Valion Bio, Inc. VBIO
Tivic™ Health Systems, Inc. is a late-stage biopharmaceutical company whose lead program is Entolimod™. Entolimod is a recombinant TLR5 agonist with an extensive preclinical and clinical data package supporting development as a medical countermeasure (MCM) for Acute Radiation Syndrome (ARS) and it subsyndromes, as well as for adjunct therapy for oncology indications, such as neutropenia.
During fiscal year 2025, Tivic executed a deliberate and material strategic transformation: pivoting from a diversified bioelectronic medical device company to a focused biopharmaceutical company built around the TLR5 agonist franchise. In addition to securing worldwide exclusive license rights and options to Entolimod and its second-generation compound, Entolasta, in February 2025, Tivic established Velocity Bioworks™ in December 2025 as subsidiary contract development and manufacturing organization (CDMO) that is expected to support both Tivic and select third-party customers. At the same time, Tivic exited the consumer healthtech business and suspended its prescription bioelectronic product development efforts in order to focus resources fully on Entolimod development.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | — | $780.0K | $1.2M | $1.8M | $1.3M | — |
| Cost of revenue | — | $778.0K | $889.0K | $1.5M | $1.3M | — |
| Gross profit | — | $2.0K | $287.0K | $299.0K | -$38.0K | — |
| R&D | $3.1M | $1.3M | $1.7M | $1.7M | $878.0K | — |
| SG&A | $4.8M | $3.2M | $4.8M | $5.9M | $2.9M | — |
| Total operating expenses | $7.9M | $4.5M | $8.5M | $10.4M | $5.6M | — |
| Operating income | -$7.9M | -$4.5M | -$8.2M | -$10.1M | -$5.6M | — |
| Interest expense | $146.0K | $0 | $1.0K | $2.0K | $1.8M | — |
| Pre-tax income | -$8.9M | -$5.7M | -$8.2M | -$10.1M | — | — |
| Income tax | $0 | $0 | — | — | — | — |
| Net income | -$8.9M | -$5.7M | -$8.2M | -$10.1M | -$8.5M | — |
| EPS, basic | -7.84 | -19.68 | -176.80 | -104.32 | -2.43 | — |
| EPS, diluted | — | -19.68 | -176.80 | -104.32 | -2.43 | — |
| Shares, diluted (wtd. avg.) | $1.2M | $287.4K | $46.6K | $96.8K | $3.5M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | $12.6M | $2.0M | $3.4M | $3.5M | $13.0M | $1.0M |
| Receivables | — | $69.0K | $174.0K | $107.0K | $92.0K | — |
| Inventory | $0 | $319.0K | $756.0K | $863.0K | $429.0K | — |
| Total current assets | $13.0M | $2.6M | $4.7M | $5.3M | $14.3M | — |
| Property, plant and equipment | $12.6M | $2.0K | $122.0K | $12.0K | $11.0K | — |
| Goodwill | $3.5M | $0 | — | — | — | — |
| Other intangibles | $2.2M | $0 | — | — | — | — |
| Total assets | $31.6M | $2.8M | $5.2M | $5.9M | $15.0M | — |
| Accounts payable | $264.0K | $125.0K | $713.0K | $1.3M | $789.0K | — |
| Total current liabilities | $646.0K | $272.0K | $1.4M | $1.9M | $1.2M | — |
| Total liabilities | $7.4M | $272.0K | $1.6M | $2.2M | $1.8M | — |
| Retained earnings | -$52.6M | -$43.5M | -$37.9M | -$29.6M | -$19.5M | — |
| Total equity | $3.3M | $2.5M | $3.6M | $3.6M | $13.3M | -$1.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$7.0M | -$5.7M | -$8.5M | -$8.9M | -$5.6M | — |
| Depreciation and amortisation | $5.0K | $3.0K | $8.0K | $10.0K | $8.0K | — |
| Stock-based compensation | $564.0K | $229.0K | $271.0K | $398.0K | $57.0K | — |
| Capital expenditure | $38.0K | $0 | $118.0K | $11.0K | — | — |
| Investing cash flow | -$705.0K | $0 | -$118.0K | -$11.0K | — | — |
| Financing cash flow | $18.3M | $4.3M | $8.5M | -$528.0K | $17.5M | — |
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 0001437749-26-010343.
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