PBYIHIGH SIGNALFINANCIAL10-K

PBYI showed dramatic revenue growth of 355.6% to $27.7M while significantly reducing debt by 66.7%, though cash declined substantially by 57.2%.

The massive revenue increase combined with improved operating income and major debt reduction suggests a significant business transformation or milestone achievement. However, the sharp cash decline from $69.2M to $29.6M, despite strong operational performance, warrants close monitoring of liquidity and capital allocation strategy.

Comparing 2026-02-26 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

PBYI demonstrated exceptional operational improvement with revenue surging 355.6% to $27.7M while R&D expenses declined 26.4%, resulting in 20.5% higher operating income. The balance sheet strengthened considerably with debt reduced by two-thirds and stockholders' equity growing 41.5%, though the 57.2% cash decline to $29.6M represents a significant shift in liquidity position. Overall, the financial picture suggests a company transitioning from development to commercialization phase with strong revenue momentum but requiring careful cash management.

FINANCIAL STATEMENT CHANGES
Revenue
P&L
+355.6%
$6.1M→$27.7M

Strong top-line growth of 355.6% — accelerating demand or successful expansion into new markets.

Accounts Receivable
Balance Sheet
+67.6%
$32.0M→$53.7M

Receivables surged 67.6% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Total Debt
Balance Sheet
-66.7%
$68.0M→$22.7M

Debt reduced 66.7% — deleveraging strengthens balance sheet and reduces financial risk.

Cash & Equivalents
Balance Sheet
-57.2%
$69.2M→$29.6M

Cash declined 57.2% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Stockholders Equity
Balance Sheet
+41.5%
$92.1M→$130.3M

Equity base grew 41.5% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Inventory
Balance Sheet
-36.8%
$8.7M→$5.5M

Inventory drawn down 36.8% — strong sell-through or deliberate destocking; watch for supply constraints.

Total Liabilities
Balance Sheet
-29.1%
$121.2M→$86.0M

Liabilities reduced 29.1% — deleveraging improves balance sheet strength and financial flexibility.

Capital Expenditure
Cash Flow
+26.8%
$56K→$71K

Capex increased 26.8% — ongoing investment in capacity or infrastructure for future growth.

R&D Expense
P&L
-26.4%
$97.7M→$71.9M

R&D spending cut 26.4% — could signal cost discipline or concerning reduction in innovation investment.

Operating Income
P&L
+20.5%
$31.0M→$37.3M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-27
ADDED
false --12-31 FY 2025 true true true false true true false false false false true 0 362 0.0001 0.0001 100,000,000 100,000,000 50,408,023 50,408,023 49,105,834 49,105,834 5 10.6 4 4 15.2 2.1 3 3 7 0 9.7 9.7 9.7 0.4 0.4 5.417 5 5 2.0 0 3 1.6 1.6 14.9 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 State taxes in Kentucky and Indiana comprise the majority (greater than 50%) of the tax effect in this category.
Other research and development expense include regulatory affairs, pharmacovigilance, quality assurance, chemical manufacturing and other costs.
As of February 23, 2026, there were 50,876,487 shar es of the registrant s common stock outstanding.
These risks include, among others, the following: While we have reported net income in recent years, we cannot assure that we will continue to do so and may not be able to maintain profitability.
We are currently commercializing NERLYNX, an oral version of neratinib, for the treatment of certain HER2-positive breast cancers.
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REMOVED
false --12-31 FY 2024 true true true false true true false false false false 362 881 0.0001 0.0001 100,000,000 100,000,000 49,105,834 49,105,834 47,646,787 47,646,787 0 0 0 200 4 2.1 3 3 7 9.7 9.7 9.7 9.7 5 4.9 4.9 2 2,000 0 0 3 Other research and development expense include regulatory affairs, pharmacovigilance, quality assurance, chemical manufacturing and other costs.
As of February 24, 2025 , there were 49,610,799 shar es of the registrant s common stock outstanding.
These risks include, among others, the following: While we have reported net income in the years ended December 31, 2024, 2023 and 2022, we cannot assure that we will continue to do so and may not be able to maintain profitability.
We are currently commercializing NERLYNX, an oral version of neratinib, for the treatment of HER2-positive breast cancer.
Based on information in this database, we believe alisertib has potential application in the treatment of range of different cancer types, including hormone receptor positive breast cancer, triple negative breast cancer, small cell lung cancer and head and neck cancer.
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