Deep Value: cash covers more than 100% of the stock price

This company holds roughly $51M in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

LeonaBio

LONA

Biotechnology · Healthcare

Price

$7.68

-0.01 (-0.19%)

Market Cap

$30.3M

Exchange

NASDAQ Capital Market

Winston Score

–

No score yet — Winston is napping.

We couldn’t gather enough financial data to score this stock reliably.

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Share count rising — dilution

+15.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 3.7M (2021) → 4.3M (2025)

Winston Score History

The full picture

LeonaBio, Inc. is a small biotechnology company focused on developing experimental medicines. Like most early-stage biotech firms, it is working on drug candidates that have not yet been approved for sale, meaning it does not currently have commercial products generating meaningful revenue. The company operates in the healthcare sector, targeting diseases where it hopes its research will eventually lead to approved treatments.

LeonaBio makes essentially no revenue right now, which explains its 0% gross margin and deeply negative returns on capital. It funds its operations through cash raised from investors, a common model for pre-commercial biotech companies. The company appears to be very small, with a negligible reported market cap, suggesting it is a micro-cap or development-stage firm. The biggest risk it faces is running out of cash before its drug candidates can complete clinical trials and reach the market, a challenge that affects many small biotechs and often leads to additional stock dilution or failure.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

Revenue data limited

EPS Growth

-150.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$18M/ year

↓ Declining (-75% vs prior year)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

32.0%ownership

Insiders own a meaningful stake in the company

Cash Runway

~9 months

$51M cash & investments

Quarterly Free Cash Flow

Short runway — potential dilution ahead through share issuance

Cash watch

LeonaBio has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

N/A

—

Data not available

Profit after running costs

Operating Margin

N/A

—

Data not available

Return on the money invested

ROCE

-360.0%

Weak — -360.0% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

N/A

—

Data not available

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

N/A

—

Data not available

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Stability

What it owes vs what it owns

Debt / Equity

0.02

Conservative — low debt load (0.02)

Covers its interest

Interest Cover

N/A

—

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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