Cambridge biotech tracker · Somerville
Generate Biomedicines
Listed on Nasdaq as GENB, filed under SEC industry code 2834 (pharmaceutical preparations). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q2 '26.
- Cash & investments
- $457M
- Q2 '26 · Jun 30, 2026
- Burn per quarter
- $60.1M
- avg. operating cash flow, 4 qtrs
- Runway
- 23 mo
- 12 to 24 months
- Net loss
- $67.3M
- Q2 '26
- R&D expense
- $64.3M
- 83% of opex
- Raised, last 4 qtrs
- +$399M
- net financing cash flow
- Next readout
- May 2027
- Phase 1 · cash past the catalyst
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
23 months
Cash at Q2 '26 divided by the average burn of the last four quarters, $20.0M a month.
Management’s own date
Into H1 2028
Jan–Jun 2028
That implies $19.0M to $25.3M a month, 1.0–1.3× the recent pace.
In line with the last year“We believe, based upon our current operating plan, that these amounts will be sufficient to fund our current operating plan into the first half of 2028.”
Cash against the calendar
What the runway has to reach.
May 2027estimated
A Study to Investigate GB-0895 in Adults With Mild to Moderate Asthma or COPD
Asthma · COPD (Chronic Obstructive Pulmonary Disease)
NCT07116889 on ClinicalTrials.govDoes the cash reach it?
Cash past the catalyst
- Runway
- 23 months
- Time to the date
- 6 months
It is about 6 months out. At the current burn there is roughly 17 months of cash left on the far side of it, which is enough room to raise on the result rather than ahead of it.
Catalysts ahead
- May 2027Phase 1A Study to Investigate GB-0895 in Adults With Mild to Moderate Asthma or COPD
- Jun 2027Phase 1Study of GB-4362 With Enfortumab Vedotin and Pembrolizumab for Advanced Urothelial Cancer
- Dec 2028Phase 3A Study to Investigate GB-0895 Adjunctive Therapy in Adults and Adolescents With Severe Uncontrolled Asthma (SOLAIRIA-1)
- Jan 2029Phase 3A Study to Investigate GB-0895 Adjunctive Therapy in Adults and Adolescents With Severe Uncontrolled Asthma (SOLAIRIA-2)
Pipeline
5 active trials, through phase 3.
Phase 1 · 3Phase 3 · 2
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 companyThe cash clears the next catalyst
The next dated event is a phase 1 readout in May 2027, about 6 months out. That leaves roughly 17 months of cash afterwards, which is the position you want: the raise can be negotiated on the data instead of on the calendar.
About 23 months of runway
Cash and investments of $457M at Q2 '26 against an average operating cash burn of $60.1M per quarter over the last four reported quarters runs out around April 2028. Between one and two years is the window where the next raise gets planned; the terms depend on what the data does before the cash does.
Cash position up $237M since Q1 '25
Net financing inflows of $399M over the last four quarters, from equity, debt, or ATM sales, more than covered operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
R&D is 83% of operating expenses
$64.3M of R&D against $77.9M of total operating expenses in Q2 '26, with G&A at $13.6M. 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 $6.3M in Q2 '26
The balance sheet carries $12.2M of deferred revenue, which is typically upfront collaboration or license payments being recognized over time. 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.
Accumulated deficit of $805M
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q1 '25 · Mar 31, 25 | $221M | −$53.2M | −$41.7M | $46.8M | $10.1M | $8.8M | $4.7M | $20.6M |
| Q2 '25 · Jun 30, 25 | $154M | −$48.8M | −$52.4M | $59.7M | $10.5M | $10.1M | $5.5M | −$263K |
| Q4 '25 · Dec 31, 25 | $221M | — | — | — | — | — | — | — |
| Q1 '26 · Mar 31, 26 | $517M | −$80.4M | −$61.4M | $57.8M | $13.5M | $7.2M | $6.4M | $379M |
| Q2 '26 · Jun 30, 26 | $457M | −$57.9M | −$67.3M | $64.3M | $13.6M | $6.3M | $8.2M | −$579K |
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.