Moleculin Biotech, Inc. MBRX
We are a late-stage pharmaceutical development company currently evaluating Annamycin, also known as L-Annamycin and by its generic name "naxtarubicin", which we believe is a "next-generation" anthracycline and, with it, are conducting a pivotal Phase 3 trial in combination with cytarabine for the treatment of subjects with relapsed/refractory (R/R) acute myeloid leukemia (AML). We call this the "MIRACLE" trial (derived from Moleculin R/R AML AnnAraC Clinical Evaluation). A blinded preliminary data readout has been released for the MIRACLE trial, and we expect to have an interim unblinding of data in mid-2026 and an additional unblinding in the second half of 2026, thereby concluding Part A of the two-part trial. We believe such early visibility for a pivotal registration-enabling trial is unique in that stakeholders will receive preliminary safety and efficacy data long before the conclusion of the trial.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| R&D | $15.9M | $17.7M | $19.5M | $19.0M | $14.4M | $12.8M | $11.0M | $9.7M | $4.5M | $1.5M |
| SG&A | $9.1M | $8.8M | $10.0M | $11.5M | $8.4M | $6.8M | $6.3M | $5.2M | $4.1M | $2.4M |
| Total operating expenses | $25.1M | $26.6M | $29.6M | $30.6M | $23.0M | $19.7M | $17.5M | $15.0M | $8.7M | $3.9M |
| Operating income | -$25.1M | -$26.6M | -$29.6M | -$30.6M | -$23.0M | -$19.7M | -$17.5M | -$15.0M | -$8.7M | -$3.9M |
| Interest expense | — | — | — | $240.0K | $306.0K | $13.0K | $13.0K | $4.0K | $0 | $43.0K |
| Pre-tax income | -$33.6M | -$26.0M | $29.8M | -$29.0M | -$15.9M | -$17.4M | -$13.4M | -$11.9M | -$9.8M | -$3.9M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $229.0K | $0 | $0 | $0 |
| Net income | $33.6M | $26.0M | $29.8M | -$29.0M | -$15.9M | -$17.4M | -$13.2M | -$11.9M | -$9.8M | -$3.9M |
| EPS, basic | -28.42 | -189.14 | -15.07 | -15.22 | -0.59 | — | — | — | — | — |
| EPS, diluted | — | — | — | — | -0.59 | -1.76 | -1.95 | -0.46 | -0.53 | -0.40 |
| Shares, diluted (wtd. avg.) | $1.2M | $137.7K | $2.0M | $1.9M | $26.9M | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $8.9M | $4.3M | $23.6M | $43.1M | $70.9M | $15.2M | $10.7M | $7.1M | $7.7M | $5.0M |
| Receivables | — | — | — | — | — | — | $1.0K | $56.0K | — | — |
| Total current assets | $9.7M | $5.2M | $26.3M | $45.6M | $72.5M | $17.2M | $13.5M | $8.0M | $8.3M | $5.2M |
| Property, plant and equipment | $78.0K | $159.0K | $272.0K | $275.0K | $338.0K | $483.0K | $316.0K | $463.0K | $33.0K | $23.0K |
| Total assets | $22.1M | $16.9M | $38.2M | $57.4M | $84.1M | $29.0M | $25.2M | $19.6M | $19.5M | $16.4M |
| Accounts payable | $3.5M | $2.0M | $2.5M | $2.1M | $1.4M | $1.1M | $2.2M | $1.2M | $810.0K | $399.0K |
| Total current liabilities | $6.9M | $5.4M | $6.8M | $4.8M | $3.6M | $2.9M | $3.6M | $3.9M | $2.2M | $1.3M |
| Total liabilities | $7.1M | $5.7M | $12.1M | $5.2M | $5.1M | $11.3M | $9.7M | $5.3M | $2.4M | $1.4M |
| Retained earnings | -$206.0M | -$172.4M | -$146.4M | -$101.8M | -$72.8M | -$56.9M | -$39.6M | -$26.4M | -$14.5M | -$4.7M |
| Total equity | $15.0M | $11.2M | $30.9M | $52.2M | $79.0M | $17.8M | $15.6M | $14.3M | $17.1M | $15.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$22.7M | -$23.9M | -$23.6M | -$27.6M | -$19.0M | -$17.8M | -$17.2M | -$12.2M | -$7.3M | -$3.8M |
| Depreciation and amortisation | $90.0K | $126.0K | $127.0K | $130.0K | $164.0K | $200.0K | $199.0K | $68.0K | $18.0K | $6.0K |
| Stock-based compensation | $1.7M | $1.7M | $2.0M | $2.3M | $2.4M | $1.7M | $1.5M | $1.1M | $707.0K | $324.0K |
| Capital expenditure | $0 | $13.0K | $124.0K | $67.0K | $19.0K | $376.0K | $52.0K | $417.0K | $28.0K | $21.0K |
| Investing cash flow | $0 | -$13.0K | -$124.0K | -$67.0K | -$19.0K | -$374.0K | -$51.0K | -$417.0K | -$28.0K | -$121.0K |
| Financing cash flow | $27.3M | $4.6M | $4.1M | -$23.0K | $74.7M | $22.5M | $20.9M | $12.0M | $10.1M | $8.9M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-028835.
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