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 Q3 '26.
- Cash & investments
- $1.30B
- Q3 '26 · Sep 30, 2026
- Burn per quarter
- None
- avg. operating cash flow, 4 qtrs
- Runway
- Self-funding
- Self-funding
- Net loss
- $20.6M
- Q3 '26
- R&D expense
- $574M
- 20% of opex
- Raised, last 4 qtrs
- +$721M
- net financing cash flow
- Next readout
- Dec 2026
- Phase 3 · self-funding
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Cash against the calendar
What the runway has to reach.
Dec 2026estimated
A Study to Learn More About the Effects and Safety of Felzartamab Infusions in Adults With Kidney Transplants Who Have Antibody-Mediated Rejection (AMR)
Antibody-mediated Rejection
NCT06685757 on ClinicalTrials.govDoes the cash reach it?
Self-funding
- Runway
- Self-funding
- Time to the date
- 4 weeks
It is about 4 weeks out. Operating cash flow is positive on average, so the date is not a financing deadline.
Catalysts ahead
- Dec 2026Phase 3A Study to Learn More About the Effects and Safety of Felzartamab Infusions in Adults With Kidney Transplants Who Have Antibody-Mediated Rejection (AMR)
- Aug 2027Phase 3Study to Learn If Tofersen (BIIB067) Can Delay ALS Symptoms and About Its Safety in Adults With a SOD1 Gene Mutation Who Have Not Yet Developed ALS Symptoms
- Jan 2028Phase 2A Study to Learn About The Effects of Felzartamab on Thyroid Function and Its Safety in Adults With Graves' Disease Ages 18 to 75 Years Old
- Aug 2028Phase 2A Study to Learn About the Effects of Felzartamab on the Kidneys of Adults With Immunoglobulin A Nephropathy (IgAN)
- Nov 2028Phase 3A Study to Learn About Salanersen's (BIIB115) Effects on Movement and Its Safety When Given Before Symptoms Appear in Babies With Genetically Diagnosed Spinal Muscular Atrophy (SMA)
- Jan 2030Phase 3A Study to Learn More About the Effects and Safety of Felzartamab Infusions in Adults With Primary Membranous Nephropathy (PMN)
- Jun 2030Phase 1A Study to Find Out How BIIB141 (Omaveloxolone) is Processed in the Body and to Learn More About Its Safety in Participants With Friedreich's Ataxia Aged 2 to 15 Years Old
- Jul 2034Phase 3A Study to Learn About the Safety of Diroximel Fumarate (DRF) and Dimethyl Fumarate (DMF) and Their Effects on Relapses in Pediatric Participants With Relapsing Forms of Multiple Sclerosis (RMS)
Pipeline
17 active trials, through phase 3.
Phase 3 · 9Phase 1 · 4Phase 2 · 3Phase 2/3 · 1
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
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 $1.30B at Q3 '26.
Cash position down $1.07B since Q4 '24
Net financing inflows of $721M over the last four quarters, from equity, debt, or ATM sales, partly offset operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
Net loss runs $661M above cash burn
The Q3 '26 net loss of $20.6M includes non-cash charges, including $81.5M of stock-based compensation, that do not consume cash. Burn, not net loss, is what runway is built on.
R&D is 20% of operating expenses
$574M of R&D against $2.81B of total operating expenses in Q3 '26, with G&A at $752M. 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 $2.80B in Q3 '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.
$7.29B 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.
Cash-only balance shown
This company either holds no marketable securities or tags them under a name the tracker does not read. If the 10-Q reports a larger cash-and-investments figure, that figure is the right one.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q4 '24 · Dec 31, 24 | $2.38B | $761M | $267M | $513M | $680M | $2.45B | −$77.5M | $7.9M |
| Q1 '25 · Mar 31, 25 | $2.75B | $259M | $241M | $434M | $573M | $2.43B | $81.0M | −$23.0M |
| Q2 '25 · Jun 30, 25 | $2.92B | $161M | $635M | $399M | $584M | $2.65B | $74.9M | −$11.7M |
| Q3 '25 · Sep 30, 25 | $3.96B | $1.27B | $467M | $436M | $595M | $2.53B | $75.3M | −$130M |
| Q4 '25 · Dec 31, 25 | $4.25B | $512M | −$48.8M | $509M | $683M | $2.28B | $59.6M | −$137M |
| Q1 '26 · Mar 31, 26 | $4.75B | $646M | $320M | $539M | $607M | $2.48B | $84.0M | −$43.8M |
| Q2 '26 · Jun 30, 26 | $1.28B | $449M | $97.5M | $530M | $710M | $2.74B | $77.4M | $1.30B |
| Q3 '26 · Sep 30, 26 | $1.30B | $641M | −$20.6M | $574M | $752M | $2.80B | $81.5M | −$394M |
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.