Breaking Down Aditxt, Inc. (ADTX) Financial Health: Key Insights for Investors

If you're looking at Aditxt, Inc. (ADTX) right now, you need to cut through the noise and face the hard numbers from the first half of the 2025 fiscal year. The financial picture is defintely challenging; for the second quarter of 2025 alone, the company reported a net loss of $7.4 million, continuing a trend that saw a trailing twelve-month net loss hit $36.9 million as of June 30, 2025. Revenue is the real concern, dropping dramatically to just $1,004 in Q2 2025, a steep fall from the prior year, mostly due to decreased COVID testing demand. The balance sheet shows the strain, with the cash balance sitting precariously low at $323,679 and a working capital deficit of $20.1 million as of June 30, 2025. Honestly, a $5.7 million pile of accounts payable overdue by more than 90 days raises a serious 'going concern' question, so you have to understand the immediate risks before you can even think about the potential upside of their immune modulation therapeutic programs.

Revenue Analysis

If you're looking at Aditxt, Inc. (ADTX), the first thing you need to understand is that their revenue picture is currently dominated by a steep, near-total contraction. The core takeaway is simple: the company's operating revenue has fallen off a cliff in 2025, but one analyst forecast suggests a massive, speculative rebound is possible by year-end.

For the trailing twelve months (TTM) ending June 30, 2025, the actual reported revenue was only about $12.05 thousand. Here's the quick math: that TTM figure represents a year-over-year decline of a staggering -96.35%. This is not a slight dip; it's a near-complete halt in top-line performance, which is a critical risk factor you must weigh.

Understanding Aditxt, Inc.'s Revenue Streams

Aditxt, Inc.'s revenue is primarily generated from its core technology platform, which is focused on immune monitoring and reprogramming. The revenue falls into two main buckets: product sales and services. The primary, named source of revenue is the AditxtScore™ services.

• AditxtScore™ Services: This involves the analysis of specimens in the company's CLIA (Clinical Laboratory Improvement Amendments) laboratory. Essentially, they are selling the results and insights from immune system analysis.
• Product Sales: Revenue from the direct sale of products, though this segment contributes to the overall minimal revenue.

To be fair, the company maintains a CLIA-certified, CAP-accredited, high-complexity immune monitoring center in Richmond, Virginia. Still, the current revenue numbers show that the commercialization of these services is struggling immensely.

Year-over-Year Revenue Contraction and the 2025 Forecast

The historical trend shows a highly volatile revenue history, but the near-term is marked by severe decline. The fiscal year 2024 annual revenue was $133.99 thousand, which was already a -79.23% decrease from 2023. The Q2 2025 revenue was just $1.0 thousand, down -97.73% from the same quarter in the prior year.

What this estimate hides is a massive disconnect between actual results and forward-looking speculation. While the TTM revenue is only $12.05 thousand, one analyst forecast for the full 2025 fiscal year revenue is an ambitious $21 million. This implies a massive, defintely unproven revenue ramp-up in the second half of the year, likely tied to a successful strategic shift or significant new contract. You need to treat that $21 million figure as a high-risk, high-reward opportunity, not a certainty.

Here is the recent revenue history, which highlights the critical trend:

The significant change is the catastrophic revenue collapse in 2024 continuing into 2025, indicating that whatever revenue drivers were in place-like the massive growth seen in 2022-are no longer contributing meaningfully. This is why the company is actively pursuing capital-raising transactions to meet its needs. For a deeper dive into who is still buying into this story, you should check out Exploring Aditxt, Inc. (ADTX) Investor Profile: Who's Buying and Why?

Profitability Metrics

You're looking for a clear signal on whether Aditxt, Inc. (ADTX) is moving toward financial self-sufficiency, but the 2025 forecasts show the company is still deep in the investment phase, which is common for early-stage biotechnology (Biotech) firms. The core takeaway is that while revenue is projected to jump significantly, the company is expected to operate at a substantial loss.

For the 2025 fiscal year, analysts project Aditxt, Inc.'s annual revenue to hit approximately $21 million. However, the forecasted Earnings Before Interest and Taxes (EBIT), which is your operating profit, is expected to be a loss of $-9 million. This translates directly to an Operating Profit Margin of about -42.86%. That's a massive operational burn rate. The company is spending nearly $1.43 for every dollar of revenue it brings in just to run its core business.

Gross Profit and Operational Efficiency

The gross profit margin is the first indicator of a product's viability, and here the picture is challenging. For the fiscal year 2024, Aditxt, Inc. reported a negative Gross Profit of $-0.493 million on revenue of only $0.134 million, resulting in a severely negative gross margin of approximately -367.9%. This means the Cost of Revenue (Cost of Goods Sold) was far higher than the actual sales, which suggests early-stage production inefficiencies or significant fixed costs in the cost of goods sold (COGS) structure.

The good news is the projected revenue of $21 million for 2025 suggests a substantial scaling effort, which should, in theory, improve that gross margin. Still, even with that growth, the operational efficiency remains a major concern. The industry-wide average Gross Profit Margin for Biotechnology companies sits around 87.2%, so Aditxt, Inc. has a long, defintely uphill climb to reach a comparable level of cost management.

• Gross Margin: Historically negative, signaling high production costs.
• Cost Management: Requires aggressive control as revenue scales to turn the gross profit positive.
• Operational Loss: The $-9 million EBIT forecast shows the heavy investment in Research and Development (R&D) and Selling, General, and Administrative (SG&A) expenses.

Net Profit Margins and Industry Comparison

When we move down to Net Profit, the losses deepen. The forecasted Earnings Per Share (EPS) for 2025 is $-1.38, which confirms a significant Net Loss. For context, the trailing twelve months (TTM) Net Loss ending June 30, 2025, was approximately $-36.9 million. This high level of loss is a function of the negative operating income plus non-operating expenses like interest on debt and other one-time charges.

To be fair, the Biotech sector is known for deep losses during the R&D and commercialization phase. The industry average Net Profit Margin is a staggering -165.4%, reflecting the high-risk, high-reward nature of drug and therapy development. Aditxt, Inc.'s losses are not an anomaly in this space, but they do demand a clear funding runway. You can better understand the company's long-term vision by reviewing its Mission Statement, Vision, & Core Values of Aditxt, Inc. (ADTX).

Here's the quick math on the key profitability ratios, comparing the company's operational reality to the industry benchmark:

What this estimate hides is the volatility of the Net Profit Margin calculation for a company with such a small revenue base; a slight change in the $21 million revenue forecast or the Net Loss figure could swing that margin wildly. Your key action item is to track the Gross Profit Margin in the next few quarters. If that margin starts moving toward zero, it signals improving operational efficiency and a better chance of sustaining the business model.

Debt vs. Equity Structure

You're looking at Aditxt, Inc. (ADTX)'s balance sheet to figure out how they fund their operations, and the answer is a mix, but the near-term picture is dominated by short-term obligations and a strategic pivot toward debt. As of the most recent fiscal data, Aditxt, Inc. has a total debt of roughly $4.7 million against total shareholder equity of about $12.0 million. This gives us a Debt-to-Equity (D/E) ratio of approximately 39% (or 0.39), which, on the surface, looks manageable.

But you have to look deeper, especially in the volatile biotech sector. The average Debt-to-Equity ratio for the Biotechnology industry is significantly lower, around 0.17 (17%). So, while Aditxt, Inc.'s ratio is below the general investing red flag of 2.5, it is more than double the industry average. This means the company is using more debt relative to its equity than most of its peers, signaling a higher reliance on borrowed money. What this estimate hides is the nature of the liabilities, which are heavily weighted toward the short-term.

Here's the quick math on their obligations:

• Total Debt: ~$4.7 million
• Total Short-Term Liabilities: ~$20.6 million
• Total Long-Term Liabilities: ~$113.7 thousand

The company has very little long-term debt, but the high short-term liabilities figure-which includes borrowings, accounts payable, and other near-term obligations-is the real pressure point. They need to generate cash flow fast. You can see their focus on immediate funding in their recent debt issuances, which are high-interest and short-term.

Aditxt, Inc. has been actively using high-cost, short-term notes to raise capital in 2025. This is a clear indicator of immediate cash needs, and the terms are quite restrictive. For example, in September 2025, the company issued $212,500 in senior unsecured notes with a 10% interest rate, maturing only a few weeks later on September 30, 2025. Earlier in April 2025, they secured $256,250 through similar senior notes, also at a 10% annual interest rate, due in May 2025. Plus, the CEO even provided a loan of $233,000 in May 2025 at 7.5% interest, due in November 2025. These are defintely expensive ways to raise capital.

This debt-heavy approach is a deliberate strategic move. In late 2024, Aditxt, Inc. announced a temporary halt to its equity financing activities, like its At-the-Market (ATM) offerings, to pivot toward debt financing for its acquisition strategy. The goal is to fund growth through borrowing to minimize shareholder dilution, but the cost is higher interest expense and a tighter liquidity profile. The notes often require 100% of any future common stock sales proceeds to be used for repayment, essentially tying the company's hands on future equity raises until the debt is cleared. For a deeper dive into the company's long-term vision, you can read their Mission Statement, Vision, & Core Values of Aditxt, Inc. (ADTX).

Here is a quick summary of the financing structure:

The company is clearly balancing its need for capital to execute acquisitions with the desire to protect shareholders from dilution, but the price is a high interest rate and a constant need to roll over short-term notes. Finance: Track the repayment of the September 2025 notes to confirm they were cleared on schedule.

Liquidity and Solvency

You're looking at Aditxt, Inc. (ADTX)'s balance sheet to figure out if they can cover their near-term bills, and honestly, the numbers show a significant challenge. Liquidity is the ability to meet short-term obligations, and for Aditxt, Inc., the most recent figures point to an extremely tight position. This is defintely the first thing an investor needs to understand.

The most telling metrics are the Current and Quick Ratios. As of the most recent reporting periods leading into late 2025, Aditxt, Inc.'s Current Ratio sits at approximately 0.02 and the Quick Ratio is also around 0.02. A ratio of 1.0 or higher is generally considered healthy, meaning current assets cover current liabilities. An asset-light biotech company might run lower, but a ratio of 0.02 means the company has only 2 cents of liquid assets for every dollar of short-term debt. That's a huge gap.

Here's the quick math on their short-term position, based on Q2 2025 data:

• Short-Term Assets: Approximately $433.7K
• Short-Term Liabilities: Approximately $20.6M
• Working Capital: A deficit of $20.1 million

The trend in working capital is a major concern. The company has been running a substantial working capital deficit, which means current liabilities consistently exceed current assets. Plus, a significant portion of their payables-approximately $5.7 million-was over 90 days past due in Q2 2025. That's a classic red flag for vendor relations and operational stability.

Cash Flow: The Burn Rate and Lifeline

When operations don't generate cash, a company must rely on financing, and that's exactly what you see with Aditxt, Inc. The Cash Flow Statement overview for the first half of 2025 shows a clear pattern of cash consumption from core business activities, offset by capital raises.

For the second quarter of 2025 (Q2 2025), the cash flow breakdown looked like this:

The -$4.14 million in cash flow from operating activities in Q2 2025 confirms the company is burning cash to run its business, which is common for a clinical-stage biotech but unsustainable without external funding. The positive cash flow from financing of $16.01 million shows they successfully raised capital to plug that hole. For example, in September 2025, they issued $212,500 in senior unsecured notes [cite: 10 from step 1].

Near-Term Liquidity Risks and Actions

The biggest near-term risk is the reliance on financing. The cash balance was just $323,679 as of June 30, 2025. That's not much of a cushion. The extreme working capital deficit and the past-due payables have led management to disclose substantial doubt about the company's ability to continue as a going concern. This is the most serious disclosure a company can make.

What this estimate hides is the speed of the cash burn against the success of their ongoing capital raising initiatives, which include equity offerings and debt financing. The market is also on watch because the company delayed its Q3 2025 10-Q filing on November 17, 2025, citing time constraints. While they stated no significant financial changes are expected, a filing delay always adds uncertainty, especially when liquidity is already a major question mark.

For more on the big picture, you can check out the full analysis: Breaking Down Aditxt, Inc. (ADTX) Financial Health: Key Insights for Investors.

Valuation Analysis

You're looking at Aditxt, Inc. (ADTX) and trying to figure out if you're buying a deep-value play or a distressed asset. The short answer is the traditional valuation metrics are screaming extreme risk, which often translates to a stock being priced as a lottery ticket, not a stable investment.

As of November 2025, Aditxt, Inc. is a micro-cap company with a market capitalization of roughly $3.14 million, and its Enterprise Value (EV) sits around $5.37 million. Here's the quick math on why standard ratios don't give a clean answer on over- or undervaluation:

• Price-to-Earnings (P/E) Ratio: This is essentially meaningless right now. The trailing twelve-month Earnings Per Share (EPS) as of Q2 2025 was a negative -$1,314.78, so the P/E ratio is reported as 0.00 or 'n/a'. You can't use P/E when a company isn't profitable.
• Price-to-Book (P/B) Ratio: This is incredibly low at just 0.01. A P/B this low suggests the market values the company at only 1% of its book value (assets minus liabilities), often indicating severe market skepticism about the quality of those assets, or that the company is defintely facing significant financial distress.
• Enterprise Value-to-EBITDA (EV/EBITDA): The ratio is negative, reported at approximately -0.2x. This confirms the company has negative Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA), which is typical for a clinical-stage biotechnology firm but confirms a lack of operating profitability.

Stock Price Trends and Corporate Actions

The stock's price trend over the last year is a major red flag. Aditxt, Inc.'s stock price has plummeted by a staggering -99.95% over the last 52 weeks. This kind of drop is catastrophic and reflects a massive loss of investor confidence and significant shareholder dilution.

To keep its share price above the NASDAQ minimum, the company executed a 1-for-113 reverse stock split effective November 3, 2025. The stock was trading around $4.8396 as of mid-November 2025. A reverse split doesn't change the underlying company value, but it's a desperate move to maintain listing compliance and often precedes further volatility.

Dividend Policy and Analyst Outlook

You won't be getting any income from this stock. Aditxt, Inc. is a growth-focused biotechnology company and, as expected, does not pay a dividend. The trailing twelve-month (TTM) dividend payout is $0.00, resulting in a 0.00% dividend yield as of November 13, 2025. The focus is entirely on capital appreciation, which, given the recent trend, is a high-stakes bet.

Analyst consensus is difficult to pin down precisely post-reverse split, but some forecasts show wildly bullish targets, with an average analyst price target for 2025 as high as $2,834.15. Honestly, you have to treat these extreme numbers with extreme caution; they are likely not fully adjusted for the recent 1:113 reverse stock split and the subsequent price collapse. What this estimate hides is the fundamental risk of a company with a Price-to-Sales (P/S) ratio of 17.7x, which is expensive compared to the US Biotechs industry average of 11x, despite the low P/B.

For a deeper dive into the company's operational footing, you should check out the full analysis: Breaking Down Aditxt, Inc. (ADTX) Financial Health: Key Insights for Investors

Risk Factors

You're looking at Aditxt, Inc. (ADTX) and trying to figure out if the high-risk, high-reward biotech model is worth the gamble. Honestly, the company faces significant headwinds right now, primarily centered on its financial stability and the intensely competitive landscape of immune-health innovation. The core takeaway is that this is a company in a deep capital-raising mode with substantial operational strain.

The most pressing internal risk is financial. Aditxt, Inc. is quickly burning through cash, a fact that raises a 'going concern' issue-the risk that the company may not be able to continue operating without securing substantial new capital. For the three months ended June 30, 2025, the company reported a Net Loss of nearly $(7.4 million), specifically $(7,395,658). This is a clear indicator of the cash drain. Furthermore, the diluted earnings per share (EPS) as of July 2025 stood at a negative -$8.12, and free cash flow had plummeted to -$11.7 million.

Here's the quick math on the operational challenge: The operating revenue in July 2025 was a modest $1,018, but total expenses were skyrocketing over $5.6 million. That gap is the operational strain you need to focus on.

• Financial Strain: Q2 2025 Sales were just $1,004.
• Liquidity: Free cash flow is a negative $11.7 million.
• Profitability: Gross Profit (Loss) for Q2 2025 was a mere $(1).

The external risks are just as real. The biotechnology sector is fiercely competitive, with Aditxt, Inc. facing off against established pharmaceutical companies and well-funded biotech firms, all vying for market share and research funding. Plus, you have the regulatory gauntlet. The company was facing a potential Nasdaq delisting for not meeting the minimum bid price rule, a situation that required a reverse stock split to address before the April 1, 2025, deadline. That kind of volatility, with the stock exhibiting a wide 52-week range, signals significant risk and uncertainty for investors.

To be fair, management is taking clear steps to mitigate these risks. Their primary strategy is a pivot to strategic acquisitions-like the proposed mergers with Appili Therapeutics, Inc. and Evofem Biosciences, Inc.-to expand their health innovation platform into areas like women's health and public health. To fund these acquisitions and minimize shareholder dilution from stock sales, they are shifting their capital raising strategy towards debt financing.

This is a major strategic shift, and it's a high-stakes move.

The company's mitigation strategies, while aggressive, carry their own risks, as the shift to debt financing suggests a significant debt burden. For a deeper dive into the company's long-term vision, you can check their Mission Statement, Vision, & Core Values of Aditxt, Inc. (ADTX).

Here is a quick snapshot of the financial forecasts for the full 2025 fiscal year, which defintely underscores the need for their mitigation plans:

What this estimate hides is the execution risk on those acquisitions and the challenge of turning a projected $21 million in revenue into a sustainable business model that can cover a $9 million projected EBIT loss. The company must execute perfectly on its strategic plan to convert innovation into revenue.

Growth Opportunities

You're looking at Aditxt, Inc. (ADTX) and trying to map out a path to profitability, which is smart because the current financials show a company in heavy investment mode. The growth story here is not about today's revenue-which was a modest $12.05 thousand in the trailing twelve months as of June 30, 2025-but about the commercialization of its multi-subsidiary platform.

Wall Street analysts are projecting a significant revenue jump for the 2025 fiscal year, forecasting annual revenue of approximately $21 million. That's a massive leap, but it's anchored in the firm's pipeline finally hitting key milestones. Here's the quick math: that forecast implies a revenue growth rate of about 43.78% for the year, which is aggressive but possible if their strategic plays pay off. Still, you need to remember that the forecasted annual earnings per share (EPS) remains negative at -$1.38 for 2025, meaning they are defintely still burning cash for growth.

The core of Aditxt, Inc.'s future lies in its product pipeline and strategic acquisitions, which are designed to launch new revenue streams:

• Adimune™: This subsidiary is advancing its lead drug candidate, ADI-100, toward clinical trials. This is a big deal because it targets massive markets like autoimmune diseases, including Stiff Person Syndrome (SPS), Type I Diabetes (T1D), and Psoriasis. They are preparing an IND application for the FDA, in partnership with the Mayo Clinic, for SPS.
• Pearsanta™: This precision diagnostics arm is set for a commercial launch in the second half of 2025, starting with blood-based tests for Endometriosis and Prostate Cancer. An IPO for Pearsanta is also being explored to support these commercialization efforts, which could bring in much-needed capital.

The company's growth strategy is built on expanding its therapeutic and diagnostic reach through M&A (mergers and acquisitions). They are working to finalize two major deals that will significantly broaden their scope:

• Public Health: The proposed acquisition of Appili Therapeutics, Inc. will establish a new public health program focused on infectious diseases. This move gained investor attention when Appili filed federal funding proposals totaling $117.5 million, highlighting the potential for non-dilutive financing.
• Women's Health: The merger with Evofem Biosciences, Inc. is expected to close in the second half of 2025, contingent on raising approximately $17 million. This will add a dedicated women's health program to their portfolio.

What gives Aditxt, Inc. a competitive edge, despite its micro-cap status, is its intellectual property and novel financing approach. Adimune™ holds a significant patent portfolio with 96 granted and 22 pending patents focused on reprogramming the immune system. Plus, in July 2025, the company announced its 'bitXbio' capitalization strategy, which aims to use Bitcoin reserves alongside its existing equity line facility to support its biotech ventures. This is a unique, albeit risky, way to fund commercialization ahead of planned monetization events in 2026.

The company is an innovation platform (a multi-subsidiary structure) that aims to democratize health innovations, which is a compelling model for long-term growth if they can manage the significant debt burden and cash burn highlighted by their low current ratio of 0.08 as of July 2025. The next step for you is to monitor the progress of the IND and CTA filings for ADI-100 and the commercial launch of Pearsanta in the coming months. You can read more about the company's financial situation in Breaking Down Aditxt, Inc. (ADTX) Financial Health: Key Insights for Investors.