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Silverback Therapeutics (SBTX) Financials

Silverback Therapeutics logo
$9.81 +0.05 (+0.51%)
As of 06/15/2026
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Annual Income Statements for Silverback Therapeutics

Annual Income Statements for Silverback Therapeutics

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

Metric 2020 2021 2022 2023 2024 2025
Period end date 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		 -33 -20 -35 -54 8.00 -171
Consolidated Net Income / (Loss)		 -33 -20 -35 -54 8.00 -171
Net Income / (Loss) Continuing Operations		 -33 -20 -35 -54 8.00 -171
Total Pre-Tax Income 		-33 -20 -35 -54 8.29 -171
Total Operating Income		 -33 -19 -36 -68 -3.08 -179
Total Gross Profit		 0.00 5.51 1.32 0.03 88 84
Total Revenue		 0.00 5.51 1.32 0.03 89 84
Operating Revenue		 - 5.51 1.32 0.03 89 84
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.98 0.00
Total Operating Expenses		 33 25 37 68 91 264
Selling, General & Admin Expense		 8.34 4.69 18 47 72 230
Research & Development Expense		 25 20 18 20 20 13
Other Operating Expenses / (Income)		 - - - - - 20
Total Other Income / (Expense), net		 -0.03 -0.79 0.83 13 11 8.07
Other Income / (Expense), net		 - -0.79 0.97 13 11 8.07
Income Tax Expense		 - - - 0.00 0.29 -0.08
Basic Earnings per Share		 ($11.33) ($0.70) ($0.87) ($0.57) $0.08 ($1.74)
Weighted Average Basic Shares Outstanding		 2.91M 28.87M 39.96M 95.22M 96.94M 98.57M
Diluted Earnings per Share		 ($11.33) ($0.70) ($0.87) ($0.57) $0.08 ($1.74)
Weighted Average Diluted Shares Outstanding		 2.91M 28.87M 39.96M 95.22M 102.39M 98.57M
Weighted Average Basic & Diluted Shares Outstanding		 2.91M 34.93M 94.40M 96.50M 98.12M 99.30M

Quarterly Income Statements for Silverback Therapeutics

This table shows Silverback 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		 -15 -7.19 -10 -13 -19 49 -34 -45 -51 -41 -61
Consolidated Net Income / (Loss)		 -15 -7.17 -10 -13 -19 50 -34 -45 -51 -41 -61
Net Income / (Loss) Continuing Operations		 -15 -7.17 -10 -13 -19 50 -34 -45 -51 -41 -61
Total Pre-Tax Income 		-15 -7.17 -10 -13 -19 50 -34 -45 -51 -38 -61
Total Operating Income		 -18 -10 -13 -15 -22 47 -37 -48 -53 -41 -60
Total Gross Profit		 0.00 - 0.00 0.50 2.07 86 6.88 16 33 29 16
Total Revenue		 0.00 - 0.00 0.50 2.07 87 7.97 16 33 28 23
Operating Revenue		 0.00 - 0.00 0.50 2.07 87 7.97 16 33 28 23
Total Cost of Revenue		 0.00 - 0.00 0.00 0.00 0.98 1.09 0.00 0.00 -1.09 6.29
Operating Cost of Revenue		 - - - - - - 1.09 - - - 6.29
Total Operating Expenses		 18 10 13 16 24 38 44 63 86 71 77
Selling, General & Admin Expense		 15 6.82 7.96 8.94 19 35 41 54 75 60 72
Research & Development Expense		 3.00 3.40 5.23 6.90 4.42 3.03 2.95 4.04 2.75 3.44 4.34
Total Other Income / (Expense), net		 3.11 3.06 2.90 2.82 2.62 3.03 3.24 2.73 2.04 3.30 -0.47
Other Income / (Expense), net		 3.11 3.06 2.90 2.82 2.62 3.03 3.24 2.73 2.04 - -0.47
Other Gains / (Losses), net		 - - - - - - - - - - -0.47
Basic Earnings per Share		 ($0.16) ($0.07) ($0.11) ($0.13) ($0.20) $0.52 ($0.35) ($0.46) ($0.52) ($0.41) ($0.61)
Weighted Average Basic Shares Outstanding		 95.58M 95.22M 96.49M 96.83M 97.03M 96.94M 98.06M 98.36M 98.81M 98.57M 99.30M
Diluted Earnings per Share		 ($0.16) ($0.07) ($0.11) ($0.13) ($0.20) $0.52 ($0.35) ($0.46) ($0.52) ($0.41) ($0.61)
Weighted Average Diluted Shares Outstanding		 95.58M 95.22M 96.49M 96.83M 97.03M 102.39M 98.06M 98.36M 98.81M 98.57M 99.30M
Weighted Average Basic & Diluted Shares Outstanding		 96.00M 96.50M 96.90M 96.94M 97.19M 98.12M 98.21M 98.83M 98.85M 99.30M 99.30M

Annual Cash Flow Statements for Silverback Therapeutics

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

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 376 36 150 -140 -20 -9.50
Net Cash From Operating Activities		 -31 -18 -40 -59 14 -171
Net Cash From Continuing Operating Activities		 -31 -18 -40 -59 14 -171
Net Income / (Loss) Continuing Operations		 -33 -20 -35 -54 8.00 -171
Consolidated Net Income / (Loss)		 -33 -20 -35 -54 8.00 -171
Depreciation Expense		 0.64 0.21 0.03 0.07 0.08 1.37
Amortization Expense		 0.03 - 0.29 -6.85 -7.25 -5.52
Non-Cash Adjustments To Reconcile Net Income		 3.71 2.83 7.04 9.24 15 25
Changes in Operating Assets and Liabilities, net		 -2.63 -0.36 -13 -7.36 -1.81 -20
Net Cash From Investing Activities		 -0.92 -0.06 -0.20 -87 -106 57
Net Cash From Continuing Investing Activities		 -0.92 -0.06 -0.20 -87 -106 57
Purchase of Property, Plant & Equipment		 -0.92 -0.06 -0.20 -0.18 -0.56 -0.34
Purchase of Investments		 0.00 0.00 0.00 -272 -356 -242
Sale and/or Maturity of Investments		 - - 0.00 185 258 307
Other Investing Activities, net		 - - - 0.00 -7.50 -7.86
Net Cash From Financing Activities		 409 53 191 6.90 72 105
Net Cash From Continuing Financing Activities		 409 53 191 6.90 72 105
Issuance of Debt		 - - - - 0.00 96
Issuance of Common Equity		 258 0.17 0.57 6.90 3.02 5.68
Other Financing Activities, net		 -2.61 0.00 199 0.00 69 2.66
Cash Interest Paid		 - 0.58 0.37 0.00 0.00 2.45

Quarterly Cash Flow Statements for Silverback Therapeutics

This table details how cash moves in and out of Silverback 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		 -58 10 -15 -19 3.03 11 -11 12 8.02 -18 -17
Net Cash From Operating Activities		 -13 -17 -6.71 -7.28 -14 42 -41 -40 -47 -43 -45
Net Cash From Continuing Operating Activities		 -13 -17 -6.71 -7.28 -14 42 -41 -40 -47 -43 -45
Net Income / (Loss) Continuing Operations		 -15 -7.17 -10 -13 -19 50 -34 -45 -51 -41 -61
Consolidated Net Income / (Loss)		 -15 -7.17 -10 -13 -19 50 -34 -45 -51 -41 -61
Depreciation Expense		 0.02 0.01 0.01 0.02 0.02 0.03 0.28 0.28 0.39 0.42 0.40
Amortization Expense		 -1.56 -1.73 -1.98 -1.90 -1.83 -1.54 -1.96 -1.47 -1.09 -1.00 -0.99
Non-Cash Adjustments To Reconcile Net Income		 2.61 2.28 3.35 3.37 3.59 4.23 5.29 7.63 5.87 5.80 7.67
Changes in Operating Assets and Liabilities, net		 1.03 -11 2.21 3.76 2.88 -11 -10 -1.15 -1.07 -7.38 8.60
Net Cash From Investing Activities		 -47 26 -8.51 -13 17 -102 29 49 -45 24 28
Net Cash From Continuing Investing Activities		 -47 26 -8.51 -13 17 -102 29 49 -45 24 28
Purchase of Property, Plant & Equipment		 -0.04 0.09 -0.08 -0.04 -0.14 -0.30 -0.09 -0.05 -0.20 - 0.00
Purchase of Investments		 -107 -34 -63 -88 -42 -163 -34 -31 -127 -49 -15
Sale and/or Maturity of Investments		 60 60 55 75 61 67 64 80 89 75 43
Net Cash From Financing Activities		 0.92 1.81 0.26 0.55 0.68 71 0.73 2.70 100 1.13 0.16
Net Cash From Continuing Financing Activities		 0.92 1.81 0.26 0.55 0.68 71 0.73 2.70 100 1.13 0.16
Issuance of Common Equity		 0.92 1.81 0.26 0.55 0.68 1.53 0.73 2.70 0.48 1.78 0.06
Other Financing Activities, net		 - - - - - - 0.00 - - 0.08 0.10
Cash Interest Paid		 - - - - - - 0.00 - - - 2.29

Annual Balance Sheets for Silverback Therapeutics

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

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 395 61 281 233 351 328
Total Current Assets		 391 61 278 232 334 285
Cash & Equivalents		 387 60 211 71 51 41
Short-Term Investments		 - 0.00 64 157 263 204
Accounts Receivable		 - 0.00 - 0.00 8.18 25
Inventories, net		 - - - 0.00 5.21 8.37
Prepaid Expenses		 4.09 0.67 3.32 3.37 6.89 6.19
Plant, Property, & Equipment, net		 1.62 0.07 0.33 0.57 1.07 2.47
Total Noncurrent Assets		 2.53 0.64 3.41 0.89 16 40
Intangible Assets		 - - - 0.00 7.37 14
Other Noncurrent Operating Assets		 2.53 0.64 3.41 0.89 8.42 26
Total Liabilities & Shareholders' Equity		 395 61 281 233 351 328
Total Liabilities		 12 17 8.55 2.43 94 213
Total Current Liabilities		 9.60 8.19 5.44 2.39 23 39
Accounts Payable		 2.58 3.11 4.93 2.15 23 38
Current Deferred Revenue		 - 1.46 0.28 0.00 0.56 0.61
Other Current Liabilities		 0.90 0.14 0.23 0.24 0.04 0.59
Total Noncurrent Liabilities		 2.33 8.49 3.11 0.04 71 174
Long-Term Debt		 - 4.93 - - 0.00 96
Noncurrent Deferred Revenue		 - 3.00 2.85 0.00 1.53 1.13
Other Noncurrent Operating Liabilities		 2.33 0.56 0.25 0.04 69 77
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 383 -31 273 231 257 114
Total Preferred & Common Equity		 383 -31 273 231 257 114
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 383 -31 273 231 257 114
Common Stock		 480 11 349 362 380 409
Retained Earnings		 -97 -42 -77 -131 -123 -295
Accumulated Other Comprehensive Income / (Loss)		 0.00 0.00 0.41 0.05 0.22 0.13

Quarterly Balance Sheets for Silverback Therapeutics

This table presents Silverback 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 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 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		 271 271 259 249 228 222 218 327 313 373 288
Total Current Assets		 271 267 255 244 226 221 209 304 281 339 245
Cash & Equivalents		 203 88 119 61 56 37 40 40 52 60 24
Short-Term Investments		 63 177 133 181 168 182 165 236 189 229 177
Accounts Receivable		 - - - - - - 0.77 9.30 25 36 29
Inventories, net		 - - - - - - 0.72 7.27 8.74 7.78 8.82
Prepaid Expenses		 4.18 2.80 2.83 2.56 2.61 1.99 2.68 12 7.44 6.42 6.79
Plant, Property, & Equipment, net		 0.02 0.58 0.59 0.62 0.62 0.64 0.84 1.08 1.08 1.21 2.29
Total Noncurrent Assets		 0.25 3.26 3.12 3.47 0.73 0.59 7.97 22 31 33 40
Intangible Assets		 - - - - - - 7.50 7.24 13 15 14
Other Noncurrent Operating Assets		 0.25 3.26 3.12 3.47 0.73 0.59 0.47 15 18 18 26
Total Liabilities & Shareholders' Equity		 271 271 259 249 228 222 218 327 313 373 288
Total Liabilities		 3.99 10 10 11 3.72 6.73 17 98 121 225 226
Total Current Liabilities		 3.99 9.84 10 11 3.72 6.73 17 28 46 51 50
Accounts Payable		 0.13 9.60 9.82 11 3.50 6.57 17 27 44 50 48
Current Deferred Revenue		 - 0.01 0.00 0.00 0.00 0.00 0.00 0.54 - 0.53 0.76
Other Current Liabilities		 0.22 0.23 0.23 0.24 0.22 0.16 0.10 0.07 1.34 0.58 0.59
Total Noncurrent Liabilities		 0.00 0.20 0.15 0.09 0.00 0.00 0.00 71 76 174 177
Long-Term Debt		 - - - - - - - - - 96 97
Noncurrent Deferred Revenue		 - 0.00 0.00 0.00 0.00 0.00 0.00 1.34 - 1.27 0.98
Other Noncurrent Operating Liabilities		 0.00 0.20 0.15 0.09 0.00 0.00 0.00 69 76 77 79
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 267 261 249 237 224 215 201 229 192 148 61
Total Preferred & Common Equity		 267 261 249 237 224 215 201 229 192 148 61
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 267 261 249 237 224 215 201 229 192 148 61
Common Stock		 517 353 358 362 366 369 374 386 394 401 417
Retained Earnings		 -248 -92 -109 -124 -142 -154 -173 -157 -202 -253 -355
Accumulated Other Comprehensive Income / (Loss)		 -1.62 0.07 -0.18 -0.16 -0.12 -0.15 0.34 0.07 -0.05 -0.01 -0.10

Annual Metrics And Ratios for Silverback Therapeutics

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

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - - - 98,848,611.00
DEI Adjusted Shares Outstanding		 - - - - - 98,848,611.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - -1.73
Growth Metrics		 - - - - - -
Profitability Metrics		 - - - - - -
Net Operating Profit after Tax (NOPAT)		 -23 -14 -25 -47 -2.98 -126
Return On Investment Capital (ROIC_SIMPLE)		 - - - -20.48% -1.16% -59.64%
Earnings before Interest and Taxes (EBIT)		 -33 -20 -35 -54 8.29 -171
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -32 -20 -34 -61 1.11 -176
Valuation Ratios		 - - - - - -
Leverage & Solvency		 - - - - - -
Liquidity Ratios		 - - - - - -
Cash Flow Metrics		 - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -9.58 -30 -51 57 -148
Efficiency Ratios		 - - - - - -
Capital & Investment Metrics		 - - - - - -
Invested Capital		 -2.85 -6.88 -1.50 2.40 -57 -34
Increase / (Decrease) in Invested Capital		 0.00 -4.04 5.39 3.90 -60 23
Book Value per Share		 $131.68 ($0.89) $7.57 $2.40 $2.65 $1.16
Tangible Book Value per Share		 $131.68 ($0.89) $7.57 $2.40 $2.57 $1.01
Total Capital		 384 53 273 231 257 211
Total Debt		 0.84 8.41 0.00 0.00 0.00 96
Total Long-Term Debt		 0.00 4.93 0.00 0.00 0.00 96
Net Debt		 -386 -52 -274 -228 -314 -149
Capital Expenditures (CapEx)		 0.92 0.06 0.20 0.18 0.56 0.34
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -4.67 -4.04 -2.13 0.98 -3.17 0.77
Debt-free Net Working Capital (DFNWC)		 382 56 272 229 311 246
Net Working Capital (NWC)		 381 53 272 229 311 246
Net Nonoperating Expense (NNE)		 9.90 6.63 9.82 7.10 -11 46
Net Nonoperating Obligations (NNO)		 -386 -52 -274 -228 -314 -149
Total Depreciation and Amortization (D&A)		 0.67 0.21 0.32 -6.78 -7.18 -4.16
Earnings Adjustments		 - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($2.56) ($0.87) ($0.57) $0.08 ($1.74)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 35.14M 39.96M 95.22M 96.94M 98.57M
Adjusted Diluted Earnings per Share		 $0.00 ($2.56) ($0.87) ($0.57) $0.08 ($1.74)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 35.14M 39.96M 95.22M 102.39M 98.57M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($2.56) $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 34.93M 94.40M 96.50M 98.12M 99.30M
Normalized Net Operating Profit after Tax (NOPAT)		 -23 -14 -25 -47 -2.98 -126
Debt Service Ratios		 - - - - - -
Payout Ratios		 - - - - - -

Quarterly Metrics And Ratios for Silverback Therapeutics

This table displays calculated financial ratios and metrics derived from Silverback 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		 - - - - - - - - - 98,848,611.00 99,297,307.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 98,848,611.00 99,297,307.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - -0.42 -0.61
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -100.00% 0.00% -100.00% 4,900.00% 0.00% 0.00% 0.00% 3,043.40% 1,471.62% - 184.47%
EBITDA Growth		 -149.47% 36.50% 26.80% 24.60% -27.60% 648.32% -216.92% -219.89% -147.70% - -71.84%
EBIT Growth		 -125.82% 49.84% 31.21% 27.94% -28.67% 800.64% -261.22% -258.61% -167.41% - -78.60%
NOPAT Growth		 -171.16% 33.78% 29.50% 25.54% -20.97% 759.34% -181.81% -210.39% -144.58% - -61.78%
Net Income Growth		 -125.82% 50.32% 31.21% 27.94% -28.67% 796.62% -229.77% -258.61% -167.41% - -78.60%
EPS Growth		 23.81% 66.67% 31.25% 27.78% -25.00% 842.86% -218.18% -253.85% -160.00% - -74.29%
Operating Cash Flow Growth		 -124.62% 15.09% 46.01% 56.33% -13.35% 341.33% -507.18% -443.92% -225.20% - -10.32%
Free Cash Flow Firm Growth		 44.55% 31.77% 10.01% 23.13% -115.46% 1,066.43% 262.97% 200.78% 121.27% - -318.06%
Invested Capital Growth		 -1,126.22% 260.54% 106.95% 4.18% 21.05% -2,484.33% -19,910.59% -1,264.80% -1,115.72% - 7.73%
Revenue Q/Q Growth		 -100.00% 0.00% 0.00% 0.00% 313.60% 4,086.70% -90.79% 97.13% 106.79% - -19.25%
EBITDA Q/Q Growth		 14.12% 45.85% -38.03% -17.46% -45.35% 332.68% -179.78% -18.56% -12.55% - -45.56%
EBIT Q/Q Growth		 14.42% 51.78% -43.58% -21.61% -52.83% 362.56% -174.03% -20.73% -13.97% - -46.19%
NOPAT Q/Q Growth		 12.74% 43.12% -29.00% -16.28% -41.77% 410.03% -155.14% -28.07% -11.72% - -45.05%
Net Income Q/Q Growth		 14.42% 51.78% -43.58% -21.61% -52.83% 361.05% -167.97% -32.24% -13.97% - -46.69%
EPS Q/Q Growth		 11.11% 56.25% -57.14% -18.18% -53.85% 360.00% -167.31% -31.43% -13.04% - -48.78%
Operating Cash Flow Q/Q Growth		 23.43% -36.37% 61.45% -8.48% -98.75% 390.34% -197.00% 2.82% -18.83% - -3.36%
Free Cash Flow Firm Q/Q Growth		 46.95% -47.05% -16.39% 15.34% -48.71% 759.57% -80.37% -47.65% -68.62% - 11.91%
Invested Capital Q/Q Growth		 -26.31% 151.97% -90.17% -1,584.32% -4.08% -1,469.50% 18.30% -2.26% 7.29% - -25.57%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 0.00% 0.00% 100.00% 100.00% 98.87% 86.28% 100.00% 100.00% - 72.29%
EBITDA Margin		 0.00% 0.00% 0.00% -2,880.40% -1,012.23% 56.26% -487.37% -293.13% -159.54% - -269.88%
Operating Margin		 0.00% 0.00% 0.00% -3,068.00% -1,051.64% 54.51% -466.29% -302.95% -163.66% - -265.18%
EBIT Margin		 0.00% 0.00% 0.00% -2,503.20% -924.95% 58.01% -466.29% -285.57% -157.38% - -267.26%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% -2,503.20% -924.95% 57.67% -425.69% -285.57% -157.38% - -267.26%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 99.43% 91.29% 100.00% 100.00% - 100.00%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 100.00%
Effective Tax Rate		 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%
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%
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%
Return on Equity (ROE)		 -24.44% 0.00% -20.49% -19.34% -22.41% 3.28% -6.91% -23.56% -45.92% - -136.40%
Cash Return on Invested Capital (CROIC)		 0.00% -2,131.63% -19,927.67% 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% -5.21% -10.19% 17.70% -163.22% -119.83% -76.12% - -86.05%
Return on Assets (ROA)		 0.00% 0.00% 0.00% -5.21% -10.19% 17.60% -149.01% -119.83% -76.12% - -86.05%
Return on Common Equity (ROCE)		 -24.44% 0.00% -20.49% -19.34% -22.41% 3.28% -6.91% -23.56% -45.92% - -136.40%
Return on Equity Simple (ROE_SIMPLE)		 -25.97% 0.00% -22.20% -20.83% -24.43% 0.00% -6.83% 0.00% 0.00% - 0.00%
Net Operating Profit after Tax (NOPAT)		 -13 -7.16 -9.23 -11 -15 47 -26 -33 -37 -29 -42
NOPAT Margin		 0.00% 0.00% 0.00% -2,147.60% -736.15% 54.51% -326.40% -212.06% -114.56% - -185.62%
Net Nonoperating Expense Percent (NNEP)		 -0.90% 0.00% -0.43% -0.76% -1.75% 1.01% -3.17% -5.04% -7.02% - -9.74%
Return On Investment Capital (ROIC_SIMPLE)		 - -3.10% -4.12% - - 18.38% -11.37% -17.33% -15.27% -13.78% -26.68%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 1.13% 13.72% 0.00% 0.00% - 27.71%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 1,788.80% 932.35% 40.99% 515.54% 345.56% 230.00% - 318.35%
R&D to Revenue		 0.00% 0.00% 0.00% 1,379.20% 213.88% 3.50% 37.03% 25.67% 8.46% - 19.12%
Operating Expenses to Revenue		 0.00% 0.00% 0.00% 3,168.00% 1,151.64% 44.36% 552.56% 402.95% 263.66% - 337.46%
Earnings before Interest and Taxes (EBIT)		 -15 -7.17 -10 -13 -19 50 -37 -45 -51 -41 -61
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -16 -8.88 -12 -14 -21 49 -39 -46 -52 -42 -61
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.52 2.28 4.41 3.83 6.99 3.99 5.39 8.91 6.73 - 13.01
Price to Tangible Book Value (P/TBV)		 1.52 2.28 4.41 3.83 7.27 4.11 5.57 9.56 7.47 - 16.92
Price to Revenue (P/Rev)		 12,041.61 17,535.50 98,624.59 1,649.16 547.37 11.50 12.71 15.26 6.96 - 8.06
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 128.20 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%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.78% 0.00% 0.00% 0.00% - 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 124.04 3,231.41 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to Revenue (EV/Rev)		 3,978.21 9,923.50 76,261.39 1,211.67 467.69 7.98 9.87 13.12 5.61 - 7.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 640.22 0.00 0.00 0.00 - 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 85.84 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
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 52.50 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 12.56 34.19 532.67 0.00 - 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.65 - 1.57
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.65 - 1.57
Financial Leverage		 -1.01 -1.00 -1.01 -1.02 -1.02 -1.11 -1.10 -1.13 -1.14 - -1.31
Leverage Ratio		 1.03 1.02 1.03 1.04 1.06 1.20 1.23 1.31 1.69 - 2.12
Compound Leverage Factor		 1.03 1.02 1.03 1.04 1.06 1.20 1.23 1.31 1.69 - 2.12
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 39.46% - 61.16%
Short-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%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 39.46% - 61.16%
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%
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%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 60.54% - 38.84%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -1.00 - -0.48
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.00 - 0.52
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -1.00 - -0.48
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -1.51 - -0.68
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3.02 - 0.74
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -1.51 - -0.68
Altman Z-Score		 19.46 130.29 159.44 73.57 50.40 7.82 7.79 8.37 2.55 - 0.85
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 21.87 96.92 60.90 32.82 12.56 14.26 11.00 6.17 6.66 - 4.94
Quick Ratio		 21.64 95.51 60.20 32.53 12.36 13.75 10.32 5.82 6.38 - 4.63
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -7.52 -11 -13 -11 -16 107 21 11 3.44 -52 -46
Operating Cash Flow to CapEx		 -29,681.40% 0.00% -8,084.34% -19,155.26% -10,333.57% 13,908.61% -44,771.43% -77,631.37% -23,881.73% - 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.01 0.31 0.35 0.42 0.48 - 0.32
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 7.67 - 5.21
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.49 - 0.65
Fixed Asset Turnover		 0.09 0.07 0.02 0.81 3.52 111.23 114.87 131.31 139.15 - 58.92
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.08 0.14 0.08 0.06 - 0.14
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 47.58 - 70.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 748.77 - 565.46
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 4,668.97 2,688.33 4,479.14 5,841.50 - 2,645.83
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 -4,668.97 -2,688.33 -4,479.14 -5,045.15 - -2,010.37
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -4.62 2.40 0.24 -3.50 -3.65 -57 -47 -48 -44 -34 -43
Invested Capital Turnover		 -0.01 0.07 -0.01 -0.14 -0.62 -3.25 -4.18 -4.38 -5.95 - -2.20
Increase / (Decrease) in Invested Capital		 -5.07 3.90 3.63 0.15 0.97 -60 -47 -44 -41 23 3.61
Enterprise Value (EV)		 119 298 763 606 1,201 711 959 1,474 801 - 693
Market Capitalization		 361 526 986 825 1,406 1,025 1,234 1,714 993 - 797
Book Value per Share		 $2.48 $2.40 $2.32 $2.22 $2.07 $2.65 $2.33 $1.96 $1.49 $1.16 $0.62
Tangible Book Value per Share		 $2.48 $2.40 $2.32 $2.22 $2.00 $2.57 $2.26 $1.83 $1.35 $1.01 $0.47
Total Capital		 237 231 224 215 201 257 229 192 244 211 158
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 96 96 97
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 96 96 97
Net Debt		 -242 -228 -224 -219 -205 -314 -276 -240 -192 -149 -104
Capital Expenditures (CapEx)		 0.04 -0.09 0.08 0.04 0.14 0.30 0.09 0.05 0.20 0.00 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -8.62 0.98 -1.11 -4.73 -12 -3.17 0.51 -4.29 -0.22 0.77 -5.35
Debt-free Net Working Capital (DFNWC)		 233 229 223 214 192 311 276 236 288 246 196
Net Working Capital (NWC)		 233 229 223 214 192 311 276 236 288 246 196
Net Nonoperating Expense (NNE)		 2.28 0.01 1.06 1.78 3.90 -2.74 7.92 12 14 12 19
Net Nonoperating Obligations (NNO)		 -242 -228 -224 -219 -205 -314 -276 -240 -192 -149 -104
Total Depreciation and Amortization (D&A)		 -1.54 -1.72 -1.97 -1.89 -1.81 -1.52 -1.68 -1.19 -0.70 -0.59 -0.59
Debt-free, Cash-free Net Working Capital to Revenue		 -28,720.00% 3,250.00% -11,060.00% -946.20% -485.12% -3.55% 0.53% -3.82% -0.16% - -5.40%
Debt-free Net Working Capital to Revenue		 777,620.00% 764,450.00% 2,225,260.00% 42,802.60% 7,483.10% 348.69% 284.42% 209.93% 201.71% - 197.63%
Net Working Capital to Revenue		 777,620.00% 764,450.00% 2,225,260.00% 42,802.60% 7,483.10% 348.69% 284.42% 209.93% 201.71% - 197.63%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.16) ($0.07) ($0.11) ($0.13) ($0.20) $0.52 ($0.35) ($0.46) ($0.52) ($0.41) ($0.61)
Adjusted Weighted Average Basic Shares Outstanding		 95.58M 95.22M 96.49M 96.83M 97.03M 96.94M 98.06M 98.36M 98.81M 98.57M 99.30M
Adjusted Diluted Earnings per Share		 ($0.16) ($0.07) ($0.11) ($0.13) ($0.20) $0.52 ($0.35) ($0.46) ($0.52) ($0.41) ($0.61)
Adjusted Weighted Average Diluted Shares Outstanding		 95.58M 95.22M 96.49M 96.83M 97.03M 102.39M 98.06M 98.36M 98.81M 98.57M 99.30M
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		 96.00M 96.50M 96.90M 96.94M 97.19M 98.12M 98.21M 98.83M 98.85M 99.30M 99.30M
Normalized Net Operating Profit after Tax (NOPAT)		 -13 -7.16 -9.23 -11 -15 33 -26 -33 -37 -29 -42
Normalized NOPAT Margin		 0.00% 0.00% 0.00% -2,147.60% -736.15% 38.16% -326.40% -212.06% -114.56% - -185.62%
Pre Tax Income Margin		 0.00% 0.00% 0.00% -2,503.20% -924.95% 58.01% -466.29% -285.57% -157.38% - -267.26%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
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%
Augmented Payout Ratio		 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

ARS Pharmaceuticals (NASDAQ: SPRY) has shown a clear commercial acceleration over the past several years, but it is still operating at a substantial loss and burning cash. The latest quarter, Q1 2026, showed strong revenue growth versus the prior year, yet operating expenses remained far above gross profit, resulting in another large net loss.

Top takeaways:

  • Revenue in Q1 2026 rose to $22.7 million, up sharply from $7.97 million in Q1 2025 and well above the company’s 2024 quarterly levels.
  • Gross profit remained healthy at $16.4 million in Q1 2026, with cost of revenue only $6.3 million.
  • The balance sheet remains relatively strong, with $200.97 million in total equity at Q1 2026 and $245.2 million in current assets.
  • The company still holds meaningful liquidity, including $24.3 million in cash and equivalents plus $176.6 million in short-term investments.
  • Revenue has improved materially over the last four quarters, moving from about $28.1 million in Q4 2025 to $22.7 million in Q1 2026, after much smaller levels in 2024 and early 2025.
  • Operating cash flow was still negative in Q1 2026 at $(44.9) million, reflecting continued investment in the business.
  • The company generated some cash from investing activities in Q1 2026, helped by $42.5 million of investment sales.
  • Share count has continued to drift upward, with Q1 2026 basic weighted average shares at about 99.3 million versus 98.1 million in Q4 2024.
  • Q1 2026 net loss widened to $(60.6) million, compared with $(41.3) million in Q4 2025 and $(33.9) million in Q1 2025.
  • Operating expenses were very high at $76.5 million in Q1 2026, far exceeding gross profit and driving a large operating loss of $(60.1) million.
  • Selling, general and administrative expense jumped to $72.2 million in Q1 2026, which is the main reason losses remain so large despite growing sales.
  • Cash and equivalents fell to $24.3 million from $59.6 million at Q3 2025, as the company continues to consume cash.
  • Retained earnings remain deeply negative at $(355.2) million, showing the long history of cumulative losses.

Longer-term trend: SPRY’s financial profile has improved on the revenue side since 2023, when quarterly revenue was often negligible. However, the company is still in a scaling phase, and its expense base has grown even faster than sales. That means investors are seeing better top-line momentum, but profitability and cash burn remain the key risks.

Bottom line: ARS Pharmaceuticals is progressing commercially and appears well capitalized for now, but the company still depends on future revenue growth to absorb a very high operating cost structure. Until SG&A and overall operating losses come down meaningfully, the stock will likely continue to trade as a high-risk growth story rather than a proven earnings compounder.

06/16/26 08:33 PM ETAI Generated. May Contain Errors.

Silverback Therapeutics Financials - Frequently Asked Questions

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

Silverback Therapeutics' net income appears to be on an upward trend, with a most recent value of -$171.30 million in 2025, rising from -$32.95 million in 2020. The previous period was $8.00 million in 2024.

Silverback Therapeutics' total operating income in 2025 was -$179.45 million, based on the following breakdown:
  • Total Gross Profit: $84.28 million
  • Total Operating Expenses: $263.73 million

Over the last 5 years, Silverback Therapeutics' total revenue changed from $0.00 in 2020 to $84.28 million in 2025, a change of 8,427,800,000.0%.

Silverback Therapeutics' total liabilities were at $213.39 million at the end of 2025, a 126.2% increase from 2024, and a 1,689.2% increase since 2020.

In the past 5 years, Silverback Therapeutics' cash and equivalents has ranged from $41.32 million in 2025 to $386.57 million in 2020, and is currently $41.32 million as of their latest financial filing in 2025.

Over the last 5 years, Silverback Therapeutics' book value per share changed from 131.68 in 2020 to 1.16 in 2025, a change of -99.1%.


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Financial statements for NASDAQ:SBTX last updated on 5/17/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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