ARTV

Artiva is a clinical-stage biopharma whose entire value rests on AlloNK, its lead allogeneic NK-cell candidate, with everything else in preclinical or discovery. The financials describe a pre-commercial R&D burn machine, not a business: FY2025 revenue was $0.00, down from $33.5M in FY2023 and $251K in FY2024 — the collaboration/licensing revenue that once existed has evaporated entirely. Meanwhile the loss is widening the wrong way: operating income of -$89.8M (-33.5% YoY) and net loss of -$83.9M (-28.3% YoY), driven by R&D up +38.2% to $69.5M. The company itself flags an accumulated deficit of $330.5M and warns it 'expect[s] to continue to incur significant expenses and additional operating losses for the foreseeable future,' with 'no products approved for commercial sale.' There is no earnings, margin or ROE story to underwrite — ROE of -76.3% is simply losses against a shrinking equity base.

The balance sheet is clean but the fuel gauge is the real story. Liabilities/equity is a benign 0.19x and there is little debt, but cash & equivalents are just $26.7M against operating cash outflow of -$76.8M — barely a quarter of a year of pure cash. Current assets of $113M (vs. only $13.1M current liabilities) imply a cushion of short-term investments beyond the headline cash, but even that funds only roughly 1–1.5 years at the current burn. Total assets fell -37.5% and equity -41.1% YoY: the company is visibly consuming its own capital. The 10-K makes the dependency explicit, listing 'our ability to obtain funding for our operations, including funding necessary to complete the clinical trials' as a core uncertainty. A dilutive raise is a near-certain forward event; shares outstanding are only 24.7M, so a capital raise at these levels could be heavily dilutive.