Yarrow Bioscience, Inc. YARW
We are a clinical-stage biopharmaceutical company focused on developing differentiated therapies to treat inflammatory and immune-mediated conditions with high unmet need.
We have exclusive worldwide rights to research, develop and commercialize products containing small molecule bromodomain and extra-terminal domain ("BET") inhibitors for the treatment of any disease, disorder or condition in humans, which we licensed from Tay Therapeutics Ltd., formerly known as In4Derm Ltd ("Tay"). BET proteins are epigenetic enablers of transcription that regulate the expression of specific genes. Each BET protein consists of two bromodomains ("BD1" and "BD2") and one end terminal ("ET") domain. Through our transaction with Tay, we obtained access to a library of new small molecule BET inhibitor compounds including those that inhibit both BD1 and BD2 ("pan-BD" BET inhibitor) and that selectively inhibit BD2 ("BD2-selective" BET inhibitor). We initially focused our development efforts with these molecules on immune-mediated inflammatory diseases, which are not being targeted by current BET inhibitors in development.
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 | $570.0K | $501.0K | $424.0K | $477.0K | $931.0K | $21.0M | $443.0K | $3.6M | $4.6M | $674.0K |
| Cost of revenue | — | — | — | — | $3.3M | $1.4M | $0 | $0 | — | — |
| Gross profit | — | — | — | — | -$2.4M | $19.6M | $443.0K | $3.6M | — | — |
| R&D | $19.2M | $30.9M | $16.3M | $18.4M | $19.5M | $43.5M | $51.2M | $64.5M | $29.0M | $11.3M |
| SG&A | $11.1M | $13.2M | $13.4M | $16.4M | $20.3M | $89.5M | $45.1M | $14.0M | $5.2M | $3.8M |
| Total operating expenses | $30.3M | $44.1M | $29.7M | $34.8M | $39.8M | $272.1M | $96.3M | $78.5M | $34.2M | $15.0M |
| Operating income | -$29.7M | -$43.6M | -$29.3M | -$34.3M | -$38.9M | -$252.5M | -$95.9M | -$74.9M | -$29.6M | -$14.3M |
| Interest expense | — | — | — | $0 | $5.6M | $4.4M | $921.0K | $0 | — | — |
| Pre-tax income | -$26.7M | -$39.8M | -$27.9M | -$33.9M | -$44.7M | -$255.8M | -$95.4M | -$74.0M | -$29.1M | — |
| Income tax | $4.0K | $4.0K | $0 | $13.0K | $448.0K | $258.0K | $176.0K | $212.0K | $0 | — |
| Net income | -$26.5M | -$39.8M | -$28.5M | -$23.2M | -$73.3M | -$255.6M | -$95.2M | -$74.2M | -$29.1M | -$14.1M |
| EPS, basic | -0.62 | -0.93 | -2.78 | -7.28 | -25.64 | 7.88 | — | — | — | — |
| EPS, diluted | -0.62 | -0.93 | -2.78 | -7.28 | -25.64 | 7.88 | 11.22 | 11.47 | -5.69 | -2.82 |
| Shares, diluted (wtd. avg.) | 42.8M | 42.6M | 10.3M | 3.2M | 2.9M | 32.4M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $24.0M | $19.9M | $30.7M | $31.0M | $42.9M | $58.4M | $44.6M | $27.9M | $16.2M | $4.0M |
| Short-term investments | $5.0M | $41.6M | $62.6M | $0 | $0 | $1.0M | $16.7M | $86.7M | $49.3M | $26.9M |
| Receivables | — | — | — | $173.0K | $7.6M | $15.8M | $135.0K | — | $786.0K | $0 |
| Inventory | — | — | — | — | $7.3M | $7.4M | $1.4M | — | — | — |
| Total current assets | $30.0M | $64.4M | $96.0M | $38.3M | $63.2M | $87.3M | $76.4M | $139.5M | $63.9M | $31.5M |
| Property, plant and equipment | $90.0K | $113.0K | $0 | $0 | $354.0K | $555.0K | $2.9M | $146.0K | $28.0K | $27.0K |
| Total assets | $30.2M | $66.9M | $97.7M | $40.8M | $67.0M | $93.7M | $81.2M | $139.9M | $66.9M | $42.1M |
| Accounts payable | — | — | — | — | — | — | $3.8M | $3.3M | $2.5M | $1.5M |
| Total current liabilities | $2.4M | $14.8M | $7.5M | $9.3M | $18.4M | $21.8M | $29.3M | $9.5M | $7.8M | $3.9M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $33.2M | $32.7M | — | — | — |
| Total liabilities | $2.4M | $14.8M | $8.9M | $9.3M | $18.4M | $56.2M | $63.6M | $9.6M | $14.6M | $12.5M |
| Retained earnings | -$757.7M | -$731.2M | -$691.3M | -$662.7M | -$639.5M | -$566.2M | -$310.6M | -$110.6M | -$59.2M | -$30.1M |
| Total equity | $27.8M | $52.1M | $88.7M | $31.2M | $48.6M | $37.5M | $17.6M | $92.2M | $68.6M | -$29.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$33.1M | -$34.0M | -$25.3M | -$29.2M | -$56.4M | -$137.1M | -$73.4M | -$68.7M | -$28.2M | -$2.3M |
| Depreciation and amortisation | $23.0K | $4.0K | $0 | $72.0K | $109.0K | $341.0K | $350.0K | $319.0K | — | — |
| Stock-based compensation | $2.3M | $3.3M | $3.3M | $4.3M | $8.1M | $18.1M | $4.9M | $5.3M | $5.3M | $573.0K |
| Capital expenditure | $0 | $117.0K | $0 | — | $0 | $113.0K | $1.1M | $567.0K | $27.0K | $31.0K |
| Investing cash flow | $37.4M | $23.4M | -$57.4M | $15.7M | $1.0M | $89.1M | $41.9M | -$11.8M | -$15.1M | -$37.5M |
| Financing cash flow | -$143.0K | -$141.0K | $82.4M | $1.7M | $39.8M | $61.8M | $48.0M | $92.4M | $49.5M | $0 |
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 0001104659-26-069925.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $674.0K | $4.6M | $3.6M | $443.0K | $21.0M | $931.0K | $477.0K | $424.0K | $501.0K | $570.0K |
| Gross profit | — | — | $3.6M | $443.0K | $19.6M | -$2.4M | — | — | — | — |
| Net income | -$14.1M | -$29.1M | -$74.2M | -$95.2M | -$255.6M | -$73.3M | -$23.2M | -$28.5M | -$39.8M | -$26.5M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
- Results announced Item 2.02
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Change of control Control of the company has changed hands. Item 5.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Code of ethics change The code of ethics changed, or somebody was excused from part of it. Item 5.05
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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