Theriva Biologics, Inc.
TOVXHealthcare|Biotechnology|US
$0.17
-0.00 (-1.13%)
DCF Value
$1.08
Cash / Share
$0.25
Financials
Financial Snapshot
Market Cap
$7.6M
Enterprise Value
-$142.9K
Revenue (TTM)
$300.0K
Net Income (TTM)
-$11.6M
Cash & Investments
$11.3M
Net Cash
$7.8M
Free Cash Flow (TTM)
-$12.4M
Operating CF (TTM)
-$12.4M
Debt/Equity
0.29
Cash Runway & Burn Rate
Cash on Hand
$11.3M
Quarterly Burn
$3.1M
Monthly Burn
$1.0M
Est. Runway
~3.7 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $19.1M | $17.1M | $28.9M | $15.0M | $6.2M | $67.3M | $41.8M | $23.2M | $11.6M | $13.1M | $11.3M | |
| Operating Cash Flow | -$27.9M | -$20.2M | -$17.3M | -$13.9M | -$12.2M | -$12.9M | -$19.1M | -$19.0M | -$16.9M | -$16.7M | -$12.4M | |
| Free Cash Flow | -$28.5M | -$20.4M | -$17.3M | -$13.9M | -$12.2M | -$12.9M | -$19.2M | -$19.2M | -$16.9M | -$16.7M | -$12.4M | |
| Capital Expenditure | -$569.0K | -$212.0K | -$7.0K | $0.00 | -$9.0K | -$14.0K | -$116.0K | -$202.0K | -$1.0K | -$35.0K | -$22.0K | |
| Financing Cash Flow | $26.7M | $18.5M | $29.1M | $0.00 | $3.4M | $74.0M | -$1.9M | $625.0K | $5.5M | $18.2M | $14.5M |
R&D Spending
R&D (TTM)
$5.3M
R&D Intensity
1768.7%
R&D Growth vs Prior
-38.3%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $300.0K | |
| R&D Expense | $29.1M | $18.8M | $11.8M | $11.1M | $5.1M | $7.8M | $11.7M | $14.3M | $12.0M | $8.6M | $5.3M | |
| R&D % of Revenue | — | — | — | — | — | — | — | — | — | — | 1768.7% | |
| SG&A | $10.1M | $7.5M | $5.7M | $4.6M | $5.0M | $6.5M | $7.6M | $7.8M | $7.4M | $15.4M | $6.9M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $300.0K | |
| Cost of Revenue | $157.0K | $245.0K | $272.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $108.0K | $24.0K | |
| Gross Profit | -$157.0K | -$245.0K | -$272.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$108.0K | $276.0K | |
| R&D | $29.1M | $18.8M | $11.8M | $11.1M | $5.1M | $7.8M | $11.7M | $14.3M | $12.0M | $8.6M | $5.3M | |
| SG&A | $10.1M | $7.5M | $5.7M | $4.6M | $5.0M | $6.5M | $7.6M | $7.8M | $7.4M | $15.4M | $6.9M | |
| Operating Income | -$39.3M | -$26.3M | -$17.6M | -$15.7M | -$10.2M | -$14.3M | -$21.6M | -$21.4M | -$26.3M | -$15.0M | -$11.9M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$27.8M | -$15.5M | -$13.4M | -$15.4M | -$10.1M | -$14.3M | -$21.1M | -$20.0M | -$25.7M | -$23.7M | -$11.6M | |
| Net Income | -$27.3M | -$15.2M | -$13.4M | -$15.3M | -$10.0M | -$14.3M | -$19.7M | -$18.3M | -$25.7M | -$25.2M | -$11.6M | |
| EPS (Diluted) | -101.17 | -42.70 | -21.45 | -9.14 | -6.60 | -1.90 | -32.66 | -28.48 | -19.03 | -2.08 | -0.67 | |
| EBITDA | -$39.1M | -$26.0M | -$17.3M | -$15.4M | -$10.0M | -$14.2M | -$19.2M | -$22.0M | -$19.3M | -$23.6M | -$11.5M | |
| Shares Out. (M) | 0.27 | 0.36 | 0.62 | 1.64 | 1.90 | 12.19 | 0.61 | 0.64 | 1.35 | 12.14 | 45.89 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $19.1M | $17.1M | $28.9M | $15.0M | $6.2M | $67.3M | $41.8M | $23.2M | $11.6M | $13.1M | $11.3M | |
| 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 | $21.6M | $17.9M | $29.5M | $16.4M | $7.9M | $68.9M | $45.5M | $27.4M | $16.3M | $17.5M | $13.7M | |
| Total Assets | $22.5M | $18.8M | $30.1M | $17.2M | $8.4M | $70.4M | $71.9M | $55.2M | $35.4M | $38.2M | $34.9M | |
| Total Current Liabilities | $19.8M | $9.8M | $3.4M | $5.3M | $3.0M | $3.6M | $7.1M | $6.7M | $7.6M | $10.0M | $12.1M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $221.0K | $162.0K | $92.0K | $1.7M | $1.6M | |
| Total Liabilities | $20.2M | $22.2M | $3.7M | $5.7M | $3.2M | $5.0M | $17.3M | $15.5M | $16.3M | $22.9M | $22.7M | |
| Stockholders' Equity | $3.8M | -$1.5M | $29.4M | $14.4M | $8.0M | $65.4M | $54.6M | $39.7M | $19.1M | $15.4M | $12.2M | |
| Retained Earnings | -$172.0M | -$194.2M | -$219.5M | -$235.5M | -$248.1M | -$271.3M | -$291.0M | -$309.3M | -$335.0M | -$358.7M | -$364.0M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$27.9M | -$20.2M | -$17.3M | -$13.9M | -$12.2M | -$12.9M | -$19.1M | -$19.0M | -$16.9M | -$16.7M | -$12.4M | |
| Capital Expenditure | -$569.0K | -$212.0K | -$7.0K | $0.00 | -$9.0K | -$14.0K | -$116.0K | -$202.0K | -$1.0K | -$35.0K | -$22.0K | |
| Free Cash Flow | -$28.5M | -$20.4M | -$17.3M | -$13.9M | -$12.2M | -$12.9M | -$19.2M | -$19.2M | -$16.9M | -$16.7M | -$12.4M | |
| Investing Cash Flow | -$569.0K | -$212.0K | -$7.0K | $0.00 | -$9.0K | -$14.0K | -$4.4M | -$202.0K | -$1.0K | -$35.0K | -$22.0K | |
| Financing Cash Flow | $26.7M | $18.5M | $29.1M | $0.00 | $3.4M | $74.0M | -$1.9M | $625.0K | $5.5M | $18.2M | $14.5M | |
| Issuance of Stock | $26.5M | $6.4M | $29.1M | $0.00 | $3.4M | $66.0M | $0.00 | $2.2M | $5.6M | $13.5M | $11.4M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$288.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$1.4M | -$75.0K | -$67.0K | $1.4M | -$3.0K | |
| Stock Based Comp. | $4.0M | $3.4M | $2.1M | $340.0K | $350.0K | $416.0K | $475.0K | $552.0K | $671.0K | $654.0K | $651.0K | |
| Net Change in Cash | -$1.8M | -$1.9M | $11.8M | -$13.9M | -$8.8M | $61.1M | -$25.4M | -$18.6M | -$11.6M | $1.4M | $1.9M |
Dilution Tracker
Shares outstanding grew 538.6% over 5 years — significant dilution
Shares Outstanding
46M
5-Year Share Growth
+538.6%
Stock Issuance (TTM)
$11.4M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.27 | 0.36 | 0.62 | 1.64 | 1.90 | 12.19 | 0.61 | 0.64 | 1.35 | 12.14 | 45.89 | |
| Change vs Prior % | — | 31.9% | 75.4% | 163.8% | 15.7% | 541.1% | -95.0% | 5.1% | 109.2% | 800.6% | 278.0% | |
| Stock Issuance | $26.5M | $6.4M | $29.1M | $0.00 | $3.4M | $66.0M | $0.00 | $2.2M | $5.6M | $13.5M | $11.4M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$288.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $4.0M | $3.4M | $2.1M | $340.0K | $350.0K | $416.0K | $475.0K | $552.0K | $671.0K | $654.0K | $651.0K |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | — | — | — | — | — | — | — | — | 92.0% | |
| Operating Margin % | — | — | — | — | — | — | — | — | — | — | -3966.0% | |
| Net Margin % | — | — | — | — | — | — | — | — | — | — | -3872.7% | |
| EBITDA Margin % | — | — | — | — | — | — | — | — | — | — | -3838.3% | |
| FCF Margin % | — | — | — | — | — | — | — | — | — | — | -4125.0% | |
| ROE % | -708.8% | 1014.3% | -45.5% | -106.5% | -125.1% | -21.8% | -36.1% | -46.2% | -134.5% | -164.1% | -93.5% | |
| ROA % | -121.1% | -80.5% | -44.3% | -88.8% | -119.4% | -20.3% | -27.4% | -33.2% | -72.6% | -66.0% | -33.3% | |
| ROIC % | -1432.0% | -290.2% | -65.7% | -128.3% | -177.3% | -21.3% | -30.9% | -40.1% | -92.9% | -52.1% | -51.1% | |
| R&D / Revenue % | — | — | — | — | — | — | — | — | — | — | 1768.7% |
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 | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | -118.1% | -56.1% | -11.0% | 100.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Income | 4.2% | 33.1% | 33.1% | 10.9% | 35.1% | -40.5% | -51.2% | 0.7% | -22.9% | 43.0% | |
| Net Income | 37.7% | 44.3% | 11.9% | -14.5% | 34.4% | -42.1% | -38.0% | 6.8% | -39.8% | 1.6% | |
| EPS (Diluted) | 46.7% | 57.8% | 49.8% | 57.4% | 27.8% | 71.2% | -1618.9% | 12.8% | 33.2% | 89.1% | |
| Operating Cash Flow | 28.3% | 27.6% | 14.5% | 19.7% | 12.3% | -5.9% | -48.0% | 0.5% | 10.8% | 1.6% | |
| Free Cash Flow | 27.7% | 28.3% | 15.3% | 19.7% | 12.2% | -6.0% | -48.8% | 0.0% | 11.8% | 1.4% | |
| R&D Expense | -11.5% | -35.5% | -36.9% | -6.4% | -53.7% | 52.0% | 50.3% | 22.1% | -15.9% | -28.5% | |
| SG&A Expense | 25.6% | -26.4% | -23.3% | -20.0% | 9.8% | 28.7% | 16.9% | 2.8% | -4.9% | 108.9% | |
| Total Assets | -27.1% | -16.3% | 60.0% | -42.8% | -51.2% | 736.7% | 2.1% | -23.2% | -36.0% | 8.2% | |
| Book Value / Share | -87.2% | -215.0% | 542.3% | -83.5% | -60.4% | 94.0% | 1558.3% | -30.7% | -77.1% | -91.0% | |
| Debt | 0.0% | 0.0% | 0.0% | 0.0% | -34.5% | 222.8% | 10.1% | 28.1% | -27.3% | 68.0% | |
| Diluted Shares | 16.8% | 31.9% | 75.4% | 163.8% | 15.7% | 541.1% | -95.0% | 5.1% | 109.2% | 800.6% |
Valuation
P/E (TTM)At Loss
P/S25.47
P/B0.63
10Y Low / Med / High0.12 / 2.97 / 467.05
EV/EBITDA0.01
10Y Low / Med / High0.33 / 0.64 / 1.73
EV/Revenue-0.48
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$1.08
Cash / Share
$0.25
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -65.89 | -103.99 | -6.53 | -13.87 | -14.51 | -35.82 | -0.35 | -0.38 | -0.09 | -0.10 | -0.25 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 25.47 | |
| P/B Ratio | 467.05 | -1054.73 | 2.97 | 14.50 | 22.67 | 12.68 | 0.13 | 0.17 | 0.12 | 0.17 | 0.63 | |
| EV/EBITDA | -45.45 | -60.02 | -3.37 | -12.58 | -17.70 | -53.84 | 1.73 | 0.64 | 0.40 | 0.33 | 0.01 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -0.48 |
Analyst Estimates & Quality
Altman Z-Score
-15.45
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $300.0K | $0.00 | $25.7M |
| Net Income | -$3.0M | -$2.4M | -$3.9M |
| EPS | $-0.25 | $-0.20 | $-0.32 |
| # Analysts (EPS) | 1 | 1 | 1 |