Clene Inc.
For the period ended Sep 30, 2025. Filed Nov 13, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 13, 2025
CLNN$4.41+0.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
(In thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities: | ||
| Net loss | $(16,947) | $(25,851) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation | 1,135 | 1,240 |
| Non-cash lease expense | 418 | 394 |
| Issuance of common stock as payment of outstanding indebtedness | 8 | — |
| Change in fair value of common stock warrant liabilities | (267) | (956) |
| Change in fair value of derivative liabilities | 89 | — |
| Change in fair value of Clene Nanomedicine contingent earn-out liability | — | (75) |
| Change in fair value of Initial Stockholders contingent earn-out liability | — | (10) |
| Stock-based compensation expense | 5,017 | 6,152 |
| Accretion of debt discount | 740 | 1,184 |
| Non-cash interest income on marketable securities | — | (153) |
| Non-cash interest expense on notes payable | 240 | 40 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 64 | 143 |
| Inventory | 7 | (91) |
| Prepaid expenses and other current assets | (817) | (1,185) |
| Accounts payable | 129 | 174 |
| Accrued liabilities | (2,772) | 2,945 |
| Operating lease obligations | (791) | (412) |
| Net cash used in operating activities | (13,747) | (16,461) |
| Cash flows from investing activities: | ||
| Purchases of marketable securities | — | (6,168) |
| Proceeds from maturities of marketable securities | — | 12,500 |
| Purchases of property and equipment | (11) | (14) |
| Net cash provided by (used in) investing activities | (11) | 6,318 |
| Cash flows from financing activities: | ||
| Proceeds from exercise of stock options | — | 124 |
| Proceeds from issuance of common stock, net of offering costs | 8,243 | 2,036 |
| Proceeds from share subscriptions payable | — | 3,810 |
| Proceeds from the issuance of debt and derivative liabilities | 1,500 | — |
| Payments of notes payable | (295) | (10,000) |
| Payments of finance lease obligations | — | (27) |
| Net cash provided by (used in) financing activities | 9,448 | (4,057) |
| Effect of foreign exchange rate changes on cash and restricted cash | 80 | 24 |
| Net decrease in cash, cash equivalents and restricted cash | (4,230) | (14,176) |
| Cash, cash equivalents and restricted cash – beginning of period | 12,213 | 28,879 |
| Cash, cash equivalents and restricted cash – end of period | $7,983 | $14,703 |
| Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets: | ||
| Cash and cash equivalents | $7,925 | $14,645 |
| Restricted cash | 58 | 58 |
| Cash, cash equivalents and restricted cash | $7,983 | $14,703 |
| Supplemental disclosure of non-cash investing and financing activities: | ||
| Issuance of common stock as payment of outstanding indebtedness | $108 | $— |
| Derivative liability recorded upon debt modification | $687 | $67 |
| Derivative liability recorded upon debt issuance | $239 | $— |
| Deferred transaction costs in accrued liabilities and other current assets | $— | $68 |
| Supplemental cash flow information: | ||
| Cash paid for interest expense | $956 | $2,324 |
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