Watch on earnings:Clinical trial enrollment rates and timeline adherence for AB-729, AB-101, AB-161 programsCash position and quarterly burn rate - critical given zero revenue and $25-30M quarterly cash consumptionPreclinical and translational data supporting mechanism of action and differentiation versus competitorsRegulatory feedback and pathway clarity for combination therapy approaches required for functional cure
Key metrics:AB-729 HBsAg reduction data in Phase 2b trials - target >1 log10 reduction to demonstrate functional cure potential · Clinical trial enrollment velocity and site activation timelines - delays extend cash runway pressure · Biotech sector financing activity - SPDR S&P Biotech ETF (XBI) performance as proxy for risk appetite and capital availability · Competitor clinical data releases from Gilead, GSK, Roche HBV programs - relative efficacy and safety benchmarking
⚠ Cash runway depletion - at $100M annual burn and $150M estimated cash (18.8x current ratio suggests ~$150M liquid assets), company faces equity raise within 12-18 months, risking 20-30% dilution
Metric
Dec 21
Dec 22
Dec 23
Dec 24
Dec 25
Cash & Equivalents
109
31↓71.8%
26↓14.6%
36↑38.2%
18↓50.4%
Total Current Assets
161
151↓5.9%
132↓12.6%
127↓3.6%
94↓25.8%
Total Assets
204
195↓4.4%
144↓26.1%
132↓8.8%
95↓28.2%
Total Current Liabilities
11
33↑192.8%
22↓31.6%
16↓30.5%
6↓61.5%
Total Liabilities
35
59↑67.1%
38↓34.5%
34↓10.5%
18↓47.5%
Total Equity
169
137↓19.2%
106↓22.5%
97↓8.2%
77↓21.4%
Total Debt
19
13↓33.6%
9↓30.5%
1↓85.2%
4↑224.9%
Net Debt
-90
-18↑79.8%
-18↑3.6%
-35↓99.5%
-14↑60.6%
Cash Flow Statement
Metric
Dec 21
Dec 22
Dec 23
Dec 24
Dec 25
Operating Cash Flow
-68
-35↑47.6%
-86↓143.1%
-65↑24.5%
-40↑38.9%
Capital Expenditure
-1
-1↑36.7%
-1↓96.9%
-0↑81.9%
0
Free Cash Flow
-68
-36↑47.5%
-87↓142.4%
-65↑25.2%
-40↑39.1%
Stock-Based Comp
6
7↑11.8%
9↑29.5%
9↓3.4%
7↓22.6%
Net Change in Cash
57
-79↓237.7%
-4↑94.3%
10↑323.7%
-18↓282.4%
Values in millions except EPS · Ratios shown as percentages · Click any metric to drill down