Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Galmed Pharmaceuticals Ltd. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0.47
1.09
2.04
0
0
Research and development
14.3
9.65
8.31
18.2
26.1
27.2
13
3.57
2.98
4.87
General and administrative
3.08
3.8
4.44
4.2
4.13
5.66
4.66
3.92
3.3
3.64
Operating expenses
16.9
12.4
10.7
22.4
30.2
32.9
17.7
7.49
6.28
8.51
Operating income
-12.4
-10.7
-22.4
-30.2
Interest income
0.38
0.2
0.96
1.95
1.19
Other non-operating income
0.04
0.07
0.93
-1.92
1.44
0.41
-0.22
-0.58
-0.52
-0.74
Pre-tax income
-16.8
-12.3
-9.78
-20.5
-28.8
-32.5
17.9
6.91
7.52
Income tax
0.11
0
0.08
0
0
0
Net income
-17
-12.3
-9.86
-20.5
-28.8
-32.5
-17.9
-6.91
-7.52
-10.3
EBITDA
-12.1
-10.3
-22.3
-30.2
EPS, basic
174.60
243.00
237.60
127.80
30.00
8.08
2.39
EPS, diluted
174.60
243.00
237.60
127.80
30.00
8.08
2.39
Shares, basic (weighted)
11.4
12.5
18.1
0.12
0.12
0.14
0.14
0.23
0.93
4.31
Shares, diluted (weighted)
11.4
12.5
18.1
0.12
0.12
0.14
0.14
0.23
0.93
4.31
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
3.1
13
24.2
15.9
6.95
2.88
2.02
2.86
4.65
3.99
Short-term investments
0
6.07
27.9
3.81
31.9
11.8
7.5
7.2
7
Receivables
0.28
0.16
0.22
0.83
0.81
1.13
0.83
0.48
0.67
Other current assets
0.25
0.1
0.17
0.6
0.75
1.05
0.67
0.32
0.46
0.27
Total current assets
15.7
19.2
90.4
76.4
51.8
36.1
14.7
13.2
16.1
18.6
Property, plant and equipment
0.72
0.49
0.19
0.17
0.18
0.15
0.11
0.08
Lease right-of-use assets
0
0.54
0.39
0.41
0.22
0.04
Long-term investments
1.5
Other non-current assets
0.26
Total assets
16.5
19.6
90.6
77.1
52.4
36.6
16.6
16.6
18.5
18.6
Accounts payable
3.12
2.28
1.81
6
7.05
4.87
2.56
1.88
1.31
2
Accrued liabilities
0.07
Deferred revenue
1.09
0.54
0
Total current liabilities
4.58
3.85
2.71
6.93
8.01
5.88
3.09
2.75
2.17
2.85
Long-term debt
0.8
0
Lease liabilities
0
0.35
0.22
0.23
0.04
Total liabilities
5.38
3.85
2.71
7.29
8.23
6.11
3.14
2.75
2.17
2.85
Total debt
0.8
0
Paid-in capital
75.4
92.4
174
177
180
199
200
207
216
223
Retained earnings
-64.3
-76.6
-86.5
-107
-136
-168
-186
-193
-200
-211
Other comprehensive income
-0.09
-0.01
-0.01
0.04
0.27
-0.17
-0.75
-0.45
-0.42
-0.3
Shareholders' equity
11.1
15.8
87.9
69.9
44.2
30.5
13.4
13.9
16.3
15.8
Total equity
11.1
15.8
87.9
69.9
44.2
30.5
13.4
13.9
16.3
15.8
Total liabilities and equity
16.5
19.6
90.6
77.1
52.4
36.6
16.6
16.6
18.5
18.6
Shares outstanding
12.1
14.4
21
0.12
0.12
2.09
1.69
0.57
1.66
6.58
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-17
-12.3
-9.86
20.5
-28.8
32.4
17.9
10.3
7.5
6.9
Depreciation and amortization
0.17
0.24
0.39
0.04
0.04
0.04
0.04
0.03
0.08
Stock-based compensation
1.63
1.39
1.78
2.23
2.07
1.89
1.3
0.89
0.53
0.55
Cash from operations
-12.1
-12.1
-9.02
-14.9
-26.3
-32.9
-18.5
-6.14
-5.88
-6.32
Capital expenditures
-0.02
-0.01
-0.09
-0.01
-0.04
-0.01
-0
Acquisitions
-0.25
Purchases of investments
-3.87
-92.3
-72.6
-55
-60
-6
-6
Sales and maturities of investments
101
47.2
21.2
21.4
8.63
5.5
1.61
Cash from investing
6.34
6.44
-60
6.68
16.5
11.5
17.6
0.8
-1.11
-3.38
Stock issued
4.48
15
1.03
0.14
0.71
9.22
4.39
7.67
Cash from financing
4.73
15.5
80.2
0.14
0.77
17.4
0.07
6.19
8.79
9.03
Net change in cash
-1.06
9.92
11.1
-8.12
-8.98
-4.06
-0.87
0.85
1.8
-0.66
Free cash flow
-12.1
-12.1
-9.11
-14.9
-26.3
-32.9
-18.5
Interest paid
0.11
1.95
1.19
0.56
0.3
0.38
0.5
0.91
Income taxes paid
0.11
0
0.08
0
0
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $4.63 on September 9, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-64.2%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-55.5%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
EPS growth, 1y
-70.4%
EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y
-73.5%
Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y
-60.3%
Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-3.3%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
5.5%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-18.6%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
0.7%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
4.0%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-18.7%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
363.2%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
213.7%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
105.3%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
6.55x
Current assets / current liabilities.
Quick ratio
3.86x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
3.86x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
$2.39
Net income per basic share, as reported (split-adjusted).
Operating cash flow per share
-$1.46
Cash from operations / diluted weighted shares.
Book value per share
$2.40
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/B
2.44x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
2.44x
Market cap / tangible book value, when positive.
Earnings yield
-26.7%
Net income / market cap (the inverse of P/E).
Was Galmed Pharmaceuticals Ltd. profitable in fiscal 2025?
No. It reported a net loss of $10.3M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.