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.
Others in SIC 2834
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| AKTX | Akari Therapeutics Plc | $1.79T | — | — |
| LLY | ELI LILLY & Co | $1.08T | 50.1x | 44.7% |
| JNJ | JOHNSON & JOHNSON | $663.28B | 25.0x | 6.0% |
| ONC | BeOne Medicines Ltd. | $529.55B | 1,885.6x | 40.2% |
| ABBV | AbbVie Inc. | $453.19B | 108.7x | 8.6% |
| MRK | Merck & Co., Inc. | $370.89B | 20.6x | 1.3% |
| ABT | ABBOTT LABORATORIES | $188.69B | 29.1x | 5.7% |
| PFE | PFIZER INC | $162.16B | 20.9x | -1.6% |