Overview of QQ3 2025 financials and notable trends (USD in millions, unless stated):
- Revenue: None reported for QQ3 2025; company remains pre-revenue as a clinical-stage biotech. Historical quarterly revenue in the four-quarter window shows a one-off 58 thousand in 2024-Q4, underscoring the absence of product revenue.
- Net income: -$18.914 million for QQ3 2025, a YoY decline of 10.93% and QoQ decline of 20.24% per reported metrics, reflecting ongoing R&D and SG&A burn.
- EPS: -$0.27 per share for QQ3 2025; YoY improvement of 20.59% notwithstanding the net loss, with QoQ deterioration of -22.73%.
- Operating expenses: Total operating expenses $20.023 million (R&D $15.283 million; G&A $4.740 million).
- Cash flow: Net cash used in operating activities of $17.4 million; free cash flow negative by $17.4 million for the quarter; cash and equivalents plus short-term investments totaled $86.892 million at period end.
- Balance sheet health: Total assets $94.739 million; total liabilities $12.17 million; stockholders’ equity ~$82.569 million; cash position of $14.596 million with $72.296 million in short-term investments supporting liquidity. Net debt is negative around $12.821 million, reflecting strong net cash position.
- Liquidity metrics: Current ratio 8.43, quick ratio 8.43, cash ratio 1.39, indicating substantial liquidity headroom relative to near-term liabilities.
- Cash runway: With no evident near-term revenue, the company relies on cash reserves to fund ongoing trials and corporate expenses. The quarterly burn rate implies that liquidity will depend on the continued access to capital or future clinical data readouts that could unlock partnerships or licensing opportunities.