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BBLGW

Bone Biologics Corporation

BBLGW

Bone Biologics Corporation • NASDAQ
$25.45 ▲ 17.28% (+3.75)
Market Cap $45.69 M
52w High $95.04
52w Low $4.70
Dividend Yield 0%
P/E -176.74
Volume 50
Outstanding Shares 348.13K

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 reported essentially no product revenue for several years, which means its income statement is driven almost entirely by research and overhead costs. The business consistently runs at a loss, reflecting ongoing spending without commercial sales yet. Earnings per share look sharply negative, which mostly reflects a tiny equity base and repeated recapitalizations rather than large absolute dollar losses. Overall, this is an early clinical company still firmly in the investment phase, not yet in the earning phase.

Balance Sheet

Balance Sheet The balance sheet is very small and quite fragile. The company has minimal assets and only modest cash, with little or no traditional debt. Equity has hovered close to zero and even dipped negative in the past, which points to repeated dilution and recapitalizations to keep operations going. The history of reverse stock splits underscores how thinly capitalized the business is and how dependent it is on external financing. This is not a balance sheet with much cushion; financial flexibility is limited and closely tied to access to new capital.

Cash Flow

Cash Flow Cash flow follows the story of a pre-revenue biotech: money flows out to fund research, regulatory work, and overhead, with nothing yet coming in from product sales. Operating cash flow has been negative, and free cash flow is essentially the same because there is little spending on physical equipment. The company’s survival and progress depend on raising fresh funds rather than generating cash internally, so the timing and terms of future financings are crucial and a key uncertainty.

Competitive Edge

Competitive Edge Commercially, Bone Biologics is a very small player aiming at a very large and competitive spinal fusion market dominated by established medical device and biotech companies. Its main differentiator is its NELL-1 protein platform, which could offer safety and specificity advantages over current growth-factor-based bone grafts if clinical data support the promise. The intellectual property around NELL-1 and the focused initial application in spinal fusion provide a potential niche, but the company lacks scale, brand recognition, and commercial infrastructure. Regulatory risk, clinical risk, and the strength of much larger incumbents are significant competitive challenges.

Innovation and R&D

Innovation and R&D Innovation is the company’s core strength. The NELL-1 technology is based on substantial academic research and offers a distinct biological mechanism geared toward targeted bone regeneration. The lead product candidate, NB1, combines this protein with a known bone graft material, aiming to improve fusion rates with fewer side effects. A pilot clinical study is underway, which is a critical proof-of-concept step. Success there could open doors to broader uses in trauma and osteoporosis. However, the program is still early, so scientific, regulatory, and execution risks remain high, and timelines are uncertain.

Summary

Bone Biologics (and by extension its warrants) represents a classic high-risk, early-stage medical technology story. Financially, it has no revenue, a very thin balance sheet, and negative cash flow, making it highly dependent on new capital raises. Strategically, it is trying to carve out a position in a large, established spinal fusion market through a novel protein-based approach backed by patents and academic science. The upside case depends on successful clinical data, regulatory approvals, and the ability to fund and execute commercialization, while the downside centers on trial setbacks, financing constraints, and competition from much larger players. Overall, this is a speculative, binary-type profile where scientific and clinical milestones are far more important than current financial performance.