Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 10, 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

Grey Zone

Financial health

20.4

Distress distance

Clean

Earnings quality

Forensic signals

$1.2B

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, 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.

Obsidian Therapeutics, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 20.4, placing it in the Grey zone. 2 forensic signals were 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: 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%.

n/m (sign flip)

FY2025→FY2026

Accruals ratio (% of NOA). Net operating assets flipped from positive to negative FY2025→FY2026 (FY2025 $+31.6M to FY2026 $-39.1M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.

Key fundamentals

Free Cash Flow-$90.5M

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Data from SEC EDGAR public filings · metrics as of Sep 10, 2026. Forensic signals flag probability, not certainty.