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
- $52.4M
- Q2 '26 · Jun 29, 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
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 $52.4M at Q2 '26.
Cash position down $116M 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 loss | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q4 '24 · Dec 30, 24 | $168M | — | — | — | — | — | — | — |
| Q1 '25 · Mar 30, 25 | — | — | −$25.0M | — | — | — | — | — |
| Q2 '25 · Jun 29, 25 | — | — | −$26.9M | $23.0M | $5.3M | $0 | $2.8M | — |
| Q4 '25 · Dec 30, 25 | $121M | — | — | — | — | — | — | — |
| Q1 '26 · Mar 30, 26 | — | — | −$19.6M | — | — | — | — | — |
| Q2 '26 · Apr 9, 26 | $0 | — | — | — | — | — | — | — |
| Q2 '26 · Jun 29, 26 | $52.4M | $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.