Latest Ratios: P/E Ratio -51.6x · EV/EBITDA N/A · ROE -27.9%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $502M | $417M | $5M | $6M | $15M | $64M | — | — |
| Enterprise Value | $443M | $334M | $-558235 | $-722797 | $4M | $44M | — | — |
| P/E Ratio → | -51.61 | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — |
| P/B Ratio | 7.70 | 5.09 | 0.91 | 0.90 | 1.44 | 3.30 | — | — |
| P/FCF | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -27.9% | -27.9% | -46.2% | -86.0% | -100.0% | -85.9% | -112.2% | -185.6% |
| ROA | -27.0% | -27.0% | -43.2% | -77.7% | -93.2% | -82.7% | -92.0% | -144.0% |
| ROIC | — | — | — | — | — | — | — | — |
| ROCE | -31.8% | -31.8% | -46.4% | -85.8% | -99.8% | -85.7% | -110.9% | -185.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.02 | 0.01 | 0.01 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.01 | -1.01 | -1.01 | -1.09 | -1.02 | -1.10 | -0.63 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — |
Net cash position: cash ($83M) exceeds total debt ($125777)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 36.10 | 36.10 | 11.32 | 24.26 | 8.11 | 31.38 | 5.82 | 2.18 |
| Quick Ratio | 36.10 | 36.10 | 11.32 | 24.26 | 8.11 | 31.38 | 5.82 | 2.18 |
| Cash Ratio | 35.50 | 35.50 | 10.82 | 24.03 | 7.90 | 30.94 | 5.30 | 2.18 |
| Asset Turnover | — | — | — | — | — | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $7M | $4M | $4M | $2M | $2M | $1M | $1M |
Clinical trial execution failure
Based on reported figures, the company's P/B ratio of 7.83 suggests that investors are pricing in significant intangible value related to the intellectual property estate, though this valuation remains highly sensitive to the successful progression of the BMB-101 program through upcoming clinical milestones.
The current valuation multiple appears to reflect a premium for the company's proprietary 5-HT2C selectivity platform rather than tangible book value. Investors should monitor whether this multiple compresses as the company consumes its cash reserves, or if it expands upon positive Phase 2 data readouts.
As indicated by the most recent quarterly data, the ROE of -5.3% and ROIC of -6.1% highlight the company's current status as a pre-revenue entity where capital is deployed exclusively toward long-term clinical development rather than immediate operational profitability.
These negative return metrics are typical for early-stage biotechnology firms and should not be interpreted as a failure of capital allocation at this stage. The primary focus for analysts should be the efficiency of the R&D spend in achieving clinical milestones rather than traditional return-on-capital benchmarks.
According to the 2026Q2 balance sheet, the company maintains a current ratio of 81.48, which provides an exceptionally strong liquidity buffer that significantly mitigates the risk of insolvency during the current, capital-intensive phase of clinical trial execution.
This high liquidity position is a direct result of recent equity financing activities, which have effectively de-risked the company's immediate operational timeline. While this provides a safety net, it also suggests that the company is currently operating with a high degree of cash-on-hand relative to its immediate liabilities.
As reported in financial statements and market data, the company's valuation metrics appear to trade at a discount to peers like Cybin and Atai, suggesting that the market may be under-appreciating the potential for a non-hallucinogenic, take-home therapeutic model in the epilepsy space.
The structural gap between DRUG and its psychedelic-focused peers warrants further investigation, as the market may be incorrectly applying the same risk profile to both. If the company demonstrates superior safety and efficacy, this valuation gap may narrow as institutional investors differentiate between the two business models.
The most commonly misapplied metric for this business model is the P/E ratio, which, at -52.44, provides no meaningful insight into the company's future earning power or the intrinsic value of its clinical pipeline, as the firm currently generates zero revenue.
Investors should instead focus on the 'Cash Runway to Milestone' ratio, which measures the company's ability to reach critical data readouts without further dilutive financing. Relying on traditional profitability ratios in this context obscures the fundamental value driver, which is the successful clinical validation of the lead compound.
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Quick answers to the most common questions about buying DRUG stock.
Bright Minds Biosciences Inc.'s current P/E ratio is -51.6x. This places it at the 50th percentile of its historical range.
Bright Minds Biosciences Inc.'s return on equity (ROE) is -27.9%. The historical average is -92.0%.
Based on historical data, Bright Minds Biosciences Inc. is trading at a P/E of -51.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.