Clene Inc.
For the period ended Dec 31, 2025. Filed Mar 17, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 17, 2026
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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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| Year Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities: | ||
| Net loss | $(26,173) | $(39,400) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation | 1,495 | 1,645 |
| Non-cash lease expense | 571 | 524 |
| Issuance costs for common stock warrant liabilities | — | 157 |
| Loss on initial issuance of equity | — | 2,097 |
| Issuance of common stock as payment of outstanding indebtedness | 8 | — |
| Change in fair value of common stock warrant liabilities | 522 | 702 |
| Change in fair value of derivative liabilities | 363 | 379 |
| 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 | 6,382 | 7,953 |
| Loss on extinguishment of notes payable | — | 214 |
| Loss on disposal of property and equipment | — | 154 |
| Accretion of debt discount | 1,027 | 1,140 |
| Non-cash interest income on marketable securities | — | (153) |
| Non-cash interest expense on notes payable | 612 | 136 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 64 | 79 |
| Inventory | 31 | (31) |
| Prepaid expenses and other current assets | 119 | (198) |
| Accounts payable | (348) | (264) |
| Accrued liabilities | (2,219) | 4,046 |
| Operating lease obligations | (1,000) | (421) |
| Net cash used in operating activities | (18,546) | (21,326) |
| Cash flows from investing activities: | ||
| Purchases of marketable securities | — | (6,169) |
| Proceeds from maturities of marketable securities | — | 12,500 |
| Purchases of property and equipment | (39) | (15) |
| Net cash provided by (used in) investing activities | (39) | 6,316 |
| Cash flows from financing activities: | ||
| Proceeds from exercise of stock options | — | 124 |
| Proceeds from issuance of common stock, warrants, and pre-funded warrants, net of offering costs | 10,402 | 9,243 |
| Proceeds from the issuance of debt and derivative liabilities | 1,500 | 9,924 |
| Payments of notes payable | (384) | (20,793) |
| Payments of finance lease obligations | — | (27) |
| Net cash provided by (used in) financing activities | 11,518 | (1,529) |
| Effect of foreign exchange rate changes on cash and restricted cash | 101 | (127) |
| Net decrease in cash, cash equivalents and restricted cash | (6,966) | (16,666) |
| Cash, cash equivalents and restricted cash – beginning of period | 12,213 | 28,879 |
| Cash, cash equivalents and restricted cash – end of period | $5,247 | $12,213 |
| Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets: | ||
| Cash and cash equivalents | $5,189 | $12,155 |
| Restricted cash | 58 | 58 |
| Cash, cash equivalents and restricted cash | $5,247 | $12,213 |
| 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 | $— |
| Common stock warrant liability recorded upon public stock offering | $— | $2,291 |
| Issuance of stock options as payment of bonus liability | $445 | $— |
| Supplemental cash flow information: | ||
| Cash paid for interest expense | $1,043 | $2,613 |
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