Exchange: TWO | Sector: Healthcare | Industry: Biotechnology
Q2 2025
Published: Jun 30, 2025
Earnings Highlights
EPS of $-3.84 decreased by 73.8% from previous year
Net income of -313.15M
"N/A" - N/A
Lin BioScience Inc (6696.TWO) QQ2 2025 Results: Heavy R&D Burn, Pre-Revenue Profile, and Pipeline Catalysts in Ophthalmology and Oncology
Executive Summary
Lin BioScience and its QQ2 2025 results underscore a pre-revenue biotechnology company in a heavy R&D phase. The quarter ended 2025-06-30 shows no disclosed revenue, with total operating expenses of 580.582 million TWD driven by 366.858 million TWD in research and development and 213.568 million TWD in general and administrative costs. EBITDA stood at -578.748 million TWD and net income at -313.154 million TWD (-3.84/share), reflecting ongoing investment in pipeline assets rather than near-term sales. The company benefits from a robust liquidity position, with cash per share of 64.06 and a cash ratio of 12.26, implying meaningful runway to fund clinical programs. Management commentary is not captured in the data provided; therefore, the analysis focuses on the financials and the stated pipeline strategy, including LBS008 (orbital/ocular disease portfolio) in late-stage development for Dry AMD/STGD1 and other assets (LBS007, LBS009). A key investor takeaway is that value creation hinges on successful clinical milestones and potential licensing or collaboration milestones rather than immediate revenue generation.
Key Performance Indicators
Operating Income
-580.58M
QoQ: 0.00% | YoY:-82.76%
Net Income
-313.15M
QoQ: 0.00% | YoY:-80.58%
EPS
-3.84
QoQ: 0.00% | YoY:-73.76%
Revenue Trend
Margin Analysis
Key Insights
Revenue: not disclosed for QQ2 2025; YoY/QoQ comparisons not available due to missing prior-period revenue data.
EBITDA: -578.748.000; YoY change not disclosed in raw data, but stated earnings metrics show operating income and net income down meaningfully in YoY context; QoQ change not applicable as prior quarter data not provided in the table.
Operating Income: -580.582; YoY change of -82.76% reported in earnings metrics; QoQ change 0.00%.
Net Income: -313.154; YoY change of -80.58% reported; QoQ change 0.00%.
Summary of QQ2 2025 financial metrics and key year-over-year (YoY) and quarter-over-quarter (QoQ) trends (all figures in TWD millions unless noted):
- Revenue: not disclosed for QQ2 2025; YoY/QoQ comparisons not available due to missing prior-period revenue data.
- EBITDA: -578.748.000; YoY change not disclosed in raw data, but stated earnings metrics show operating income and net income down meaningfully in YoY context; QoQ change not applicable as prior quarter data not provided in the table.
- Operating Income: -580.582; YoY change of -82.76% reported in earnings metrics; QoQ change 0.00%.
- Net Income: -313.154; YoY change of -80.58% reported; QoQ change 0.00%.
- EPS (Diluted): -3.84; YoY change -73.76%; QoQ change 0.00%.
- R&D Expenses: 366.858; General & Administrative Expenses: 213.568; Selling & Marketing Expenses: 0.156 (rounded); SG&A (sellingGeneralAndAdministrativeExpenses): 213.724; Total Operating Expenses: 580.582.
- Depreciation & Amortization: 1.834; Cash per share: 64.06; Current ratio: 41.18; Quick ratio: 41.18; Debt ratio: 0.452%; Debt to equity: 0.874%; Cash flow per share (operating): -0.00872; Free cash flow per share: -0.00873.
- Revenue visibility and profitability margins remain negative and non-existent for QQ2 2025, reflecting a non-revenue, pipeline-driven business model in a late-stage pre-commercial cycle.
Income Statement
Metric
Value
YoY Change
QoQ Change
Operating Income
-580.58M
-82.76%
0.00%
Net Income
-313.15M
-80.58%
0.00%
EPS
-3.84
-73.76%
0.00%
Key Financial Ratios
currentRatio
41.18
returnOnAssets
-5.71%
returnOnEquity
-11%
debtEquityRatio
0.01
operatingCashFlowPerShare
$-0.01
freeCashFlowPerShare
$-0.01
priceToBookRatio
3.92
priceEarningsRatio
-8.88
Net Income vs. Revenue
Expense Breakdown
Management Commentary
Transcript highlights are not available in the provided data. The earningsTranscript field is empty, so there are no management quotes or thematic notes to synthesize. If a transcript becomes available, a themes-based synthesis (strategy, operations, market conditions) with supporting quotes should be added here.
N/A
— N/A
N/A
— N/A
Forward Guidance
No explicit forward guidance is captured in the QQ2 2025 data. Given the absence of reported revenues and a heavy R&D burn, near-term guidance likely centers on pipeline milestones, clinical readouts, and potential partnerships/licensing. Investors should monitor: (1) progress updates on LBS008 (ocular diseases) including Phase 3/Phase 2 outcomes or readouts and any regulatory interactions; (2) any advancement or milestones for LBS007 and LBS009; (3) potential financing events to sustain operations if milestones are delayed or if additional capital is required. Absent concrete guidance, the trajectory hinges on successful clinical data milestones and the company’s ability to secure financing to fund ongoing development.
Competitive Position
Company
Gross Margin
Operating Margin
Return on Equity
P/E Ratio
6696.TWO Focus
0.00%
0.00%
-11.00%
-8.88%
Gross Profit Margin
Operating Profit Margin
Return on Equity
P/E Ratio Comparison
Investment Outlook
Lin BioScience presents a high-risk, high-reward profile typical of late-stage clinical candidates in a pre-revenue phase. The near-term investment thesis is primarily anchored to pipeline progression and the availability of financing to sustain development. The company’s liquidity provides a meaningful runway (cash per share ~64.06; low leverage), but the absence of revenue and negative profitability imply that upside is contingent on credible data readouts and strategic partnerships. Key factors to monitor include: upcoming data for LBS008 (Dry AMD/STGD1) and other assets, any licensing or milestone agreements, management commentary on guidance and capital strategy, and the timing of potential financing events. If the pipeline advances as expected and partnerships materialize, a re-rating could occur; if data delays or financing gaps arise, downside risk could dominate. In the short term, stakeholders should remain cautious, focusing on milestone-driven value creation rather than current earnings metrics.
Key Investment Factors
Growth Potential
Long-term growth hinges on successful progression and commercialization of Lin BioScience's pipeline. Key assets include LBS008 (oral therapy for Dry AMD and STGD1 in adolescents) with Phase 3/Phase 2 development, and other assets such as LBS007 (CDC7 inhibitor) and LBS009 (NAFLD and type 2 diabetes). Potential upside could come from licensing deals, milestone payments, or strategic partnerships upon data readouts and regulatory milestones.
Profitability Risk
Primary risks include clinical trial risk (readouts, safety signals, data integrity), lack of near-term revenue, and reliance on large financing rounds to fund ongoing R&D. Additional risks include regulatory delays, competition in oncology and ophthalmology sectors, currency and cross-border execution, and potential dilution from future financings. The limited visibility on revenue and milestones increases equity risk for investors.
Financial Position
Balance sheet shows minimal leverage and a strong liquidity position. Debt ratio is about 0.45%, debt to equity around 0.87%, and cash per share of 64.06, with a current ratio of 41.18 and a cash ratio of 12.26, indicating substantial liquidity. Negative operating cash flow and net income characterize the current phase, but the cash-rich position provides runway to fund pipeline until a revenue or licensing event materializes.
SWOT Analysis
Strengths
Strong liquidity with cash per share of 64.06 and cash ratio of 12.26, supporting extended R&D funding.
Low leverage: debt ratio ~0.45% and debt-to-equity ~0.87%, implying limited balance-sheet risk in the near term.
Diverse pipeline across ophthalmology (LBS008) and oncology/metabolic targets (LBS007, LBS009).
No immediate revenue dependency; a clear emphasis on pipeline milestones and potential licensing opportunities.
Weaknesses
QQ2 2025 shows no disclosed revenue, and the company remains in a pre-commercial, high-burn phase.
Significant quarterly operating losses and negative EBITDA, creating dependence on external financing.
Lack of explicit forward guidance in the provided data reduces visibility for near-term performance planning.
Opportunities
Advancement of LBS008 to commercial milestones could unlock licensing or collaboration opportunities.
Potential partnerships for LBS007 and LBS009 could provide non-dilutive or milestone-based financing.