Carna Biosciences Inc

Carna Biosciences Inc maintains a strong liquidity position, with cash and equivalents amounting to ¥3,159.23 million, significantly exceeding its total liabilities of ¥376.25 million, resulting in a current ratio of 13.7. The company's price-to-book ratio of 2.29 and price-to-tangible-book ratio of 2.29 suggest that the market is valuing the company's equity at a premium relative to its book value. However, the negative EV/EBITDA ratio of -11.93 indicates that the company is not currently generating positive earnings before interest, taxes, depreciation, and amortization.

The company's profitability metrics are weak, with a return on equity (ROE) of -11.34% and a return on assets (ROA) of -10.24%, both significantly below the industry median for biotechnology and medical research firms. The operating loss of ¥418.85 million and net loss of ¥398.89 million highlight the company's current unprofitability. Gross profit of ¥134.20 million on revenue of ¥180.87 million indicates that the company is struggling to convert revenue into profit.

Carna Biosciences Inc's revenue is concentrated in its core business of providing reagents and services for drug discovery and life science research, with no disclosed geographic diversification in the provided data. The company's financial snapshot does not provide segment-specific revenue breakdowns, but the primary business activity is centered on its core offerings.

The company's growth trajectory is uncertain, with no specific revenue growth projections provided in the outlook. The operating and net losses suggest that the company is not currently on a path to profitability. Analyst estimates for the last actual EPS and revenue indicate a challenging financial performance, with an EPS of -113.62 JPY and revenue of ¥579.06 million.

The risk assessment for Carna Biosciences Inc indicates low liquidity and dilution risks, with no immediate filing-based liquidity or dilution flags detected. The company's debt-to-equity ratio of 0.03 suggests a conservative capital structure with minimal leverage. The absence of dilution potential and the low risk score imply that the company is not currently facing significant financial distress or equity issuance pressures.

Recent events and filings do not indicate any material changes in the company's financial or operational status. The company's financial snapshot and valuation metrics suggest a stable but unprofitable business model, with a focus on maintaining liquidity and managing debt. No recent transcripts or filings have been provided that would indicate a shift in strategy or significant operational changes.

Carna's operating margin of -2.32% exceeds the biotechnology cohort median of -2.56%, indicating relatively better cost efficiency.

The company's net margin of -2.21% is above the cohort median of -2.38%, suggesting superior profitability relative to peers.

Dilution risk is assessed as low, providing some protection for existing shareholders against equity value erosion.

Liquidity risk is rated low, suggesting the company maintains sufficient short-term financial flexibility to meet obligations.

The company faces high credit risk, indicating significant concerns regarding its ability to meet debt obligations.

Free cash flow deteriorated to -2.18 billion JPY in FY2026, reflecting worsening cash generation capabilities.

Net losses widened to -2.17 billion JPY in FY2026, demonstrating an inability to achieve profitability despite revenue changes.

Long-term debt surged to 714 million JPY in FY2026, up from 61 million JPY in FY2025, increasing leverage.

Revenue ¥183.6M, +23,2% YoY; Operating income +8,0% YoY.

• ▍Revenue ¥183.6M, +23,2% YoY
• ▍Operating income +8,0% YoY
• ▍Net income +3,1% YoY
• ▍Net margin -311.2%

Revenue ¥144.3M, −15,9% YoY; Operating income −4,8% YoY.

• ▍Revenue ¥144.3M, −15,9% YoY
• ▍Operating income −4,8% YoY
• ▍Net income −10,0% YoY
• ▍Net margin -376.9%

Revenue ¥107.8M, −20,1% YoY; Operating income +18,3% YoY.

• ▍Revenue ¥107.8M, −20,1% YoY
• ▍Operating income +18,3% YoY
• ▍Net income +19,9% YoY
• ▍Net margin -516.9%

Revenue ¥143.3M, −20,8% YoY; Operating income −18,8% YoY.

• ▍Revenue ¥143.3M, −20,8% YoY
• ▍Operating income −18,8% YoY
• ▍Net income −25,1% YoY
• ▍Net margin -348.1%

Revenue ¥149.0M; Operating income -¥585.8M.

• ▍Revenue ¥149.0M
• ▍Operating income -¥585.8M
• ▍Net margin -395.9%

Revenue ¥171.6M; Operating income -¥484.3M.

• ▍Revenue ¥171.6M
• ▍Operating income -¥484.3M
• ▍Net margin -288.2%

Revenue ¥134.8M; Operating income -¥680.4M.

• ▍Revenue ¥134.8M
• ▍Operating income -¥680.4M
• ▍Net margin -515.9%

Revenue ¥180.9M; Operating income -¥418.9M.

• ▍Revenue ¥180.9M
• ▍Operating income -¥418.9M
• ▍Net margin -220.5%

Revenue ¥579.1M, −9,0% YoY; Operating income +3,2% YoY.

• ▍Revenue ¥579.1M, −9,0% YoY
• ▍Operating income +3,2% YoY
• ▍Net income +0,3% YoY
• ▍Free cash flow −0,9% YoY
• ▍Net margin -375.0%

Revenue ¥636.2M, −60,9% YoY; Operating income −93,4% YoY.

• ▍Revenue ¥636.2M, −60,9% YoY
• ▍Operating income −93,4% YoY
• ▍Net income −89,0% YoY
• ▍Free cash flow −91,4% YoY
• ▍Net margin -342.4%

Revenue ¥1.63B, +17,2% YoY; Operating income +14,7% YoY.

• ▍Revenue ¥1.63B, +17,2% YoY
• ▍Operating income +14,7% YoY
• ▍Net income +14,6% YoY
• ▍Free cash flow +21,7% YoY
• ▍Net margin -70.9%

Revenue ¥1.39B, −31,3% YoY; Operating income −143,1% YoY.

• ▍Revenue ¥1.39B, −31,3% YoY
• ▍Operating income −143,1% YoY
• ▍Net income −152,5% YoY
• ▍Free cash flow −158,8% YoY
• ▍Net margin -97.3%