Nasdaq:INBS
INTELLIGENT BIO SOLUTIONS INC.
A US-based biotech innovator generating $3.1M in annual revenue while navigating significant net losses typical of early-stage therapeutic development.
Key Metrics
Investment Thesis
Bull Case
INBS offers exposure to high-growth biotech assets with revenue nearly tripling over the last two years, backed by significant paid-in capital and financing activities that fund future development milestones.
Bear Case
Investors should avoid this stock due to consistent annual net losses exceeding $10M, a current cash balance of only $1.0M against $5.4M in current liabilities, and a lack of positive operating cash flow which threatens solvency before product launch.
About INTELLIGENT BIO SOLUTIONS INC.
Intelligent Bio Solutions Inc. (INBS) is a biotechnology company focused on developing innovative therapeutic solutions and diagnostic tools, primarily serving markets in the United States and internationally. The company generates revenue through its core product pipelines while managing significant operational costs associated with R&D and general administration. With total assets of $8.2M and a current year revenue of $3.1M, the firm operates within a capital-intensive sector requiring strategic financial management.
Analysis
Management Discussion
Despite a 138% year-over-year revenue increase from $1.3M in 2023 to $3.1M in 2025, the company continues to report substantial operating losses, with cash flow from operations turning negative at -$9.7M. The management team has successfully secured financing inflows to offset investing outflows, yet the accumulated deficit of -$62.5M suggests a prolonged path to profitability that requires successful product commercialization.
Industry Overview
The global biotechnology industry is characterized by high R&D expenditures and long development cycles, where companies often operate at a loss while seeking to commercialize novel therapies that can disrupt existing treatment paradigms.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $1.3M | $3.1M | $3.1M |
| Cost of Revenue | $930.2K | $1.7M | $1.8M |
| Gross Profit | $326.7K | $1.4M | $1.2M |
| Operating Expenses | $13.7M | $12.1M | $12.7M |
| Operating Income | $-12.6M | $-10.3M | $-10.6M |
| G&A | $8.0M | $9.3M | $8.9M |
| Stock-Based Comp | $260.0K | $230.5K | $238.0K |
| D&A | $814.5K | $974.4K | $970.1K |
| Depreciation | $33.8K | $15.1K | $15.0K |
| Amortization | $850.8K | $947.4K | $949.3K |
| Other OpEx | $5.6M | $2.9M | $3.8M |
| Non-Operating Income | $0 | $0 | $0 |
| Interest Income | — | — | $101.5K |
| Pre-Tax Income | $-12.6M | $-10.3M | $-10.6M |
| Income Tax | $-1.9M | $-92.2K | $-39.7K |
| Continuing Ops | $-10.7M | $-10.2M | $-10.6M |
| Discontinued Ops | $0 | $0 | $0 |
| Net Income | $-10.7M | $-10.2M | $-10.6M |
| Minority Interest | $-32.8K | $-34.2K | $-36.2K |
| Net to Common | $-10.6M | $-10.2M | $-10.6M |
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Current Assets | $3.9M | $8.5M | $4.1M |
| Cash & Equivalents | $1.5M | $6.3M | $1.0M |
| Accounts Receivable | $293.9K | $429.7K | $594.6K |
| Inventory | $979.9K | $777.5K | $635.2K |
| Other Current Assets | $1.1M | $1.0M | $1.9M |
| Long-Term Assets | $6.5M | $5.2M | $4.1M |
| PP&E (Net) | $690.2K | $565.9K | $251.3K |
| Intangibles | $5.3M | $4.4M | $3.8M |
| Operating Leases | $546.5K | $306.7K | $69.5K |
| Other LT Assets | $0 | $0 | $0 |
| Total Assets | $10.4M | $13.8M | $8.2M |
| Current Liabilities | $5.9M | $5.5M | $5.4M |
| Current Leases | $223.4K | $274.8K | $84.7K |
| Other Current Liab | $4.9M | $4.6M | $4.1M |
| Long-Term Liabilities | $783.9K | $144.9K | $84.9K |
| LT Operating Leases | $356.2K | $81.3K | — |
| Other LT Liab | $427.8K | $63.6K | — |
| Total Liabilities | $6.7M | $5.6M | $5.4M |
| Shareholders' Equity | $3.7M | $8.2M | $2.8M |
| Paid-In Capital | $46.2M | $61.0M | $65.8M |
| Retained Earnings | $-41.8M | $-52.0M | $-62.5M |
| AOCI | $-575.5K | $-712.6K | $-327.9K |
| Treasury Stock | $14 | $1 | $1 |
| Total L&E | $10.4M | $13.8M | $8.2M |
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Net Income (CFO) | $-10.7M | $-10.2M | $-10.6M |
| Non-Cash Adjustments | $2.6M | $1.7M | $-1.8M |
| Working Capital Changes | $708.4K | $-1.1M | $2.7M |
| Cash from Operations | $-7.4M | $-9.6M | $-9.7M |
| Capital Expenditures | — | $5.4K | $231.8K |
| Cash from Investing | $-694.1K | $-221.4K | $-231.8K |
| Cash from Financing | $1.4M | $14.6M | $4.6M |
| FX Effect | $-64.9K | $-707 | $27.2K |
| Net Change in Cash | $-6.7M | $4.8M | $-5.3M |
| Beginning Cash | $8.2M | $1.5M | $6.3M |
| Ending Cash | $1.5M | $6.3M | $1.0M |
Frequently Asked Questions
How does INTELLIGENT BIO SOLUTIONS INC. make money?
The company's revenue is driven by its primary therapeutic product lines and associated diagnostic services, supported by a substantial paid-in capital base of $65.8M to fund ongoing research initiatives.
What are the main risks for INBS?
Persistent net losses of approximately $10.6M indicating potential liquidity pressures, high operating expenses relative to revenue growth, limited cash on hand compared to liabilities, and the inherent regulatory risks in the biotech industry.
What is INBS's competitive advantage?
Access to specialized intellectual property in biotechnology, a streamlined organizational structure allowing for agility in R&D decision-making, and a strategic cash flow from financing of $4.6M that supports long-term development goals.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.