Executive Summary
Lin BioScience Inc. delivered a QQ2 2024 quarter characterized by meaningful operating losses driven by aggressive R&D investment and SG&A spend, with no disclosed revenue in the quarter. Reported metrics show EBITDA of -C316.1 million and a net loss of -C173.4 million, translating to an EPS of -C2.21 on ~78.6 million weighted shares. Management’s strategic emphasis remains the advancement of its early-to-mid stage pipeline (notably LBS008 for Dry AMD/STGD1 and other assets such as LBS007 and LBS002), which provides optionality but also substantial execution risk. On the balance sheet, Lin BioScience exhibits a robust liquidity position: cash and cash equivalents plus short-term investments total approximately C4.17 billion, with net debt comfortably negative, supporting a multi-quarter runway for clinical development absent immediate monetization through product sales.
The quarter’s cash flow reflects a significant non-operating outlay: operating cash flow was approximately -C287.4 million, and free cash flow approximately -C289.2 million, driven largely by acquisitions and non-cash items rather than cash profits from operations. The company also reported sizable investing activities including acquisitions net of about C1.25 billion, offset by financing activity inflows and minor FX effects, culminating in a cash balance of roughly C1.20 billion at period end. Absent any formal near-term revenue guidance, investors should anchor on clinical milestones, potential strategic partnerships/licensing deals, and ongoing capital management expectations as primary value catalysts going forward.
Key Performance Indicators
Key Insights
Revenue: Not disclosed for QQ2 2024 (cost of revenue reported at C9.62 million; gross profit -C9.62 million).
Gross profit margin: Not reported due to missing revenue; gross loss recorded at -C9.62 million.
EBITDA: -C316.10 million.
Operating income: -C317.67 million.
Net income: -C173.41 million; EPS: -C2.21.
R&D expenses: C265.36 million; SG&A expenses: C52.11–C52.31 million (split between General & Administrative and Selling, General & Administrative).
Interest expense: C0.5...
Financial Highlights
Revenue: Not disclosed for QQ2 2024 (cost of revenue reported at C9.62 million; gross profit -C9.62 million).
Gross profit margin: Not reported due to missing revenue; gross loss recorded at -C9.62 million.
EBITDA: -C316.10 million.
Operating income: -C317.67 million.
Net income: -C173.41 million; EPS: -C2.21.
R&D expenses: C265.36 million; SG&A expenses: C52.11–C52.31 million (split between General & Administrative and Selling, General & Administrative).
Interest expense: C0.52 million; Depreciation & amortization: C1.57 million.
Weighted average shares: 78.57 million; Diluted: 78.57 million.
Operating cash flow: -C287.41 million; capex: -C1.76 thousand; Free cash flow: -C289.17 thousand.
Net cash provided by/used in investing activities: -C1.46 million (net of acquisitions activity at C1.248 billion reported in investing), with other investing items showing a large offsetting non-cash or financing effects.
Cash and investments: Cash and cash equivalents C1.203 billion; short-term investments C2.962 billion; total cash and investments ≈ C4.166 billion.
Balance sheet strength: Total assets C4.5066 billion; total liabilities C0.1540 billion; total stockholders’ equity C2.5393 billion; net debt negative by ≈ C1.1657 billion. Current ratio ≈ 32.95x; debt-to-equity ≈ 0.0147x.
Valuation context: Price-to-book around 2.86x; enterprise value negative due to net cash position; earnings multiple not meaningful in a pre-revenue, clinical-stage company.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Gross Profit |
-9.62M |
-12.57% |
N/A |
| Operating Income |
-317.67M |
30.25% |
0.00% |
| Net Income |
-173.41M |
42.65% |
0.00% |
| EPS |
-2.21 |
46.36% |
0.00% |
Key Financial Ratios
operatingCashFlowPerShare
$-0
priceEarningsRatio
-10.47
Management Commentary
No QQ2 2024 earnings call transcript provided in the data. Management quotes and specific commentary are not available in the provided material.
Forward Guidance
No formal guidance disclosed for QQ2 2024. Given the pipeline emphasis (notably LBS008 in Phase 3 for Dry AMD/STGD1) and ancillary assets (LBS007, LBS002, LBS009), the company’s near-term trajectory hinges on clinical outcomes, regulatory timing, and potential collaborations/licensing deals. Investors should monitor: (1) Top-line data and safety/efficacy readouts for LBS008; (2) any strategic partnerships or licensing arrangements that monetize the pipeline; (3) capital deployment plans and potential further equity or debt actions; (4) currency exposure and macro factors affecting Taiwan-listed biotech firms. Overall, the absence of revenue guidance and reliance on pipeline milestones imply a higher risk/reward profile with multiple potential catalysts over the next 12–24 months.