Owner Scorecard
An independent research publication · records as of August 17, 2026

← All companies ← PAHC Manual PANL → ← OCGN Biotechnology PLUR →

PALI, Palisade Bio Inc.

Biotechnology consumer brand UnprofitableNet current asset value

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Latest annual: FY2025 10-K
PALI · Palisade Bio Inc.
I

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025
$0
· −100% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $500K 5-yr avg $53K

Next report Est. 11/9–11/12 · the 10-Q for the quarter ended late September · due within 45 days of period end · has filed ~42 days after · the wire records it on arrival

The business in brief

What this business is and what moves its needle, from its own SEC filings.

Situation
Unprofitable. No meaningful revenue yet; the record is the cash on hand against the burn. Net current asset value. Current assets alone exceed every liability combined, and the surplus is most of the balance sheet: the shape Graham called a net-net.
What moves the needle
The pipeline against the patent cliff, and pricing. What decides it: whether new drugs replace those losing exclusivity, the odds in the clinical pipeline, and how durable pricing stays against payers and generics.
Is it a good business?
Return on capital has rarely cleared the cost of capital (median −1529%, above 15% in 0 of 4 years). This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

II

The record

Ten years of arithmetic, read across the cycle.

The record, 2015–2025

realized figures from each filing · older years to the left
2015’152016’162017’172018’182019’192020’202022’222023’232024’242025’25TTMTTMJun 2026
Income statement
$10K$16K$260K$260K$15K$14K$0$250K$0$0$500KRevenueRevenue
n/mn/mn/mn/mn/mn/m—n/m——51%SG&A / revenueSG&A/rev
n/mn/mn/mn/mn/mn/m—n/m——n/mR&D / revenueR&D/rev
($19M)($21M)($13M)($8M)($9M)($9M)($16M)($13M)($15M)($18M)($35M)Operating incomeOp. inc.
n/mn/mn/mn/mn/mn/m—n/m——n/mOperating marginOp. mgn
($21M)($21M)($16M)($5M)($8M)($10M)($14M)($12M)($14M)($17M)($32M)Net incomeNet inc.
Cash flow & returns
($19M)($16M)($13M)($8M)($7M)($5M)($13M)($11M)($12M)($11M)($18M)Operating cash flowOp. cash
$345K$338K$289K$186K$144K$3K$3K————Depreciation & amortizationD&A
($1M)$2M$191K($4M)$71K$4M($135K)$543K$2M$2M$852KWorking capital & otherWC & other
$176K$98K$11K$2K—$6K$10K$4K$0——CapexCapex
n/m603.8%4.4%0.7%—44.4%—1.6%———Capex / revenueCapex/rev
($19M)($16M)($13M)($8M)—($5M)($13M)($11M)($12M)——Owner earningsOwner earn.
n/mn/mn/mn/m—n/m—n/m———Owner earnings marginOE mgn
($19M)($16M)($13M)($8M)—($5M)($13M)($11M)($12M)——Free cash flowFCF
n/mn/mn/mn/m—n/m—n/m———Free cash flow marginFCF mgn
—————$0$0———$0AcquisitionsAcquis.
$7M$2M($94K)$5M—($6K)($10K)($4K)$0——Investing cash flowInv. cash
$4M$24M$5M$2M$7M$2M$15M$11M$10M$134M—Financing cash flowFin. cash
($4K)($543)($579)($8K)($6K)($1K)—————Exchange-rate effectFX
($8M)$10M($9M)($888K)—($3M)$2M$49K($3M)——Change in cashΔ cash
-185%—-571%-2486%——-12937%————ROICROIC
-421%-186%-184%-81%——-114%-109%-193%-13%-26%Return on equityROE
−421%−186%−184%−81%——−114%−109%−193%−13%−26%Retained to equityRetained/eq
Balance sheet
$12M$20M$12M$6M$5M$713K$12M$12M$10M$133M$125MCash & investmentsCash+inv
$37K$10K$313K$294K$21K$59K————$500KReceivablesReceiv.
—————$3M$2M$698K$1M$767K$2MAccounts payablePayables
$37K$10K$313K$294K$21K($2M)————($1M)Operating working capitalOper. WC
$13M$21M$12M$7M$6M$896K$15M$13M$10M$134M$127MCurrent assetsCur. assets
$6M$7M$2M$1M$1M$8M$3M$3M$3M$5M$5MCurrent liabilitiesCur. liab.
2.1×2.9×8.2×6.2×4.6×0.1×4.9×5.2×3.2×29.0×24.3×Current ratioCurr. ratio
$343K$270K$173K$90K$41K$5K$10K$10K$3K$0—Net PP&ENet PP&E
$15M$23M$14M$8M$7M$13M$16M$14M$11M$134M$127MTotal assetsAssets
$8M$4M———$1M—————Total debtDebt
($4M)($16M)———$428K—————Net debt / (cash)Net debt
-10.5×-18.1×-83.7×-1072.9×-967.7×-39.6×-1209.3×-871.3×-1238.3×-1805.6×-4418.6×Interest coverageInt. cov.
$10M$11M$5M$2M$1M$3M$3M$3M$3M$5M—Total liabilitiesTotal liab.
$5M$11M$9M$6M($8M)($17M)$12M$11M$7M$129M$122MShareholders’ equityEquity
n/mn/m680.8%243.9%n/mn/m—249.6%——n/mStock comp / revenueSBC/rev
Per share
7.0M8.3M13.1M653K2.2M2.8M880K456K1.4M55.7M211MShares out (diluted)Shares
$0.00$0.00$0.02$0.40$0.01$0.00$0.00$0.55$0.00$0.00$0.00Revenue / shareRev/sh
$-2.99$-2.53$-1.20$-7.54$-3.80$-3.72$-16.20$-26.97$-10.19$-0.30$-0.15EPS (diluted)EPS
$-2.73$-1.88$-1.03$-11.78—$-1.72$-15.18$-24.42$-8.61——Owner earnings / shareOE/sh
$-2.73$-1.88$-1.03$-11.78—$-1.72$-15.19$-24.42$-8.61——Free cash flow / shareFCF/sh
$0.03$0.01$0.00$0.00—$0.00$0.01$0.01$0.00——Cap. spending / shareCapex/sh
$0.71$1.36$0.65$9.26$-3.79$-5.98$14.18$24.81$5.29$2.32$0.58Book value / shareBVPS

The diluted share count moved ×1.57 into 2017 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×1/20 into 2018 — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×3.36 into 2019 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×1/3.15 into 2022 — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×1/1.93 into 2023 — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×3.11 into 2024 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×39.3 into 2025 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×3.78 into TTM — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Owner-earnings bridge

FY2018–FY2024cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2024 the business turned a $14M loss into ($12M) of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

FY2024FY2023FY2022FY2020FY2018
Reported net income($14M)($12M)($14M)($10M)($5M)
Depreciation & amortizationnon-cash charge added back——+$3K+$3K+$186K
Stock-based compensationreal costnon-cash, but a real cost+$652K+$624K+$1M+$2M+$634K
Working capital & othertiming of cash in and out, other non-cash items+$2M+$543K−$135K+$4M−$4M
Cash from operations($12M)($11M)($13M)($5M)($8M)
Maintenance capital expenditurethe spending needed just to hold position and volume—−$4K−$3K−$3K−$2K
Owner earnings($12M)($11M)($13M)($5M)($8M)
Growth capital expenditurediscretionary; spent to get bigger, not to stand still——−$7K−$3K—
Free cash flow($12M)($11M)($13M)($5M)($8M)
Owner-earnings marginowner earnings ÷ revenue—-4455%—-35288%-2959%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $652K), owner earnings is nearer ($13M).

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

  • Can it pay its interest? -1805.6×
    Does not cover its interest
    Operating income ($18M) ÷ interest expense $10K
    What this means

    A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.

  • How heavy is the debt, net of cash? +$133M
    Net cash
    Cash $133M − debt $87K
    What this means

    Cash and short-term investments exceed every dollar of debt by $133M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.

  • How long is cash tied up? —
    Not enough data
    What this means

    The filing data didn't include the inputs for this check.

Is it a good business?

  • Return on invested capital —
    Not meaningful here
    Invested capital ($4M) = debt $87K + equity $129M − cash
    Industry peers: median -41%
    What this means

    Invested capital is near zero or negative, usually years of buybacks pulling equity down. ROIC explodes or flips sign and stops meaning anything. Judge this one on Owner Earnings instead.

  • Owner-earnings margin —
    Not enough data
    Industry peers: median -127%
    What this means

    The filing data didn't include the inputs for this check.

  • Are earnings backed by cash? ($11M)
    Loss, and burning cash
    Net income ($17M) · cash from operations ($11M)
    What this means

    The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.

How is the cash used?

  • Where do the earnings go? —
    Not enough data
    What this means

    The filing data didn't include the inputs for this check.

  • Investing or harvesting? —
    Not enough data
    What this means

    The filing data didn't include the inputs for this check.

Graham’s defensive tests · 2 of 4 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

  • Adequate size Miss
    Revenue ≥ $2B · $0
    What this means

    Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.

  • Strong liquidity Pass
    Current ratio ≥ 2× · 28.95×
    What this means

    Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.

  • Conservative debt Pass
    Debt ≤ working capital · $87K vs $130M WC
    What this means

    Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.

  • Earnings stability Miss
    A profit every year (10-yr record) · 10 loss years
    What this means

    Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.

  • Dividend record —
    Uninterrupted dividends · no dividend line tagged in the data
    What this means

    An unbroken dividend was Graham's mark of durability. This record carries no dividends-paid line in any year — common for partnerships, whose distributions file under tags the chain doesn't read — so the criterion is withheld rather than judged on silence.

  • Earnings growth —
    Earnings +33% over the record · —
    What this means

    Earnings were negative early in the record, a growth rate isn't meaningful.

  • Moderate price —
    P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
    What this means

    Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.08/share (latest year $-0.10), the averaged base the calculator's gate runs on, and book value is $0.74/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2015–2025

Whether the record’s returns held, and what the capital reinvested earned.

  • Profitable years 0 of 10
    What this means

    Lost money in 10 year(s), look at what happened there before trusting the average.

  • Operating margin −105347% → −43355% (3-yr avg ends)
    What this means

    Through the cycle the operating margin widened — about −105347% early to −43355% lately, median −56072% — pricing power intact or improving.

  • Reinvestment, incremental ROIC returns capital
    What this means

    The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.

  • Worst year 2015 · −183896.8% op. margin
    What this means

    Operations went underwater in 2015, understand why before trusting the good years.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Jun 30, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$127M
  • Cash & short-term investments$125M
  • Receivables$500K
  • Other current assets$2M
Current liabilities$5M
  • Accounts payable$2M
  • Other current liabilities$3M
Current ratio24.26×all current assets ÷ what's due · Graham looked for 2×
Quick ratio—inventory untagged this quarter, so withheld rather than shown equal to the current ratio
Cash ratio23.86×strictest: cash alone against what's due
Working capital$122Mthe cushion left after near-term bills
Cash runway6.9 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Current ratio, recent quarters3.3× → 24.3×
Deeper floors
Tangible book value$122Mequity stripped of goodwill & intangibles
Net current asset value$122MGraham's net-net: current assets less all liabilities

From the company's latest filing.

Peers, Biotechnology

The same industry, side by side on owner economics. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.

CompanyRevenuelatest FY, USDGross marginmedian over the recordOp. marginmedian over the recordROICmedian over the recordOwner earn. marginmedian over the record
AMGNAmgen Inc.$36.8B76%36.1%18%35%
BCRXBioCryst Pharmaceuticals Inc.$875M95%-113.1%-142%3y-91%
ADMAADMA Biologics Inc$510M-13%-106.6%-39%-158%
ADPTAdaptive Biotechnologies Corporation$277M68%-108.0%-32%-97%
AUTLAutolus Therapeutics PLC$75M-20%2y-358.9%1y-192%2y-387%1y
ACOGAlpha Cognition Inc.$10M—-221.7%1y—-200%1y
PALIPalisade Bio Inc.$0——-1529%4y—
ALLOAllogene Therapeutics Inc.$0—-157.9%1y-44%-181%1y
Group median———-44%—
IV

The price

What a price has to assume.

What the price implies

reverse-DCF

The owner-earnings base could not be formed from this filing’s tagged data (operating cash flow or capital spending is missing), so the owner-earnings reverse-DCF has no base to grow. We read the price from both ends instead: type a price to see the profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.

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The assumptions

Enter a price to run it.

Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today—

Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.

Weigh PALI against another business →

Cite: Owner Scorecard, "Palisade Bio Inc. (PALI), the owner's record," https://ownerscorecard.com/c/PALI, data as of 2026-08-17.

Manual order: ← PAHC its page in the Manual PANL →

Industry order: ← OCGN the Biotechnology chapter PLUR →