Cambridge biotech tracker · Cambridge
Biogen
Listed on Nasdaq as BIIB, filed under SEC industry code 2836 (biological products). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q1 '26.
- Cash & investments
- $4.75B
- Q1 '26 · Mar 30, 2026
- Burn per quarter
- None
- avg. operating cash flow, 4 qtrs
- Runway
- Self-funding
- Self-funding
- Net loss
- +$320M
- Q1 '26 · net income
- R&D expense
- $539M
- 26% of opex
- Raised, last 4 qtrs
- −$323M
- net financing cash flow
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companySelf-funding on an operating basis
Operating cash flow was positive on average over the last four quarters, so runway is not the constraint. Cash and investments stood at $4.75B at Q1 '26.
Cash position up $2.54B since Q2 '24
Net financing outflows of $323M over the last four quarters, meaning repayments or buybacks exceeded any new capital. The balance is the number the board watches; the trend is the number the auditors watch.
R&D is 26% of operating expenses
$539M of R&D against $2.10B of total operating expenses in Q1 '26, with G&A at $607M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Revenue of $2.48B in Q1 '26
Collaboration and license revenue under ASC 606 and ASC 808 is the single most judgment-heavy area in biotech accounting: performance obligations, variable consideration on milestones, and the split between revenue and cost-sharing.
$6.29B of long-term debt or convertible notes
Debt in a pre-revenue biotech usually comes with liquidity covenants and, for convertibles, embedded features that need ASC 815 and ASC 470 analysis each quarter.
Retained earnings of $20.9B
Cumulative profits exceed cumulative losses, which puts this company in a different accounting conversation from most of the neighborhood.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net loss | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q2 '24 · Jun 29, 24 | $2.21B | $626M | $584M | $505M | $554M | $2.46B | −$72.9M | −$245M |
| Q3 '24 · Sep 29, 24 | $2.00B | $936M | $389M | $516M | $588M | $2.47B | −$75.0M | −$6.6M |
| Q4 '24 · Dec 30, 24 | $2.55B | $761M | $267M | $513M | $680M | $2.45B | −$77.5M | $7.9M |
| Q1 '25 · Mar 30, 25 | $2.75B | $259M | $241M | $434M | $573M | $2.43B | $81.0M | −$23.0M |
| Q2 '25 · Jun 29, 25 | $2.92B | $161M | $635M | $399M | $584M | $2.65B | $74.9M | −$11.7M |
| Q3 '25 · Sep 29, 25 | $3.97B | $1.27B | $467M | $436M | $595M | $2.53B | $75.3M | −$130M |
| Q4 '25 · Dec 30, 25 | $4.25B | $512M | −$48.8M | $509M | $683M | $2.28B | $59.6M | −$137M |
| Q1 '26 · Mar 30, 26 | $4.75B | $646M | $320M | $539M | $607M | $2.48B | $84.0M | −$43.8M |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.