Clene Inc.
CLNN Healthcare Biotechnology
Clene Inc.’s revenue for fiscal 2025 (year ended December 2025) was $200,000.00, down 41.5% from fiscal 2024. In the quarter to June 2026, revenue grew 233.3%, EPS fell 38.5%, free cash flow grew 45.4% and total debt rose 16.2%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years; insiders bought in the last twelve months.
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Clene Inc. (CLNN) Altman Z-score
Clene Inc.'s Altman Z-score for fiscal 2025 is −27.14, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −27.14 | (9.58) |
| FY2024 | −17.56 | (9.32) |
| FY2023 | −8.24 | 0.06 |
| FY2022 | −8.30 | (5.99) |
| FY2021 | −2.30 | (0.76) |
| FY2020 | −1.55 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.10) | — | −0.12 | |
| Retained earnings / total assets | (17.00) | — | −23.81 | |
| EBIT / total assets | (1.27) | — | −4.20 | |
| Market value of equity / total liabilities | 1.62 | — | 0.97 | |
| Sales / total assets | 0.01 | — | 0.01 | |
| Altman Z-score | Distress zone | −27.14 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −65.16 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| ACET Adicet Bio, Inc. compare | 5.0× |
| IBIO iBio, Inc. compare | 2.8× |
| ELTX Elicio Therapeutics, Inc. compare | 0.1× |
| IMA ImageneBio, Inc. compare | −1.1× |
| HOWL Werewolf Therapeutics, Inc. compare | −4.8× |
| INMB INmune Bio, Inc. compare | −10.5× |
| CLNN Clene Inc. | −27.1× |
| KLRS Kalaris Therapeutics Inc. compare | — |
| TVGN Tevogen Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets