Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 16, 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

Clean

Earnings quality

Forensic signals

-41.5%

Revenue growth

The financial-health reading above compares this company's equity at BOOK value, not at what the market currently pays for it — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.

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 (red flags, auditor quality, say on pay, board independence, going concern, valuation). 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 (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 3 forensic signals were flagged in its latest SEC filings, led by stock-based comp load.

What the filings flag

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 26.7% a year 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 is building a little faster than sales — watch for markdowns.

n/m (stock split)

FY2022–FY2025

Share count (stock split). Diluted share count changed -85% over the last 3 years to FY2025, but that includes a large one-time change around FY2023 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw -46.7%/yr figure isn't a real buyback/dilution read here.

Key fundamentals

Latest Revenue$200,000.00

Revenue Growth YoY-41.5%

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?

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Data from SEC EDGAR public filings · metrics as of Sep 16, 2026. Forensic signals flag probability, not certainty.