Cambridge biotech tracker · Cambridge
Obsidian Therapeutics
Listed on Nasdaq as OBX, 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
- $34.4M
- Q2 '26 · Jun 30, 2026
- Burn per quarter
- None
- net loss less stock comp
- Runway
- Self-funding
- Self-funding
- Net loss
- +$0
- Q2 '26 · net income
- R&D expense
- $21.5M
- 82% of opex
- Raised, last 4 qtrs
- $0
- net financing cash flow
- Next readout
- Jun 2029
- Phase 1/2 · 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.
Jun 2029estimated
Safety and Efficacy of OBX-115 in Advanced Solid Tumors
Tumor Skin · Metastatic Melanoma · Melanoma
NCT06060613 on ClinicalTrials.govDoes the cash reach it?
Self-funding
- Runway
- Self-funding
- Time to the date
- 32 months
It is about 32 months out. Operating cash flow is positive on average, so the date is not a financing deadline.
Pipeline
1 active trial, through phase 1/2.
Phase 1/2 · 1
| Study | Phase | Status | Enrolled | Primary completion |
|---|---|---|---|---|
| Safety and Efficacy of OBX-115 in Advanced Solid TumorsNCT06060613 · Tumor Skin, Metastatic MelanomaPhase 1/2Jun 2029est. | Phase 1/2 | Recruiting |
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 $34.4M at Q2 '26.
Cash position down $134M since Q4 '24
No meaningful financing inflows over the last four quarters, so the change is essentially operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
R&D is 82% of operating expenses
$21.5M of R&D against $26.1M of total operating expenses in Q2 '26, with G&A at $4.6M. 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.
Stockholders' deficit of $300M
Liabilities exceed assets on the balance sheet. That is common with royalty financings, convertible debt, or large deferred revenue balances, and it is a fact auditors and exchange listing rules both pay attention to.
Retained earnings of $341M
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 income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q4 '24 · Dec 31, 24 | $168M | — | — | — | — | — | — | — |
| Q1 '25 · Mar 31, 25 | — | — | −$25.0M | — | — | — | — | — |
| Q2 '25 · Jun 30, 25 | — | — | −$26.9M | $23.0M | $5.3M | $0 | $2.8M | — |
| Q4 '25 · Dec 31, 25 | $80.5M | — | — | — | — | — | — | — |
| Q1 '26 · Mar 31, 26 | — | — | −$19.6M | — | — | — | — | — |
| Q2 '26 · Apr 10, 26 | $0 | — | — | — | — | — | — | — |
| Q2 '26 · Jun 30, 26 | $34.4M | $0 | $0 | $21.5M | $4.6M | $0 | $1.6M | $0 |
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.