Revenue91011128$228.4M in 2025−16% since 2019Operating income91011128$37.3M in 2025Net income91011128$31.1M in 2025
Revenue1314$56.5M in Q2 FY2026+26% since Q1 FY2026Operating income1314$7.6M in Q2 FY2026Net income1314$8.2M in Q2 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.8
Period ending
2025-12-31
2024-12-31
2023-12-31
Total revenue
$228.4M
$230.5M
$235.6M
Cost of sales
$58.2M
$64.4M
$62.7M
Selling, general and administrative
$70.8M
$80.2M
$89.9M
Research and development
$62.1M
$54.9M
$50.4M
Total operating costs and expenses
$191.1M
$199.5M
$203.0M
Income from operations
$37.3M
$31.0M
$32.6M
Interest income
$4.1M
$4.7M
$2.6M
Interest expense
-$6.6M
-$12.5M
-$13.3M
Other income
$1.0M
$862.0K
$759.0K
Total other expenses, net
-$1.5M
-$6.9M
-$10.0M
Income Before Income Taxes
$35.8M
$24.1M
$22.7M
Current income tax (expense)
-$1.4M
-$897.0K
-$1.1M
Deferred income tax (expense) benefit
-$3.2M
$7.1M
$0
Net income
$31.1M
$30.3M
$21.6M
Net income per share of common stockbasic (in dollars per share)
$0.62
$0.62
$0.46
Net income per share of common stockdiluted (in dollars per share)
$0.61
$0.62
$0.45
Weighted-average shares of common stock outstandingbasic (in shares)
50.0M shares
48.6M shares
47.1M shares
Weighted-average shares of common stock outstandingdiluted (in shares)
50.7M shares
49.1M shares
47.6M shares
No quarter-by-quarter statement was filed.
Total assets1591011128$216.3M in 2025−8% since 2019Total liabilities1591011128$86.0M in 2025−60% since 2019Shareholders’ equity1011128$130.3M in 2025+646% since 2019Cash1591011128$29.6M in 2025−51% since 2019Long-term debt1591011128$0 in 2025
Total assets1314$192.7M in Q2 FY2026−11% since Q1 FY2025Total liabilities1314$54.2M in Q2 FY2026−37% since Q1 FY2025Shareholders’ equity1314$138.5M in Q2 FY2026+6% since Q1 FY2025Cash1314$36.5M in Q2 FY2026+23% since Q1 FY2025Long-term debt1314$0 in Q2 FY2026
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.8
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$29.6M
$69.2M
Marketable securities
$67.9M
$31.7M
Accounts receivable, net of allowance for credit loss of $0 and $362
$53.7M
$32.0M
Inventory
$5.5M
$8.7M
Prepaid expenses, current
$3.6M
$5.9M
Restricted cash, current
$2.1M
$0
Other assets, current
$256.0K
$91.0K
Total current assets
$162.7M
$147.7M
Lease right-of-use assets, net
$5.4M
$4.6M
Property and equipment, net
$187.0K
$515.0K
Intangible assets, net
$41.4M
$51.1M
Restricted cash, long-term
$0
$2.1M
Deferred tax assets
$3.8M
$7.1M
Prepaid expenses and other, long-term
$2.8M
$284.0K
Total assets
$216.3M
$213.3M
Accounts payable
$5.1M
$5.5M
Accrued expenses, current
$50.0M
$36.9M
Lease liabilities, current
$1.3M
$5.5M
Post-marketing commitment liability
$2.2M
$2.8M
Current portion of long-term debt
$22.5M
$45.3M
Other liabilities, current
$142.0K
$0
Total current liabilities
$81.3M
$96.1M
Lease liabilities, long-term
$4.7M
$1.5M
Post-marketing commitment liability, long-term
$0
$1.8M
Total long-term debt, net
$0
$21.7M
Other liabilities, long-term
$0
$121.0K
Total liabilities
$86.0M
$121.2M
Common stock - $.0001 par value per share; 100,000,000 shares authorized; 50,408,023 shares issued and outstanding at December 31, 2025 and 49,105,834 issued and outstanding at December 31, 2024
$5.0K
$5.0K
Additional paid-in capital
$1.4B
$1.4B
Accumulated other comprehensive income
$36.0K
$6.0K
Accumulated deficit
-$1.3B
-$1.3B
Total stockholders equity
$130.3M
$92.1M
$53.4M
$21.6M
Total liabilities and stockholders equity
$216.3M
$213.3M
Allowance for credit loss
$0
$362.0K
Common stock, par value (in dollars per share)
$0.00
$0.00
Common stock, shares authorized (in shares)
100.0M shares
100.0M shares
Common stock, shares issued (in shares)
50.4M shares
49.1M shares
Common stock, shares outstanding (in shares)
50.4M shares
49.1M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$29.6M
$69.2M
Marketable securities
$67.9M
$31.7M
Accounts receivable, net of allowance for credit loss of $0 and $362
$53.7M
$32.0M
Inventory
$5.5M
$8.7M
Prepaid expenses, current
$3.6M
$5.9M
Restricted cash, current
$2.1M
$0
Other assets, current
$256.0K
$91.0K
Total current assets
$162.7M
$147.7M
Lease right-of-use assets, net
$5.4M
$4.6M
Property and equipment, net
$187.0K
$515.0K
Intangible assets, net
$41.4M
$51.1M
Restricted cash, long-term
$0
$2.1M
Deferred tax assets
$3.8M
$7.1M
Prepaid expenses and other, long-term
$2.8M
$284.0K
Total assets
$216.3M
$213.3M
Accounts payable
$5.1M
$5.5M
Accrued expenses, current
$50.0M
$36.9M
Lease liabilities, current
$1.3M
$5.5M
Post-marketing commitment liability
$2.2M
$2.8M
Current portion of long-term debt
$22.5M
$45.3M
Other liabilities, current
$142.0K
$0
Total current liabilities
$81.3M
$96.1M
Lease liabilities, long-term
$4.7M
$1.5M
Post-marketing commitment liability, long-term
$0
$1.8M
Total long-term debt, net
$0
$21.7M
Other liabilities, long-term
$0
$121.0K
Total liabilities
$86.0M
$121.2M
Common stock - $.0001 par value per share; 100,000,000 shares authorized; 50,408,023 shares issued and outstanding at December 31, 2025 and 49,105,834 issued and outstanding at December 31, 2024
$5.0K
$5.0K
Additional paid-in capital
$1.4B
$1.4B
Accumulated other comprehensive income
$36.0K
$6.0K
Accumulated deficit
-$1.3B
-$1.3B
Total stockholders equity
$130.3M
$92.1M
$53.4M
$21.6M
Total liabilities and stockholders equity
$216.3M
$213.3M
Allowance for credit loss
$0
$362.0K
Common stock, par value (in dollars per share)
$0.00
$0.00
Common stock, shares authorized (in shares)
100.0M shares
100.0M shares
Common stock, shares issued (in shares)
50.4M shares
49.1M shares
Common stock, shares outstanding (in shares)
50.4M shares
49.1M shares
Cash from operations91011128$41.8M in 2025+87% since 2019Capital spending91011128$71.0K in 2025−77% since 2019Free cash flow91011128$41.7M in 2025+89% since 2019
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.8
Period ending
2025-12-31
2024-12-31
2023-12-31
Net income
$31.1M
$30.3M
$21.6M
Depreciation and amortization
$10.9M
$11.5M
$11.5M
Stock-based compensation
$6.9M
$8.2M
$10.2M
Deferred income taxes
$3.2M
-$7.1M
$0
Provision for credit loss recovery
-$362.0K
-$519.0K
$881.0K
Loss on disposal of property and equipment
$4.0K
$0
$0
Loss on impairment of asset
$0
$0
$625.0K
Accounts receivable, net
-$21.3M
$16.3M
-$8.4M
Inventory, net
$3.2M
-$1.6M
-$2.6M
Prepaid expenses and other
-$325.0K
$1.0M
$820.0K
Other current assets
-$165.0K
$821.0K
$1.5M
Accounts payable
-$453.0K
-$1.4M
$449.0K
Operating lease assets and liabilities, net
-$1.8M
-$1.6M
-$1.2M
Accrued expenses and other
$13.2M
-$15.8M
-$7.6M
Post-marketing commitment liability
-$2.4M
-$1.3M
-$940.0K
Net cash provided by operating activities
$41.8M
$38.9M
$27.0M
Purchase of property and equipment
-$71.0K
-$56.0K
-$140.0K
Purchase of available-for-sale securities
-$108.1M
-$76.2M
-$23.8M
Maturity of available-for-sale securities
$72.0M
$55.8M
$17.3M
Purchase of intangible assets
$0
$0
-$12.5M
Net cash used in investing activities
-$36.2M
-$20.4M
-$19.1M
Net proceeds from shares issued under employee stock plans
$130.0K
$150.0K
$0
Payment of debt
-$44.4M
-$33.3M
$0
Payment of exit costs
-$888.0K
-$666.0K
$0
Net cash used in financing activities
-$45.2M
-$33.8M
$0
Net (decrease) increase in cash, cash equivalents and restricted cash
-$39.6M
-$15.4M
$7.9M
Property and equipment purchases in accounts payable
Puma Biotechnology sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Puma Biotechnology
Alan H. AuerbachFiled SCHEDULE 13D/A on Puma Biotechnology, latest Oct 6, 2026 (3 filings since Mar 15, 2022)
VANGUARD GROUP INCFiled SCHEDULE 13G/A on Puma Biotechnology, latest Mar 27, 2026 (4 filings since Feb 10, 2022)
BlackRockFiled SCHEDULE 13G/A on Puma Biotechnology, latest Apr 17, 2025 (5 filings since Feb 3, 2022)
ACORN BIOVENTURES, L.P.Filed SCHEDULE 13G/A on Puma Biotechnology, latest Feb 14, 2025 (4 filings since Sep 1, 2023)
Camber Capital Management LPFiled SCHEDULE 13G/A on Puma Biotechnology, latest Feb 14, 2025 (4 filings since Feb 14, 2022)
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Puma Biotechnology reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
We lease approximately 65,656 square feet of office space in the building located at 10880 Wilshire Boulevard, Los Angeles, California for use as our corporate headquarters. This lease commenced in December 2011 and over time has been amended to add rentable square footage. In February 2019, we entered into a long-term sublease agreement whereby we sublease 12,429 square feet of this office space to a third party subtenant. This sublease was terminated in December 2024. Also, in August 2023, we entered into a long-term sublease agreement whereby we sublease 13,916 square feet of this office space to a third party subtenant. The rental amounts payable to us pursuant to both subleases increase approximately 3% and terminate in March 2026. In July 2025, we executed an amendment to our office space in Los Angeles, California to surrender certain suites effective March 31, 2026 and extend the lease term for the remaining 26,700 rentable square feet in suite 17 for an additional five years and five months through August 31, 2031. We also lease approximately 29,470 square feet of office space in the building located at 701 Gateway Blvd, South San Francisco, California. The lease for the South San Francisco facility commenced in October 2012. The South San Francisco lease will terminate around March 2026. We believe that our office space in Los Angeles is adequate to meet current and anticipated future requirements and that additional or substitute space will be available as needed to accommodate any expansions that our operations require.
Puma was founded in September 2010 by Alan Auerbach to identify and in-license compounds that were already in clinical development. This was the same business plan Auerbach had followed at Cougar Biotechnology, which he founded in 2003, and through which he in-licensed abiraterone acetate from BTG plc. Cougar further developed abiraterone before the company was sold to Johnson & Johnson in 2009. Auerbach brought many Cougar employees with him after founding Puma in 2010.
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
364 filings to the SEC since October 2021: 5 annual reports, 16 quarterly reports, 48 major events, 173 insider forms, 32 large holders, 90 other. The latest 20:
130 open-market trades by officers, directors and large owners since October 2021: 0 buys and 130 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).
SEC filer profile
How Puma Biotechnology is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).16
Risk factors and legal proceedings
The risks Puma Biotechnology names in Item 1A of its 10-K filed Feb 26, 2026: 57 risks under these headings, as written.16
In addition to the other information contained in this Annual Report, the following risk factors should be considered carefully in evaluating our company. Our business, financial condition, liquidity and results of operations could be materially adversely affected by any of these risks. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties that we are unaware of, or that we currently believe are not material, may also become important factors that affect us.
Risks Related to our Financial Condition and Capital Requirements
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 a single product company with limited commercial sales experience.
We may not be able to successfully commercialize NERLYNX in the future.
We may not be able to secure additional financing on favorable terms, or at all, to meet our future capital needs and our failure to obtain additional financing when needed on acceptable terms, or at all, could force us to delay, limit, reduce or terminate our product development or commercialization efforts or other operations.
The terms of our Note Purchase Agreement place restrictions on our ability to operate our business and on our financial flexibility, and we may be unable to achieve the revenue necessary for us to incur additional borrowings under the Note Purchase Agreement or to satisfy the minimum revenue and cash balance covenants.
Risks Related to the Discovery and Development of our Products and Drug Candidates
We have in-licensed alisertib, a drug candidate for which we have assumed all responsibility for global development and commercialization. Our development of alisertib will be expensive, lengthy and unpredictable, and any failure to successfully develop alisertib will have a material adverse effect on our business and financial position.
Interim, “topline” and preliminary data from our clinical trials that we announce or publish from time to time may change as more patient data become available and are subject to audit and verification procedures that could result in material changes in the final data.
NERLYNX, alisertib or other drug candidates may cause undesirable side effects or have other properties when used alone or in combination with other approved products or investigational new drugs that could delay or prevent their regulatory approval, limit the commercial profile of an approved label, or result in significant negative consequences following marketing approval, if any, as applicable.
We are in the early stages of development of alisertib, and we cannot be certain that we will be successful if we seek regulatory approvals for our drug candidates.
The other 47 risks
We are subject to ongoing obligations and continued regulatory review with regard to NERLYNX, alisertib and any other drug candidates that may receive FDA or foreign regulatory approval, which may result in significant expense. Additionally, NERLYNX, alisertib and our other drug candidates, if approved, could be subject to labeling and other restrictions and market withdrawal and we may be subject to penalties if we fail to comply with regulatory requirements or experience unanticipated problems with our products.
Disruptions at the FDA and other government agencies caused by funding shortages, staffing limitations or policy changes could hinder their ability to hire, retain or deploy key leadership and other personnel, or otherwise prevent new or modified products from being developed, approved or commercialized in a timely manner or at all, which could negatively impact our business.
Clinical trials are very expensive, time-consuming and difficult to design and implement.
Enrollment and retention of patients in clinical trials is an expensive and time-consuming process and could be made more difficult or rendered impossible by multiple factors outside our control.
The results of our clinical trials may not support our drug candidate claims.
Risks Related to Commercialization of our Drug Candidates
We have limited experience as a company in marketing or distributing pharmaceutical products. If we are unable to expand our marketing and sales capabilities in the commercialization of NERLYNX, our business, results of operations and financial condition may be materially adversely affected.
We are exposed to the risks associated with reliance on a direct sales force to commercialize NERLYNX in the United States.
Our NERLYNX commercialization efforts may fail to achieve the degree of market acceptance by patients and physicians necessary for commercial success.
We depend on a limited number of customers for a significant amount of our total revenue, and if we lose any of our significant customers, our business could be harmed.
Outside the United States we rely primarily on third-parties to pursue regulatory approval, if necessary, and to commercialize NERLYNX and they may not commit sufficient time or resources to marketing NERLYNX.
Even though the FDA and EC have granted approval of NERLYNX for the extended adjuvant treatment of certain patients with early stage, HER2-positive breast cancer and the FDA has granted approval for NERLYNX for the treatment of certain patients with metastatic HER2-positive breast cancer, the terms of the approvals may limit its commercial potential.
Regulatory approval for any approved product is limited by the FDA and foreign regulatory authorities to those specific indications and conditions for which clinical safety and efficacy have been demonstrated as set forth on the product label. If we market our products for uses beyond such approved indications, we could be subject to enforcement action, which could have a material adverse effect on our business.
We may fail to obtain orphan drug designations from the FDA for our drug candidates, and even if we obtain such designations, we may be unable to maintain the benefits associated with orphan drug designation, including the potential for market exclusivity.
Health care reform measures may hinder or prevent our products’ and drug candidates’ commercial success.
Failure to obtain or maintain adequate coverage and reimbursement for our products or drug candidates, if approved, could limit our ability to market those products and decrease our ability to generate revenue.
We are subject to federal, state and foreign healthcare fraud and abuse laws, false claims laws and physician payment transparency laws. Failure to comply with these laws may subject us to substantial penalties.
If we fail to comply with our reporting and payment obligations under the Medicaid Drug Rebate Program or other governmental pricing programs in the United States, we could be subject to additional reimbursement requirements, penalties, sanctions and fines, which could have a material adverse effect on our business, results of operations and financial condition.
Risks Related to Third Parties
We are dependent on international third-party sub-licensees for the development and commercialization of NERLYNX in several countries outside the United States. The failure of these sub-licensees to meet their contractual, regulatory or other obligations could adversely affect our business.
We have no experience in drug formulation or manufacturing and rely exclusively on third parties to formulate and manufacture NERLYNX, alisertib and our other drug candidates, and any disruption or loss of these relationships could delay our development and commercialization efforts.
If our third-party manufacturers fail to manufacture NERLYNX in sufficient quantities and at acceptable quality and pricing levels, or fail to fully comply with cGMP or similar foreign regulations, we may face delays in commercialization or be unable to meet market demand, and may lose potential revenues.
We rely on third parties to conduct our pre-clinical studies and clinical trials. If these third parties do not successfully carry out their contractual duties or meet expected deadlines, we may not be able to obtain regulatory approval for our drug candidates.
Risks Related to our Business Operations
Engaging in international business subjects us to additional business and regulatory risks, and there can be no assurance that our products will be accepted in those markets.
The failure to comply with anti-bribery, anti-corruption, and anti-money laundering laws, including the FCPA and similar laws associated with our activities outside of the United States, could subject us to penalties and other adverse consequences.
If we fail to comply with United States export control and economic sanctions or fail to expand and maintain an effective sales force or successfully develop our international distribution network, our business, financial condition and operating results may be adversely affected.
We rely significantly on information technology and any failure, inadequacy, interruption or security lapse of that technology, including any cybersecurity incidents, could harm us.
Compliance with governmental regulation and other legal obligations related to privacy, data protection and information security could result in additional costs and liabilities to us or inhibit our ability to collect and process data, and the failure to comply with such requirements could have a material adverse effect on our business, financial condition or results of operations.
If we cannot compete successfully for market share against other drug companies, we may not achieve sufficient product revenue and our business will suffer.
We may be exposed to liability claims associated with the use of hazardous materials and chemicals.
The loss of one or more key members of our management team could adversely affect our business.
If we are unable to hire additional qualified personnel, our ability to grow our business may be harmed
We may not successfully manage our growth.
We may be adversely affected by the current economic environment.
We may incur substantial liabilities and may be required to limit commercialization of our products in response to product liability lawsuits and product recalls.
We may in the future engage in strategic transactions that increase our capital requirements, dilute our stockholders, cause us to incur debt or assume contingent liabilities and subject us to other risks.
Risks Related to our Intellectual Property
We depend significantly on in-licensed intellectual property, and the termination of these licenses would significantly harm our business and future prospects.
Our proprietary rights may not adequately protect our intellectual property and potential products, and if we cannot obtain adequate protection of our intellectual property and potential products, we may not be able to successfully market our potential products.
We may not be able to protect our intellectual property rights throughout the world.
Our ability to commercialize our products will depend on our ability to sell such products without infringing the patent or proprietary rights of third parties. If we are sued for infringing intellectual property rights of third parties, it will be costly and time consuming, and an unfavorable outcome in that litigation would have a material adverse effect on our business.
Risks Related to Owning our Common Stock
The price of our common stock could be subject to volatility related or unrelated to our operations.
We have been subject to securities litigation in the past, and volatility in the price of our common stock may subject us to securities litigation in the future.
Issuance of stock to fund our operations may dilute your investment and reduce your equity interest.
Upon the exercise of our outstanding warrant, holders of our common stock may experience immediate dilution and the market price of our common stock may be adversely affected.
We incur increased costs and demands upon management as a result of complying with the laws and regulations affecting public companies.
If we fail to maintain proper and effective internal controls, our ability to produce accurate and timely financial statements could be impaired, which could harm our operating results, our ability to operate our business and investors’ views of us.
If securities or industry analysts do not publish, or cease publishing, research reports about us, our business or our market, or if they change their recommendations regarding our stock adversely, our stock price and trading volume could decline.
We do not foresee paying cash dividends in the foreseeable future.
Our ability to use our net operating losses and research and development credit carryforwards to offset future taxable income may be subject to certain limitations.
Legal proceedings
Legal Malpractice Suit
On September 17, 2020, the Company filed a lawsuit against Hedrick Gardner Kincheloe & Garofalo, L.L.P. and David L. Levy, the attorneys who previously represented the Company in Eshelman v. Puma Biotechnology, Inc., et al. in the Superior Court of Mecklenburg County, North Carolina. The Company is alleging legal malpractice based on the defendants’ negligent handling of the defense of the Company in Eshelman v. Puma Biotechnology, Inc., et al. The Company is seeking recovery of the entire amount awarded in Eshelman v. Puma Biotechnology, Inc., et al. and all legal fees and expenses incurred in appealing from the judgment and retrying the damages phase of the trial. On November 23, 2020, the defendant filed an answer to the complaint denying the allegations of negligence. On August 19, 2022, the Company filed a voluntary dismissal of the legal malpractice action, without prejudice, to allow the Eshelman v. Puma Biotechnology, Inc., et al. to conclude before proceedings. On June 2, 2023, the Company re-filed the lawsuit against Hedrick Gardner Kincheloe & Garofalo, L.L.P. and David L. Levy, the attorneys who previously represented the Company in Eshelman v. Puma Biotechnology, Inc., et al. in the Superior Court of Mecklenburg County, North Carolina. On August 22, 2023, the defendants filed motions to dismiss the case. These motions were presented at a hearing on February 20, 2024. The Superior Court Judge granted the motions to dismiss on March 20, 2024. The Company appealed this ruling to the North Carolina Court of Appeals. On September 3, 2025, the Court of Appeals reversed the dismissal of the Company’s claim for legal malpractice and remanded the case to the Superior Court for further proceedings. The defendants filed a petition for discretionary review of this decision by the North Carolina Supreme Court on October 8, 2025. The Supreme Court has not decided whether to accept the case for review.
