Breaking Down Ampio Pharmaceuticals, Inc. (AMPE) Financial Health: Key Insights for Investors

You're looking at Ampio Pharmaceuticals, Inc. (AMPE) and trying to figure out the investment thesis, but honestly, the financial health picture is stark: the company is dissolved, having approved a Plan of Dissolution back in August 2024. This isn't a turnaround story; it's a liquidation process, and you need to understand the math of what's left. The last reported full-year financials showed a net loss of $8.63 million in 2023 against essentially $0 in revenue, a classic cash-burn scenario that ultimately led to the end. While the stock is still trading over-the-counter, its price sits around $0.0052 as of late October 2025, a defintely clear signal of its status. With the company dissolved, the focus is now on settling legal obligations, and the hard truth is that management cannot yet forecast if any cash will be available for distribution to stockholders at all. That's the reality of a biopharma winding down after years of development.

Revenue Analysis

You're looking for a revenue breakdown for Ampio Pharmaceuticals, Inc. (AMPE), but the most critical insight for investors right now is simple: the company is in a pre-revenue stage and generates $0 in product sales. This means your focus must shift entirely from sales performance to cash burn and pipeline milestones.

As a biopharmaceutical company focused on the development of a potential osteoarthritis treatment (OA-201 program), Ampio Pharmaceuticals, Inc.'s financial profile is defined by research and development (R&D) expenditures, not commercial revenue. For the 2025 fiscal year, the consensus forecast for annual revenue is effectively $0 million, reflecting its clinical-stage status. The primary source of historical revenue has been negligible, with TTM (Trailing Twelve Months) revenue for 2023 reported as N/A or $0 in thousands of USD.

The company is not selling a commercial product; its financial lifeblood comes from financing activities, like equity raises, not sales.

The Zero-Revenue Reality: What This Means for Growth

Since Ampio Pharmaceuticals, Inc. has no material product sales, traditional year-over-year revenue growth metrics are non-applicable or misleading. For instance, a projected annual revenue growth rate is 0.0%. This isn't a failure to sell; it's the nature of a development-stage biotech firm. The true measure of progress is clinical, not commercial.

Here's the quick math: when your base revenue is zero, any small amount from a grant or a minor licensing deal would show a massive, but meaningless, growth percentage. We defintely need to look at the burn rate instead.

The company's revenue history shows minimal, non-sustaining amounts in the past, such as $0.46 million in 2015 and $0.07 million in 2014, but these are not indicative of a current, ongoing revenue stream. The significant change in revenue streams is the shift in focus towards preclinical development of AR-300, which has further solidified its pre-revenue status as it moves away from earlier clinical candidates.

Contribution of Business Segments

Ampio Pharmaceuticals, Inc. operates essentially as a single segment: Drug Discovery and Development. Therefore, the contribution of different business segments to overall revenue is not a factor; all 'revenue' (or lack thereof) is tied to its core mission. The focus is currently on the preclinical development of AR-300 for osteoarthritis-related pain.

The key financial segments for this company are not revenue-generating, but expense-generating. Your analysis should track these instead:

• Research and Development (R&D) Expenses: The primary use of capital.
• Selling, General, and Administrative (SG&A) Expenses: Includes corporate overhead and legal costs.
• Cash on Hand: The runway before the next financing event.

The company has been taking immediate actions to preserve cash, including reducing staff and subleasing facilities, which is expected to save approximately $4.6 million annually, a crucial step when product revenue is zero.

Next Step: Finance needs to model the exact cash runway based on the $4.6 million in annual cost savings and the current cash balance by the end of the week.

Profitability Metrics

You're looking for a clear picture of Ampio Pharmaceuticals, Inc. (AMPE)'s financial health, and honestly, the profitability story is straightforward: the company is a clinical-stage biopharmaceutical firm, so its profitability metrics are currently negative. This is the norm for a development-stage company, but it still maps to a high-risk investment profile.

For the trailing twelve months (TTM) ended December 31, 2023-the latest confirmed data available-Ampio Pharmaceuticals, Inc. reported virtually no product revenue, leading to a Gross Profit of $0.00 Million USD. This means the Gross Profit Margin is 0%. Your investment thesis here must center entirely on the value of the drug pipeline, not current earnings.

The company is focused on research and development (R&D) for its OA-20X program, and those costs drive the losses. Here's the quick math on the operational and net losses:

• Gross Profit Margin: 0% (Revenue is near zero).
• Operating Loss (EBITDA): ($8.858 Million USD) TTM as of December 2023.
• Net Loss: ($8.632 Million USD) TTM as of December 2023.

Trends in Profitability and Operational Efficiency

The trend in profitability for Ampio Pharmaceuticals, Inc. over the last few years has been a consistent net loss, which is typical for a biotech company that hasn't brought a product to market. This is defintely a cash-burn story. The company's operational efficiency is measured by its ability to manage its operating expenses (OpEx), specifically R&D and General and Administrative (G&A) costs, in pursuit of clinical milestones.

In 2024, Ampio Pharmaceuticals, Inc. announced operational streamlining efforts, including staff reductions and subleasing facilities, which were expected to save approximately $4.6 million annually. This action is a clear, actionable move toward cost management, even if the primary driver of losses-R&D-must continue.

What this estimate hides is the fact that the company's financial statements have received an audit opinion with a 'Going Concern' explanation, meaning there is substantial doubt about its ability to continue operating without securing additional financing.

Industry Comparison: Biotech Sector Benchmarks

When you compare Ampio Pharmaceuticals, Inc.'s margins to the broader US Biotechnology industry, the contrast highlights the high-risk, high-reward nature of this investment. The industry itself is vast, but profitable, established biotech firms show significantly strong margins.

For example, a profitable industry peer like Halozyme Therapeutics Inc. reported an Operating Margin of 59.33% and a Net Profit Margin of 47.91% as of November 2025. While the US Biotechnology industry is projected to reach an estimated market size of $258.4 billion in 2025, the average profitability is skewed by these large, commercial-stage companies. Ampio Pharmaceuticals, Inc. is simply not in that class yet. It's a binary bet on a drug approval.

To put the company's position in context, here is a comparison of its latest available margins to a high-performing industry peer:

The takeaway is simple: Ampio Pharmaceuticals, Inc. is a speculative investment. Your focus should not be on current profitability, but on the clinical trial progress and the company's ability to fund its operations until a potential product launch. For a more detailed look at the company's full financial picture, including liquidity and valuation, you can refer to the full post: Breaking Down Ampio Pharmaceuticals, Inc. (AMPE) Financial Health: Key Insights for Investors.

Debt vs. Equity Structure

When you look at Ampio Pharmaceuticals, Inc. (AMPE) in late 2025, the capital structure story is one of extreme conservatism on debt, which is typical for a pre-revenue biotech, but it also flags the company's precarious financial position. The direct takeaway is that Ampio Pharmaceuticals, Inc. relies almost entirely on equity and existing cash for funding, not debt. That sounds good, but it's a necessity, not a choice, given their lack of revenue.

The company's debt profile is minimal. As of the most recent data for the 2025 fiscal year, Ampio Pharmaceuticals, Inc. reported total debt of only around $451,000. This figure is dwarfed by their cash position of approximately $4.12 million, leaving them with a net cash position of roughly $3.67 million. This minimal debt suggests that any liabilities are primarily short-term operating obligations, like accounts payable, rather than long-term bank loans or bond issuances.

Here's the quick math on leverage:

• Ampio Pharmaceuticals, Inc.'s Debt-to-Equity (D/E) Ratio: 0.13
• Biotechnology Industry Average D/E Ratio (2025): 0.17
• Pharmaceuticals Industry Average D/E Ratio (2025): 0.854

Ampio Pharmaceuticals, Inc.'s D/E ratio of 0.13 is lower than the average for the broader Biotechnology sector (0.17) and significantly lower than the Pharmaceuticals sector (0.854). This is defintely a low-leverage profile. However, in this case, a low D/E ratio doesn't signal financial strength; it reflects the inability of a pre-revenue company with a history of net losses to secure traditional debt financing. No lender wants to extend credit without a clear revenue stream to service the debt.

The balance between debt and equity is heavily skewed toward equity funding, which is the only viable path for a company with no revenue and a history of significant net losses. Since they cannot raise debt easily, their financing strategy revolves around issuing new stock (equity) or pursuing strategic transactions to manage liquidity and fund the development of their product candidates. The risk here is constant shareholder dilution. They have no credit rating to speak of, and the focus remains on cost reduction and managing the 'going concern' risk, not on debt issuance.

What this estimate hides is the high cost of equity funding through dilution, which has been the primary source of capital. For investors, the low debt is a non-issue; the real risk is the company's dependence on future equity raises to cover operating expenses, which totaled $21.1 million in cash used for operations in a prior fiscal year. This is a critical point to understand when diving deeper into the financials, which you can do in the full post: Breaking Down Ampio Pharmaceuticals, Inc. (AMPE) Financial Health: Key Insights for Investors.

Liquidity and Solvency

You need to know if Ampio Pharmaceuticals, Inc. (AMPE) has the cash on hand to cover its near-term bills. The short answer is: the liquidity ratios look okay on paper, but the cash burn rate is the real concern. As of the most recent reporting periods available in late 2025, the company's financial position shows adequate short-term coverage, but the underlying cash flow trends point to a serious, ongoing capital need.

Assessing Ampio Pharmaceuticals, Inc.'s Liquidity

The company's liquidity position, measured by its ability to meet short-term obligations, appears healthy at first glance. The Current Ratio stands at approximately 2.41, meaning Ampio Pharmaceuticals, Inc. has $2.41 in current assets for every dollar of current liabilities. This is well above the 2.0 benchmark often preferred for stability. The Quick Ratio (or Acid-Test Ratio), which strips out less-liquid assets like inventory, is also strong at about 2.12. This tells you that even without selling any inventory, the company can cover its short-term debt more than twice over. That's a good buffer.

Here's the quick math on the latest available ratios:

• Current Ratio: 2.41
• Quick Ratio: 2.12

Working Capital and Cash Flow Trends

Working capital, which is current assets minus current liabilities, is the true engine of day-to-day operations. For the fiscal year ending December 31, 2023 (the latest complete annual data), Ampio Pharmaceuticals, Inc.'s working capital was approximately $3.36 million. While positive, the trend over the last few years shows a sharp decline from previous levels, which is a red flag you can't ignore. It means the cushion is shrinking.

Looking at the Cash Flow Statement for the 2023 fiscal year is where the realist in me kicks in. The company's cash generation is negative across the board:

• Operating Cash Flow: A significant outflow of approximately $-8.56 million. This is the core issue; the business is burning cash to run.
• Investing Cash Flow: Minimal or $0, suggesting no major capital expenditures, which is typical for a clinical-stage biotech focused on development.
• Financing Cash Flow: Also minimal or $0, indicating no major capital raises or debt transactions in that specific year, which is a departure from historical reliance on financing to cover the operating deficit.

The cash from operations is defintely the number to watch. An $-8.56 million annual burn rate against a starting cash balance of $4.09 million (as of December 31, 2023) is unsustainable without new capital.

Potential Liquidity Concerns and Actionable Insights

The primary liquidity concern is the substantial and consistent negative operating cash flow. While the current and quick ratios are high, they are largely supported by the remaining cash on the balance sheet, which is quickly being depleted by the operating burn. The company itself has acknowledged the risk of not having sufficient cash to fund ongoing operations, the development of AR-300, and any strategic transactions, even after implementing cost-cutting measures like the reduction in force (RIF) and outsourcing. This is a critical risk factor for any investor.

The potential for a plan of liquidation or dissolution, or seeking bankruptcy protection, has been explicitly raised by management if they cannot timely raise needed funds. Your investment decision must factor in this binary risk. For a deep dive into the company's long-term strategy, you can review their Mission Statement, Vision, & Core Values of Ampio Pharmaceuticals, Inc. (AMPE).

Action: Monitor the next quarterly filing (Q4 2025/Q1 2026) for a significant capital raise or a drastic reduction in the operating cash flow deficit. If the operating cash flow remains near the $-8.56 million annual rate, the current cash reserves will not last long.

Valuation Analysis

You're looking at Ampio Pharmaceuticals, Inc. (AMPE) and trying to figure out if this micro-cap biotech stock is a deep-value play or a value trap. Honestly, the valuation metrics tell a story of extreme speculation and high risk, which is typical for a company focused on drug development without consistent revenue.

The core valuation ratios, which we use to map a company's financial health, are largely distorted or nonexistent for Ampio Pharmaceuticals, Inc. (AMPE) as of the 2025 fiscal year. For instance, the Price-to-Earnings (P/E) ratio, which is the gold standard for comparing profitable companies, is effectively meaningless here. With a Trailing Twelve Month (TTM) Earnings Per Share (EPS) of $-10.66, the P/E ratio is cited as 0.0x or simply not applicable (n/a). You can't value a loss-making company on earnings; it's a non-starter.

Similarly, the Price-to-Book (P/B) ratio sits at a stark 0.00, which suggests the stock price is trading at or near the company's net asset value, but in this context, it often points to a deeply distressed equity value or a significant write-down of intangible assets. The Enterprise Value-to-EBITDA (EV/EBITDA) ratio is also listed as n/a, largely because the company reported a negative EBITDA of $-9.45 million for the fiscal year ending December 31, 2023. Here's the quick math: negative earnings and negative EBITDA make traditional valuation tools useless.

• Avoid P/E and EV/EBITDA for pre-revenue biotechs.
• Focus on cash runway and clinical milestones instead.

Stock Price Volatility and Dividend Policy

The stock price trend over the last 12 months is a wild ride, which is a huge red flag for all but the most risk-tolerant investors. As of November 2025, the stock is trading around $0.0052. Over the last 52 weeks, the price has fluctuated dramatically, ranging from a low of $0.0001 to a high of $0.1643. While the stock price has technically increased by 136.36% over the last 12 months, this massive percentage gain is on a penny stock base, which means a tiny price change causes huge volatility. This stock is defintely not for the faint of heart.

For income-focused investors, there's no relief here. Ampio Pharmaceuticals, Inc. (AMPE) is a non-dividend-paying stock. The Trailing Twelve Month (TTM) dividend payout is $0.00, and the dividend yield is 0.00%. This is standard for a biotech company that must conserve all capital to fund its drug discovery and development pipeline, like its focus on a potential treatment for osteoarthritis of the knee (OAK).

Analyst Sentiment: Strong Sell Consensus

The professional analyst community has a clear, though thinly covered, view on Ampio Pharmaceuticals, Inc. The current consensus rating is a Strong Sell (rating value 0.00). This isn't based on a large pool of analysts, but the signal is clear: the risk-reward profile is heavily skewed toward risk. Some brokerage firms do not even maintain a current recommendation on the stock. This lack of coverage, plus the strong sell signal, tells you that most institutional money managers are avoiding it. If you want to dive deeper into who is holding this stock, you should be Exploring Ampio Pharmaceuticals, Inc. (AMPE) Investor Profile: Who's Buying and Why?

The table below summarizes the key valuation and performance metrics for a quick snapshot:

Risk Factors

You need to understand that investing in Ampio Pharmaceuticals, Inc. (AMPE) right now isn't about clinical trial success; it's a high-risk bet on a corporate wind-down or a strategic pivot. The company's financial health is precarious, with management having expressed substantial doubt about its ability to continue as a going concern, a risk highlighted in its 2024 audit opinion.

Critical Financial and Operational Risks

The biggest near-term risk is simply running out of cash before a viable strategic alternative is executed. Ampio Pharmaceuticals, Inc. is a pre-revenue stage biopharmaceutical company, and its financial trajectory has been one of significant cash burn. In the 2022 fiscal year, the company reported a net loss of $16.3 million and used $21.1 million in cash to fund operations. While they have implemented cost reductions, like reducing staff and subleasing facilities, which were expected to save approximately $4.6 million annually, the core issue remains a lack of product pipeline. The entire OA-201 development program, which was the last active product opportunity, was terminated in February 2024 after nonclinical studies failed to support the necessary pain reduction benefit for an Investigational New Drug (IND) submission anticipated in early 2025.

No active product in development means no path to revenue. That's the cold, hard truth.

• Going Concern: Substantial doubt exists about the company's ability to operate beyond the near term.
• Product Failure: Termination of the entire OA-201 program in February 2024 leaves zero active drug candidates.
• Liquidity: Cash and cash equivalents were only $12.7 million as of December 31, 2022, insufficient to cover the projected shortfall for 12 months of operations at that time.

External and Strategic Headwinds

The external risks have compounded the internal failures, creating a near-impossible operating environment for 2025. The most impactful strategic decision was the announced voluntary delisting from the NYSE American and subsequent SEC deregistration in March 2024. This action, meant to conserve cash, effectively removes the company from the public eye, dramatically increasing the risk profile for investors.

Here's the quick math on what that means for you:

Plus, ongoing legal proceedings, including a settled-in-principle securities fraud class action, continue to pose a financial and reputational drain, even with insurance coverage. For a deeper dive on what this means for the shareholder base, you should be Exploring Ampio Pharmaceuticals, Inc. (AMPE) Investor Profile: Who's Buying and Why?

Mitigation Strategies and Their Limits

The company's plan is an orderly wind-down of operations coupled with an aggressive pursuit of strategic alternatives, such as a reverse merger or the acquisition of a later-stage asset. The goal is to maximize the cash position for this wind-down and resolve legal matters. What this estimate hides, however, is the difficulty of finding an attractive and affordable merger partner, especially given the competition from other companies in similar distress. If a transaction isn't completed, a plan of liquidation or bankruptcy protection is a real possibility, and in that scenario, it is unlikely that cash would be available for distribution to stockholders.

Growth Opportunities

You're looking for a clear path forward for Ampio Pharmaceuticals, Inc. (AMPE), and honestly, the near-term picture is stark: the growth opportunity for 2025 is entirely dependent on a successful strategic pivot. The company is in a critical, pre-revenue stage, and its primary internal growth driver has stalled.

The core issue is that the efficacy results from the larger nonclinical pre-Investigational New Drug (IND) enabling studies for OA-201, the company's sole product development opportunity, did not support an IND submission that was anticipated in early 2025. The data did not reproduce the pain reduction benefit seen in earlier, smaller trials, effectively leaving the pipeline empty of a near-term clinical asset.

Future Revenue and Earnings Estimates

As a pre-revenue biopharmaceutical company, Ampio Pharmaceuticals, Inc.'s revenue projections for the 2025 fiscal year are essentially flat. Analyst models reflect this reality, projecting an annual revenue growth rate of 0.0%.

Here's the quick math: no drug in clinical trials means no path to market and thus, no product revenue. This is why the weighted average price prediction for 2025 is effectively $0.00, and the stock is anticipated to trade in a tight, low range around $0.02080.

The company is focused on preserving cash, which is a necessary action given the February 2024 failure of the OA-201 preclinical data. They had already streamlined operations, expecting to save approximately $4.6 million annually.

Strategic Initiatives and Partnerships

Since the internal pipeline has stalled, the entire growth strategy for Ampio Pharmaceuticals, Inc. has shifted to external options. This is a high-stakes, binary event for investors.

• Acquisition/Merger Focus: The board and management are actively assessing both internal and external options, including opportunistically identifying and evaluating strategic opportunities to acquire or license later-stage assets or merge with companies that possess those assets.
• Manufacturing Partnership: A key past initiative was selecting Ascendia Pharmaceuticals, Inc. to provide Contract Development and Manufacturing Organization (CDMO) services for OA-201. While the drug itself is on hold, this partnership established a manufacturing capability, which could be leveraged for any new licensed or acquired asset.
• Legal Resolution: The company reached settlements in principle for pending legal actions in January 2024, expecting the costs to be covered by its D&O insurance policy. Clearing this legal overhang is a necessary step to make the company more attractive for a potential merger or acquisition.

The future hinges on a successful strategic transaction. If they can't find a viable asset or a merger partner, the outlook is defintely bleak.

Competitive Advantages and Risks

The company's previous competitive advantage was centered on its unique, proprietary small molecule formulation for Osteoarthritis of the Knee (OAK). The goal was to position the drug, which was once AR-300, for administration early in the OAK treatment paradigm. That advantage is now theoretical, as the preclinical data for the successor product, OA-201, did not support moving forward.

The biggest risk is the 'going concern' explanation in the company's audit opinion, which is a formal caution about its ability to continue operating. The voluntary delisting and SEC deregistration in March 2024 also significantly reduces transparency and investor access. For a deeper dive into the company's foundational goals, you can review its Mission Statement, Vision, & Core Values of Ampio Pharmaceuticals, Inc. (AMPE).

Next Step: Investors should monitor SEC filings for any 8-K regarding a definitive merger agreement or major asset acquisition.