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NKGen Biotech (NKGNW) Financials

$0.0003 0.00 (0.00%)
As of 07/21/2026
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Annual Income Statements for NKGen Biotech

Annual Income Statements for NKGen Biotech

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

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 -27 -83 -44
Consolidated Net Income / (Loss)		 -27 -83 -44
Net Income / (Loss) Continuing Operations		 -27 -83 -44
Total Pre-Tax Income 		-27 -83 -44
Total Operating Income		 -24 -30 -27
Total Gross Profit		 0.06 0.00 0.00
Total Revenue		 0.08 0.00 0.00
Total Cost of Revenue		 0.02 0.00 0.00
Total Operating Expenses		 24 30 27
Selling, General & Admin Expense		 7.66 14 16
Research & Development Expense		 17 16 11
Total Other Income / (Expense), net		 -2.22 -53 -17
Interest Expense		 2.31 0.75 2.72
Interest & Investment Income		 - - -4.65
Other Income / (Expense), net		 0.08 -52 -9.89
Income Tax Expense		 0.01 0.01 0.05
Basic Earnings per Share		 ($4.21) ($5.38) ($1.54)
Weighted Average Basic Shares Outstanding		 6.36M 15.43M 28.83M
Diluted Earnings per Share		 ($4.21) ($5.38) ($1.54)
Weighted Average Diluted Shares Outstanding		 6.36M 15.43M 28.83M

Quarterly Income Statements for NKGen Biotech

This table shows NKGen Biotech'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
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -33 -34 -5.38 -16 6.60 -29 15
Consolidated Net Income / (Loss)		 -33 -34 -5.38 -16 6.60 -29 15
Net Income / (Loss) Continuing Operations		 -33 -34 -5.38 -16 6.60 -29 15
Total Pre-Tax Income 		-33 -34 -5.38 -16 6.60 -29 15
Total Operating Income		 -6.90 -9.43 -7.62 -7.46 -6.79 -5.10 -4.67
Total Gross Profit		 0.00 - 0.00 0.00 0.00 - 0.00
Total Revenue		 0.00 - 0.00 0.00 0.00 - 0.00
Operating Revenue		 0.00 - 0.00 - - - 0.00
Total Cost of Revenue		 0.00 - 0.00 0.00 0.00 - 0.00
Total Operating Expenses		 6.90 9.43 7.62 7.46 6.79 5.10 4.67
Selling, General & Admin Expense		 2.97 5.34 4.39 4.37 4.01 3.54 2.81
Research & Development Expense		 3.93 4.09 3.24 3.09 2.78 1.56 1.86
Total Other Income / (Expense), net		 -26 -24 2.24 -8.63 13 -24 20
Interest Expense		 0.21 0.44 1.07 0.65 0.47 0.54 0.51
Interest & Investment Income		 0.00 - 0.28 -5.22 1.00 - 0.00
Other Income / (Expense), net		 -26 -24 3.03 -2.76 13 -23 21
Income Tax Expense		 0.00 - 0.00 0.00 0.00 - 0.00
Basic Earnings per Share		 ($2.48) ($1.68) ($0.25) ($0.67) $0.23 ($0.85) $0.33
Weighted Average Basic Shares Outstanding		 13.40M 15.43M 21.94M 24.17M 29.13M 28.83M 45.96M
Diluted Earnings per Share		 ($2.48) ($1.68) ($0.25) ($0.67) $0.15 ($0.77) ($0.04)
Weighted Average Diluted Shares Outstanding		 13.40M 15.43M 21.94M 24.17M 41.33M 28.83M 102.65M

Annual Cash Flow Statements for NKGen Biotech

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

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 -0.23 0.16 -0.04
Net Cash From Operating Activities		 -23 -22 -21
Net Cash From Continuing Operating Activities		 -23 -22 -21
Net Income / (Loss) Continuing Operations		 -27 -83 -44
Consolidated Net Income / (Loss)		 -27 -83 -44
Depreciation Expense		 1.21 1.20 1.18
Amortization Expense		 - 0.00 0.13
Non-Cash Adjustments To Reconcile Net Income		 2.52 57 21
Changes in Operating Assets and Liabilities, net		 0.47 2.61 1.54
Net Cash From Investing Activities		 -0.16 -0.05 -0.01
Net Cash From Continuing Investing Activities		 -0.16 -0.05 -0.01
Acquisitions		 -0.06 -0.05 -0.05
Sale of Property, Plant & Equipment		 - 0.00 0.04
Net Cash From Financing Activities		 22 22 21
Net Cash From Continuing Financing Activities		 22 22 21
Repayment of Debt		 -0.68 -0.40 -2.96
Issuance of Debt		 23 27 17
Issuance of Common Equity		 0.00 12 0.10
Other Financing Activities, net		 0.16 -16 6.43
Cash Interest Paid		 0.04 0.24 0.95

Quarterly Cash Flow Statements for NKGen Biotech

This table details how cash moves in and out of NKGen Biotech'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
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Change in Cash & Equivalents		 7.56 -8.76 0.01 0.05 -0.09 -0.00 -0.21
Net Cash From Operating Activities		 -4.57 -6.94 -4.03 -6.00 -3.90 -6.95 -2.80
Net Cash From Continuing Operating Activities		 -4.57 -6.94 -4.03 -6.00 -3.90 -6.96 -2.80
Net Income / (Loss) Continuing Operations		 -33 -34 -5.38 -16 6.60 -29 15
Consolidated Net Income / (Loss)		 -33 -34 -5.38 -16 6.60 -29 15
Depreciation Expense		 0.30 0.30 0.30 0.29 0.30 0.30 0.34
Amortization Expense		 - - 0.03 0.03 0.04 0.04 0.04
Non-Cash Adjustments To Reconcile Net Income		 27 25 -1.25 5.36 -12 25 -19
Changes in Operating Assets and Liabilities, net		 1.08 1.51 2.28 4.41 1.60 -2.51 0.89
Net Cash From Investing Activities		 - -0.02 0.04 -0.02 -0.02 -0.02 -0.05
Net Cash From Continuing Investing Activities		 - -0.02 0.04 -0.02 -0.02 -0.02 -0.05
Acquisitions		 - -0.02 0.00 -0.02 -0.02 -0.02 -0.05
Sale of Property, Plant & Equipment		 - - 0.04 - - - 0.00
Net Cash From Financing Activities		 12 -1.80 4.01 6.06 3.82 6.97 2.65
Net Cash From Continuing Financing Activities		 12 -1.80 4.01 6.06 3.82 6.97 2.65
Repayment of Debt		 0.03 -0.33 0.50 -1.73 -0.72 -0.50 -1.00
Issuance of Debt		 13 0.06 1.47 8.29 2.74 4.78 1.89
Other Financing Activities, net		 -13 -1.54 2.03 -1.37 2.83 2.69 1.76
Cash Interest Paid		 - 0.24 0.12 0.10 0.18 0.55 0.13

Annual Balance Sheets for NKGen Biotech

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

Metric 2021 2022 2023 2024
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets		 174 16 16 16
Total Current Assets		 2.54 0.35 1.93 2.46
Cash & Equivalents		 1.72 0.12 0.03 0.11
Restricted Cash		 - 0.00 0.25 0.13
Prepaid Expenses		 0.81 0.20 1.65 2.22
Plant, Property, & Equipment, net		 0.00 16 14 13
Total Noncurrent Assets		 172 0.46 0.09 0.48
Intangible Assets		 - 0.10 0.09 0.10
Other Noncurrent Operating Assets		 172 0.36 0.00 0.38
Total Liabilities & Shareholders' Equity		 174 16 16 16
Total Liabilities		 13 15 75 86
Total Current Liabilities		 1.89 15 39 58
Short-Term Debt		 - 11 9.99 42
Accounts Payable		 0.05 2.65 13 16
Other Current Liabilities		 0.19 0.70 16 0.39
Total Noncurrent Liabilities		 12 0.03 36 28
Long-Term Debt		 - 0.00 9.93 11
Noncurrent Deferred & Payable Income Tax Liabilities		 - 0.03 0.03 0.01
Other Noncurrent Operating Liabilities		 12 0.00 26 17
Commitments & Contingencies		 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -11 1.56 -59 -70
Total Preferred & Common Equity		 -11 1.56 -59 -70
Total Common Equity		 -11 1.56 -59 -70
Common Stock		 0.00 81 104 137
Retained Earnings		 -11 -79 -162 -206

Quarterly Balance Sheets for NKGen Biotech

This table presents NKGen Biotech'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
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025
Total Assets		 25 16 16 15 16
Total Current Assets		 10 1.61 1.25 0.91 2.38
Cash & Equivalents		 8.79 0.03 0.08 0.01 0.01
Restricted Cash		 0.25 0.25 0.25 0.23 0.02
Prepaid Expenses		 1.31 1.32 0.92 0.67 2.35
Plant, Property, & Equipment, net		 15 14 14 14 13
Total Noncurrent Assets		 0.18 0.57 0.54 0.51 0.44
Intangible Assets		 0.09 0.09 0.09 0.09 0.10
Other Noncurrent Operating Assets		 0.09 0.48 0.45 0.42 0.34
Total Liabilities & Shareholders' Equity		 25 16 16 15 16
Total Liabilities		 66 71 85 62 66
Total Current Liabilities		 39 37 51 37 44
Short-Term Debt		 5.23 11 17 20 27
Accounts Payable		 13 15 15 17 17
Other Current Liabilities		 21 11 19 0.81 0.39
Total Noncurrent Liabilities		 27 34 34 25 22
Long-Term Debt		 15 10 10 11 11
Noncurrent Deferred & Payable Income Tax Liabilities		 0.03 0.03 0.03 0.03 0.01
Other Noncurrent Operating Liabilities		 12 24 24 14 11
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -41 -55 -70 -47 -50
Total Preferred & Common Equity		 -41 -55 -70 -47 -50
Total Common Equity		 -41 -55 -70 -47 -50
Common Stock		 88 112 114 130 141
Retained Earnings		 -129 -168 -184 -177 -191

Annual Metrics And Ratios for NKGen Biotech

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

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
DEI Shares Outstanding		 21,451,875.00 21,888,976.00 35,362,376.00
DEI Adjusted Shares Outstanding		 21,451,875.00 21,888,976.00 35,362,376.00
DEI Earnings Per Adjusted Shares Outstanding		 -1.25 -3.79 -1.25
Growth Metrics		 - - -
Revenue Growth		 0.00% -100.00% 0.00%
EBITDA Growth		 0.00% -251.34% 56.12%
EBIT Growth		 0.00% -238.78% 55.16%
NOPAT Growth		 0.00% -22.18% 9.35%
Net Income Growth		 0.00% -210.06% 46.61%
EPS Growth		 0.00% -27.79% 71.38%
Operating Cash Flow Growth		 0.00% 2.70% 4.86%
Free Cash Flow Firm Growth		 0.00% 0.00% -230.48%
Invested Capital Growth		 0.00% -404.16% 55.46%
Revenue Q/Q Growth		 0.00% -100.00% 0.00%
EBITDA Q/Q Growth		 0.00% -17.71% 12.10%
EBIT Q/Q Growth		 0.00% -17.39% 11.44%
NOPAT Q/Q Growth		 0.00% 19.53% 13.85%
Net Income Q/Q Growth		 0.00% -14.63% 8.65%
EPS Q/Q Growth		 0.00% 22.48% 37.14%
Operating Cash Flow Q/Q Growth		 0.00% -7.19% -0.07%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% -16.94%
Invested Capital Q/Q Growth		 0.00% -31.32% -2.40%
Profitability Metrics		 - - -
Gross Margin		 76.62% 0.00% 0.00%
EBITDA Margin		 -29,940.26% 0.00% 0.00%
Operating Margin		 -31,618.18% 0.00% 0.00%
EBIT Margin		 -31,511.69% 0.00% 0.00%
Profit (Net Income) Margin		 -34,745.45% 0.00% 0.00%
Tax Burden Percent		 100.03% 100.01% 100.12%
Interest Burden Percent		 110.23% 100.91% 120.01%
Effective Tax Rate		 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -132.75% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 -218.88% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 -1,578.96% 0.00% 0.00%
Return on Equity (ROE)		 -1,711.71% 290.40% 68.87%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 -25.47% 0.00% 0.00%
Return on Assets (ROA)		 -28.09% 0.00% 0.00%
Return on Common Equity (ROCE)		 98.43% 290.40% 68.87%
Return on Equity Simple (ROE_SIMPLE)		 -1,711.71% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -17 -21 -19
NOPAT Margin		 -22,132.73% 0.00% 0.00%
Net Nonoperating Expense Percent (NNEP)		 86.14% 401.89% 70.42%
Return On Investment Capital (ROIC_SIMPLE)		 - 53.70% 110.03%
Cost of Revenue to Revenue		 23.38% 0.00% 0.00%
SG&A Expenses to Revenue		 9,946.75% 0.00% 0.00%
R&D to Revenue		 21,748.05% 0.00% 0.00%
Operating Expenses to Revenue		 31,694.81% 0.00% 0.00%
Earnings before Interest and Taxes (EBIT)		 -24 -82 -37
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -23 -81 -36
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 136.56 0.00 0.00
Price to Tangible Book Value (P/TBV)		 145.60 0.00 0.00
Price to Revenue (P/Rev)		 2,772.03 0.00 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 17.50 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 2,918.46 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 2.57 0.00
Leverage & Solvency		 - - -
Debt to Equity		 7.29 -0.34 -0.75
Long-Term Debt to Equity		 0.00 -0.17 -0.16
Financial Leverage		 7.21 -0.54 -0.56
Leverage Ratio		 1.17 -0.57 -0.25
Compound Leverage Factor		 1.29 -0.58 -0.31
Debt to Total Capital		 87.94% -51.38% -307.48%
Short-Term Debt to Total Capital		 87.94% -25.77% -244.29%
Long-Term Debt to Total Capital		 0.00% -25.61% -63.19%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00%
Common Equity to Total Capital		 12.06% 151.38% 407.48%
Debt to EBITDA		 -0.49 -0.25 -1.48
Net Debt to EBITDA		 -0.49 -0.24 -1.48
Long-Term Debt to EBITDA		 0.00 -0.12 -0.31
Debt to NOPAT		 -0.67 -0.96 -2.79
Net Debt to NOPAT		 -0.66 -0.94 -2.78
Long-Term Debt to NOPAT		 0.00 -0.48 -0.57
Altman Z-Score		 -4.07 -32.48 -29.24
Noncontrolling Interest Sharing Ratio		 105.75% 0.00% 0.00%
Liquidity Ratios		 - - -
Current Ratio		 0.02 0.05 0.04
Quick Ratio		 0.01 0.00 0.00
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 0.00 31 -41
Operating Cash Flow to CapEx		 -22,333.66% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 41.70 -14.88
Operating Cash Flow to Interest Expense		 -9.78 -29.46 -7.67
Operating Cash Flow Less CapEx to Interest Expense		 -9.83 -29.46 -7.65
Efficiency Ratios		 - - -
Asset Turnover		 0.00 0.00 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00
Accounts Payable Turnover		 0.01 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 27,413.60 0.00 0.00
Cash Conversion Cycle (CCC)		 -27,413.60 0.00 0.00
Capital & Investment Metrics		 - - -
Invested Capital		 13 -39 -17
Invested Capital Turnover		 0.01 0.00 0.00
Increase / (Decrease) in Invested Capital		 0.00 -52 22
Enterprise Value (EV)		 225 80 76
Market Capitalization		 213 60 23
Book Value per Share		 $0.07 ($2.68) ($1.98)
Tangible Book Value per Share		 $0.07 ($2.69) ($1.98)
Total Capital		 13 -39 -17
Total Debt		 11 20 53
Total Long-Term Debt		 0.00 9.93 11
Net Debt		 11 20 53
Capital Expenditures (CapEx)		 0.10 0.00 -0.04
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -3.12 -28 -14
Debt-free Net Working Capital (DFNWC)		 -3.00 -28 -14
Net Working Capital (NWC)		 -14 -38 -56
Net Nonoperating Expense (NNE)		 9.71 62 25
Net Nonoperating Obligations (NNO)		 11 20 53
Total Depreciation and Amortization (D&A)		 1.21 1.20 1.32
Debt-free, Cash-free Net Working Capital to Revenue		 -4,046.75% 0.00% 0.00%
Debt-free Net Working Capital to Revenue		 -3,894.81% 0.00% 0.00%
Net Working Capital to Revenue		 -18,689.61% 0.00% 0.00%
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 $0.00 ($5.38) ($1.54)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 15.43M 28.83M
Adjusted Diluted Earnings per Share		 $0.00 ($5.38) ($1.54)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 15.43M 28.83M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 0.00
Normalized Net Operating Profit after Tax (NOPAT)		 -17 -21 -19
Normalized NOPAT Margin		 -22,132.73% 0.00% 0.00%
Pre Tax Income Margin		 -34,736.36% 0.00% 0.00%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 -10.52 -110.34 -13.53
NOPAT to Interest Expense		 -7.39 -27.95 -6.93
EBIT Less CapEx to Interest Expense		 -10.57 -110.34 -13.52
NOPAT Less CapEx to Interest Expense		 -7.43 -27.95 -6.92
Payout Ratios		 - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for NKGen Biotech

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
DEI Shares Outstanding		 10,373,875.00 21,888,976.00 21,888,976.00 24,887,799.00 35,362,376.00 35,362,376.00 44,947,588.00
DEI Adjusted Shares Outstanding		 10,373,875.00 21,888,976.00 21,888,976.00 24,887,799.00 35,362,376.00 35,362,376.00 44,947,588.00
DEI Earnings Per Adjusted Shares Outstanding		 -3.20 -1.54 -0.25 -0.65 0.19 -0.83 0.34
Growth Metrics		 - - - - - - -
Revenue Growth		 -100.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Growth		 -439.31% -58.93% 46.52% -32.12% 119.60% 14.59% 480.28%
EBIT Growth		 -444.26% -58.04% 44.55% -31.23% 118.42% 14.36% 445.06%
NOPAT Growth		 -15.20% 43.35% -12.11% -12.80% -40.48% 45.94% 12.53%
Net Income Growth		 -395.70% -45.98% 35.33% -104.97% 119.89% 12.47% 385.21%
EPS Growth		 -125.45% 48.15% 60.32% -13.56% 106.05% 54.17% 84.00%
Operating Cash Flow Growth		 72.55% -26.95% 17.91% -8.48% 14.68% -0.20% 30.59%
Free Cash Flow Firm Growth		 1,760.16% 0.00% 1,662.08% -14.09% -110.15% -155.71% -113.14%
Invested Capital Growth		 -117.75% -404.16% -120.00% -177.61% 42.89% 55.46% 62.98%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Q/Q Growth		 -336.24% -0.60% 87.01% -148.13% 164.72% -538.34% 157.85%
EBIT Q/Q Growth		 -323.35% -0.59% 86.14% -136.93% 159.41% -567.76% 155.85%
NOPAT Q/Q Growth		 -4.42% -36.67% 19.22% 2.15% -30.04% 47.41% -30.70%
Net Income Q/Q Growth		 -322.69% -1.29% 83.99% -198.92% 141.01% -545.80% 152.19%
EPS Q/Q Growth		 -320.34% 32.26% 85.12% -168.00% 122.39% -613.33% 94.81%
Operating Cash Flow Q/Q Growth		 17.45% -52.00% 41.86% -48.71% 35.07% -78.51% 59.73%
Free Cash Flow Firm Q/Q Growth		 80.09% -76.47% 336.56% -53.56% -121.28% -29.10% -2.98%
Invested Capital Q/Q Growth		 -154.43% -31.32% 13.33% -25.29% 59.94% -2.40% 27.96%
Profitability Metrics		 - - - - - - -
Gross Margin		 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%
Operating Margin		 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%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Tax Burden Percent		 100.00% 100.02% 100.00% 100.00% 100.00% 100.18% 100.00%
Interest Burden Percent		 100.64% 101.32% 117.10% 157.43% 108.68% 103.39% 96.79%
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% 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%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 0.00% 290.40% -139.97% 1,141.70% 110.57% 68.87% 44.70%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 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%
Return on Common Equity (ROCE)		 0.00% 290.40% 73.89% 5,779.18% 110.57% 68.87% 44.70%
Return on Equity Simple (ROE_SIMPLE)		 178.08% 0.00% 0.00% 126.59% 103.04% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -4.83 -6.60 -5.33 -5.22 -6.79 -3.57 -4.67
NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Nonoperating Expense Percent (NNEP)		 557.20% 174.66% 0.45% 78.49% -65.35% 71.63% -67.83%
Return On Investment Capital (ROIC_SIMPLE)		 23.34% 17.03% 15.90% - 40.54% 20.81% 37.33%
Cost of Revenue to Revenue		 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%
R&D to Revenue		 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%
Earnings before Interest and Taxes (EBIT)		 -33 -33 -4.60 -10 6.07 -28 16
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -33 -33 -4.27 -9.89 6.40 -28 16
Valuation Ratios		 - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 919.63 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
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 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 1,066.95 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
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 2.57 0.34 0.79 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - -
Debt to Equity		 -0.49 -0.34 -0.39 -0.40 -0.64 -0.75 -0.75
Long-Term Debt to Equity		 -0.36 -0.17 -0.18 -0.15 -0.23 -0.16 -0.22
Financial Leverage		 0.08 -0.54 0.18 -1.79 -0.47 -0.56 -0.56
Leverage Ratio		 1.56 -0.57 1.68 -5.13 -0.46 -0.25 -0.31
Compound Leverage Factor		 1.57 -0.58 1.97 -8.07 -0.50 -0.26 -0.30
Debt to Total Capital		 -96.32% -51.38% -64.06% -65.72% -180.96% -307.48% -302.69%
Short-Term Debt to Total Capital		 -25.27% -25.77% -33.82% -41.06% -117.64% -244.29% -214.07%
Long-Term Debt to Total Capital		 -71.05% -25.61% -30.24% -24.65% -63.32% -63.19% -88.62%
Preferred Equity to Total Capital		 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%
Common Equity to Total Capital		 196.32% 151.38% 164.06% 165.72% 280.96% 407.48% 402.69%
Debt to EBITDA		 -0.29 -0.25 -0.28 -0.35 -0.75 -1.48 -2.52
Net Debt to EBITDA		 -0.16 -0.24 -0.27 -0.34 -0.74 -1.48 -2.51
Long-Term Debt to EBITDA		 -0.21 -0.12 -0.13 -0.13 -0.26 -0.31 -0.74
Debt to NOPAT		 -0.77 -0.96 -1.00 -1.26 -1.38 -2.79 -2.25
Net Debt to NOPAT		 -0.42 -0.94 -0.99 -1.24 -1.37 -2.78 -2.25
Long-Term Debt to NOPAT		 -0.57 -0.48 -0.47 -0.47 -0.48 -0.57 -0.66
Altman Z-Score		 -12.19 -22.66 -17.59 -22.21 -17.96 -27.52 -16.65
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 152.79% -406.19% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - -
Current Ratio		 0.27 0.05 0.04 0.02 0.02 0.04 0.05
Quick Ratio		 0.23 0.00 0.00 0.00 0.00 0.00 0.00
Cash Flow Metrics		 - - - - - - -
Free Cash Flow to Firm (FCFF)		 192 45 198 92 -20 -25 -26
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 912.17 103.38 184.93 141.90 -41.40 -47.07 -51.04
Operating Cash Flow to Interest Expense		 -21.64 -15.84 -3.77 -9.27 -8.25 -12.97 -5.50
Operating Cash Flow Less CapEx to Interest Expense		 -21.64 -15.84 -3.74 -9.27 -8.25 -12.97 -5.50
Efficiency Ratios		 - - - - - - -
Asset Turnover		 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
Inventory Turnover		 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
Accounts Payable Turnover		 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
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 133,954.25 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 -133,954.25 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - -
Invested Capital		 -30 -39 -34 -42 -17 -17 -13
Invested Capital Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Increase / (Decrease) in Invested Capital		 -197 -52 -203 -97 13 22 21
Enterprise Value (EV)		 79 80 63 59 43 76 46
Market Capitalization		 68 60 41 32 13 23 8.09
Book Value per Share		 ($3.92) ($2.68) ($2.52) ($2.80) ($1.33) ($1.98) ($1.12)
Tangible Book Value per Share		 ($3.93) ($2.69) ($2.52) ($2.81) ($1.33) ($1.98) ($1.12)
Total Capital		 -21 -39 -34 -42 -17 -17 -12
Total Debt		 20 20 21 28 30 53 38
Total Long-Term Debt		 15 9.93 10 10 11 11 11
Net Debt		 11 20 21 27 30 53 38
Capital Expenditures (CapEx)		 0.00 0.00 -0.04 0.00 0.00 0.00 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -32 -28 -25 -33 -17 -14 -15
Debt-free Net Working Capital (DFNWC)		 -23 -28 -25 -33 -17 -14 -15
Net Working Capital (NWC)		 -28 -38 -36 -50 -36 -56 -42
Net Nonoperating Expense (NNE)		 28 27 0.05 11 -13 26 -20
Net Nonoperating Obligations (NNO)		 11 20 21 27 30 53 38
Total Depreciation and Amortization (D&A)		 0.30 0.30 0.33 0.33 0.33 0.33 0.38
Debt-free, Cash-free Net Working Capital to Revenue		 -43,654.05% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Debt-free Net Working Capital to Revenue		 -31,443.24% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Working Capital to Revenue		 -38,512.16% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Adjustments		 - - - - - - -
Adjusted Basic Earnings per Share		 ($2.48) ($1.68) ($0.25) ($0.67) $0.23 ($0.85) $0.33
Adjusted Weighted Average Basic Shares Outstanding		 13.40M 15.43M 21.94M 24.17M 29.13M 28.83M 45.96M
Adjusted Diluted Earnings per Share		 ($2.48) ($1.68) ($0.25) ($0.67) $0.15 ($0.77) ($0.04)
Adjusted Weighted Average Diluted Shares Outstanding		 13.40M 15.43M 21.94M 24.17M 41.33M 28.83M 102.65M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 21.89M 0.00 24.89M 35.36M 0.00 0.00 0.00
Normalized Net Operating Profit after Tax (NOPAT)		 -4.83 -6.60 -5.33 -5.22 -4.75 -3.57 -3.27
Normalized NOPAT Margin		 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%
Debt Service Ratios		 - - - - - - -
EBIT to Interest Expense		 -156.24 -75.71 -4.30 -15.79 12.86 -52.98 31.16
NOPAT to Interest Expense		 -22.90 -15.08 -4.99 -8.07 -14.38 -6.66 -9.17
EBIT Less CapEx to Interest Expense		 -156.24 -75.71 -4.27 -15.79 12.86 -52.98 31.16
NOPAT Less CapEx to Interest Expense		 -22.90 -15.08 -4.96 -8.07 -14.38 -6.66 -9.17
Payout Ratios		 - - - - - - -
Dividend Payout Ratio		 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%

Financials Breakdown Chart

Key Financial Trends

NKGen Biotech’s latest quarter shows a company with no product revenue, significant operating losses, and a balance sheet still under pressure. At the same time, Q1 2025 included a large one-time boost from “other income,” which pushed the quarter into net profit territory even though core operations remained loss-making.

  • Q1 2025 reported net income of $15.35 million, a sharp improvement from the prior-year periods, driven largely by non-operating income rather than core business growth.
  • Cash from financing was positive at $2.65 million in Q1 2025, helping offset operating cash burn for the quarter.
  • Operating expenses declined year over year: Q1 2025 operating expenses were $4.67 million versus $7.62 million in Q1 2024 and $6.79 million in Q3 2024.
  • SG&A and R&D spending both came down in Q1 2025 compared with the same quarter last year, suggesting tighter cost control.
  • Short-term debt fell materially to $26.76 million at the end of Q1 2025 from $19.7 million in Q3 2024? actually, Q1 2025 reported $26.76 million, so the more meaningful takeaway is that debt remains significant and active financing continues to be used.
  • Revenue remained at $0 in every quarter provided, so the business is still operating without commercial sales.
  • Gross profit was also $0, which is consistent with no reported revenue.
  • Q1 2025 dilution was heavy, with diluted weighted-average shares of 102.7 million versus 45.96 million basic shares, indicating potential impact from convertible or derivative securities.
  • Cash interest paid was modest at $131,000 in Q1 2025, but debt service remains relevant given the company’s leverage.
  • Core operations are still deeply unprofitable: Q1 2025 operating loss was $4.66 million, and operating cash flow was negative $2.8 million.
  • The company ended Q1 2025 with only $6,000 in cash and equivalents and $23,000 in restricted cash, leaving very little liquidity on hand.
  • Total liabilities were $66.17 million in Q1 2025 versus total assets of $15.84 million, leaving shareholders’ equity at a negative $50.33 million.
  • Debt remains substantial, including $26.76 million of short-term debt and $11.08 million of long-term debt in Q1 2025.
  • Balance-sheet pressure has persisted for several quarters, with negative equity throughout the period shown and consistently high liabilities relative to assets.
  • Q1 2025 net income was heavily influenced by $20.53 million in other income, which makes the profit figure look much stronger than the underlying business trend.
  • Operating cash burn has remained a recurring issue, with negative operating cash flow in Q1 2025, Q4 2024, Q3 2024, Q2 2024, and Q1 2024.

Bottom line: NKGen Biotech showed a headline profit in Q1 2025, but the improvement was driven by non-operating gains rather than recurring revenue. The bigger story is still the same: no sales, ongoing operating losses, negative equity, and dependence on financing. For retail investors, that means this remains a highly speculative balance-sheet story until the company can demonstrate durable revenue generation and improved cash flow.

07/22/26 10:09 PM ETAI Generated. May Contain Errors.

NKGen Biotech Financials - Frequently Asked Questions

According to the most recent income statement we have on file, NKGen Biotech's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

NKGen Biotech's net income appears to be on an upward trend, with a most recent value of -$44.29 million in 2024, rising from -$26.75 million in 2022. The previous period was -$82.95 million in 2023.

NKGen Biotech's total operating income in 2024 was -$26.97 million, based on the following breakdown:
  • Total Gross Profit: $0.00
  • Total Operating Expenses: $26.97 million

Over the last 2 years, NKGen Biotech's total revenue changed from $77 thousand in 2022 to $0.00 in 2024, a change of -100.0%.

NKGen Biotech's total liabilities were at $86.14 million at the end of 2024, a 14.6% increase from 2023, and a 539.4% increase since 2021.

In the past 3 years, NKGen Biotech's cash and equivalents has ranged from $26 thousand in 2023 to $1.72 million in 2021, and is currently $106 thousand as of their latest financial filing in 2024.

Over the last 2 years, NKGen Biotech's book value per share changed from 0.07 in 2022 to -1.98 in 2024, a change of -2,811.8%.


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Financial statements for NASDAQ:NKGNW last updated on 7/22/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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