SLDB

Solid Biosciences is a clinical-stage gene therapy company with effectively zero commercial revenue (FY2025 revenue is not reported; the last meaningful figure was $8.09M in FY2022, down 40.6% YoY) and a $174.3M FY2025 net loss that the 10-K explicitly flags will grow as the company enrolls the INSPIRE DUCHENNE, IMPACT DUCHENNE, FALCON and ARTEMIS trials. The accumulated deficit of $957.8M and operating cash burn of -$156M against just $59.9M of cash (down 25.3% YoY) is the central problem: at current burn the company has well under a year of runway, and management states in Risk Factors that 'expenses will increase substantially' — meaning a dilutive raise is not a tail risk, it is a near-certain event. Shares outstanding already grew 27.0% in FY2025, foreshadowing the path.