operating Income | -778.5% | -32.6% | -44.8% | 2.0% | -59.1% | -8.7% | 283.9% | -152.4% | -0.2% | 5.1% | |
| Net Income | -12406.1% | -36.6% | -45.6% | 2.0% | -73.0% | -1.6% | 284.8% | -152.6% | 12.8% | -14.1% | |
| EPS (Diluted) | -11873.7% | -34.1% | -43.4% | 3.4% | -48.5% | 17.9% | 271.8% | -153.4% | 15.9% | -3.8% | |
| Operating Cash Flow | -233.5% | -13.1% | -6.1% | 97.2% | -2337.6% | -213.8% | 230.4% | -149.8% | -0.4% | 13.5% | |
| Free Cash Flow | -245.3% | -11.1% | -7.0% | 93.0% | -904.5% | -200.9% | 227.0% | -150.9% | -0.7% | 13.3% | |
| R&D Expense | 47.1% | 6.4% | 2.0% | 13.9% | 28.9% | -0.6% | -8.9% | -3.9% | -0.4% | -17.3% | |
| SG&A Expense | 16.4% | 14.4% | 14.3% | 39.1% | -16.2% | 53.3% | 29.1% | -13.0% | -9.6% | -13.4% | |
| Total Assets | -16.1% | -21.6% | 7.4% | -32.4% | 78.7% | -7.9% | 51.9% | -24.4% | -20.1% | -35.6% | |
| Book Value / Share | -14.4% | -15.8% | -22.6% | -41.6% | 69.6% | -19.3% | 109.3% | -25.7% | -22.7% | -48.2% | |
| Debt | 0.0% | 0.0% | 0.0% | 0.0% | 183.6% | -16.3% | -19.7% | -24.7% | -33.1% | 49.1% | |
| Diluted Shares | 4.5% | 2.1% | 1.5% | 1.2% | 16.8% | 24.0% | 7.3% | -1.5% | 3.9% | 9.5% |
Valuation
P/E (TTM)At Loss
P/S0.00
10Y Low / Med / High1.04 / 19.96 / 58.11
P/B1.97
10Y Low / Med / High0.65 / 3.42 / 7.52
EV/EBITDAAt Loss
EV/Revenue0.00
10Y Low / Med / High0.60 / 16.38 / 51.06
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$2.61
Tangible Book / Share
$1.32
Net Current Assets / Share
$1.22
Graham Net-Net
$1.17
Cash / Share
$1.50
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -21.97 | -15.68 | -11.05 | -11.25 | -6.93 | -8.49 | 1.67 | -1.86 | -2.71 | -2.10 | -1.93 | |
| P/S Ratio | 17.73 | 19.94 | 39.52 | 19.96 | 46.56 | 58.11 | 1.04 | 16.36 | 29.53 | 0.00 | 0.00 | |
| P/B Ratio | 3.01 | 3.42 | 4.46 | 7.52 | 4.06 | 5.05 | 0.84 | 0.65 | 1.04 | 1.60 | 1.97 | |
| EV/EBITDA | -14.77 | -10.84 | -8.59 | -9.90 | -5.18 | -7.85 | 0.95 | -0.87 | -1.65 | -0.84 | -0.92 | |
| EV/Revenue | 11.23 | 13.38 | 29.96 | 16.38 | 33.02 | 51.06 | 0.60 | 7.32 | 17.17 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-5.03
Distress
Piotroski F-Score
1
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $11.1M | $61.8M | $1.2M |
| Net Income | -$36.4M | -$10.1M | -$47.7M |
| EPS | $-1.42 | $-1.24 | $-1.28 |
| # Analysts (EPS) | 1 | 2 | 1 |
Revenue Segments
By Geography
| Segment | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| UNITED STATES | $9.3M | $9.7M | — | — |
| SWITZERLAND | — | $179.9M | $7.0M | $5.0M |