Breaking Down CohBar, Inc. (CWBR) Financial Health: Key Insights for Investors

You're looking at CohBar, Inc. (CWBR) because you know the clinical-stage biotech space is a high-risk, high-reward proposition, but let's be defintely clear: this is a deep-value play that requires a sober look at the numbers. The company's financial health is precarious, with the stock currently trading around $0.41 a share and a tiny market capitalization of just $1.19M, reflecting its delisting from Nasdaq and move to the OTC markets. The core challenge is the burn rate; CohBar reported a trailing twelve-month (TTM) net loss of -$12.55M against virtually no revenue, sitting at $0. Still, the balance sheet isn't entirely bare, showing approximately $6.19M in cash and zero debt, which gives them a high current ratio of 15.69-a necessary cushion for a firm with a TTM Earnings Per Share (EPS) of -$4.32. This is a company running on its cash reserves, so we need to map out precisely how long that capital will last against their research pipeline, including their lead compound CB4211 for NASH and obesity, to see if there's any runway left before a dilutive capital raise or a strategic merger becomes a necessity.

Revenue Analysis

You're looking at CohBar, Inc. (CWBR) and trying to figure out where the money comes from. The direct takeaway is simple, but crucial: CohBar, Inc. operates as a clinical-stage biotechnology company, meaning its revenue from commercial product sales is, and has historically been, $0.

For the trailing twelve months (ttm) leading up to the most recent reporting period, the company's revenue stands at $0. This isn't a sign of failure; it's the standard financial profile for a firm focused entirely on research and development (R&D) before a drug candidate hits the market. Their primary strategic focus is advancing their pipeline of mitochondria-based therapeutics, like the former lead compound CB4211, not selling a product yet.

The core of their financial activity isn't revenue; it's capital management. CohBar, Inc. has been funded almost entirely through equity financing and capital raises, not product sales or licensing deals. This means the 'revenue stream' for a pre-revenue biotech is essentially the capital market's willingness to fund their science.

Here's the quick breakdown of their revenue sources, or lack thereof, which tells you where their cash burn goes:

• Product Sales: 0% of total revenue.
• Collaboration/Licensing: 0% of reported revenue (potential future source).
• Financing Activities: 100% of operational funding source.

Since the company has $0 in product revenue, the year-over-year growth rate is not a meaningful metric to track. Honestly, a 100% growth rate from $0 to $0 doesn't change a decision. What matters is the cash runway-the time until they need another financing round.

What this estimate hides is the significant operational cost. For the fiscal year ended December 31, 2023, the net loss was approximately $10.8 million, driven by R&D and General and Administrative (G&A) spending. The trailing twelve months net loss is even higher at -$12.55 million. This cash burn is the real financial story.

The most significant change in their financial structure came with the strategic shift and merger in late 2023. While the revenue from product sales remained $0, the new structure reported a net loss of $4.0 million in the first quarter of 2024 alone. This shows the ongoing, high-cost nature of their development stage, which investors need to defintely factor into their valuation models. You are investing in future potential, not current sales.

For a deeper dive into how this capital structure impacts their valuation, check out Breaking Down CohBar, Inc. (CWBR) Financial Health: Key Insights for Investors.

Profitability Metrics

The direct takeaway here is simple: CohBar, Inc. (CWBR) is a clinical-stage biotechnology company, and its profitability metrics reflect a pure research and development (R&D) operation, not a commercial one. You are looking at a company that is burning cash to develop its pipeline, not generating sales yet. For the trailing twelve months (TTM) leading up to the most recent data, CohBar reported a net loss of approximately $12.55 million.

This pre-revenue stage dictates the zero-percent margins you see on the income statement. The TTM revenue stands at $0, so naturally, the Gross Profit Margin, Operating Profit Margin, and Net Profit Margin all register at 0.00%. This isn't a sign of poor cost management on goods sold; it's a sign that they don't have a product to sell yet. The entire loss is essentially their operating expense-the cost of running the business and advancing the science.

Here's the quick math on the key TTM figures as of the most recent data available in 2025:

When you look at the trends, CohBar's financial history shows a consistent pattern of net losses, which is defintely the norm for a biotech focused on Phase 1b clinical trials, like their lead compound CB4211 for NASH and obesity. This operational efficiency analysis shifts from managing cost of goods sold to managing the cash runway. The TTM Operating Cash Flow sits at a negative $7.94 million, showing the rate of cash consumption for their operations. You can read more about their focus here: Mission Statement, Vision, & Core Values of CohBar, Inc. (CWBR).

To be fair, comparing CohBar's profitability ratios to the broader industry is tricky because a lot of the U.S. Biotechnology sector includes profitable, commercial-stage companies. While the industry is expected to see revenue growth around 6.3% in 2025, CohBar is still years away from that kind of metric. A more useful comparison is liquidity: CohBar's Most Recent Quarter (MRQ) Quick Ratio of 4.12 and Current Ratio of 4.16 are strong, which means they have ample cash on hand-about $6.19 million-to cover their short-term liabilities. That liquidity is your real measure of near-term survival, not profit margins.

Next Step: Portfolio Manager: Model a 13-week cash runway projection using the TTM operating cash flow of -$7.94 million to stress-test the company's liquidity against its current cash balance.

Debt vs. Equity Structure

You're looking at CohBar, Inc. (CWBR)'s balance sheet to figure out how they fund their operations, and the answer is simple: they don't use debt. This is a classic clinical-stage biotech profile-they rely almost entirely on shareholder equity and their existing cash pile to fuel their research and development (R&D) burn, not on borrowing.

As of the trailing twelve months leading up to the fiscal year 2025, CohBar, Inc. has essentially zero long-term or short-term debt on its books. That means there are no significant bank loans, no corporate bonds, and no real interest payments eating into their cash. This is a deliberate capital structure choice, not a sign of financial strength, but a necessity for a company with no revenue and high cash burn.

Debt-to-Equity: A Near-Zero Ratio

The most telling metric here is the Debt-to-Equity (D/E) ratio, which measures how much debt a company is using to finance its assets relative to the value of shareholders' equity. CohBar, Inc.'s trailing twelve-month D/E ratio is effectively 0. Here's the quick math:

• CohBar, Inc. D/E Ratio: 0
• Biotechnology Industry Average D/E Ratio (Nov 2025): 0.17

A D/E ratio of 0 is far below the industry average of 0.17, which tells you two things. First, the company carries no leverage risk-they won't default on a loan. Second, and more importantly, they are not yet at a stage where stable cash flow (or a large asset base) makes traditional debt financing viable. Biotech firms like this are inherently risky, and lenders usually steer clear until a drug is much closer to commercialization.

Financing Strategy: Cash Burn and Dilution

Since they aren't using debt, CohBar, Inc.'s growth-or rather, its survival-is funded by equity. This means raising capital by issuing new stock, which causes shareholder dilution. This is the trade-off you see in pre-revenue biotechs. They are burning through cash from past equity raises, a figure known as negative operating cash flow. The company had approximately $6.19 million in cash and cash equivalents on its balance sheet in the trailing twelve months. That cash is the runway.

There have been no significant debt issuances, credit ratings, or refinancing activities reported in 2025, which is consistent with the zero-debt structure. The major capital event was the news of its delisting notice from Nasdaq, which forces the company to trade on the OTC markets. This makes future equity raises harder and more expensive, tightening the runway. The company's capital strategy is a race against the clock: burn cash to advance clinical trials, and then raise more equity before the cash runs out. You can dive deeper into their investor base and capital raising history by Exploring CohBar, Inc. (CWBR) Investor Profile: Who's Buying and Why?

Liquidity and Solvency

You're looking at CohBar, Inc. (CWBR), a clinical-stage biotech, and the first thing to understand is that its financial health is entirely dependent on its cash runway, not revenue. The direct takeaway is that CohBar, Inc. maintains an exceptionally high liquidity position, but this strength is being rapidly depleted by a significant negative operating cash flow, which is the core risk.

The company's short-term liquidity, as measured by the trailing twelve months (TTM) data ending near the 2025 fiscal year, looks phenomenal on paper. The Current Ratio is a massive 15.69. This means CohBar, Inc. has $15.69 in current assets to cover every $1.00 of current liabilities. For a non-revenue-generating biotech, this is a strong sign of immediate solvency.

Here's the quick math: The Quick Ratio (or acid-test ratio), which excludes inventory, is also 15.69. This tells you the current assets are almost entirely composed of cash, cash equivalents, and short-term investments, which is defintely what you want to see in a clinical-stage company. The lack of inventory means there's no question about asset quality. This is a very clean balance sheet.

Working capital-the difference between current assets and current liabilities-is substantial, reflecting the high ratios. However, the trend is the real story. CohBar, Inc. has virtually no revenue ($0 TTM), so this working capital is a finite resource raised through financing activities, not generated from operations. The working capital trend is downward as cash is burned on research and development (R&D).

The Cash Flow Statement overview shows the core challenge. For the TTM period ending near 2025, the Operating Cash Flow was a negative $7.94 million. This is the cash burn rate-the money spent on R&D, general, and administrative expenses to move their drug candidates, like CB4211, through clinical trials. This is a typical, but still critical, trend for a biotech.

• Operating Cash Flow: -$7.94 million (TTM).
• Investing Cash Flow: Typically near zero, as a clinical-stage company has minimal capital expenditures.
• Financing Cash Flow: This is where the liquidity comes from, through issuing new stock or debt to fund the negative operating cash flow.

What this estimate hides is the need for continuous financing. The high current ratio is a snapshot, not a perpetual state. The company's solvency score is 49/100, reflecting a low debt-to-equity ratio but also the inherent risk of a pre-revenue business model. The primary liquidity concern is the time until the next capital raise, which must occur to sustain operations given the current burn rate. You can find a deeper analysis of the company's strategy in Breaking Down CohBar, Inc. (CWBR) Financial Health: Key Insights for Investors.

To put the liquidity position into perspective, here are the key TTM figures:

Your action: Track the cash burn against the latest reported cash and cash equivalents (around $6.19 million to $12.3 million depending on the inclusion of short-term investments) to estimate the cash runway. If the burn continues at $7.94 million annually, the runway is short and a dilutive financing event is imminent.

Valuation Analysis

You're looking at CohBar, Inc. (CWBR) and asking the crucial question: Is this stock overvalued, or is the market missing a deep-value play? For a clinical-stage biotechnology company like CohBar, traditional valuation metrics often break down, so you have to look beyond the surface. The direct takeaway is that CohBar, Inc. appears significantly undervalued on a book value basis, but this is tempered by a high-risk profile and negative earnings.

The Price-to-Book Signal: A Deep Discount

When a company is pre-revenue, we often turn to the Price-to-Book (P/B) ratio, which compares the stock price to the company's book value (shareholders' equity). This tells you what you're paying for the underlying net assets. As of early 2025, CohBar, Inc.'s P/B ratio is extremely low at approximately 0.08. Here's the quick math: with a recent stock price around $0.41 and a Book Value per Share of roughly $5.27, you are buying a dollar of net assets for just eight cents. This is a classic sign of a deep-value stock, but you must remember that for a biotech, the real value is in the pipeline, not the balance sheet.

• Stock Price (Jan 2025): $0.41
• Book Value per Share: $5.27
• Price-to-Book (P/B) Ratio: 0.08

P/E and EV/EBITDA: Not Useful Metrics

Honestly, attempting to use the Price-to-Earnings (P/E) or Enterprise Value-to-EBITDA (EV/EBITDA) ratios here is misleading. CohBar, Inc. is a clinical-stage company with no revenue, so both its net income and earnings before interest, taxes, depreciation, and amortization (EBITDA) are negative. The Trailing Twelve Months (TTM) Earnings Per Share (EPS) is $-4.32, making the P/E ratio effectively meaningless for comparative analysis. Similarly, the TTM Net Income is $-12.55 million and the Enterprise Value is negative at $-4.74 million (due to cash exceeding market cap and debt), resulting in a negative EV/EBITDA of around -3.2.

Negative ratios just confirm the company is burning cash on research and development (R&D), which is expected. Don't waste time trying to normalize a negative P/E; focus on the cash runway instead.

Stock Price Trends and Volatility

The stock price trend over the last year paints a picture of extreme risk and investor pessimism. The stock has exhibited high volatility, with a Beta of approximately 1.39, meaning it's significantly more volatile than the overall market. The one-year annualized return as of January 31, 2025, stood at a sharp decline of -52.79%, reflecting significant value destruction. The 52-week trading range shows the wild swings, from a low of $0.0011 to a high of $1.01. The current price of $0.41 sits near the lower end of that range.

This kind of price action defintely signals a high-stakes, binary outcome investment. You're betting on a clinical trial success, not incremental growth.

Dividend Policy and Analyst Consensus

As a development-stage biotech, CohBar, Inc. does not return capital to shareholders via dividends. The dividend yield and payout ratio are both 0.00%. This is standard practice; all available cash is funneled into R&D to advance its mitochondria-based therapeutics (MBTs).

Formal analyst consensus ratings (Buy, Hold, Sell) are generally not available for companies of this size and stage, especially after receiving a notice of delisting from Nasdaq in late 2023. Technical forecasts for late 2025 suggest the price may remain flat around $0.4055, but without a fundamental analyst covering the stock, you are the analyst. Your action is clear: Finance needs to model the cash burn against the next clinical milestone.

Risk Factors

You're looking at CohBar, Inc. (CWBR) right now, and the first thing to understand is that all financial analysis must be filtered through the lens of its pending strategic shift: the merger with Morphogenesis, Inc. This isn't a typical biotech risk profile; it's a high-stakes pivot. The biggest near-term risk is the deal itself. If the merger fails, the company is immediately thrown back into a dire capital situation, which is a defintely challenging spot for a clinical-stage firm.

The core issue for CohBar is its lack of commercial revenue and its reliance on capital markets to fund its drug pipeline. As of a recent snapshot, the company's Market Cap stood at only approximately $1.19 million, and its Earnings Per Share (EPS) was deeply negative at -$4.37. This is the reality of a company burning cash to fund research and development (R&D). The entire investment thesis rests on the successful, timely advancement of its mitochondria-based therapeutics (MBTs) and the new combined pipeline.

Operational and Financial Headwinds

The risks here are concrete and tied directly to the biotech lifecycle. You need to focus on two main buckets: clinical failure and capital strain. For a company like CohBar, which is developing novel peptide sequences, the regulatory path is long and unforgiving. Even with promising early data, like the positive topline results for its lead compound, CB4211, in its Phase 1a/1b study for NASH and obesity, a single regulatory setback can wipe out years of work.

The financial pressure is also immense. CohBar's very public struggle to maintain its Nasdaq listing, including receiving a delisting notice in November 2023, shows the severity of its capital constraints and its status as a potential 'public shell' prior to the merger efforts. The need for continuous financing means significant shareholder dilution is a constant threat. Here's the quick math: the proposed Initial Financing tied to the merger is for 7,500,000 shares of common stock for an aggregate purchase price of $15 million, which is a massive injection but also a significant dilution event for existing shareholders.

• Clinical Trial Risk: Any delay in the Phase 1b trial for CB4211 or the Morphogenesis IFx-Hu2.0 cancer vaccine pushes out time-to-market and increases burn rate.
• Regulatory Risk: Unfavorable feedback from the FDA on safety, tolerability, or required Risk Evaluation and Mitigation Strategies (REMS) could halt a program entirely.
• Liquidity Risk: Failure to close the Initial Financing of $15 million or the full merger leaves the company with insufficient cash to continue operations.

Mitigation Strategies and Strategic Pivot

The company's primary mitigation strategy is the strategic business combination with Morphogenesis, Inc. This move is designed to solve the immediate financial and operational risks by creating a new, combined entity with a broader, more diversified pipeline, including Morphogenesis's personalized cancer vaccine, IFx-Hu2.0, which has shown positive Phase 1b results. The new management team and board structure are also part of this risk mitigation, aiming to stabilize corporate governance and operational focus.

What this estimate hides is the execution risk of integrating two biotechs and advancing two separate, complex drug platforms simultaneously. The planned reverse stock split, intended to help the combined entity meet Nasdaq listing requirements, is a necessary action, but it doesn't change the underlying enterprise value-it just changes the share count. It's a cosmetic fix for a structural problem. For a deeper dive into the company's long-term vision guiding this pivot, you should read Mission Statement, Vision, & Core Values of CohBar, Inc. (CWBR).

The key mitigation strategy is diversification of the drug portfolio, moving from a single-platform focus to a multi-asset approach, which spreads the risk of clinical failure across more programs. However, this also increases the R&D spend required to keep all programs moving.

Growth Opportunities

You need to understand that CohBar, Inc. (CWBR) is no longer the mitochondrial peptide company you might remember. Its future growth is entirely tied to the pipeline of the merged entity, TuHURA Biosciences, Inc., a Phase 3 immuno-oncology firm. The old focus on metabolic diseases like NASH is secondary; the new game is cancer, and it's all about clinical execution.

The core growth driver is the lead product, IFx-2.0, a personalized cancer vaccine designed to overcome resistance to existing checkpoint inhibitors. This is not a small-scale trial; the company is currently enrolling a Phase 3 accelerated approval trial for IFx-2.0 as an adjunctive therapy with Keytruda (pembrolizumab) in first-line advanced/metastatic Merkel Cell Carcinoma (MCC). Securing a Special Protocol Assessment (SPA) agreement with the FDA for this registration-directed trial is a major de-risking event, as it means the trial design is acceptable to the FDA for approval. That's the one thing that changes the entire valuation.

From a financial perspective, you must accept that a clinical-stage biotech has zero revenue in 2025. Consensus revenue forecasts for Q3 2025 were $0.000. The real numbers to track are the losses and the cash burn. For the nine months ended September 30, 2025, the net cash outflow from operating activities was $22.1 million. This is a significant jump from the $12.1 million outflow in the same period a year prior, reflecting the increased cost of running a Phase 3 trial.

• IFx-2.0: Phase 3 trial for MCC is the main value driver.
• TBS-2025: Phase 2 protocol submission in Q4 2025 for hematologic malignancies.
• DOR Program: Oral presentation at ASH 2025 in December for Delta Opioid Receptor (DOR) technology.

The company's competitive advantage is its focus on overcoming primary resistance to checkpoint inhibitors, a massive unmet need in oncology. However, this advantage is matched by a critical near-term risk: funding. To support the high burn rate-the net loss for the nine months ended September 30, 2025, was $23.29 million-TuHURA Biosciences, Inc. filed for an At-The-Market (ATM) facility of up to $50 million in November 2025. This is a necessary move, but it will cause shareholder dilution, as the total shares outstanding were already approximately 51.2 million as of September 30, 2025.

Here's the quick math: with a cash burn of $22.1 million over nine months, the company needs that $50 million ATM to keep the lights on and the trials running. The stock's market capitalization, which was around $127.76 million in November 2025, is a direct bet on the Phase 3 success, not on current financials. What this estimate hides is the binary nature of biotech: clinical success means a massive return; failure means the stock price goes to zero. You can explore more about who is betting on this success in Exploring CohBar, Inc. (CWBR) Investor Profile: Who's Buying and Why?

To be fair, the market is forecasting a positive long-term trajectory, predicting revenue growth of 73.5% per annum and EPS growth of 51.4% per annum, but this is a forecast to breakeven in 2027, not a near-term reality. For now, watch for the Q4 2025 Phase 2 protocol submission for TBS-2025 and the enrollment progress of the IFx-2.0 Phase 3 trial. These are the milestones that actually matter.