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BBLG

Bone Biologics Corporation

BBLG

Bone Biologics Corporation • NASDAQ
$1.49 ▲ 4.93% (+0.07)
Market Cap $2.67 M
52w High $7.74
52w Low $1.30
Dividend Yield 0%
P/E -0.62
Volume 13.62K
Outstanding Shares 1.80M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $715.274K ▼ $-666.737K ▲ 0% $-0.37 ▲ $48.537K ▲
Q2-2025 $0 $748.075K ▼ $-740.519K ▲ 0% $-1.33 ▼ $-748.075K ▲
Q1-2025 $0 $1.038M ▼ $-1.017M ▲ 0% $-0.32 ▲ $-1.017M ▲
Q4-2024 $0 $1.555M ▲ $-1.522M ▼ 0% $-0.48 ▲ $-1.522M ▼
Q3-2024 $0 $951.021K $-941.002K 0% $-2.37 $-941.002K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $6.049M ▼ $6.351M ▼ $334.282K ▼ $6.017M ▼
Q2-2025 $6.64M ▲ $7.002M ▲ $406.142K ▲ $6.596M ▲
Q1-2025 $2.747M ▼ $3.162M ▼ $251.158K ▼ $2.911M ▼
Q4-2024 $3.325M ▼ $3.861M ▼ $377.712K ▲ $3.484M ▼
Q3-2024 $3.566M $4.066M $273.402K $3.792M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-666.737K ▲ $-591.384K ▼ $0 $0 ▼ $-591.384K ▼ $-591.384K ▼
Q2-2025 $-740.519K ▲ $-458.879K ▲ $0 $4.353M ▲ $3.894M ▲ $-458.879K ▲
Q1-2025 $-1.017M ▲ $-926.125K ▲ $0 $347.549K ▼ $-578.576K ▼ $-926.12K ▲
Q4-2024 $-1.522M ▼ $-1.353M ▼ $0 $1.112M ▼ $-241.295K ▼ $-1.353M ▼
Q3-2024 $-941K $-572.162K $0 $1.807M $1.234M $-572.162K

Five-Year Company Overview

Income Statement

Income Statement Bone Biologics is still a pure development-stage company: it has not generated product revenue in the past several years and appears fully dependent on external funding rather than sales. The income statement shows recurring losses each year, which is typical for early-stage biotech and device developers investing heavily in trials, regulatory work, and overhead without any commercial products yet. Per‑share losses look very large, which is influenced not only by operating losses but also by repeated reverse stock splits that shrink the share count. Overall, the business is still firmly in the “spending to build” phase, with profitability entirely dependent on successful clinical and regulatory outcomes in the future.

Balance Sheet

Balance Sheet The balance sheet looks very thin, with a very small base of assets and cash and little to no traditional debt, suggesting the company is mainly funded through equity issuance rather than borrowing. At times in the past, shareholder equity has hovered near or even below zero, which signals a limited financial cushion. This, combined with the small asset base, underlines that Bone Biologics is financially fragile and highly sensitive to funding availability. Repeated reverse stock splits point to a history of share price pressure and equity restructuring, which can be a sign of ongoing dilution risk for existing investors.

Cash Flow

Cash Flow Cash flows reflect the same early-stage profile: money is consistently flowing out of the business to cover operating expenses, while there is essentially no cash being generated from operations or from commercial products. Capital spending on physical assets appears minimal, so most cash burn likely goes toward research, clinical trials, regulatory preparation, and corporate costs. The company has indicated that a recent capital raise should fund operations into the middle of the decade, but this kind of guidance is always subject to changes in trial timelines, costs, and any strategic shifts. Future progress will likely require additional fundraising unless a partner steps in to share development and commercialization costs.

Competitive Edge

Competitive Edge Competitively, Bone Biologics is a very small player operating in a market dominated by global giants in spine and orthopedics. Its potential edge comes from a differentiated technology—NELL‑1—which is designed to promote targeted bone growth and potentially improve safety and outcomes versus current options. The exclusive worldwide license from UCLA for NELL‑1 is an important strategic asset, creating a barrier for direct imitators. However, the company must still prove, through rigorous clinical data, that its approach is meaningfully better and cost-effective compared with well-entrenched products from large competitors. Its size, limited resources, and lack of commercial infrastructure put it at a scale disadvantage, making partnerships or alliances especially important if its technology proves out.

Innovation and R&D

Innovation and R&D Innovation is the core of Bone Biologics’ story. The company is built around the NELL‑1 protein platform and its lead candidate, NB1, initially aimed at spinal fusion procedures. Early preclinical work suggests more targeted bone formation and a potentially cleaner safety profile compared with a key existing therapy, which, if verified in humans, would be a strong differentiator. The ongoing pilot clinical trial in Australia is a key milestone: it is designed to show whether NB1 is safe and effective in real patients, forming the basis for a larger U.S. pivotal study. Beyond spinal fusion, management is exploring trauma and osteoporosis applications, which could significantly broaden the use of NELL‑1 over time. That said, all of these programs are subject to the usual scientific, clinical, and regulatory risks common to early-stage biotech, and timelines can be long and uncertain.

Summary

Bone Biologics is a high-risk, early-stage spine and bone-regeneration company with a promising but unproven technology platform. Financially, it is pre‑revenue, loss‑making, and thinly capitalized, with a history of reverse stock splits and a clear reliance on continued access to equity markets or partners to fund operations. Strategically, its strength lies in its exclusive NELL‑1 technology, which could offer a more targeted and potentially safer option for bone growth in spinal fusion and other orthopedic indications. Its main challenges are its small scale, dependence on a single core platform, and the need to demonstrate compelling clinical and economic advantages against much larger competitors. The company’s future will largely hinge on clinical trial results for NB1, regulatory progress, and its ability to secure the capital and partnerships needed to move from a research story to a commercial reality.

NEWS

September 4, 2025 · 7:00 AM UTC

Bone Biologics CEO Issues Letter to Stockholders Highlighting Company Update and Outlook

Read more