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Lexeo Therapeutics (LXEO) Financials

Lexeo Therapeutics logo
$5.05 -0.23 (-4.36%)
Closing price 07/9/2026 04:00 PM Eastern
Extended Trading
$5.04 0.00 (-0.10%)
As of 04:53 AM Eastern
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Annual Income Statements for Lexeo Therapeutics

Annual Income Statements for Lexeo Therapeutics

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

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -59 -66 -98 -100
Consolidated Net Income / (Loss)		 -59 -66 -98 -100
Net Income / (Loss) Continuing Operations		 -59 -66 -98 -100
Total Pre-Tax Income 		-59 -66 -98 -100
Total Operating Income		 -61 -69 -106 -109
Total Gross Profit		 0.65 0.00 0.00 0.00
Total Revenue		 0.65 0.00 0.00 0.00
Operating Revenue		 0.65 0.00 0.00 0.00
Total Cost of Revenue		 0.00 0.00 0.00 0.00
Total Operating Expenses		 61 69 106 109
Selling, General & Admin Expense		 12 15 32 45
Research & Development Expense		 49 53 74 64
Total Other Income / (Expense), net		 1.23 2.12 7.43 9.30
Interest Expense		 0.09 0.21 0.14 0.10
Interest & Investment Income		 1.33 2.87 7.56 9.52
Other Income / (Expense), net		 -0.00 -0.54 0.01 -0.13
Income Tax Expense		 0.00 0.00 0.00 0.00
Basic Earnings per Share		 ($36.36) ($12.40) ($3.09) ($1.86)
Weighted Average Basic Shares Outstanding		 1.63M 5.35M 31.79M 53.65M
Diluted Earnings per Share		 ($36.36) ($12.40) ($3.09) ($1.86)
Weighted Average Diluted Shares Outstanding		 1.63M 5.35M 31.79M 53.65M
Weighted Average Basic & Diluted Shares Outstanding		 - 26.67M 33.20M 74.09M

Quarterly Income Statements for Lexeo Therapeutics

This table shows Lexeo Therapeutics' 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		 -20 -14 -22 -21 -29 -26 -33 -26 -20 -21 -20
Consolidated Net Income / (Loss)		 -20 -14 -22 -21 -29 -26 -33 -26 -20 -21 -20
Net Income / (Loss) Continuing Operations		 -20 -14 -22 -21 -29 -26 -33 -26 -20 -21 -20
Total Pre-Tax Income 		-20 -14 -22 -21 -29 -26 -33 -26 -20 -21 -20
Total Operating Income		 -20 -15 -23 -24 -32 -27 -34 -31 -22 -23 -22
Total Gross Profit		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Cost of Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Operating Expenses		 20 15 23 24 32 27 34 31 22 23 22
Selling, General & Admin Expense		 3.03 6.77 7.55 6.99 8.12 9.02 17 16 5.95 6.91 6.63
Research & Development Expense		 17 8.21 16 17 23 18 17 15 16 16 16
Total Other Income / (Expense), net		 0.17 0.79 1.61 2.31 2.05 1.46 1.15 4.59 1.37 2.20 2.14
Interest Expense		 - - 0.04 0.04 0.04 - 0.03 0.03 0.02 0.02 0.02
Interest & Investment Income		 0.49 1.10 1.65 2.35 2.09 1.47 1.19 1.23 1.40 5.70 2.11
Other Income / (Expense), net		 -0.27 -0.27 -0.01 -0.00 -0.00 - -0.02 3.38 -0.01 -3.49 0.04
Income Tax Expense		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Basic Earnings per Share		 ($12.36) $19.84 ($0.77) ($0.64) ($0.89) ($0.79) ($0.99) ($0.60) ($0.33) $0.06 ($0.25)
Weighted Average Basic Shares Outstanding		 1.63M 5.35M 27.98M 33.00M 33.06M 31.79M 33.11M 43.57M 60.98M 53.65M 81.18M
Diluted Earnings per Share		 ($12.36) $19.84 ($0.77) ($0.64) ($0.89) ($0.79) ($0.99) ($0.60) ($0.33) $0.06 ($0.25)
Weighted Average Diluted Shares Outstanding		 1.63M 5.35M 27.98M 33.00M 33.06M 31.79M 33.11M 43.57M 60.98M 53.65M 81.18M
Weighted Average Basic & Diluted Shares Outstanding		 26.65M 26.67M 32.95M 33.06M 33.07M 33.20M 33.20M 54.00M 72.99M 74.09M 78.52M

Annual Cash Flow Statements for Lexeo Therapeutics

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

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -55 44 -86 28
Net Cash From Operating Activities		 -55 -59 -81 -99
Net Cash From Continuing Operating Activities		 -55 -59 -81 -99
Net Income / (Loss) Continuing Operations		 -59 -66 -98 -100
Consolidated Net Income / (Loss)		 -59 -66 -98 -100
Depreciation Expense		 0.12 0.27 0.30 0.27
Amortization Expense		 1.03 0.00 1.68 0.11
Non-Cash Adjustments To Reconcile Net Income		 1.78 3.20 12 9.03
Changes in Operating Assets and Liabilities, net		 1.80 3.43 2.72 -8.01
Net Cash From Investing Activities		 -0.90 -0.17 -94 -90
Net Cash From Continuing Investing Activities		 -0.90 -0.17 -94 -90
Purchase of Property, Plant & Equipment		 -0.67 -0.12 -0.48 -0.40
Acquisitions		 -0.23 -0.05 0.00 0.00
Purchase of Investments		 - 0.00 -94 -195
Sale and/or Maturity of Investments		 - - 0.00 106
Net Cash From Financing Activities		 0.19 104 89 217
Net Cash From Continuing Financing Activities		 0.19 104 89 217
Repurchase of Common Equity		 - 0.00 -6.29 -6.92
Issuance of Common Equity		 0.00 100 95 234
Other Financing Activities, net		 0.17 -0.37 0.08 -10
Cash Interest Paid		 0.08 0.18 0.13 0.10
Cash Income Taxes Paid		 0.00 0.00 0.00 0.00

Quarterly Cash Flow Statements for Lexeo Therapeutics

This table details how cash moves in and out of Lexeo Therapeutics' 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		 -10 86 74 -20 -18 -122 -6.11 6.57 5.52 22 8.77
Net Cash From Operating Activities		 -14 -14 -15 -20 -18 -28 -22 -27 -30 -20 -21
Net Cash From Continuing Operating Activities		 -14 -14 -15 -20 -18 -28 -22 -27 -30 -20 -21
Net Income / (Loss) Continuing Operations		 -20 -14 -22 -21 -29 -26 -33 -26 -20 -21 -20
Consolidated Net Income / (Loss)		 -20 -14 -22 -21 -29 -26 -33 -26 -20 -21 -20
Depreciation Expense		 0.08 0.08 0.07 0.08 0.08 0.08 0.06 0.06 0.07 0.07 0.07
Amortization Expense		 0.38 -1.16 0.00 0.17 0.08 -1.28 0.45 0.03 1.41 -1.34 -0.04
Non-Cash Adjustments To Reconcile Net Income		 0.87 0.96 2.42 3.42 4.14 3.87 3.69 -0.23 2.48 3.00 2.83
Changes in Operating Assets and Liabilities, net		 4.83 0.33 4.32 -2.58 7.38 -5.07 6.74 -0.99 -13 -0.90 -3.81
Net Cash From Investing Activities		 -0.05 -0.07 -0.19 -0.22 -0.08 -94 16 -39 35 -102 27
Net Cash From Continuing Investing Activities		 -0.05 -0.07 -0.19 -0.22 -0.08 -94 16 -39 35 -102 27
Purchase of Property, Plant & Equipment		 -0.00 -0.07 -0.19 -0.21 -0.08 - 0.00 -0.11 -0.29 - -0.04
Acquisitions		 -0.05 - -0.01 -0.01 - 0.01 0.00 - - - 0.00
Purchase of Investments		 - - - - - - 0.00 - - -140 0.00
Sale and/or Maturity of Investments		 - - 0.00 - - - 16 16 35 38 27
Net Cash From Financing Activities		 3.91 100 89 0.29 -0.07 -0.10 0.01 73 0.05 144 2.45
Net Cash From Continuing Financing Activities		 3.91 100 89 0.30 -0.07 -0.11 0.01 73 0.05 144 2.45
Repurchase of Common Equity		 - - 0.00 -6.29 - - 0.00 -6.92 - - 0.00
Issuance of Common Equity		 - 100 89 6.25 - - 0.17 80 0.10 154 0.14
Other Financing Activities, net		 -0.08 -0.11 -0.10 0.35 -0.07 -0.09 -0.16 -0.12 -0.05 -9.98 2.31

Annual Balance Sheets for Lexeo Therapeutics

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

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 97 140 147 269
Total Current Assets		 80 124 126 188
Cash & Equivalents		 77 121 35 63
Short-Term Investments		 - 0.00 87 119
Prepaid Expenses		 2.34 2.83 4.60 6.63
Plant, Property, & Equipment, net		 1.00 1.06 1.03 1.14
Total Noncurrent Assets		 16 14 20 79
Long-Term Investments		 - 0.00 7.01 65
Noncurrent Note & Lease Receivables		 2.07 1.76 1.46 1.14
Other Noncurrent Operating Assets		 14 13 11 13
Total Liabilities & Shareholders' Equity		 97 140 147 269
Total Liabilities		 25 26 30 22
Total Current Liabilities		 14 17 23 17
Accounts Payable		 2.68 3.79 6.42 4.86
Accrued Expenses		 8.33 11 14 9.28
Other Current Liabilities		 2.83 2.61 2.67 2.68
Total Noncurrent Liabilities		 11 9.03 7.25 5.21
Other Noncurrent Operating Liabilities		 11 9.03 7.25 5.21
Commitments & Contingencies		 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -113 114 117 247
Total Preferred & Common Equity		 -113 114 117 247
Total Common Equity		 -113 114 117 247
Common Stock		 2.49 295 397 627
Retained Earnings		 -115 -182 -280 -380
Treasury Stock		 - 0.00 -0.02 -0.02
Accumulated Other Comprehensive Income / (Loss)		 - 0.00 -0.10 0.19

Quarterly Balance Sheets for Lexeo Therapeutics

This table presents Lexeo Therapeutics' 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		 55 213 192 174 126 176 144 250
Total Current Assets		 39 198 177 159 105 140 128 201
Cash & Equivalents		 35 195 175 157 29 35 41 72
Short-Term Investments		 - - - - 71 97 82 121
Prepaid Expenses		 1.41 3.03 2.17 2.44 5.44 7.17 5.03 7.82
Plant, Property, & Equipment, net		 0.98 1.04 1.21 1.18 1.05 1.12 1.23 1.10
Total Noncurrent Assets		 15 14 14 13 19 35 15 48
Long-Term Investments		 - - - - 7.04 23 3.39 38
Noncurrent Note & Lease Receivables		 1.84 1.70 1.62 1.54 1.38 1.30 1.22 1.06
Other Noncurrent Operating Assets		 13 12 12 12 11 11 10 9.43
Total Liabilities & Shareholders' Equity		 55 213 192 174 126 176 144 250
Total Liabilities		 32 30 27 35 38 38 23 19
Total Current Liabilities		 23 22 19 27 31 32 17 14
Accounts Payable		 2.66 4.30 5.77 8.44 12 20 4.66 3.34
Accrued Expenses		 14 15 10 16 16 8.91 9.90 8.16
Other Current Liabilities		 2.60 2.61 2.67 2.68 2.65 2.66 2.72 2.70
Total Noncurrent Liabilities		 9.46 8.63 8.18 7.72 6.75 6.26 5.74 4.67
Other Noncurrent Operating Liabilities		 9.46 8.63 8.18 7.72 6.75 6.26 5.74 4.67
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -163 183 165 139 88 138 121 231
Total Preferred & Common Equity		 -163 183 165 139 88 138 121 231
Total Common Equity		 -163 183 165 139 88 138 121 231
Common Stock		 4.85 386 390 394 401 477 480 632
Retained Earnings		 -168 -204 -225 -254 -313 -339 -359 -400
Treasury Stock		 - - -0.01 -0.01 -0.02 -0.02 -0.02 -0.02
Accumulated Other Comprehensive Income / (Loss)		 - - - - -0.05 -0.01 0.09 -0.14

Annual Metrics And Ratios for Lexeo Therapeutics

This table displays calculated financial ratios and metrics derived from Lexeo Therapeutics' official financial filings.

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 26,645,538.00 - 72,987,327.00
DEI Adjusted Shares Outstanding		 0.00 26,645,538.00 - 72,987,327.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 -2.49 - -1.37
Growth Metrics		 - - - -
Revenue Growth		 0.00% -100.00% 0.00% 0.00%
EBITDA Growth		 0.00% -15.87% -53.37% -5.04%
EBIT Growth		 0.00% -14.12% -53.17% -3.44%
NOPAT Growth		 0.00% -13.23% -54.37% -3.30%
Net Income Growth		 0.00% -12.01% -48.11% -1.66%
EPS Growth		 0.00% 65.90% 75.08% 39.81%
Operating Cash Flow Growth		 0.00% -9.05% -36.40% -21.45%
Free Cash Flow Firm Growth		 0.00% 0.00% -55.20% -25.60%
Invested Capital Growth		 0.00% -50.89% -47.37% 100.86%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00%
EBITDA Q/Q Growth		 0.00% 0.00% -15.76% -0.28%
EBIT Q/Q Growth		 0.00% 0.00% -13.61% 0.70%
NOPAT Q/Q Growth		 0.00% 0.00% -13.29% 3.76%
Net Income Q/Q Growth		 0.00% 0.00% -13.55% 4.77%
EPS Q/Q Growth		 0.00% 0.00% -117.62% 31.37%
Operating Cash Flow Q/Q Growth		 0.00% 4.26% -21.47% 7.72%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 3.89%
Invested Capital Q/Q Growth		 0.00% 0.00% 33.94% 101.90%
Profitability Metrics		 - - - -
Gross Margin		 100.00% 0.00% 0.00% 0.00%
EBITDA Margin		 -9,077.37% 0.00% 0.00% 0.00%
Operating Margin		 -9,252.14% 0.00% 0.00% 0.00%
EBIT Margin		 -9,252.45% 0.00% 0.00% 0.00%
Profit (Net Income) Margin		 -9,063.76% 0.00% 0.00% 0.00%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 97.96% 96.15% 92.96% 91.38%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -82.24% -71.54% -85.37% -55.00%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% -87,394.95%
Operating Return on Assets (OROA)		 -62.33% 0.00% 0.00% 0.00%
Return on Assets (ROA)		 -61.06% 0.00% 0.00% 0.00%
Return on Common Equity (ROCE)		 128.88% -0.22% -85.37% -55.00%
Return on Equity Simple (ROE_SIMPLE)		 52.48% -58.48% -84.16% 0.00%
Net Operating Profit after Tax (NOPAT)		 -42 -48 -74 -76
NOPAT Margin		 -6,476.50% 0.00% 0.00% 0.00%
Net Nonoperating Expense Percent (NNEP)		 -21.88% -18.55% -19.44% -12.52%
Return On Investment Capital (ROIC_SIMPLE)		 - -42.24% -63.36% -31.01%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 1,835.02% 0.00% 0.00% 0.00%
R&D to Revenue		 7,517.13% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 9,352.14% 0.00% 0.00% 0.00%
Earnings before Interest and Taxes (EBIT)		 -61 -69 -106 -109
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -59 -69 -105 -109
Valuation Ratios		 - - - -
Price to Book Value (P/BV)		 0.00 3.15 1.86 2.94
Price to Tangible Book Value (P/TBV)		 0.00 3.15 1.86 2.94
Price to Revenue (P/Rev)		 152.91 0.00 0.00 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 4,734.62
Enterprise Value to Revenue (EV/Rev)		 317.58 0.00 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - -
Debt to Equity		 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00
Financial Leverage		 -1.07 -1.07 -1.09 -1.03
Leverage Ratio		 1.35 1.28 1.24 1.14
Compound Leverage Factor		 1.32 1.23 1.16 1.04
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 256.71% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 -156.71% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00
Altman Z-Score		 -0.50 5.63 0.14 17.19
Noncontrolling Interest Sharing Ratio		 256.71% 99.69% 0.00% 0.00%
Liquidity Ratios		 - - - -
Current Ratio		 5.58 7.21 5.52 11.21
Quick Ratio		 5.39 7.05 5.32 10.81
Cash Flow Metrics		 - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -45 -70 -88
Operating Cash Flow to CapEx		 -8,119.05% -51,735.65% -16,871.31% -24,826.45%
Free Cash Flow to Firm to Interest Expense		 0.00 -220.90 -512.99 -929.15
Operating Cash Flow to Interest Expense		 -599.56 -290.22 -592.34 -1,037.48
Operating Cash Flow Less CapEx to Interest Expense		 -606.95 -290.79 -595.85 -1,041.66
Efficiency Ratios		 - - - -
Asset Turnover		 0.01 0.00 0.00 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.66 0.00 0.00 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - -
Invested Capital		 -5.26 -7.93 -12 0.10
Invested Capital Turnover		 -0.12 0.00 0.00 0.00
Increase / (Decrease) in Invested Capital		 0.00 -2.68 -3.76 12
Enterprise Value (EV)		 208 236 89 478
Market Capitalization		 100 358 218 725
Book Value per Share		 ($69.28) $4.26 $3.53 $3.38
Tangible Book Value per Share		 ($69.28) $4.26 $3.53 $3.38
Total Capital		 72 114 117 247
Total Debt		 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00
Net Debt		 -77 -121 -129 -247
Capital Expenditures (CapEx)		 0.67 0.12 0.48 0.40
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -12 -14 -18 -10
Debt-free Net Working Capital (DFNWC)		 66 107 103 172
Net Working Capital (NWC)		 66 107 103 172
Net Nonoperating Expense (NNE)		 17 18 24 23
Net Nonoperating Obligations (NNO)		 -77 -121 -129 -247
Total Depreciation and Amortization (D&A)		 1.15 0.27 0.28 0.38
Debt-free, Cash-free Net Working Capital to Revenue		 -1,779.20% 0.00% 0.00% 0.00%
Debt-free Net Working Capital to Revenue		 10,045.72% 0.00% 0.00% 0.00%
Net Working Capital to Revenue		 10,045.72% 0.00% 0.00% 0.00%
Earnings Adjustments		 - - - -
Adjusted Basic Earnings per Share		 $0.00 ($12.40) ($3.09) ($1.86)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 5.35M 31.79M 53.65M
Adjusted Diluted Earnings per Share		 $0.00 ($12.40) ($3.09) ($1.86)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 5.35M 31.79M 53.65M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 26.67M 33.20M 74.09M
Normalized Net Operating Profit after Tax (NOPAT)		 -42 -48 -74 -76
Normalized NOPAT Margin		 -6,476.50% 0.00% 0.00% 0.00%
Pre Tax Income Margin		 -9,063.76% 0.00% 0.00% 0.00%
Debt Service Ratios		 - - - -
EBIT to Interest Expense		 -664.96 -336.86 -772.08 -1,151.43
NOPAT to Interest Expense		 -465.45 -233.95 -540.41 -805.05
EBIT Less CapEx to Interest Expense		 -672.34 -337.42 -775.59 -1,155.61
NOPAT Less CapEx to Interest Expense		 -472.84 -234.51 -543.92 -809.23
Payout Ratios		 - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% -0.02% -6.92%

Quarterly Metrics And Ratios for Lexeo Therapeutics

This table displays calculated financial ratios and metrics derived from Lexeo Therapeutics' 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		 0.00 26,645,538.00 26,668,956.00 32,945,341.00 33,061,004.00 - 33,196,997.00 33,196,997.00 54,001,214.00 72,987,327.00 74,087,063.00
DEI Adjusted Shares Outstanding		 0.00 26,645,538.00 26,668,956.00 32,945,341.00 33,061,004.00 - 33,196,997.00 33,196,997.00 54,001,214.00 72,987,327.00 74,087,063.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 -0.53 -0.81 -0.64 -0.89 - -0.98 -0.79 -0.38 -0.29 -0.27
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -100.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Growth		 -14.88% 0.00% -23.24% -72.25% -56.26% -75.11% -43.40% -16.76% 35.70% -7.82% 33.17%
EBIT Growth		 -17.52% 0.00% -20.74% -68.49% -53.55% -79.67% -45.18% -15.97% 31.35% 2.75% 34.09%
NOPAT Growth		 -15.97% 0.00% -20.74% -68.52% -55.59% -82.85% -45.14% -30.31% 31.37% 15.58% 33.94%
Net Income Growth		 -17.90% 0.00% -16.21% -58.01% -46.65% -82.72% -50.61% -22.91% 31.22% 19.31% 38.16%
EPS Growth		 -19.08% 0.00% 93.35% 92.29% 92.80% -103.98% -28.57% 6.25% 62.92% 107.59% 74.75%
Operating Cash Flow Growth		 0.00% 15.91% 19.09% -52.76% -27.65% -102.60% -46.07% -35.07% -65.94% 29.11% 2.63%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00% 0.00% -163.25% 0.00% -305.91% -114.45% -104.44% -81.50% -105.25%
Invested Capital Growth		 0.00% 0.00% 0.00% 0.00% -94.93% -47.37% -54.84% -76.20% 69.92% 100.86% 102.95%
Revenue 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%
EBITDA Q/Q Growth		 -48.42% 18.73% -42.30% -0.35% -34.64% 7.91% -28.83% 19.33% 25.86% -38.15% 20.14%
EBIT Q/Q Growth		 -46.97% 25.82% -52.86% -1.09% -33.95% 13.20% -23.62% 19.22% 20.71% -22.86% 16.22%
NOPAT Q/Q Growth		 -45.07% 26.13% -55.53% -1.11% -33.94% 13.19% -23.46% 9.22% 29.46% -6.78% 3.39%
Net Income Q/Q Growth		 -49.60% 29.44% -52.82% 2.05% -38.85% 12.09% -25.97% 20.07% 22.30% -3.14% 3.46%
EPS Q/Q Growth		 -48.92% 260.52% -103.88% 16.88% -39.06% 11.24% -25.32% 39.39% 45.00% 118.18% -516.67%
Operating Cash Flow Q/Q Growth		 -5.74% -0.23% -6.34% -35.55% 11.64% -59.08% 23.34% -25.34% -8.55% 32.04% -5.30%
Free Cash Flow Firm Q/Q Growth		 0.00% 100.00% 0.00% -53.85% -108.67% -14.46% -10.46% 18.72% -98.93% -1.62% -24.91%
Invested Capital Q/Q Growth		 0.00% 12.63% -52.69% 17.15% -76.36% 33.94% -60.43% 5.72% 69.89% 101.90% 448.51%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBIT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
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		 97.88% 93.10% 93.07% 90.18% 93.48% 94.68% 96.56% 95.57% 93.66% 78.62% 90.60%
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)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 0.00% -71.54% -37.94% -46.81% -107.21% -85.37% -80.65% -75.32% -80.69% -55.00% -54.75%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -87,394.95% -15,840.16%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Common Equity (ROCE)		 0.00% -0.22% -37.94% -46.81% 15.58% -85.37% -80.65% -75.32% -80.69% -55.00% -54.75%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% -37.94% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -14 -10 -16 -16 -22 -19 -24 -21 -15 -16 -16
NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Nonoperating Expense Percent (NNEP)		 -37.81% -3.05% -5.51% -5.43% -7.87% -5.41% -5.96% -2.79% -3.62% -2.53% -2.70%
Return On Investment Capital (ROIC_SIMPLE)		 - -9.23% -8.91% -9.99% -15.85% -16.40% -26.86% -15.54% -12.54% -6.56% -6.75%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings before Interest and Taxes (EBIT)		 -21 -15 -23 -24 -32 -27 -34 -27 -22 -27 -22
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -20 -16 -23 -23 -31 -29 -33 -27 -20 -28 -22
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 3.15 2.29 3.20 2.15 1.86 1.31 0.97 2.97 2.94 1.84
Price to Tangible Book Value (P/TBV)		 0.00 3.15 2.29 3.20 2.15 1.86 1.31 0.97 2.97 2.94 1.84
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 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)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4,734.62 350.75
Enterprise Value to Revenue (EV/Rev)		 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 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		 0.19 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -1.41 -1.07 -1.07 -1.06 -1.17 -1.09 -1.11 -1.09 -1.09 -1.03 -1.06
Leverage Ratio		 2.46 1.28 1.17 1.16 1.42 1.24 1.25 1.21 1.22 1.14 1.18
Compound Leverage Factor		 2.41 1.19 1.08 1.05 1.32 1.18 1.21 1.16 1.14 0.90 1.07
Debt to Total Capital		 15.73% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 15.73% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt 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%
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		 701.63% 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		 -617.35% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 0.00 6.90 7.59 10.66 3.46 1.90 -1.82 -0.35 6.28 18.21 11.89
Noncontrolling Interest Sharing Ratio		 0.00% 99.69% 0.00% 0.00% 114.54% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.69 7.21 9.16 9.38 5.95 5.52 3.42 4.43 7.40 11.21 14.16
Quick Ratio		 1.54 7.05 9.02 9.27 5.86 5.32 3.24 4.21 7.11 10.81 13.61
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -5.11 0.00 -4.19 -6.45 -13 -15 -17 -14 -28 -28 -35
Operating Cash Flow to CapEx		 -464,966.67% -19,152.05% -8,036.22% -9,461.03% -21,453.01% 0.00% 0.00% -25,202.78% -10,223.88% 0.00% -60,411.43%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 -113.34 -184.34 -384.66 0.00 -607.95 -553.46 -1,251.12 -1,398.51 -2,055.18
Operating Cash Flow to Interest Expense		 0.00 0.00 -401.81 -575.77 -508.74 0.00 -775.57 -1,088.76 -1,343.05 -1,003.95 -1,243.76
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 -406.81 -581.86 -511.11 0.00 -775.57 -1,093.08 -1,356.18 -1,003.95 -1,245.82
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -9.08 -7.93 -12 -10 -18 -12 -19 -18 -5.32 0.10 0.55
Invested Capital Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Increase / (Decrease) in Invested Capital		 -9.08 0.00 -12 -10 -8.62 -3.76 -6.64 -7.65 12 12 19
Enterprise Value (EV)		 254 236 223 353 142 89 8.33 -22 232 478 194
Market Capitalization		 100 358 418 528 299 218 115 133 359 725 425
Book Value per Share		 ($100.08) $4.26 $6.86 $5.01 $4.21 $3.53 $2.65 $3.17 $2.24 $3.38 $3.12
Tangible Book Value per Share		 ($100.08) $4.26 $6.86 $5.01 $4.21 $3.53 $2.65 $3.17 $2.24 $3.38 $3.12
Total Capital		 26 114 183 165 139 117 88 138 121 247 231
Total Debt		 4.15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -31 -121 -195 -175 -157 -129 -107 -156 -126 -247 -231
Capital Expenditures (CapEx)		 0.00 0.07 0.19 0.21 0.08 0.00 0.00 0.11 0.29 0.00 0.04
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -15 -14 -19 -17 -24 -18 -25 -24 -12 -10 -6.37
Debt-free Net Working Capital (DFNWC)		 20 107 176 158 133 103 74 108 111 172 187
Net Working Capital (NWC)		 16 107 176 158 133 103 74 108 111 172 187
Net Nonoperating Expense (NNE)		 5.92 3.71 5.38 4.75 7.41 6.76 8.99 4.62 5.13 4.74 4.56
Net Nonoperating Obligations (NNO)		 -31 -121 -195 -175 -157 -129 -107 -156 -126 -247 -231
Total Depreciation and Amortization (D&A)		 0.46 -1.08 0.07 0.24 0.16 -1.20 0.51 0.10 1.48 -1.27 0.03
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($12.36) $19.84 ($0.77) ($0.64) ($0.89) ($0.79) ($0.99) ($0.60) ($0.33) $0.06 ($0.25)
Adjusted Weighted Average Basic Shares Outstanding		 1.63M 5.35M 27.98M 33.00M 33.06M 31.79M 33.11M 43.57M 60.98M 53.65M 81.18M
Adjusted Diluted Earnings per Share		 ($12.36) $19.84 ($0.77) ($0.64) ($0.89) ($0.79) ($0.99) ($0.60) ($0.33) $0.06 ($0.25)
Adjusted Weighted Average Diluted Shares Outstanding		 1.63M 5.35M 27.98M 33.00M 33.06M 31.79M 33.11M 43.57M 60.98M 53.65M 81.18M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 26.65M 26.67M 32.95M 33.06M 33.07M 33.20M 33.20M 54.00M 72.99M 74.09M 78.52M
Normalized Net Operating Profit after Tax (NOPAT)		 -14 -10 -16 -16 -22 -19 -24 -21 -15 -16 -16
Normalized NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Pre Tax Income Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 -629.62 -672.89 -901.31 0.00 -1,207.89 -1,092.48 -984.41 -1,330.40 -1,311.29
NOPAT to Interest Expense		 0.00 0.00 -440.64 -471.00 -630.86 0.00 -845.13 -859.26 -688.80 -809.06 -919.59
EBIT Less CapEx to Interest Expense		 0.00 0.00 -634.62 -678.97 -903.69 0.00 -1,207.89 -1,096.80 -997.55 -1,330.40 -1,313.35
NOPAT Less CapEx to Interest Expense		 0.00 0.00 -445.64 -477.09 -633.23 0.00 -845.13 -863.58 -701.94 -809.06 -921.65
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% -0.02% -5.75% -0.57% -0.62% -6.92% -7.91%

Financials Breakdown Chart

Key Financial Trends

Lexeo Therapeutics (NASDAQ: LXEO) remains a pre-revenue biotech with a strong cash position, but it is still burning significant cash as it advances its pipeline. Over the last several years, the company has reported no meaningful revenue, recurring quarterly operating losses, and a balance sheet that has been reshaped by multiple equity raises. The latest quarter shows a healthier liquidity profile than a year ago, but the business is still far from profitability.

  • Cash and investments remain substantial. As of Q1 2026, Lexeo held about $71.8 million in cash and equivalents plus $159.2 million in short- and long-term investments, giving it a sizable liquidity cushion.
  • Balance sheet strength improved meaningfully from late 2024. Total equity rose to $231.5 million in Q1 2026, up from $88.1 million in Q1 2025, largely reflecting capital raised and higher retained cash/investment balances.
  • Operating cash burn improved versus earlier periods. Cash used in operations was $21.1 million in Q1 2026, better than $20.1 million in Q4 2025 and well below the much larger outflows seen in some 2024 quarters.
  • Investment income is helping offset losses. Q1 2026 interest and investment income was $2.1 million, which partially reduced the impact of operating losses.
  • Liabilities remain manageable relative to assets. Total liabilities were only $18.9 million in Q1 2026, against total assets of $250.4 million, which is a relatively clean balance sheet for a biotech.
  • Research spending stayed elevated. R&D expense was $15.7 million in Q1 2026, nearly the same as the prior quarter and consistent with an active development-stage company.
  • General and administrative costs remain significant. SG&A was $6.6 million in Q1 2026, which continues to add to the company’s quarterly cash burn.
  • There is no revenue yet. Lexeo reported $0 revenue in every quarter provided, so the business is still fully dependent on financing and investment income.
  • Net losses are still large. Q1 2026 net loss was $20.2 million, following a $20.9 million loss in Q4 2025 and a $20.3 million loss in Q3 2025.
  • Share dilution has been a major funding source. The company raised large amounts through equity issuance, including $153.7 million in Q4 2025 and $80.0 million in Q2 2025, which helped fund operations but diluted shareholders.

Longer-term trend: Lexeo’s cash position has swung widely over the past four years, with large equity financings boosting liquidity at times and operating losses steadily eroding capital between raises. The company’s latest quarter looks financially stable for now, but investors should view LXEO as a cash-consuming development-stage biotech that will likely need either clinical progress, partnership support, or additional financing to keep advancing.

07/10/26 04:33 AM ETAI Generated. May Contain Errors.

Lexeo Therapeutics Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Lexeo Therapeutics' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Lexeo Therapeutics' net income appears to be on an upward trend, with a most recent value of -$99.96 million in 2025, rising from -$59.28 million in 2022. The previous period was -$98.33 million in 2024. View Lexeo Therapeutics' forecast to see where analysts expect Lexeo Therapeutics to go next.

Lexeo Therapeutics' total operating income in 2025 was -$109.26 million, based on the following breakdown:
  • Total Gross Profit: $0.00
  • Total Operating Expenses: $109.26 million

Over the last 3 years, Lexeo Therapeutics' total revenue changed from $654 thousand in 2022 to $0.00 in 2025, a change of -100.0%.

Lexeo Therapeutics' total liabilities were at $22.02 million at the end of 2025, a 26.8% decrease from 2024, and a 11.9% decrease since 2022.

In the past 3 years, Lexeo Therapeutics' cash and equivalents has ranged from $35.01 million in 2024 to $121.47 million in 2023, and is currently $63 million as of their latest financial filing in 2025.

Over the last 3 years, Lexeo Therapeutics' book value per share changed from -69.28 in 2022 to 3.38 in 2025, a change of -104.9%.


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Financial statements for NASDAQ:LXEO last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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Is the fix for AI's runaway power problem your golden ticket?
The government just committed $200 billion to building computer chips on American soil - one of the largest te...
Eagle Publishing | Sponsoredtc pixel
Move your money (NOT into the next AI IPO)
While headlines focus on AI IPOs, the world's largest investors are moving capital into one asset at the faste...
Stansberry Research | Sponsoredtc pixel
Ray Dalio: Buy Gold. Get Paid.
Ray Dalio, founder of Bridgewater Associates, is urging investors to hold 15% of their portfolio in gold and c...
Investors Alley | Sponsoredtc pixel
Trump's New Dollar
Porter Stansberry says President Trump has signed an executive order initiating what he calls a full U.S. doll...
Porter & Company | Sponsoredtc pixel
Iran War Shock: What I Was Told In That Private Meeting
You’re Being LIED To About The Iran War Forget EVERYTHING you’ve heard about the Iran war. Especially th...
Banyan Hill Publishing | Sponsoredtc pixel
They told you not to miss this one
The largest companies in the SP 500 are now more overvalued relative to fundamentals than they were at the abs...
Thor Metals | Sponsoredtc pixel