Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 8, 2026
Clene Inc. (CLNN)
A forensic read on Clene Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-65.2
Distress distance
3
Forensic signals
-41.5%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Clene Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -65.2, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+37.1%/yr
FY2023–FY2025
Share-count dilution.Basic share count changed +88% over the last 2 years to FY2025 (+37.1%/yr). The count is growing — 5.2M shares in FY2023, 9.9M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~37.1% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~47%.
3191% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 3191% of revenue in FY2025 — about $0.65 per basic share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the basic count still rose about 37.1% a year across FY2023–FY2025 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
446d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 274 to 446 FY2024→FY2025 (against cost of goods sold; inventory -46% vs -39% in cost of sales). Inventory ended the year no higher than it began, but days on hand lengthened on the year's average balance — watch for markdowns.
Key fundamentals
Latest Revenue$200,000
Revenue Growth YoY-41.5%
Revenue CAGR (2yr)-44.7%
Net Margin-13086.5%
Free Cash Flow-$18.6M
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Clene Inc.'s actual 10-K/10-Q/8-K filings?