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Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Oct 23, 2026

Obsidian Therapeutics, Inc. (OBX)

A forensic read on Obsidian Therapeutics, 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
-9.1
Distress distance
Clean
Earnings quality
1
Forensic signals
$861M
Market cap

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). 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.

Obsidian Therapeutics, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -9.1, placing it in the Distress zone. 1 forensic signal was flagged in its latest SEC filings, led by share-count dilution.

What the filings flag

+8.5%/yr
FY2024–FY2025
Share-count dilution. Diluted share count changed +8% over the last 1 year to FY2025 (+8.5%/yr). The count is growing — 12.8M shares in FY2024, 13.9M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~8.5% 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 FY2024 has been diluted ~8%.

Key fundamentals

Free Cash Flow-$90.5M

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Data from SEC EDGAR public filings · metrics as of Oct 23, 2026. Forensic signals flag probability, not certainty.