What is Clene's operating income?

Clene's total operating income in 2025 was -$23.08 million, based on the following breakdown: Total Gross Profit: -$43 thousand Total Operating Expenses: $23.24 million

Clene (CLNN) Financials

$5.46 +0.07 (+1.30%)

Closing price 04:00 PM Eastern

Extended Trading

$5.34 -0.13 (-2.29%)

As of 07:34 PM Eastern

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Annual Income Statements for Clene

This table shows Clene's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-16	-19	-9.74	-30	-50	-39	-26
Consolidated Net Income / (Loss)	-16	-19	-9.74	-30	-50	-39	-26
Net Income / (Loss) Continuing Operations	-16	-19	-9.74	-30	-49	-39	-26
Total Pre-Tax Income	-16	-19	-10	-30	-50	-39	-26
Total Operating Income	-16	-20	-50	-48	-41	-33	-23
Total Gross Profit	0.00	0.21	0.43	0.45	0.53	0.27	-0.04
Total Revenue	0.00	0.21	0.72	0.47	0.65	0.34	0.00
Total Cost of Revenue	0.00	0.00	0.29	0.03	0.12	0.07	0.04
Operating Cost of Revenue	-	-	0.29	0.03	0.12	0.07	0.04
Total Operating Expenses	16	20	50	49	41	33	23
Selling, General & Admin Expense	6.77	5.15	22	17	14	13	9.23
Research & Development Expense	9.56	15	28	32	27	20	14
Total Other Income / (Expense), net	0.18	1.34	40	18	-8.97	-6.31	-3.09
Interest Expense	0.09	0.95	0.22	3.30	4.56	4.28	2.68
Interest & Investment Income	-	-	-	0.23	1.39	0.87	0.22
Other Income / (Expense), net	0.27	2.29	40	22	-5.81	-2.89	-0.89
Income Tax Expense	0.00	0.41	-0.43	0.00	0.00	0.00	0.00
Basic Earnings per Share	($0.93)	($1.10)	($0.16)	($0.46)	($9.43)	($5.67)	($2.65)
Weighted Average Basic Shares Outstanding	17.36M	17.50M	61.56M	65.20M	5.25M	6.95M	9.86M
Weighted Average Diluted Shares Outstanding	17.36M	17.50M	61.56M	76.93M	128.43M	8.59M	11.78M
Weighted Average Basic & Diluted Shares Outstanding	17.36M	17.50M	61.56M	76.93M	128.43M	8.59M	11.78M

This table shows Clene's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-2.50	-10	-11	-6.79	-7.99	-14	-0.75	-7.42	-8.78	-9.23	-8.09
Consolidated Net Income / (Loss)	-2.42	-10	-11	-6.79	-7.99	-14	-0.75	-7.42	-8.78	-9.23	-8.09
Net Income / (Loss) Continuing Operations	-2.42	-10	-11	-6.79	-7.99	-14	-0.75	-7.42	-8.78	-9.23	-8.09
Total Pre-Tax Income	-2.42	-10	-11	-6.79	-7.99	-14	-0.75	-7.42	-8.78	-9.23	-8.09
Total Operating Income	-9.54	-9.93	-9.23	-7.39	-7.82	-8.66	-4.08	-5.86	-5.65	-7.50	-2.06
Total Gross Profit	0.10	0.13	0.06	0.07	0.07	0.07	0.06	0.03	0.02	-0.15	0.02
Total Revenue	0.11	0.17	0.07	0.09	0.09	0.09	0.08	0.03	0.02	-0.12	0.02
Operating Revenue	0.11	-	0.07	0.09	0.09	0.09	0.08	0.03	0.02	-	0.02
Total Cost of Revenue	0.01	0.04	0.02	0.02	0.02	0.02	0.02	0.00	0.00	0.02	0.00
Operating Cost of Revenue	0.01	0.04	0.02	0.02	0.02	0.02	0.02	0.00	0.00	0.02	0.00
Total Operating Expenses	9.64	10	9.29	7.46	7.88	8.73	4.14	5.89	5.66	7.55	2.08
Selling, General & Admin Expense	3.67	3.39	3.42	3.31	3.41	3.16	2.66	2.38	2.15	2.05	1.75
Research & Development Expense	5.97	6.67	5.87	4.15	4.47	5.57	1.48	3.51	3.51	5.50	0.33
Total Other Income / (Expense), net	7.12	-0.25	-1.85	0.61	-0.17	-4.89	3.33	-1.56	-3.13	-1.73	-6.03
Interest Expense	1.19	1.20	1.24	1.28	1.02	0.73	0.61	0.68	0.65	0.75	0.79
Interest & Investment Income	0.55	0.46	0.36	0.27	0.13	0.11	0.08	0.06	0.04	0.04	0.05
Other Income / (Expense), net	7.77	0.49	-0.96	1.62	0.72	-4.27	3.85	-0.94	-2.52	-1.28	-5.29
Income Tax Expense	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Basic Earnings per Share	($0.38)	($1.91)	($1.73)	($1.06)	($1.22)	($1.95)	($0.09)	($0.78)	($0.85)	($0.94)	($0.69)
Weighted Average Basic Shares Outstanding	6.42M	5.25M	6.42M	6.42M	6.56M	6.95M	8.82M	9.52M	10.28M	9.86M	11.64M
Weighted Average Diluted Shares Outstanding	128.42M	128.43M	128.43M	6.47M	7.98M	8.59M	8.98M	9.99M	10.33M	11.78M	12.78M
Weighted Average Basic & Diluted Shares Outstanding	128.42M	128.43M	128.43M	6.47M	7.98M	8.59M	8.98M	9.99M	10.33M	11.78M	12.78M

This table details how cash moves in and out of Clene's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-7.99	50	-8.93	-32	10	-17	-6.97
Net Cash From Operating Activities	-13	-19	-35	-39	-30	-21	-19
Net Cash From Continuing Operating Activities	-13	-19	-35	-39	-30	-21	-19
Net Income / (Loss) Continuing Operations	-16	-19	-9.74	-30	-50	-39	-26
Consolidated Net Income / (Loss)	-16	-19	-9.74	-30	-50	-39	-26
Depreciation Expense	0.85	0.96	0.96	1.02	1.71	1.65	1.50
Amortization Expense	0.00	0.18	0.34	0.86	1.15	1.14	1.03
Non-Cash Adjustments To Reconcile Net Income	0.75	2.28	-26	-9.93	16	11	7.10
Changes in Operating Assets and Liabilities, net	1.36	-3.07	0.17	-1.05	0.38	4.01	-1.99
Net Cash From Investing Activities	-0.29	-0.39	-1.33	-10	-1.50	6.32	-0.04
Net Cash From Continuing Investing Activities	-0.29	-0.39	-1.33	-10	-1.50	6.32	-0.04
Purchase of Property, Plant & Equipment	-0.29	-0.39	-1.33	-5.18	-0.33	-0.02	-0.04
Purchase of Investments	-	-	0.00	-25	-6.17	-6.17	0.00
Sale and/or Maturity of Investments	-	-	0.00	20	5.00	13	0.00
Net Cash From Financing Activities	5.50	70	27	17	42	-1.53	12
Net Cash From Continuing Financing Activities	5.50	70	27	17	42	-1.53	12
Repayment of Debt	-3.18	0.00	-0.54	-0.08	-0.20	-21	-0.38
Issuance of Debt	0.60	6.78	20	5.70	-	9.92	1.50
Issuance of Common Equity	0.00	0.00	9.25	11	42	9.24	10
Other Financing Activities, net	0.01	32	0.30	0.18	-0.08	0.10	0.00
Effect of Exchange Rate Changes	-0.00	0.27	-0.09	-	-	-0.13	0.10
Cash Interest Paid	0.05	0.00	1.10	2.32	3.06	2.61	1.04

This table details how cash moves in and out of Clene's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-7.13	-13	-7.09	-0.05	-7.04	-2.49	-2.32	-2.55	0.64	-2.74	0.75
Net Cash From Operating Activities	-6.76	-7.17	-7.08	-6.36	-3.02	-4.87	-5.01	-4.74	-3.99	-4.80	-4.53
Net Cash From Continuing Operating Activities	-6.76	-7.17	-7.08	-6.36	-3.02	-4.87	-5.01	-4.74	-3.99	-4.80	-4.53
Net Income / (Loss) Continuing Operations	-2.42	-10	-11	-6.79	-7.99	-14	-0.75	-7.42	-8.78	-9.23	-8.09
Consolidated Net Income / (Loss)	-2.42	-10	-11	-6.79	-7.99	-14	-0.75	-7.42	-8.78	-9.23	-8.09
Depreciation Expense	0.44	0.42	0.42	0.41	0.41	0.41	0.40	0.37	0.37	0.36	0.36
Amortization Expense	0.31	0.33	0.37	0.42	0.40	-0.04	0.24	0.25	0.25	0.29	0.30
Non-Cash Adjustments To Reconcile Net Income	-5.03	1.63	3.23	0.18	1.56	6.30	-0.57	1.85	3.34	2.47	7.67
Changes in Operating Assets and Liabilities, net	-0.07	0.62	-0.02	-0.58	2.59	2.03	-4.33	0.21	0.83	1.31	-4.76
Net Cash From Investing Activities	-0.05	-6.21	0.07	6.25	-0.00	-0.00	0.00	-	-0.01	-0.03	0.00
Net Cash From Continuing Investing Activities	-0.05	-6.21	0.07	6.25	-0.00	-0.00	0.00	-	-0.01	-0.03	0.00
Net Cash From Financing Activities	-0.24	-0.02	-0.02	0.03	-4.07	2.53	2.67	2.13	4.64	2.07	5.23
Net Cash From Continuing Financing Activities	-0.24	-0.37	-0.02	0.03	-4.07	2.53	2.67	2.13	4.64	2.07	5.23
Repayment of Debt	-	-	-	-	-10	-11	0.00	-	-0.12	-0.09	-0.09
Issuance of Common Equity	-0.02	-	0.00	-	2.04	7.21	2.67	2.30	3.27	2.16	5.32
Effect of Exchange Rate Changes	-	-	-	-	0.05	-0.15	0.02	-	-	0.02	0.04
Cash Interest Paid	0.28	0.79	0.78	0.93	0.61	0.29	0.36	0.42	0.18	0.09	0.11

This table presents Clene's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	15	68	63	44	52	27	18
Total Current Assets	9.48	63	55	29	39	16	8.98
Cash & Equivalents	8.79	59	50	18	29	12	5.19
Inventories, net	0.03	0.19	0.04	0.04	0.04	0.07	0.04
Prepaid Expenses	0.66	3.50	4.21	5.65	3.67	3.87	3.75
Plant, Property, & Equipment, net	4.32	4.23	0.00	11	9.26	7.48	6.02
Total Noncurrent Assets	1.08	1.03	8.48	4.66	4.23	3.70	3.13
Other Noncurrent Operating Assets	1.08	1.03	8.48	4.66	4.23	3.70	3.13
Total Liabilities & Shareholders' Equity	15	68	63	44	52	27	18
Total Liabilities	9.99	68	50	41	39	36	36
Total Current Liabilities	4.31	12	6.03	14	25	10	11
Short-Term Debt	0.00	0.19	0.35	6.91	20	0.93	3.19
Accounts Payable	1.02	1.12	1.92	3.01	1.50	1.24	0.89
Accrued Expenses	2.88	3.96	3.61	3.86	3.72	7.77	5.00
Other Current Liabilities	0.42	6.11	0.15	0.07	0.03	0.36	1.70
Total Noncurrent Liabilities	5.68	56	44	27	14	26	25
Long-Term Debt	0.64	1.95	19	19	7.15	15	14
Capital Lease Obligations	0.39	1.99	0.10	0.03	-	4.13	3.25
Other Noncurrent Operating Liabilities	4.65	52	25	8.11	6.47	6.35	8.16
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-68	0.34	13	3.24	13	-8.86	-18
Total Preferred & Common Equity	-68	0.34	13	3.24	13	-8.86	-18
Total Common Equity	-68	0.34	13	3.24	13	-8.86	-18
Common Stock	1.76	154	176	196	256	273	291
Retained Earnings	-70	-154	-163	-193	-243	-282	-308
Accumulated Other Comprehensive Income / (Loss)	0.04	0.33	0.23	0.20	0.20	0.07	0.17

This table presents Clene's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	60	45	40	32	25	22	22	22
Total Current Assets	46	32	28	20	15	12	13	13
Cash & Equivalents	42	22	22	15	9.83	7.29	7.93	5.94
Inventories, net	0.10	0.04	0.04	0.13	0.04	0.08	0.06	0.05
Prepaid Expenses	4.17	4.10	6.19	4.93	4.80	4.62	4.69	7.03
Plant, Property, & Equipment, net	9.64	8.85	8.44	8.04	7.08	0.00	6.36	5.67
Total Noncurrent Assets	4.35	4.10	3.98	3.83	3.57	10	3.28	2.97
Other Noncurrent Operating Assets	4.35	4.10	3.98	3.83	3.57	10	3.28	2.97
Total Liabilities & Shareholders' Equity	60	45	40	32	25	22	22	22
Total Liabilities	39	41	41	36	30	31	35	40
Total Current Liabilities	15	26	28	24	11	7.57	8.31	6.73
Short-Term Debt	10	21	21	12	4.11	1.01	1.35	1.70
Accounts Payable	1.89	1.65	1.07	1.68	1.41	0.83	1.37	1.31
Accrued Expenses	3.19	3.91	5.93	6.73	5.25	5.36	4.89	2.73
Other Current Liabilities	0.04	-	0.00	3.81	-	0.37	0.69	0.99
Total Noncurrent Liabilities	24	15	13	12	20	23	26	34
Long-Term Debt	17	7.09	7.01	6.94	13	16	16	16
Capital Lease Obligations	5.08	4.72	-	4.34	3.92	3.71	3.48	3.02
Other Noncurrent Operating Liabilities	2.03	2.82	5.75	0.59	2.69	3.64	7.09	14
Commitments & Contingencies	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	21	4.26	-0.50	-4.13	-4.97	-8.55	-12	-19
Total Preferred & Common Equity	21	4.26	-0.50	-4.13	-4.97	-8.55	-12	-19
Total Common Equity	21	4.26	-0.50	-4.13	-4.97	-8.55	-12	-19
Common Stock	254	258	260	264	278	282	287	297
Retained Earnings	-233	-254	-261	-269	-283	-290	-299	-316
Accumulated Other Comprehensive Income / (Loss)	0.09	0.14	0.17	0.22	0.09	0.15	0.15	0.22

This table displays calculated financial ratios and metrics derived from Clene's official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	0.00	0.00	62,203,532.00	73,820,010.00	128,415,605.00	7,979,726.00	10,333,980.00
DEI Adjusted Shares Outstanding	0.00	0.00	3,110,177.00	3,691,001.00	6,420,780.00	7,979,726.00	10,333,980.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	0.00	-3.13	-8.11	-7.71	-4.94	-2.53
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	250.97%	-34.58%	38.27%	-47.71%	-100.00%
EBITDA Growth	0.00%	-10.25%	48.42%	-188.45%	-74.20%	23.66%	35.41%
EBIT Growth	0.00%	-11.54%	44.50%	-169.93%	-72.63%	22.35%	33.40%
NOPAT Growth	0.00%	-23.77%	-147.24%	3.14%	16.26%	18.37%	30.25%
Net Income Growth	0.00%	-19.33%	49.47%	-207.17%	-65.47%	20.41%	33.57%
EPS Growth	0.00%	-18.28%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	0.00%	-43.43%	-82.92%	-12.67%	22.66%	29.32%	13.04%
Free Cash Flow Firm Growth	0.00%	0.00%	-289.58%	18.79%	52.06%	38.98%	18.42%
Invested Capital Growth	0.00%	-1,808.11%	66.85%	133.66%	-8.08%	-109.39%	-431.06%
Revenue Q/Q Growth	0.00%	0.00%	30.74%	7.99%	-8.91%	-18.76%	-100.00%
EBITDA Q/Q Growth	0.00%	0.00%	27.87%	-24.17%	-25.97%	-13.23%	17.15%
EBIT Q/Q Growth	0.00%	0.00%	23.49%	-21.82%	-24.81%	-10.73%	14.77%
NOPAT Q/Q Growth	0.00%	0.00%	-19.34%	4.70%	4.12%	3.71%	4.78%
Net Income Q/Q Growth	0.00%	0.00%	27.23%	-22.41%	-22.58%	-9.37%	14.18%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-12.32%	4.62%	1.77%	9.76%	0.35%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	19.53%	29.59%	-0.07%	-5.17%
Invested Capital Q/Q Growth	0.00%	0.00%	48.93%	427.16%	-49.65%	-112.84%	-924.71%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	0.00%	100.00%	60.03%	94.50%	81.50%	79.53%	0.00%
EBITDA Margin	0.00%	-8,145.15%	-1,197.10%	-5,278.01%	-6,649.85%	-9,708.19%	0.00%
Operating Margin	0.00%	-9,812.62%	-6,912.59%	-10,234.46%	-6,198.78%	-9,676.32%	0.00%
EBIT Margin	0.00%	-8,699.51%	-1,375.66%	-5,675.90%	-7,086.39%	-10,522.51%	0.00%
Profit (Net Income) Margin	0.00%	-9,357.77%	-1,347.16%	-6,325.16%	-7,569.42%	-11,520.47%	0.00%
Tax Burden Percent	100.00%	102.15%	95.79%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	100.55%	105.30%	102.23%	111.44%	106.82%	109.48%	109.20%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	-483.61%	-909.68%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	380.27%	-6,707.86%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	-111.86%	-828.68%	0.00%
Return on Equity (ROE)	-330.57%	-737.45%	-150.56%	-377.90%	-595.47%	-1,738.36%	197.91%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	-951.21%	-475.19%	0.00%	0.00%
Operating Return on Assets (OROA)	0.00%	-43.12%	-15.15%	-49.92%	-95.72%	-90.33%	0.00%
Return on Assets (ROA)	0.00%	-46.38%	-14.84%	-55.63%	-102.25%	-98.90%	0.00%
Return on Common Equity (ROCE)	4,584.43%	9,511.98%	-150.56%	-377.90%	-595.47%	-1,738.36%	197.91%
Return on Equity Simple (ROE_SIMPLE)	23.84%	0.00%	-77.32%	-924.25%	-369.71%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-11	-14	-35	-34	-28	-23	-16
NOPAT Margin	0.00%	-6,868.84%	-4,838.81%	-7,164.12%	-4,339.14%	-6,773.42%	0.00%
Net Nonoperating Expense Percent (NNEP)	-60.87%	-16.30%	58.77%	28.46%	-863.87%	5,798.18%	86.65%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-69.86%	-199.24%	-677.49%
Cost of Revenue to Revenue	0.00%	0.00%	39.97%	5.50%	18.50%	20.47%	0.00%
SG&A Expenses to Revenue	0.00%	2,500.49%	3,042.32%	3,580.55%	2,204.59%	3,890.94%	0.00%
R&D to Revenue	0.00%	7,380.58%	3,930.29%	6,748.41%	4,075.69%	5,864.91%	0.00%
Operating Expenses to Revenue	0.00%	9,912.62%	6,972.61%	10,328.96%	6,280.28%	9,755.85%	0.00%
Earnings before Interest and Taxes (EBIT)	-16	-18	-9.95	-27	-46	-36	-24
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-15	-17	-8.66	-25	-43	-33	-21
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	20.25	22.81	2.84	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	20.25	22.81	2.84	0.00	0.00
Price to Revenue (P/Rev)	0.00	0.00	352.74	156.07	58.24	123.90	0.00
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	12.54	5.39	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	310.20	162.15	46.36	148.25	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.21	12.12	1.55	8.09	2.03	-2.31	-1.14
Long-Term Debt to Equity	0.21	11.55	1.52	5.96	0.53	-2.21	-0.95
Financial Leverage	-1.59	-12.03	-6.64	-1.76	-0.29	0.12	-0.87
Leverage Ratio	3.04	15.90	10.15	6.79	5.82	17.58	-1.72
Compound Leverage Factor	3.06	16.74	10.38	7.57	6.22	19.24	-1.88
Debt to Total Capital	17.39%	92.38%	60.79%	89.00%	67.04%	176.18%	837.61%
Short-Term Debt to Total Capital	0.00%	4.34%	1.08%	23.47%	49.43%	7.96%	133.58%
Long-Term Debt to Total Capital	17.39%	88.04%	59.70%	65.54%	17.61%	168.21%	704.03%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1,228.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-1,145.61%	7.62%	39.21%	11.00%	32.96%	-76.18%	-737.61%
Debt to EBITDA	-0.07	-0.25	-2.26	-1.05	-0.63	-0.62	-0.93
Net Debt to EBITDA	0.51	3.29	3.55	-0.12	0.18	-0.25	-0.69
Long-Term Debt to EBITDA	-0.07	-0.23	-2.22	-0.77	-0.16	-0.59	-0.78
Debt to NOPAT	-0.09	-0.29	-0.56	-0.77	-0.96	-0.88	-1.24
Net Debt to NOPAT	0.68	3.90	0.88	-0.08	0.27	-0.36	-0.92
Long-Term Debt to NOPAT	-0.09	-0.28	-0.55	-0.57	-0.25	-0.84	-1.04
Altman Z-Score	0.00	0.00	-0.18	-6.57	-8.51	-17.82	-27.27
Noncontrolling Interest Sharing Ratio	1,486.82%	1,389.84%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	2.20	5.40	9.06	2.11	1.53	1.57	0.83
Quick Ratio	2.04	5.08	8.35	1.70	1.39	1.19	0.48
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	38	-72	-58	-28	-17	-14
Operating Cash Flow to CapEx	-4,488.78%	-4,891.21%	-2,599.40%	-753.25%	-9,142.73%	-142,173.33%	-47,553.85%
Free Cash Flow to Firm to Interest Expense	0.00	39.77	-322.62	-17.65	-6.12	-3.98	-5.18
Operating Cash Flow to Interest Expense	-149.97	-19.93	-155.96	-11.84	-6.62	-4.99	-6.92
Operating Cash Flow Less CapEx to Interest Expense	-153.31	-20.33	-161.96	-13.41	-6.69	-4.99	-6.93
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	0.01	0.01	0.01	0.01	0.01	0.00
Accounts Receivable Turnover	0.00	0.00	20.66	3.97	3.94	3.30	0.00
Inventory Turnover	0.00	0.00	2.49	0.62	3.03	1.33	0.82
Fixed Asset Turnover	0.00	0.05	0.00	0.00	0.07	0.04	0.00
Accounts Payable Turnover	0.00	0.00	0.19	0.01	0.05	0.05	0.04
Days Sales Outstanding (DSO)	0.00	0.00	17.67	91.83	92.65	110.46	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	146.51	589.62	120.66	273.75	445.64
Days Payable Outstanding (DPO)	0.00	0.00	1,924.14	34,653.94	6,814.34	7,154.00	9,048.60
Cash Conversion Cycle (CCC)	0.00	0.00	-1,759.97	-33,972.50	-6,601.03	-6,769.79	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	-2.87	-55	-18	6.12	5.62	-0.53	-2.80
Invested Capital Turnover	0.00	-0.01	-0.02	-0.08	0.11	0.13	0.00
Increase / (Decrease) in Invested Capital	0.00	-52	37	24	-0.49	-6.15	-2.28
Enterprise Value (EV)	0.00	0.00	224	77	30	51	75
Market Capitalization	0.00	0.00	255	74	38	42	61
Book Value per Share	($3.90)	$0.02	$0.20	$0.04	$0.10	($1.11)	($1.70)
Tangible Book Value per Share	($3.90)	$0.02	$0.20	$0.04	$0.10	($1.11)	($1.70)
Total Capital	5.92	4.47	32	29	41	12	2.39
Total Debt	1.03	4.13	20	26	27	20	20
Total Long-Term Debt	1.03	3.94	19	19	7.15	20	17
Net Debt	-7.76	-55	-31	2.88	-7.77	8.33	15
Capital Expenditures (CapEx)	0.29	0.39	1.33	5.18	0.33	0.02	0.04
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-3.63	-7.76	-1.38	-1.07	-1.40	-5.36	-3.80
Debt-free Net Working Capital (DFNWC)	5.16	52	49	22	34	6.79	1.39
Net Working Capital (NWC)	5.16	51	49	15	14	5.87	-1.80
Net Nonoperating Expense (NNE)	4.72	5.13	-25	-3.97	21	16	10
Net Nonoperating Obligations (NNO)	-7.76	-55	-31	2.88	-7.77	8.33	15
Total Depreciation and Amortization (D&A)	0.85	1.14	1.29	1.88	2.86	2.79	2.52
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-3,766.99%	-191.42%	-226.43%	-213.91%	-1,568.13%	0.00%
Debt-free Net Working Capital to Revenue	0.00%	25,007.28%	6,764.04%	4,702.75%	5,137.77%	1,985.96%	0.00%
Net Working Capital to Revenue	0.00%	24,913.11%	6,716.04%	3,242.71%	2,067.58%	1,715.20%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($22.00)	($3.20)	($9.20)	($9.40)	($5.67)	($2.65)
Adjusted Weighted Average Basic Shares Outstanding	0.00	2.98M	3.16M	3.26M	5.25M	6.95M	9.86M
Adjusted Diluted Earnings per Share	$0.00	($22.00)	($3.20)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	0.00	2.98M	3.16M	3.85M	6.42M	8.59M	11.78M
Adjusted Basic & Diluted Earnings per Share	$0.00	($22.00)	($3.20)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	875.20K	3.08M	3.85M	6.42M	8.59M	11.78M
Normalized Net Operating Profit after Tax (NOPAT)	-11	-14	-35	-34	-28	-23	-16
Normalized NOPAT Margin	0.00%	-6,868.84%	-4,838.81%	-7,164.12%	-4,339.14%	-6,773.42%	0.00%
Pre Tax Income Margin	0.00%	-9,160.68%	-1,406.36%	-6,325.16%	-7,569.42%	-11,520.47%	0.00%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	-182.58	-18.86	-44.80	-8.15	-10.17	-8.41	-8.94
NOPAT to Interest Expense	-129.91	-14.89	-157.59	-10.28	-6.23	-5.41	-6.02
EBIT Less CapEx to Interest Expense	-185.92	-19.27	-50.80	-9.72	-10.24	-8.42	-8.95
NOPAT Less CapEx to Interest Expense	-133.25	-15.30	-163.59	-11.85	-6.30	-5.42	-6.04
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	-20.81%	-19.52%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Clene's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	128,404,735.00	128,415,605.00	128,430,098.00	128,433,721.00	6,470,067.00	7,979,726.00	8,586,460.00	8,982,747.00	9,990,568.00	10,333,980.00	11,778,307.00
DEI Adjusted Shares Outstanding	6,420,237.00	6,420,780.00	6,421,505.00	6,421,686.00	6,470,067.00	7,979,726.00	8,586,460.00	8,982,747.00	9,990,568.00	10,333,980.00	11,778,307.00
DEI Earnings Per Adjusted Shares Outstanding	-0.39	-1.56	-1.73	-1.06	-1.23	-1.70	-0.09	-0.83	-0.88	-0.89	-0.69
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-37.93%	-27.35%	-31.78%	-66.17%	-19.44%	-46.47%	10.96%	-70.33%	-82.76%	-235.16%	-81.48%
EBITDA Growth	89.45%	-3,236.46%	7.98%	79.01%	-512.38%	-44.66%	104.43%	-25.13%	-20.18%	35.34%	-1,704.08%
EBIT Growth	82.55%	-4,022.71%	6.26%	76.20%	-299.27%	-36.95%	97.80%	-17.84%	-15.19%	32.14%	-3,179.91%
NOPAT Growth	2.68%	14.93%	13.98%	28.49%	18.10%	12.84%	55.85%	20.66%	27.73%	13.40%	49.44%
Net Income Growth	77.97%	-865.18%	5.86%	73.01%	-230.27%	-33.19%	93.22%	-9.34%	-9.90%	31.91%	-977.36%
EPS Growth	0.00%	-865.18%	0.00%	0.00%	0.00%	-2.09%	0.00%	0.00%	0.00%	51.79%	0.00%
Operating Cash Flow Growth	20.29%	7.05%	23.17%	9.47%	55.28%	32.17%	29.24%	25.36%	-32.05%	1.36%	9.64%
Free Cash Flow Firm Growth	61.73%	80.10%	89.63%	-102.62%	109.49%	101.40%	93.42%	77.14%	-111.54%	-3,382.32%	4,393.19%
Invested Capital Growth	862.41%	-8.08%	-28.43%	539.87%	-63.18%	-109.39%	-30.23%	-21.45%	-91.73%	-431.06%	-160.09%
Revenue Q/Q Growth	-59.85%	57.41%	-57.06%	24.66%	-4.40%	4.60%	-10.99%	-66.67%	-44.44%	-920.00%	112.20%
EBITDA Q/Q Growth	95.64%	-746.78%	-8.29%	47.46%	-27.11%	-100.03%	103.32%	-1,583.21%	-22.09%	-7.63%	17.69%
EBIT Q/Q Growth	92.68%	-431.59%	-7.99%	43.38%	-22.85%	-82.33%	98.27%	-2,936.61%	-20.08%	-7.42%	16.26%
NOPAT Q/Q Growth	7.68%	-4.07%	7.03%	19.94%	-5.74%	-10.75%	52.91%	-43.87%	3.68%	-32.70%	72.50%
Net Income Q/Q Growth	90.38%	-320.72%	-8.92%	38.76%	-17.70%	-69.66%	94.46%	-887.88%	-18.30%	-5.12%	12.30%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	3.72%	-6.09%	1.25%	10.25%	52.44%	-60.93%	-3.00%	5.33%	15.85%	-20.22%	5.65%
Free Cash Flow Firm Q/Q Growth	-172.20%	61.30%	54.03%	-318.36%	112.74%	-94.28%	-315.69%	-1,354.30%	93.57%	-1,526.78%	382.12%
Invested Capital Q/Q Growth	931.89%	-49.65%	56.45%	-32.87%	-30.36%	-112.84%	1,262.12%	-24.43%	-92.67%	-924.71%	-31.49%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	88.89%	77.65%	78.08%	80.22%	79.31%	80.22%	75.31%	100.00%	100.00%	0.00%	100.00%
EBITDA Margin	-950.00%	-5,110.59%	-12,887.67%	-5,431.87%	-7,221.84%	-13,810.99%	514.81%	-22,907.41%	-50,340.00%	0.00%	-44,593.33%
Operating Margin	-8,835.19%	-5,841.18%	-12,646.58%	-8,121.98%	-8,982.76%	-9,510.99%	-5,032.10%	-21,718.52%	-37,653.33%	0.00%	-13,740.00%
EBIT Margin	-1,644.44%	-5,553.53%	-13,965.75%	-6,342.86%	-8,150.57%	-14,207.69%	-276.54%	-25,192.59%	-54,453.33%	0.00%	-48,980.00%
Profit (Net Income) Margin	-2,238.89%	-5,984.12%	-15,178.08%	-7,456.04%	-9,179.31%	-14,889.01%	-927.16%	-27,477.78%	-58,513.33%	0.00%	-53,940.00%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	136.15%	107.75%	108.68%	117.55%	112.62%	104.80%	335.27%	109.07%	107.46%	105.15%	110.13%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-720.64%	-455.71%	-520.69%	-1,101.93%	-346.61%	-894.14%	-165.15%	-825.06%	-2,534.47%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	2,875.48%	-323.96%	-570.76%	-1,082.36%	-95.81%	-3,569.32%	-138.27%	-858.89%	-2,580.56%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	56.38%	95.29%	-3,992.30%	847.60%	11.12%	-440.95%	3,049.90%	1,858.74%	3,277.44%	0.00%	0.00%
Return on Equity (ROE)	-664.25%	-360.41%	-4,512.99%	-254.32%	-335.49%	-1,335.09%	2,884.75%	1,033.68%	742.97%	197.91%	281.87%
Cash Return on Invested Capital (CROIC)	-642.68%	-475.19%	-226.11%	-550.76%	-222.65%	0.00%	-226.36%	-326.77%	-593.08%	0.00%	0.00%
Operating Return on Assets (OROA)	-24.49%	-75.02%	-203.84%	-51.83%	-74.59%	-121.97%	-2.75%	-230.73%	-432.55%	0.00%	0.00%
Return on Assets (ROA)	-33.34%	-80.83%	-221.53%	-60.93%	-84.01%	-127.82%	-9.22%	-251.66%	-464.81%	0.00%	0.00%
Return on Common Equity (ROCE)	-664.25%	-360.41%	-4,512.99%	-254.32%	-335.49%	-1,335.09%	2,884.75%	1,033.68%	742.97%	197.91%	281.87%
Return on Equity Simple (ROE_SIMPLE)	-188.66%	0.00%	-1,144.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-6.68	-6.95	-6.46	-5.17	-5.47	-6.06	-2.85	-4.10	-3.95	-5.25	-1.44
NOPAT Margin	-6,184.63%	-4,088.82%	-8,852.60%	-5,685.38%	-6,287.93%	-6,657.69%	-3,522.47%	-15,202.96%	-26,357.33%	0.00%	-9,618.00%
Net Nonoperating Expense Percent (NNEP)	-3,596.12%	-131.75%	50.07%	-19.57%	-250.80%	2,675.18%	-26.88%	33.83%	46.08%	34.43%	50.70%
Return On Investment Capital (ROIC_SIMPLE)	-	-17.11%	-17.61%	-18.76%	-29.17%	-52.11%	-17.87%	-34.43%	-47.84%	-219.98%	-64.06%
Cost of Revenue to Revenue	11.11%	22.35%	21.92%	19.78%	20.69%	19.78%	24.69%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	3,394.44%	1,993.53%	4,684.93%	3,641.76%	3,922.99%	3,472.53%	3,279.01%	8,803.70%	14,333.33%	0.00%	11,646.67%
R&D to Revenue	5,529.63%	3,925.29%	8,039.73%	4,560.44%	5,139.08%	6,118.68%	1,828.40%	13,014.81%	23,420.00%	0.00%	2,193.33%
Operating Expenses to Revenue	8,924.07%	5,918.82%	12,724.66%	8,202.20%	9,062.07%	9,591.21%	5,107.41%	21,818.52%	37,753.33%	0.00%	13,840.00%
Earnings before Interest and Taxes (EBIT)	-1.78	-9.44	-10	-5.77	-7.09	-13	-0.22	-6.80	-8.17	-8.77	-7.35
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-1.03	-8.69	-9.41	-4.94	-6.28	-13	0.42	-6.19	-7.55	-8.13	-6.69
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.97	2.84	12.81	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	2.97	2.84	12.81	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	88.69	58.24	88.12	103.50	70.54	123.90	75.56	122.81	281.28	0.00	0.00
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	4.79	5.39	6.73	8.84	9.23	0.00	6.12	10.42	214.38	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	74.42	46.36	95.43	118.00	90.10	148.25	107.30	168.91	340.61	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.49	2.03	7.61	-55.73	-5.55	-2.31	-4.21	-2.39	-1.67	-1.14	-1.12
Long-Term Debt to Equity	1.02	0.53	2.77	-13.91	-2.73	-2.21	-3.39	-2.28	-1.56	-0.95	-1.03
Financial Leverage	0.02	-0.29	6.99	-0.78	-0.12	0.12	-22.06	-2.16	-1.27	-0.87	-1.10
Leverage Ratio	7.98	5.82	32.22	5.14	5.32	17.58	-99.27	-6.90	-3.27	-1.72	-1.98
Compound Leverage Factor	10.86	6.28	35.01	6.05	6.00	18.42	-332.82	-7.52	-3.51	-1.81	-2.18
Debt to Total Capital	59.82%	67.04%	88.38%	101.83%	121.99%	176.18%	131.14%	171.72%	249.51%	837.61%	935.08%
Short-Term Debt to Total Capital	19.03%	49.43%	56.22%	76.40%	61.88%	7.96%	25.71%	8.50%	16.37%	133.58%	75.58%
Long-Term Debt to Total Capital	40.79%	17.61%	32.16%	25.42%	60.11%	168.21%	105.43%	163.22%	233.14%	704.03%	859.50%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	40.18%	32.96%	11.62%	-1.83%	-21.99%	-76.18%	-31.14%	-71.72%	-149.51%	-737.61%	-835.08%
Debt to EBITDA	-0.92	-0.63	-0.76	-1.17	-0.78	-0.62	-0.90	-0.83	-0.80	-0.93	-0.74
Net Debt to EBITDA	0.30	0.18	-0.11	-0.27	-0.28	-0.25	-0.48	-0.54	-0.49	-0.69	-0.53
Long-Term Debt to EBITDA	-0.63	-0.16	-0.28	-0.29	-0.38	-0.59	-0.72	-0.79	-0.74	-0.78	-0.68
Debt to NOPAT	-1.08	-0.96	-1.19	-1.11	-0.95	-0.88	-1.07	-1.11	-1.22	-1.24	-1.43
Net Debt to NOPAT	0.35	0.27	-0.17	-0.25	-0.34	-0.36	-0.57	-0.71	-0.75	-0.92	-1.03
Long-Term Debt to NOPAT	-0.73	-0.25	-0.43	-0.28	-0.47	-0.84	-0.86	-1.05	-1.14	-1.04	-1.31
Altman Z-Score	-3.87	-6.18	-7.66	-8.84	-12.30	-15.04	-14.95	-18.44	-18.69	-24.50	-20.36
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.04	1.53	1.23	0.99	0.83	1.57	1.36	1.58	1.53	0.83	1.94
Quick Ratio	2.76	1.39	1.07	0.77	0.61	1.19	0.91	0.96	0.95	0.48	0.88
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-17	-6.46	-2.97	-12	1.58	0.09	-0.20	-2.84	-0.18	-2.97	8.38
Operating Cash Flow to CapEx	-14,083.33%	-16,679.07%	-64,381.82%	-317,800.00%	-302,300.00%	-486,500.00%	0.00%	0.00%	-36,290.91%	-17,139.29%	0.00%
Free Cash Flow to Firm to Interest Expense	-14.04	-5.38	-2.39	-9.69	1.55	0.12	-0.32	-4.18	-0.28	-3.98	10.59
Operating Cash Flow to Interest Expense	-5.69	-5.98	-5.69	-4.96	-2.96	-6.66	-8.24	-6.99	-6.15	-6.43	-5.72
Operating Cash Flow Less CapEx to Interest Expense	-5.73	-6.01	-5.70	-4.96	-2.96	-6.67	-8.24	-6.99	-6.17	-6.47	-5.72
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.00	0.00
Accounts Receivable Turnover	7.56	3.94	9.76	0.00	0.00	3.30	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	1.27	3.03	2.11	1.89	0.78	1.33	1.97	0.97	0.40	0.82	0.50
Fixed Asset Turnover	0.07	0.07	0.06	0.05	0.05	0.04	0.04	0.00	0.03	0.00	0.00
Accounts Payable Turnover	0.03	0.05	0.12	0.09	0.05	0.05	0.05	0.06	0.02	0.04	0.02
Days Sales Outstanding (DSO)	48.29	92.65	37.38	0.00	0.00	110.46	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	287.94	120.66	172.82	193.36	470.44	273.75	184.97	378.04	907.70	445.64	730.00
Days Payable Outstanding (DPO)	10,834.42	6,814.34	3,114.94	4,154.05	7,233.08	7,154.00	7,541.69	6,172.41	14,633.62	9,048.60	21,598.48
Cash Conversion Cycle (CCC)	-10,498.18	-6,601.03	-2,904.74	-3,960.68	-6,762.64	-6,769.79	-7,356.72	-5,794.38	-13,725.92	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	11	5.62	8.79	5.90	4.11	-0.53	6.14	4.64	0.34	-2.80	-3.69
Invested Capital Turnover	0.12	0.11	0.06	0.19	0.06	0.13	0.05	0.05	0.10	0.00	0.00
Increase / (Decrease) in Invested Capital	10	-0.49	-3.49	7.25	-7.05	-6.15	-2.66	-1.27	-3.77	-2.28	-9.82
Enterprise Value (EV)	53	30	59	52	38	51	38	48	73	75	73
Market Capitalization	64	38	55	46	30	42	26	35	60	61	58
Book Value per Share	$0.17	$0.10	$0.03	$0.00	($0.64)	($1.11)	($0.58)	($0.95)	($1.24)	($1.70)	($1.60)
Tangible Book Value per Share	$0.17	$0.10	$0.03	$0.00	($0.64)	($1.11)	($0.58)	($0.95)	($1.24)	($1.70)	($1.60)
Total Capital	53	41	37	28	19	12	16	12	8.27	2.39	2.25
Total Debt	32	27	32	28	23	20	21	20	21	20	21
Total Long-Term Debt	22	7.15	12	7.01	11	20	17	19	19	17	19
Net Debt	-10	-7.77	4.53	6.41	8.24	8.33	11	13	13	15	15
Capital Expenditures (CapEx)	0.05	0.04	0.01	0.00	0.00	0.00	0.00	0.00	0.01	0.03	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-0.79	-1.40	-1.35	-0.77	-7.17	-5.36	-1.82	-1.86	-2.21	-3.80	2.06
Debt-free Net Working Capital (DFNWC)	41	34	27	21	7.48	6.79	8.01	5.42	5.72	1.39	8.00
Net Working Capital (NWC)	31	14	5.93	-0.16	-4.13	5.87	3.91	4.41	4.37	-1.80	6.29
Net Nonoperating Expense (NNE)	-4.26	3.22	4.62	1.61	2.52	7.49	-2.10	3.31	4.82	3.98	6.65
Net Nonoperating Obligations (NNO)	-10	-7.77	4.53	6.41	8.24	8.33	11	13	13	15	15
Total Depreciation and Amortization (D&A)	0.75	0.75	0.79	0.83	0.81	0.36	0.64	0.62	0.62	0.65	0.66
Debt-free, Cash-free Net Working Capital to Revenue	-110.59%	-213.91%	-217.58%	-173.08%	-1,702.61%	-1,568.13%	-519.71%	-650.70%	-1,030.37%	0.00%	0.00%
Debt-free Net Working Capital to Revenue	5,754.74%	5,137.77%	4,284.03%	4,732.35%	1,776.01%	1,985.96%	2,289.43%	1,896.50%	2,672.90%	0.00%	0.00%
Net Working Capital to Revenue	4,342.34%	2,067.58%	955.81%	-35.97%	-981.00%	1,715.20%	1,116.29%	1,542.31%	2,040.65%	0.00%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.40)	($38.20)	($1.80)	($1.06)	($1.22)	($1.95)	($0.09)	($0.78)	($0.85)	($0.94)	($0.69)
Adjusted Weighted Average Basic Shares Outstanding	6.42M	262.35K	6.42M	6.42M	6.56M	6.95M	8.82M	9.52M	10.28M	9.86M	11.64M
Adjusted Diluted Earnings per Share	$0.00	($38.20)	$0.00	$0.00	$0.00	($1.95)	$0.00	$0.00	$0.00	($0.94)	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	6.42M	6.42M	6.42M	6.47M	7.98M	8.59M	8.98M	9.99M	10.33M	11.78M	12.78M
Adjusted Basic & Diluted Earnings per Share	$0.00	($38.20)	$0.00	$0.00	$0.00	($1.95)	$0.00	$0.00	$0.00	($0.94)	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	6.42M	6.42M	6.42M	6.47M	7.98M	8.59M	8.98M	9.99M	10.33M	11.78M	12.78M
Normalized Net Operating Profit after Tax (NOPAT)	-6.68	-6.95	-6.46	-5.17	-5.47	-6.06	-2.85	-4.10	-3.95	-5.25	-1.44
Normalized NOPAT Margin	-6,184.63%	-4,088.82%	-8,852.60%	-5,685.38%	-6,287.93%	-6,657.69%	-3,522.47%	-15,202.96%	-26,357.33%	0.00%	-9,618.00%
Pre Tax Income Margin	-2,238.89%	-5,984.12%	-15,178.08%	-7,456.04%	-9,179.31%	-14,889.01%	-927.16%	-27,477.78%	-58,513.33%	0.00%	-53,940.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-1.49	-7.87	-8.20	-4.50	-6.94	-17.71	-0.37	-10.02	-12.59	-11.76	-9.29
NOPAT to Interest Expense	-5.62	-5.79	-5.19	-4.04	-5.35	-8.30	-4.69	-6.05	-6.09	-7.03	-1.82
EBIT Less CapEx to Interest Expense	-1.54	-7.90	-8.20	-4.50	-6.94	-17.71	-0.37	-10.02	-12.60	-11.80	-9.29
NOPAT Less CapEx to Interest Expense	-5.66	-5.83	-5.20	-4.04	-5.35	-8.30	-4.69	-6.05	-6.11	-7.07	-1.82
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Clene (NASDAQ: CLNN) continues to operate with very limited revenue and significant losses, but Q1 2026 showed a modest improvement in liquidity after a large equity raise. The company remains a development-stage biotech with no meaningful commercial scale yet, so the key story is still cash burn, debt, and balance sheet survival rather than profitability.

Cash increased sequentially in Q1 2026 to $5.9 million from $4.9 million at year-end 2025, helped by $5.3 million of common equity issuance.
Operating cash burn improved slightly versus Q4 2025, with cash from operations at negative $4.5 million compared with negative $4.8 million in the prior quarter.
Revenue rebounded sharply in Q1 2026 to $15,000 from a negative reported figure in Q4 2025, though this is still immaterial in absolute terms.
Total liabilities declined to $40.5 million from $42.4 million at the end of 2025, showing some balance sheet cleanup.
Short-term debt was reduced to $1.7 million from $6.4 million at year-end 2025, lowering near-term refinancing pressure.
Other income was less negative in Q1 2026 than in Q4 2025, which helped narrow pretax losses somewhat.
The company is still deeply unprofitable, with Q1 2026 net loss of $8.1 million and no sign of operating leverage yet.
Q1 2026 gross profit was only $15,000, so there is still no evidence of meaningful commercial traction.
Share count has been rising over time, which supports cash generation but dilutes existing shareholders.
Interest and other financing items remain material relative to revenue, so capital structure costs continue to weigh on results.
Stockholders’ equity remains negative at minus $18.8 million in Q1 2026, indicating a weak financial position.
Debt remains high relative to assets, with long-term debt of $16.3 million and capital lease obligations of $3.0 million at quarter-end.
Cash burn is still substantial compared with the cash balance, so Clene likely needs additional financing if losses continue at the current pace.
Net losses have stayed large for years, including losses of $9.2 million in Q4 2025, $8.8 million in Q3 2025, and $11.1 million in Q1 2024.
Revenue remains negligible across the period reviewed, making it difficult for the company to self-fund operations.

Bottom line: Clene showed some near-term balance sheet stabilization in Q1 2026, mainly through equity financing and lower short-term debt, but the company is still burning cash and carrying heavy debt with negative equity. For retail investors, the stock remains highly speculative and dependent on future financing and eventual clinical or commercial progress.

07/27/26 11:28 PM ETAI Generated. May Contain Errors.

Clene Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Clene's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Clene's net income appears to be on an upward trend, with a most recent value of -$26.17 million in 2025, rising from -$16.16 million in 2019. The previous period was -$39.40 million in 2024. See where experts think Clene is headed by visiting Clene's forecast page.

Clene's total operating income in 2025 was -$23.08 million, based on the following breakdown:

Total Gross Profit: -$43 thousand
Total Operating Expenses: $23.24 million

Over the last 6 years, Clene's total revenue changed from $0.00 in 2019 to $0.00 in 2025, a change of 0.0%.

Clene's total liabilities were at $35.72 million at the end of 2025, a 1.3% decrease from 2024, and a 257.6% increase since 2019.

In the past 6 years, Clene's cash and equivalents has ranged from $5.19 million in 2025 to $59.28 million in 2020, and is currently $5.19 million as of their latest financial filing in 2025.

Over the last 6 years, Clene's book value per share changed from -3.90 in 2019 to -1.70 in 2025, a change of -56.4%.

Related Companies

Financial statements for NASDAQ:CLNN last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Clene (CLNN) Financials

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Clene (CLNN) Financials

Annual Income Statements for Clene

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Quarterly Cash Flow Statements for Clene

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Quarterly Metrics And Ratios for Clene

Financials Breakdown Chart

Key Financial Trends

Clene Financials - Frequently Asked Questions

When does Clene's financial year end?

How has Clene's net income changed over the last 6 years?

What is Clene's operating income?

How has Clene's revenue changed over the last 6 years?

How much debt does Clene have?

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How has Clene's book value per share changed over the last 6 years?

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