Tearsheet

Clene (CLNN)


Market Price (4/22/2026): $6.45 | Market Cap: $69.6 Mil
Sector: Consumer Staples | Industry: Packaged Foods & Meats

Clene (CLNN)


Market Price (4/22/2026): $6.45
Market Cap: $69.6 Mil
Sector: Consumer Staples
Industry: Packaged Foods & Meats

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Megatrend and thematic drivers
Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more.

Weak multi-year price returns
2Y Excs Rtn is -38%, 3Y Excs Rtn is -141%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -22 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -10908%

Expensive valuation multiples
P/SPrice/Sales ratio is 341x

Stock price has recently run up significantly
12M Rtn12 month market price return is 109%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -42%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -17%, Rev Chg QQuarterly Revenue Change % is -15%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 3191%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -9273%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -9287%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -43%

High stock price volatility
Vol 12M is 119%

Key risks
CLNN key risks include [1] significant financial distress and a high risk of bankruptcy, Show more.

0 Megatrend and thematic drivers
Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more.
1 Weak multi-year price returns
2Y Excs Rtn is -38%, 3Y Excs Rtn is -141%
2 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -22 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -10908%
3 Expensive valuation multiples
P/SPrice/Sales ratio is 341x
4 Stock price has recently run up significantly
12M Rtn12 month market price return is 109%
5 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -42%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -17%, Rev Chg QQuarterly Revenue Change % is -15%
6 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 3191%
7 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -9273%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -9287%
8 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -43%
9 High stock price volatility
Vol 12M is 119%
10 Key risks
CLNN key risks include [1] significant financial distress and a high risk of bankruptcy, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Clene (CLNN) stock has gained about 10% since 12/31/2025 because of the following key factors:

1. Positive Regulatory Progress for ALS Drug Candidate CNM-Au8.

Clene's lead asset, CNM-Au8, an experimental treatment for Amyotrophic Lateral Sclerosis (ALS), demonstrated statistically significant reductions in neurofilament light (NfL) and glial fibrillary acidic protein (GFAP) biomarkers, which are strongly linked to improved survival in ALS patients. Following these results, the FDA granted Clene an in-person Type C meeting in the first quarter of 2026 to discuss a potential New Drug Application (NDA) filing under an accelerated approval pathway. The company anticipates submitting this NDA by the end of June 2026, with a potential Prescription Drug User Fee Act (PDUFA) decision date in the second half of 2026. This consistent advancement of a promising drug candidate for a high-unmet-need disease likely fueled investor optimism.

2. Successful Oversubscribed Capital Raise.

In January 2026, Clene completed an oversubscribed registered direct offering of over $28 million from new and existing investors. An initial tranche exceeding $6 million from this offering is expected to fund operations into at least the third quarter of 2026, ensuring financial stability through key regulatory milestones, including a potential FDA NDA acceptance decision. Two additional financing tranches totaling over $22 million are structured to align with NDA acceptance and FDA approval, potentially extending the company's cash runway into 2027. This successful capital infusion alleviated immediate liquidity concerns and supported ongoing development.

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Stock Movement Drivers

Fundamental Drivers

The 7.7% change in CLNN stock from 12/31/2025 to 4/21/2026 was primarily driven by a 20.8% change in the company's P/S Multiple.
(LTM values as of)123120254212026Change
Stock Price ($)5.876.327.7%
Change Contribution By: 
Total Revenues ($ Mil)00-6.5%
P/S Multiple282.1340.920.8%
Shares Outstanding (Mil)1011-4.7%
Cumulative Contribution7.7%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/21/2026
ReturnCorrelation
CLNN7.7% 
Market (SPY)-5.4%31.3%
Sector (XLP)5.4%-10.4%

Fundamental Drivers

The 4.9% change in CLNN stock from 9/30/2025 to 4/21/2026 was primarily driven by a 69.9% change in the company's P/S Multiple.
(LTM values as of)93020254212026Change
Stock Price ($)6.036.324.9%
Change Contribution By: 
Total Revenues ($ Mil)00-30.1%
P/S Multiple200.6340.969.9%
Shares Outstanding (Mil)1011-11.7%
Cumulative Contribution4.9%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/21/2026
ReturnCorrelation
CLNN4.9% 
Market (SPY)-2.9%28.0%
Sector (XLP)5.3%-3.0%

Fundamental Drivers

The 105.2% change in CLNN stock from 3/31/2025 to 4/21/2026 was primarily driven by a 349.9% change in the company's P/S Multiple.
(LTM values as of)33120254212026Change
Stock Price ($)3.086.32105.2%
Change Contribution By: 
Total Revenues ($ Mil)00-41.5%
P/S Multiple75.8340.9349.9%
Shares Outstanding (Mil)811-22.0%
Cumulative Contribution105.2%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/21/2026
ReturnCorrelation
CLNN105.2% 
Market (SPY)16.3%16.9%
Sector (XLP)2.4%3.6%

Fundamental Drivers

The -72.0% change in CLNN stock from 3/31/2023 to 4/21/2026 was primarily driven by a -67.0% change in the company's Shares Outstanding (Mil).
(LTM values as of)33120234212026Change
Stock Price ($)22.606.32-72.0%
Change Contribution By: 
Total Revenues ($ Mil)00-57.7%
P/S Multiple169.9340.9100.6%
Shares Outstanding (Mil)411-67.0%
Cumulative Contribution-72.0%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/21/2026
ReturnCorrelation
CLNN-72.0% 
Market (SPY)63.3%13.0%
Sector (XLP)18.2%2.3%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CLNN Return-54%-76%-70%-10%11%5%-97%
Peers Return-4%43%-6%-27%81%9%88%
S&P 500 Return27%-19%24%23%16%4%89%

Monthly Win Rates [3]
CLNN Win Rate25%42%25%58%50%50% 
Peers Win Rate50%58%42%42%62%50% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
CLNN Max Drawdown-56%-78%-74%-35%-55%-33% 
Peers Max Drawdown-20%-18%-24%-35%-21%-7% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-7% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: BIIB, IONS, ABBV, MRK, AMLX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/21/2026 (YTD)

How Low Can It Go

Unique KeyEventCLNNS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-98.4%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven6169.2%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-30.5%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven44.0%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven34 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-0.8%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven0.8%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven13 days120 days

Compare to BIIB, IONS, ABBV, MRK, AMLX

In The Past

Clene's stock fell -98.4% during the 2022 Inflation Shock from a high on 2/16/2021. A -98.4% loss requires a 6169.2% gain to breakeven.

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About Clene (CLNN)

Clene Inc., a clinical-stage pharmaceutical company, focuses on the discovery, development, and commercialization of novel clean-surfaced nanotechnology (CSN) therapeutics. Its lead drug is CNM-Au8, which is being studied in various clinical trials, including a Phase 2/3 registrational clinical trial for patients with amyotrophic lateral sclerosis (ALS); completed Phase 2 proof of concept clinical trial in patients with early symptomatic ALS; completed two open-label investigator blinded Phase 2 clinical trials on the brain's energy metabolites; ongoing Phase 2 clinical trial for the treatment of visual pathway deficits in chronic optic neuropathy for remyelination in stable relapsing Multiple Sclerosis; and a planned Phase 2 clinical trial for the treatment of patients with Parkinson's Diseases. The company's products also include CNM-AgZn17, a gel polymer suspension of silver and zinc ions that is being developed for the treatment of infectious diseases and to accelerate wound healing; CNM-ZnAg, a broad-spectrum antiviral and antibacterial agent to treat infection disease, such as COVID-19 and to provide immune support for symptom resolution; and CNM-PtAu7, a gold-platinum CSN therapeutic for oncology applications. It also markets and distributes dietary supplements comprising rMetx, an aqueous zinc-silver ion dietary supplement; and KHC46, an aqueous gold dietary supplement of very low-concentration Au nanoparticles. The company is headquartered in Salt Lake City, Utah.

AI Analysis | Feedback

An early-stage **Moderna** or **BioNTech**, but applying nanotechnology instead of mRNA to develop treatments for neurological conditions like ALS and MS.

A nanotechnology-driven, clinical-stage **Biogen** (known for neurology) targeting diseases like ALS.

AI Analysis | Feedback

  • CNM-Au8: A lead clean-surfaced nanotechnology (CSN) therapeutic drug currently in various clinical trials for neurological diseases such as ALS, Multiple Sclerosis, and Parkinson's Disease.
  • CNM-AgZn17: A gel polymer suspension of silver and zinc ions being developed for the treatment of infectious diseases and to accelerate wound healing.
  • CNM-ZnAg: A broad-spectrum antiviral and antibacterial agent designed to treat infectious diseases like COVID-19 and provide immune support.
  • CNM-PtAu7: A gold-platinum clean-surfaced nanotechnology (CSN) therapeutic intended for oncology applications.
  • rMetx: An aqueous zinc-silver ion dietary supplement marketed and distributed by the company.
  • KHC46: An aqueous gold dietary supplement consisting of very low-concentration gold nanoparticles.

AI Analysis | Feedback

Clene (CLNN) is a clinical-stage pharmaceutical company that develops drugs and markets dietary supplements. Based on the provided description, its products are ultimately intended for individual patients and consumers. Therefore, the company primarily serves individuals. Here are the categories of customers Clene serves:
  • Patients with Neurological Disorders: This category includes individuals diagnosed with conditions such as Amyotrophic Lateral Sclerosis (ALS), Multiple Sclerosis (MS), and Parkinson's Disease. Clene's lead drug, CNM-Au8, is specifically being developed for these patient populations.
  • Patients with Infectious Diseases and Wound Healing Needs: This category encompasses individuals suffering from various infectious diseases and those requiring solutions for accelerated wound healing. Clene is developing CNM-AgZn17 and CNM-ZnAg for these therapeutic areas, as well as for general immune support.
  • Health-Conscious Consumers: This category primarily relates to Clene's dietary supplements, rMetx and KHC46. These products are marketed to individuals seeking general immune support, detoxification, or other health benefits from zinc-silver and gold nanoparticles.

AI Analysis | Feedback

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AI Analysis | Feedback

Rob Etherington, President, Chief Executive Officer, and Director

Mr. Etherington was appointed CEO of Clene in April 2013 and brings over 30 years of sales, marketing, and leadership experience in the pharmaceutical industry. Prior to joining Clene, he worked at Actelion Pharmaceuticals, where he led U.S. commercial operations. He was the first U.S. commercial employee at Actelion, which went public in 2000 and was later acquired by Johnson & Johnson in 2017. He also held various sales and marketing roles at Parke-Davis, a division of Pfizer, culminating in a Team Leader position overseeing the drug Lipitor. As the founding CEO of Clene, he has raised over $150 million in equity financings.

Morgan R. Brown, Chief Financial Officer and Principal Accounting Officer

Mr. Brown has more than 30 years of finance and accounting experience, with 23 years spent in biotech, pharmaceutical, and medical device companies. He has served in similar financial leadership roles at Lipocine Inc., Innovus Pharmaceuticals, World Heart Corp., Lifetree Clinical Research, and NPS Pharmaceuticals Inc. Earlier in his career, he worked at the accounting firm KPMG. Mr. Brown is a Certified Public Accountant (CPA).

Mark Mortenson, Chief Science Officer

Mr. Mortenson is a co-inventor of the proprietary technology platform that Clene utilizes to produce its novel clean-surfaced nanotechnology (CSN) therapeutics.

Benjamin Greenberg, MD, MHS, FAAN, Head of Medical, Neurology

Dr. Greenberg joined Clene's executive team around March 2023. He is an internationally recognized expert in treating central nervous system disorders and brings extensive clinical and research experience to the company, particularly in multiple sclerosis (MS) and other rare neurological disorders. He also holds positions as a professor of neurology and Vice Chair of Clinical and Translational Research in the Department of Neurology at UT Southwestern Medical Center.

Michael Hotchkin, Senior Vice President of Product Development

Mr. Hotchkin is a member of Clene's executive team.

AI Analysis | Feedback

The key risks for Clene Inc. (CLNN) primarily stem from its nature as a clinical-stage pharmaceutical company developing novel therapeutics for complex neurodegenerative diseases.

  1. Clinical Trial and Regulatory Approval Risk: Clene's business success is overwhelmingly dependent on the ability of its lead drug candidate, CNM-Au8, and other pipeline products to successfully complete ongoing and planned clinical trials and subsequently obtain regulatory approval from health authorities like the FDA. The company has faced prior instances where the FDA deemed trial data insufficient for accelerated approval of its ALS drug. Delays and uncertainties in the regulatory pathway for CNM-Au8 in ALS, including extended timelines for New Drug Application (NDA) submission, highlight this significant hurdle. Negative trial results, safety concerns, or regulatory setbacks could lead to a substantial devaluation of the company.
  2. Funding and Capital Risk (Going Concern): As a clinical-stage biopharmaceutical company, Clene incurs significant research and development expenses without substantial commercial revenue from its primary drug candidates. The company has reported ongoing losses, negative net margins, and high cash burn. Clene has acknowledged "substantial doubt about its ability to continue as a going concern without additional funding". While the company has engaged in financing activities, including registered direct offerings and debt facilities, these often lead to share dilution for existing shareholders and may not guarantee long-term operational runway. Furthermore, Clene has faced notices regarding its market value falling below Nasdaq requirements, posing a risk of delisting if financial health does not improve.
  3. Competition and Market Acceptance: Even if Clene's drug candidates receive regulatory approval, they will enter highly competitive markets for serious neurodegenerative diseases such as ALS, multiple sclerosis, and Parkinson's disease. The company's novel clean-surfaced nanotechnology (CSN) therapeutics will need to demonstrate clear superiority or significant differentiation over existing treatments and other therapies in development to gain substantial market share and acceptance among physicians and patients.

AI Analysis | Feedback

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AI Analysis | Feedback

Here are the addressable market sizes for Clene's main products or services:

CNM-Au8

  • Amyotrophic Lateral Sclerosis (ALS) Treatments: The global market size for ALS treatments was estimated at USD 667.3 million in 2023 and is projected to reach USD 987.6 million by 2030, growing at a CAGR of 5.8% from 2024 to 2030. The North American market held a revenue share of 37.7% in 2023. The U.S. market is expected to reach USD 515.6 million by the end of 2032.
  • Multiple Sclerosis (MS) Treatments: The global multiple sclerosis drugs market size was estimated to be USD 21.26 billion in 2024 and is predicted to increase to approximately USD 45.90 billion by 2034, expanding at a CAGR of 8.00%. The global multiple sclerosis therapeutic market size was valued at USD 29.51 billion in 2025 and is anticipated to reach around USD 52.32 billion by 2035, growing at a CAGR of 5.89%. The Multiple Sclerosis market size in the U.S. was approximately USD 16,000 million in 2024. The U.S. multiple sclerosis therapeutic market size is expected to be worth around USD 13.48 billion by 2035 from USD 7.42 billion in 2025, with a CAGR of 6.15%.
  • Parkinson's Disease (PD) Treatments: The global Parkinson's disease treatment market size was estimated at USD 5.65 billion in 2024 and is expected to reach USD 7.58 billion by 2030, growing at a CAGR of 5.04% from 2025 to 2030. The global Parkinson's Disease Treatment Market was valued at USD 5.37 billion in 2023 and is projected to reach USD 8.75 billion by 2032, reflecting a CAGR of 5.57%. The U.S. Parkinson's disease drugs market holds a prominent share.
  • Chronic Optic Neuropathy Treatments: The 7 major optic neuropathy market reached a value of USD 3.1 billion in 2024 and is expected to reach USD 4.6 billion by 2035, exhibiting a CAGR of 3.57% during 2025-2035. The global Optic Neuropathy Treatment market size is predicted to grow from US$ 4,594 million in 2025 to US$ 6,222 million in 2031, at a CAGR of 5.2%. North America is the largest market for optic nerve disorders treatment, holding approximately 45% of the global market share. The optic neuropathy management industry will be valued at USD 4.74 billion by 2025 and is projected to reach USD 7.72 billion by 2035, growing at a CAGR of 5.0%.

CNM-AgZn17

  • Infectious Disease Treatments: The global infectious disease therapeutics market size was estimated at USD 136.2 billion in 2024 and is expected to grow from USD 139.6 billion in 2025 to USD 190.1 billion in 2034, at a CAGR of 3.5%. Another estimate places the global infectious disease therapeutics market size at USD 243,409.1 million in 2024, projected to reach USD 283,908.2 million by 2030, growing at a CAGR of 3.5%. The global infectious disease treatments market is expected to grow from $72.5 billion in 2025 to $101 billion by the end of 2030, at a compound annual growth rate (CAGR) of 6.9%.
  • Wound Healing: The global wound healing market size was valued at USD 19.55 billion in 2024 and is expected to reach USD 26.85 billion by 2032, at a CAGR of 4.05%. The global wound care market size was estimated at USD 24.9 billion in 2024 and is expected to grow from USD 26.3 billion in 2025 to USD 44.2 billion by 2034 at a CAGR of 5.9%. The U.S. wound care market size is expected to hit around USD 13.09 billion by 2034, growing at a CAGR of 5%.

CNM-ZnAg

  • Broad-Spectrum Antiviral and Antibacterial Agents:
    • Antiviral Agents: The global antiviral drugs market size was estimated at USD 62.85 billion in 2025 and is predicted to increase to approximately USD 89.86 billion by 2035, expanding at a CAGR of 3.64%. The antiviral segment dominated the anti-infective agents market with a 50.9% share in 2024.
    • Antibacterial Agents: The global antimicrobials market is projected to expand from USD 117.6 billion in 2026 to USD 197.0 billion by 2036, registering a CAGR of 5.3%. Antibacterial agents are expected to dominate global demand in the antimicrobials market with a 45.3% share. The antibiotics segment dominated the infectious disease therapeutics market in 2024 and was valued at USD 48.3 billion. The global antimicrobial agent market size was valued at USD 3.66 billion in 2024 and is expected to reach USD 7.29 billion by 2032, at a CAGR of 9.00%.

CNM-PtAu7

  • Oncology Applications: The global oncology market size was estimated at USD 320.3 billion in 2024 and is expected to grow from USD 345.1 billion in 2025 to USD 866.1 billion by 2034, at a CAGR of 10.8%. The global oncology market size was estimated at USD 249.53 billion in 2024 and is poised to grow to USD 648.73 billion by 2033, growing at a CAGR of 11.2%. The U.S. oncology market size was valued at USD 89.39 billion in 2025 and is anticipated to reach around USD 177.67 billion by 2035, growing at a CAGR of 6.44%. The U.S. oncology market size was estimated at USD 72.74 billion in 2024 and is predicted to be worth around USD 220.21 billion by 2034, at a CAGR of 11.71%.

AI Analysis | Feedback

For Clene Inc. (CLNN), the expected drivers of future revenue growth over the next 2-3 years are primarily centered around the clinical development and potential commercialization of its lead drug candidate, CNM-Au8, across multiple neurodegenerative diseases, and the advancement of its broader nanotechnology therapeutics pipeline.

  1. Commercialization of CNM-Au8 for Amyotrophic Lateral Sclerosis (ALS): The most significant anticipated driver of revenue growth is the potential regulatory approval and subsequent commercial launch of CNM-Au8 for the treatment of ALS. Clene anticipates submitting a New Drug Application (NDA) for CNM-Au8 under an accelerated approval pathway by the end of June 2026. Following a potential FDA acceptance and the issuance of a Prescription Drug User Fee Act (PDUFA) date in the second half of 2026, there is a prospect for commercial launch as early as 2027. Analysts forecast a substantial increase in Clene's revenue for 2027 and 2028, largely attributable to the market entry of CNM-Au8 for ALS.

  2. Expansion of CNM-Au8 into Multiple Sclerosis (MS) and Parkinson's Disease (PD) Markets: Beyond ALS, Clene is actively developing CNM-Au8 for other neurodegenerative conditions, viewing it as a "pipeline in a product." The company plans to finalize its Phase 3 clinical trial design for MS, focusing on cognition as an endpoint, after incorporating FDA feedback. Continued progression in these clinical trials and eventual regulatory submissions for MS and PD would open up significant new markets for CNM-Au8, expanding its revenue-generating potential in the medium term.

  3. Development and Potential Commercialization of Other Nanotechnology Therapeutics: Clene's broader pipeline of clean-surfaced nanotechnology (CSN) therapeutics, including CNM-AgZn17 for infectious diseases and wound healing, CNM-ZnAg as an antiviral and antibacterial agent, and CNM-PtAu7 for oncology applications, represents additional future revenue growth opportunities. While specific commercialization timelines for these assets within the next 2-3 years are less defined than for CNM-Au8, their continued development, successful clinical progression, and potential for future partnerships or market entry could contribute to longer-term revenue expansion.

AI Analysis | Feedback

Share Issuance

  • In January 2026, Clene announced a registered direct offering that raised over $28 million.
  • An initial tranche of this offering generated approximately $6.03 million from the sale of 928,333 common shares and accompanying warrants at $6.50 per unit.
  • Two additional financing tranches, totaling over $22 million, are contingent upon the New Drug Application (NDA) acceptance and FDA approval for CNM-Au8 in ALS.

Inbound Investments

  • The January 2026 registered direct offering was oversubscribed and included investments from new, existing, and insider investors, with Boxer Capital, Coastlands Capital, and Vivo Capital identified as lead investors.
  • The initial tranche of this financing is expected to provide Clene with an operating runway into the third quarter of 2026.
  • The completion of the full $28 million financing, including contingent tranches, is projected to provide sufficient capital for the company into early 2027.

Capital Expenditures

  • For the year ended December 31, 2025, Clene reported capital expenditures of $15,000.
  • The company's financial focus appears to be on research and development, with expenses of $14.0 million in 2025 and $20.1 million in 2024, indicating a priority on clinical trials and drug development over significant investments in physical assets.

Better Bets vs. Clene (CLNN)

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Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

CLNNBIIBIONSABBVMRKAMLXMedian
NameClene Biogen Ionis Ph.AbbVie Merck Amylyx P. 
Mkt Price6.32185.9574.78205.12112.5617.5993.67
Mkt Cap0.127.312.1362.9279.31.919.7
Rev LTM09,89194461,16065,01105,417
Op Inc LTM-222,469-38220,09122,108-1531,224
FCF LTM-191,969-32617,81612,360-123975
FCF 3Y Avg-231,907-40519,23713,200-94942
CFO LTM-192,205-26919,03016,472-1231,093
CFO 3Y Avg-232,209-35920,22516,982-931,093

Growth & Margins

CLNNBIIBIONSABBVMRKAMLXMedian
NameClene Biogen Ionis Ph.AbbVie Merck Amylyx P. 
Rev Chg LTM-41.5%2.2%33.8%8.6%1.3%-100.0%1.8%
Rev Chg 3Y Avg-17.0%-0.9%19.2%1.9%3.2%478.6%2.6%
Rev Chg Q-15.4%-7.1%-10.3%10.0%5.0%100.0%-1.1%
QoQ Delta Rev Chg LTM-6.5%-1.7%-2.4%2.5%1.2%100.0%-0.3%
Op Inc Chg LTM31.8%8.3%19.6%68.9%9.3%40.0%25.7%
Op Inc Chg 3Y Avg20.8%-1.5%-0.3%9.6%170.1%-199.9%4.6%
Op Mgn LTM-10,908.0%25.0%-40.5%32.8%34.0%-25.0%
Op Mgn 3Y Avg-8,702.5%22.4%-50.9%26.3%23.5%-22.4%
QoQ Delta Op Mgn LTM-154.3%-0.4%-11.7%8.8%-0.9%--0.9%
CFO/Rev LTM-9,273.0%22.3%-28.5%31.1%25.3%-22.3%
CFO/Rev 3Y Avg-6,707.3%22.6%-46.2%35.5%26.8%-22.6%
FCF/Rev LTM-9,287.0%19.9%-34.5%29.1%19.0%-19.0%
FCF/Rev 3Y Avg-6,732.3%19.5%-51.9%33.8%20.8%-19.5%

Valuation

CLNNBIIBIONSABBVMRKAMLXMedian
NameClene Biogen Ionis Ph.AbbVie Merck Amylyx P. 
Mkt Cap0.127.312.1362.9279.31.919.7
P/S340.92.812.95.94.3-5.9
P/Op Inc-3.111.1-31.818.112.6-12.64.0
P/EBIT-2.915.0-41.138.212.5-12.64.8
P/E-2.621.1-31.885.915.3-13.46.3
P/CFO-3.712.4-45.219.117.0-15.74.4
Total Yield-38.4%4.7%-3.1%4.4%9.5%-7.5%0.6%
Dividend Yield0.0%0.0%0.0%3.2%2.9%0.0%0.0%
FCF Yield 3Y Avg-52.4%7.4%-5.7%6.0%5.1%-24.3%-0.3%
D/E0.30.20.20.20.20.00.2
Net D/E0.20.1-0.10.20.1-0.20.1

Returns

CLNNBIIBIONSABBVMRKAMLXMedian
NameClene Biogen Ionis Ph.AbbVie Merck Amylyx P. 
1M Rtn18.7%2.5%5.3%0.9%-1.4%27.4%3.9%
3M Rtn33.6%12.4%-3.5%-3.4%3.6%6.3%4.9%
6M Rtn-26.7%27.2%4.4%-9.9%30.5%15.0%9.7%
12M Rtn109.3%59.6%162.3%24.5%49.8%315.8%84.4%
3Y Rtn-67.4%-36.7%102.5%40.6%7.0%-43.3%-14.9%
1M Excs Rtn10.1%-6.1%-3.2%-7.7%-10.0%18.8%-4.7%
3M Excs Rtn29.7%8.5%-7.5%-7.3%-0.3%2.4%1.0%
6M Excs Rtn-31.6%24.0%-3.7%-15.2%28.9%11.7%4.0%
12M Excs Rtn76.9%23.1%129.6%-11.3%15.8%308.2%50.0%
3Y Excs Rtn-140.6%-106.2%31.4%-29.4%-63.7%-112.1%-85.0%

Comparison Analyses

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Financials

Segment Financials

Assets by Segment
$ Mil20252024202320222021
Products2752   
Corporate  245160
Drugs  20128
Supplements  001
Total2752446368


Price Behavior

Price Behavior
Market Price$6.32 
Market Cap ($ Bil)0.1 
First Trading Date08/27/2018 
Distance from 52W High-49.4% 
   50 Days200 Days
DMA Price$5.43$6.11
DMA Trendupup
Distance from DMA16.5%3.5%
 3M1YR
Volatility88.3%119.4%
Downside Capture0.660.37
Upside Capture439.46146.90
Correlation (SPY)31.0%18.8%
CLNN Betas & Captures as of 3/31/2026

 1M2M3M6M1Y3Y
Beta1.611.922.222.671.070.89
Up Beta5.094.227.533.490.871.11
Down Beta-1.41-1.15-0.973.021.391.07
Up Capture497%552%354%296%141%7%
Bmk +ve Days7162765139424
Stock +ve Days13212963122336
Down Capture159%120%216%189%88%99%
Bmk -ve Days12233358110323
Stock -ve Days9213463128405

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CLNN
CLNN115.7%119.4%1.17-
Sector ETF (XLP)2.2%12.5%-0.100.4%
Equity (SPY)23.7%12.7%1.5219.0%
Gold (GLD)41.4%27.5%1.257.2%
Commodities (DBC)22.4%16.2%1.259.8%
Real Estate (VNQ)14.2%13.8%0.729.9%
Bitcoin (BTCUSD)-10.4%42.7%-0.1421.6%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CLNN
CLNN-52.2%102.9%-0.25-
Sector ETF (XLP)6.2%13.2%0.25-0.2%
Equity (SPY)10.8%17.1%0.4912.4%
Gold (GLD)21.6%17.8%0.993.9%
Commodities (DBC)10.9%18.8%0.471.3%
Real Estate (VNQ)4.1%18.8%0.128.9%
Bitcoin (BTCUSD)3.8%56.4%0.2911.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CLNN
CLNN-28.8%94.1%-0.07-
Sector ETF (XLP)7.1%14.7%0.360.5%
Equity (SPY)13.9%17.9%0.678.7%
Gold (GLD)13.7%15.9%0.713.1%
Commodities (DBC)8.2%17.6%0.391.4%
Real Estate (VNQ)5.4%20.7%0.235.9%
Bitcoin (BTCUSD)68.0%66.9%1.079.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date3312026
Short Interest: Shares Quantity1.0 Mil
Short Interest: % Change Since 315202613.8%
Average Daily Volume0.1 Mil
Days-to-Cover Short Interest9.1 days
Basic Shares Quantity10.8 Mil
Short % of Basic Shares9.0%

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
3/12/20266.1%17.7%9.5%
11/13/2025-22.4%-8.1%-33.7%
8/14/2025-1.4%54.0%58.9%
3/24/2025-5.3%-22.2%-28.0%
11/13/2024-9.1%-12.1%-6.4%
8/7/2024-23.5%-13.8%7.3%
3/13/2024-1.0%-9.7%-14.2%
11/7/20238.0%20.6%2.8%
...
SUMMARY STATS   
# Positive777
# Negative101010
Median Positive6.1%20.6%9.2%
Median Negative-6.4%-12.9%-14.3%
Max Positive9.5%54.0%58.9%
Max Negative-23.5%-23.3%-33.7%

SEC Filings

Expand for More
Report DateFiling DateFiling
12/31/202503/17/202610-K
09/30/202511/13/202510-Q
06/30/202508/14/202510-Q
03/31/202505/07/202510-Q
12/31/202403/24/202510-K
09/30/202411/13/202410-Q
06/30/202408/07/202410-Q
03/31/202405/08/202410-Q
12/31/202303/13/202410-K
09/30/202311/07/202310-Q
06/30/202308/14/202310-Q
03/31/202305/12/202310-Q
12/31/202203/13/202310-K
09/30/202211/07/202210-Q
06/30/202208/15/202210-Q
03/31/202205/09/202210-Q

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 3/12/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q3 2026 Operating Runway      

Prior: Q3 2025 Earnings Reported 11/13/2025

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Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Ugwumba, Chidozie Symbiosis II, LLCSell123120255.958,09648,1714,686,982Form
2Ugwumba, Chidozie Symbiosis II, LLCSell123120256.034,13824,9524,725,048Form
3Ugwumba, Chidozie Symbiosis II, LLCSell123020256.276,83142,8305,020,163Form
4Ugwumba, Chidozie Symbiosis II, LLCSell123020256.271,4909,3425,010,821Form
5Ugwumba, Chidozie Symbiosis II, LLCSell123020256.323,35021,1725,029,608Form

Industry Resources

Packaged Foods & Meats Resources
USDA Data