The company's operating margin has deteriorated significantly, swinging from a positive 51.9% in 2025Q1 to a negative 11.9% by 2026Q1, reflecting the inherent volatility of milestone-based licensing revenue.
| Sales/Revenue | 42.95M | 123.67M | 75.62M | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | -73.07% | 63.54% | - | - | - | - | - | - |
| Cost of Goods Sold | 2.03M | 8.36M | 8.12M | 6.22M | 0 | 0 | 537K | 72K |
| COGS % of Revenue | - | 6.76% | 10.74% | - | - | - | - | - |
| Gross Profit | 40.92M | 115.32M | 67.5M | -6.22M | 0 | 0 | -537K | -72K |
| Gross Margin % | 95.28% | 93.24% | 89.26% | - | - | - | - | - |
| Gross Profit Growth % | - | 70.84% | 1184.88% | - | - | 100% | -645.83% | - |
| Operating Expenses | 189.2M | 169.52M | 148.61M | 137.09M | 112.38M | 72.88M | 27.47M | 7.99M |
| OpEx % of Revenue | - | 137.08% | 196.52% | - | - | - | - | - |
| Selling, General & Admin | 37.85M | 36.38M | 35.17M | 32.04M | 27.32M | 15.73M | 4M | 644K |
| SG&A % of Revenue | - | 29.42% | 46.51% | - | - | - | - | - |
| Research & Development | 153.38M | 141.5M | 121.56M | 105.05M | 85.06M | 57.16M | 23.47M | 7.35M |
| R&D % of Revenue | - | 114.42% | 160.75% | - | - | - | - | - |
| Other Operating Expenses | -1000K | -8.36M | -8.12M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -148.28M | -54.21M | -81.11M | -143.31M | -112.38M | -72.88M | -28.01M | -7.99M |
| Operating Margin % | -345.21% | -43.83% | -107.26% | - | - | - | - | - |
| Operating Income Growth % | - | 33.17% | 43.4% | -27.52% | -54.2% | -160.2% | -250.39% | - |
| EBITDA | -139.94M | -45.85M | -72.99M | -137.09M | -108.64M | -70.75M | -27.47M | -7.92M |
| EBITDA Margin % | -325.8% | -37.08% | -96.52% | - | - | - | - | - |
| EBITDA Growth % | -2378.06% | 37.18% | 46.76% | -26.19% | -53.55% | -157.53% | -246.79% | - |
| D&A (Non-Cash Add-back) | 8.34M | 8.36M | 8.12M | 6.22M | 3.75M | 2.13M | 537K | 72K |
| EBIT | -148.28M | -54.21M | -81.11M | -143.31M | -112.38M | -72.88M | -28.01M | -7.74M |
| Net Interest Income | 15.09M | 12.94M | 10.57M | 9.33M | 0 | 46K | 9K | -988 |
| Interest Income | 15.09M | 12.94M | 10.57M | 9.33M | 3.76M | 46K | 9K | 12 |
| Interest Expense | 0 | 0 | 0 | 0 | 3.76M | 0 | 0 | 1K |
| Other Income/Expense | 16.4M | 14.48M | 10.98M | 8.3M | 3.88M | -1.08M | -7.87M | 254K |
| Pretax Income | -131.88M | -39.72M | -70.13M | -135.01M | -108.5M | -73.96M | -35.88M | -7.74M |
| Pretax Margin % | -307.04% | -32.12% | -92.74% | - | - | - | - | - |
| Income Tax | -1.87M | -1.1M | 2.57M | 338K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 1.42% | 2.76% | -3.66% | -0.25% | 0% | 0% | 0% | 0% |
| Net Income | -130.01M | -38.63M | -72.7M | -135.35M | -108.5M | -73.96M | -35.88M | -8.02M |
| Net Margin % | -302.69% | -31.23% | -96.14% | - | - | - | - | - |
| Net Income Growth % | -2213.02% | 46.87% | 46.29% | -24.75% | -46.71% | -106.13% | -347.54% | - |
| Net Income (Continuing) | -130.01M | -38.63M | -72.7M | -135.35M | -108.5M | -73.96M | -35.88M | -7.74M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.98 | -0.46 | -0.98 | -2.63 | -2.30 | -1.59 | -0.82 | -0.18 |
| EPS Growth % | -2757.14% | 53.06% | 62.74% | -14.35% | -44.65% | -93.9% | -355.56% | - |
| EPS (Basic) | - | -0.46 | -0.98 | -2.63 | -2.30 | -1.59 | -0.82 | -0.18 |
| Diluted Shares Outstanding | 65.54M | 83.07M | 73.91M | 51.4M | 47.23M | 46.54M | 44M | 44M |
| Basic Shares Outstanding | 65.54M | 83.07M | 73.91M | 51.4M | 47.23M | 46.54M | 44M | 44M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Clinical milestone dependency
As reported in recent financial statements, GLUE's revenue trajectory remains highly erratic, with a 95% year-over-year decline in 2026Q1, reflecting the inherent lumpiness of milestone-based licensing agreements rather than a sustainable commercial growth trend in the company's core targeted protein degradation platform.
The revenue profile is entirely dependent on the timing of collaboration payments from partners like Roche, which creates significant quarter-to-quarter variance. Investors should monitor the lack of recurring revenue, as the current model provides little visibility into long-term top-line stability.
Based on the company's income statement data, R&D expenses have consistently remained between $25M and $44M per quarter, indicating a rigid cost structure that continues to outstrip the volatile licensing income generated by the firm's proprietary QuEEN platform.
The company's inability to scale revenue alongside its fixed R&D commitments suggests that operating losses will persist until a clinical asset reaches a more advanced stage. This cost discipline appears secondary to the necessity of funding the broad pipeline, which may strain liquidity if milestone payments are delayed.
According to historical income statement filings, GLUE's operating margin swung from a positive 51.9% in 2025Q1 to a negative 11.9% by 2026Q1, demonstrating that the company lacks the operational scale to absorb its fixed overhead without significant, non-recurring partnership inflows.
The sharp reversal in operating margins highlights the fragility of the current business model, where profitability is entirely contingent on the timing of external capital injections. Without a transition to a more predictable revenue stream, the company remains structurally leveraged to the success of its R&D pipeline.
As evidenced by the 100% gross margin reported in multiple quarters, GLUE's income statement is heavily influenced by accounting treatments of licensing revenue, which obscures the underlying cash burn and the true economic cost of maintaining the company's specialized laboratory infrastructure.
The reliance on non-cash revenue recognition under ASC 606 makes it difficult to assess the company's true operational performance. Investors should focus on the persistent net losses and the impact of stock-based compensation, which continues to dilute shareholders while the company remains in a pre-commercial phase.
Quick answers to the most common questions about buying GLUE stock.
For fiscal year 2025, Monte Rosa Therapeutics, Inc. (GLUE) reported total revenue of $123.7M.
Monte Rosa Therapeutics, Inc. (GLUE) reported a net loss of $38.6M for the fiscal year ending 2025.
Monte Rosa Therapeutics, Inc. (GLUE) reported an operating income of $-54.2M, resulting in an operating profit margin of -43.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Monte Rosa Therapeutics, Inc. (GLUE) generated $115.3M in gross profit for the year, representing a gross profit margin of 93.2%. This demonstrates the company's core pricing power and production efficiency.