Clene Inc.

Listed Company

CLNNCIK 0001822791NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$200.0K

Net Income

$-26.17M

Total Assets

$18.13M

Equity

$-17.59M

Shares Out

11.78M

Op. Cash Flow

$-18.50M

Business

Clene Inc. is a clinical-stage pharmaceutical company that develops proprietary clean-surfaced nanotechnology (CSN®) therapeutics to catalytically support cellular energetic and metabolic reactions in diseased cells. Its main products include investigational nanocrystal drug candidates such as CNM-Au8 for neurodegenerative diseases, ionic zinc–silver and silver–zinc formulations (CNM‑ZnAg, CNM‑AgZn17), and low‑concentration dietary supplement formulations marketed via subsidiary dOrbital and a license with 4Life. The company operates R&D, nonclinical and clinical development teams, GMP manufacturing facilities, and clinical operations including EAPs and registrational trials. It conducts clinical trials and distributes supplements through international partners and clinical networks across the U.S., Australia, Brazil and other markets.

Summary from filing dated 2025-03-24

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	200,000	342,000	654,000	473,000	723,000
Cost of revenue	43,000	70,000	121,000	26,000	289,000
Research and development	14	20	27	32	28
General and administrative	9	13	14	17	22
Total operating expenses	23	33	41	49	51
Loss from operations	−23	−33	−41	−48	−50
Interest income	223,000	865,000	1	225,000	—
Interest expense	−3	−4	−5	—	—
Loss on extinguishment of notes payable	0	−214,000	0	—	—
Issuance costs for common stock warrant liabilities	0	−157,000	−333,000	0	—
Loss on initial issuance of equity	0	−2	−15	0	—
Change in fair value of common stock warrant liabilities	−522,000	−702,000	6	169,000	—
Change in fair value of derivative liabilities	−363,000	−379,000	0	169,000	983,000
Change in fair value of Clene Nanomedicine contingent earn-out liability	0	75,000	2	16	34
Change in fair value of Initial Stockholders contingent earn-out liability	0	10,000	281,000	2	4
Research and development tax credits and unrestricted grants	254,000	357,000	963,000	3	2
Other expense, net	0	−1,000	10,000	32,000	−12,000
Total other income (expense), net	−3	−6	−9	18	40
Net loss before income taxes	−26	−39	−50	−30	−10
Income tax expense	0	0	0	0	428,000
Net loss	−26	−39	−50	−30	−10
Unrealized loss on available-for-sale securities	0	−1,000	—	—	—
Foreign currency translation adjustments	101,000	−127,000	−20,000	−16,000	−92,000
Total other comprehensive income (loss)	101,000	−128,000	−4,000	−30,000	−92,000
Comprehensive loss	−26	−40	−50	−30	−10
Net loss per share basic and diluted (in dollars per share)	−2.65	−5.67	−9.43	−0.46	−0.16
Weighted average common shares used to compute basic and diluted net loss per share (in shares)	10	7	5	65	62

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2022 2022-02-28
Cash and cash equivalents	5	12	29	18	—
Accounts receivable	0	64,000	143,000	189,000	—
Inventory	37,000	68,000	37,000	43,000	—
Prepaid expenses and other current assets	4	4	4	6	—
Total current assets	9	16	39	29	—
Restricted cash	58,000	58,000	58,000	58,000	—
Operating lease right-of-use assets	3	4	4	5	2
Property and equipment, net	6	7	9	11	—
TOTAL ASSETS	18	27	52	44	—
Accounts payable	892,000	1	2	3	—
Accrued liabilities	5	8	4	4	—
Operating lease obligations, current portion	808,000	926,000	576,000	488,000	—
Notes payable, current portion	2	359,000	—	—	—
Convertible notes payable, current portion	2	0	—	—	—
Total current liabilities	11	10	25	14	—
Operating lease obligations, net of current portion	3	4	5	6	—
Notes payable, net of current portion	4	5	2	9	—
Convertible notes payable	10	11	5	10	—
TOTAL LIABILITIES	36	36	39	41	—
Commitments and contingencies (Note 9)	—	—	—	—	—
Common stock, $0.0001 par value: 600,000,000 shares authorized; 10,849,974 and 8,089,565 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	1,000	1,000	1,000	7,000	—
Additional paid-in capital	291	273	256	196	—
Accumulated deficit	−308	−282	−243	−193	—
Accumulated other comprehensive income	172,000	71,000	199,000	203,000	—
TOTAL STOCKHOLDERS DEFICIT	−18	−9	13	3	—
TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT	18	27	52	44	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	1	2	2	1	955,000
Non-cash lease expense	571,000	524,000	434,000	389,000	171,000
Issuance of common stock as payment of outstanding indebtedness	8,000	0	—	—	—
Stock-based compensation expense	6	8	9	9	12
Loss on disposal of property and equipment	0	154,000	0	—	—
Accretion of debt discount	1	1	1	863,000	336,000
Non-cash interest income on marketable securities	0	−153,000	0	—	—
Non-cash interest expense on notes payable	612,000	136,000	350,000	—	—
Accounts receivable	64,000	79,000	46,000	−140,000	−28,000
Inventory	31,000	−31,000	6,000	−2,000	150,000
Prepaid expenses and other current assets	119,000	−198,000	2	−1	−702,000
Accounts payable	−348,000	−264,000	−2	285,000	1
Accrued liabilities	−2	4	−143,000	253,000	894,000
Operating lease obligations	−1	−421,000	−566,000	−493,000	−154,000
Net cash used in operating activities	−19	−21	−30	−39	−35
Purchases of marketable securities	0	−6	−6	−25	0
Proceeds from maturities of marketable securities	0	13	5	12	0
Purchases of property and equipment	−39,000	−15,000	−330,000	−5	−1
Net cash provided by (used in) investing activities	−39,000	6	−1	−10	−1
Proceeds from exercise of stock options	0	124,000	0	310,000	443,000
Proceeds from issuance of common stock, warrants, and pre-funded warrants, net of offering costs	10	9	42	11	—
Proceeds from the issuance of debt and derivative liabilities	2	10	350,000	—	—
Payments of notes payable	−384,000	−21	0	0	−5,000
Payments of finance lease obligations	0	−27,000	−81,000	−135,000	−152,000
Net cash provided by (used in) financing activities	12	−2	42	17	27
Net decrease in cash, cash equivalents and restricted cash	−7	−17	10	−32	−9
Effect of foreign exchange rate changes on cash and restricted cash	101,000	−127,000	−4,000	−30,000	−85,000
Derivative liability recorded upon debt modification	687,000	67,000	—	—	—
Derivative liability recorded upon debt issuance	239,000	0	—	—	—
Common stock warrant liability recorded upon public stock offering	0	2	7	0	—
Cash paid for interest expense	1	3	3	2	—

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