Acasti Pharma reported a Q3 2025 standing with no quarterly revenue and a material net loss driven primarily by ongoing R&D and general and administrative spend. Revenue remains absent in QQ3 2025, while operating expenses totaled approximately $3.704 million and R&D expense reached $2.194 million, contributing to an EBITDA of about -$3.702 million and a net income of -$4.156 million (-$0.36 per share). The company displays strong liquidity metrics, with a current ratio of 6.06 and a cash ratio of 5.61, underscoring balance sheet resilience despite the cash burn typical of a pre-revenue biotech. Management’s strategic focus continues to center on CaPre (the cardiovascular program) and pursuing strategic partnerships that could unlock near-term value through upfronts, milestones, or collaboration economics. Absent revenue, the near-term equity story hinges on successful partnerships or other value-enhancing strategic moves rather than operating leverage or margin expansion.
Key Performance Indicators
Operating Income
Increasing
-3.70M
QoQ: 23.33% | YoY: 8.13%
Net Income
Decreasing
-4.16M
QoQ: -21.07% | YoY: -73.78%
EPS
Decreasing
-0.36
QoQ: -20.00% | YoY: -12.50%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue: None reported in QQ3 2025 (N/A YoY/QoQ data provided).
Gross Profit: -$2,000; Gross Profit Margin data not provided. Note: With no product revenue, gross profit is effectively a near-term negative driven by cost of revenue allocations.
Operating Income: -$3,704,000 for QQ3 2025; YoY QoQ comparisons not directly available due to absence of reported revenue in prior periods.
EBITDA: -$3,702,000; EBITDA margin not reported.
Net Income: -$4,155,000; YoY change is -73.78% and QoQ change is -21.07% per earnings data.
EPS (Diluted): -$0.36; YoY EPS change -12.50%; QoQ change -20.00%.
Key balance sheet and liquidity indicators: Current Ratio 6.06; Quick Ratio 6.06; Cash Ratio 5.61; Debt Ratio 0; Company Equity Multiplier ~1.174; Cash per Share ~$0.961. Weighted average shares outstanding: 11.506 million.
Efficiency/Turnover: Receivables Turnover 0; Payables Turnover 0.00301; Inventory Turnover 0; Asset Turnover 0. Overall, operating leverage is not meaningful in a pre-revenue environment.
Income Statement
Metric
Value
YoY Change
QoQ Change
Gross Profit
-2.00K
99.93%
0.00%
Operating Income
-3.70M
8.13%
23.33%
Net Income
-4.16M
-73.78%
-21.07%
EPS
-0.36
-12.50%
-20.00%
Key Financial Ratios
Return on Assets
Weak
-0.07%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.08%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
6.06
Current ratio indicates excellent liquidity and financial flexibility
P/E Ratio
Negative
-2.59x
Negative earnings make P/E ratio not meaningful
Price to Book
Undervalued
0.83x
Trading below book value, potential value opportunity or distressed
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Acasti Pharma Inc (ACST.V) QQ4 2025 Results — Modest Revenue, Strong Liquidity and Net Income Uplift Driven by Non-Operating Items as R&D Push Conti...