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Adlai Nortye Ltd.

ANL

Adlai Nortye Ltd. • NASDAQ
$1.59 ▲ 15.22% (+0.21)
Market Cap $49.67 M
52w High $2.99
52w Low $1.10
Dividend Yield 0%
P/E -0.98
Volume 16.74K
Outstanding Shares 31.24M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2024 $745K $14.079M $-13.806M -1.853K% $-1.59 $-14.355M
Q1-2024 $745K ▼ $14.079M ▼ $-13.806M ▼ -1.853K% ▼ $-1.59 ▲ $-14.355M ▲
Q4-2023 $2.5M $25.296M ▲ $-13.226M -529.06% $-1.95 $-17.43M
Q3-2023 $2.5M ▲ $15.13M ▼ $-13.226M ▲ -529.06% ▼ $-1.95 ▲ $-17.43M ▲
Q2-2023 $0 $16.862M $-63.397M 0% $-7.47 $-62.588M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2024 $60.909M ▼ $71.27M ▼ $45.785M ▼ $25.485M ▼
Q2-2024 $97.987M $107.682M $54.314M $53.37M
Q1-2024 $97.987M ▼ $107.682M ▼ $54.314M ▲ $53.37M ▼
Q4-2023 $98.723M $130.189M $50.786M $79.403M
Q3-2023 $98.723M $130.189M $50.786M $79.403M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2024 $-13.806M $-14.185M $13.757M $3.755M $3.244M $-14.246M
Q1-2024 $-13.806M ▼ $-14.185M ▲ $13.757M ▲ $3.755M ▼ $3.244M ▼ $-14.246M ▲
Q4-2023 $-13.226M $-19.165M $-16.16M $50.639M $15.732M $-19.222M
Q3-2023 $-13.226M ▲ $-19.165M ▼ $-16.16M ▼ $50.639M ▲ $15.732M ▲ $-19.222M ▼
Q2-2023 $-63.397M $-8.316M $39K $9.468M $189K $-8.379M

Five-Year Company Overview

Income Statement

Income Statement Adlai Nortye is still a pure research-stage biotech: it has essentially no recurring product revenue and relies on funding rather than sales to cover its costs. The income statement shows steady operating and net losses year after year, driven mainly by research spending and overhead. Losses have been material but not unusually large for a small oncology-focused biotech. Per‑share losses remain significant, though they have narrowed somewhat most recently, suggesting some cost discipline or scale benefits from prior fundraising. Overall, the financial story is still “investment mode,” not “profit mode.”

Balance Sheet

Balance Sheet The balance sheet is small but relatively simple. Most assets are held in cash or cash-like instruments, which is typical for a clinical‑stage biotech that has not yet built manufacturing or commercial infrastructure. Debt is present but modest in absolute terms, though it matters more given the company’s small size and lack of revenue. A notable positive is that shareholder equity has moved from negative to clearly positive, reflecting recapitalization and the IPO; this strengthens the balance sheet versus prior years. Still, the company remains financially lean and dependent on continued access to capital markets or partnerships.

Cash Flow

Cash Flow Cash flows highlight ongoing cash burn from operations, fully consistent with a company funding multiple clinical trials. Operating cash outflows are persistent and closely match total free cash flow outflows, since the company has minimal capital spending on physical assets. In other words, nearly all cash use is going directly into R&D and running the business, not into buildings or equipment. This makes the cash runway largely a function of the current cash balance and the pace of clinical development. Without incoming product cash, the company will likely need periodic additional financing or partnership income to sustain its pipeline.

Competitive Edge

Competitive Edge Adlai Nortye operates in one of the most attractive but crowded arenas in healthcare: oncology. Its edge comes from a focused portfolio of targeted and immune‑modulating cancer therapies, including a late‑stage drug in a large unmet‑need indication, plus several earlier‑stage assets that aim to be first‑in‑class or clearly differentiated. The company enhances its position by combining internal discovery with in‑licensed assets from large pharma, and by maintaining R&D centers in both the U.S. and China. Partnerships with well‑known pharmaceutical and technology companies provide external validation and potential support for commercialization. However, competition in cancer treatment is intense, with many larger and better‑funded rivals, so long‑term positioning will depend heavily on clinical results and the ability to secure strong commercial partners.

Innovation and R&D

Innovation and R&D Innovation is the core of Adlai Nortye’s value proposition. It has built specialized platforms for immune‑oncology and antibody discovery, which are designed to speed up and improve the design of new therapies and combinations. Its pipeline spans multiple approaches: an oral late‑stage targeted therapy, immune‑modulating small molecules, a potential oral PD‑L1 inhibitor, a tri‑specific antibody, and an in‑house pan‑RAS inhibitor tackling a historically difficult cancer target. This mix of modalities and targets spreads scientific risk and offers several potential “shots on goal.” The strategy of in‑licensing advanced assets while also nurturing homegrown candidates is a notable strength. The flip side is high scientific, clinical, and regulatory uncertainty: any setback in key trials or platform validation could materially affect the story, and sustained R&D spending will be required for years before any broad commercial payoff.

Summary

Adlai Nortye is a young, clinical‑stage oncology biotech with a financial profile that is typical for its stage: minimal revenue, consistent losses, and ongoing cash burn, supported by a strengthened but still lean balance sheet after recent fundraising. The company’s appeal rests almost entirely on its pipeline and platforms rather than on current financial performance. It has a diversified set of cancer drug candidates, including a pivotal‑stage asset and several potentially first‑in‑class or more convenient oral therapies, backed by proprietary discovery technologies and global R&D operations. Strategic collaborations with major pharma players add credibility and potential downstream support. Key risks center on clinical trial outcomes, regulatory decisions, competition in a crowded oncology field, and the need for continued access to capital. Over the next few years, the company’s trajectory will be driven far more by scientific and clinical milestones than by conventional financial metrics.

NEWS

October 13, 2025 · 11:07 PM UTC

Adlai Nortye to Present Short Talk at AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics

Read more