olivLaw · US equity research
Bone Biologics Corporation BBLG
Orthopedic, Prosthetic & Surgical Appliances & Supplies · SIC 3842 · Vertical: Orthopedic, Prosthetic & Surgical Appliances & Supplies (SIC 3842)
Bone Biologics develops NELL-1, a recombinant protein meant to regenerate bone in spinal fusion, still at an early clinical stage. The company has not generated revenue from its planned operations, and financing remains central, with an Australian pilot study underway and a Nasdaq listing under compliance pressure.
At the close of 04 Nov 2026, Bone Biologics Corporation (BBLG) stock was 0.35 USD (−1.95% on the day), with market capitalisation 1.2 m USD, beta 0.85, 52-week range 0.35–2.11 USD. Latest reported quarter (Q3 2026): net income of -617.7 k USD, diluted EPS -0.17 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 26.7
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.34 – 0.47
- in the lower half of the band · %B 0.09 · band width 33.5%
- SMA 50 / 200
- 0.48 / 1.06
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.04 / -0.04
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −28.4% | −1.1% | −27.3 pp | — |
| 3 months | −64.6% | −0.5% | −64.1 pp | — |
| 6 months | −73.9% | +4.4% | −78.3 pp | — |
| Year to date | −76.1% | +12.3% | −88.4 pp | — |
| 1 year | −82.7% | +13.5% | −96.3 pp | +2.0% |
| 3 years | −98.6% | +76.4% | −175.0 pp | −0.2% |
| 5 years | −100.0% | +63.7% | −163.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Research & development | 1.1 m | 423.6 k | 191.6 k | 187.8 k | 257.2 k | 141.6 k | 308.7 k | 242.6 k |
| Operating income | -1.6 m | -1.0 m | -748.1 k | -715.3 k | -733.1 k | -805.1 k | -808.1 k | -666.3 k |
| Net income | -1.5 m | -1.0 m | -740.5 k | -666.7 k | -684.6 k | -766.0 k | -773.7 k | -617.7 k |
| Diluted EPS | -3.69 ≈ | -1.92 | -1.33 | -0.37 | -0.38 ≈ | -0.43 | -0.43 | -0.17 |
| Operating cash flow | -1.4 m | -926.1 k | -458.9 k ≈ | -591.4 k ≈ | -714.8 k | -804.3 k | -518.4 k ≈ | -532.3 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | unavailable | 1.1 bn | 1.1 bn | unavailable | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | 0.0% | unavailable | unavailable | unavailable | unavailable | unavailable |
| Net income | -4.4 m | -3.4 m | -1.8 m | -1.6 m | -1.5 m | -8.9 m | -4.1 m | -3.1 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable | -0.35 | -31.15 | -34.01 | -28.96 | -2.65 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | -0.3% | -0.2% | unavailable | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- unavailable USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 5.4 m USD
- Total assets
- 5.8 m USD
- Debt / equity
- unavailable
- Current ratio
- 13.85x
- ROE
- -70.2%
- ROA
- -64.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.1 bn | — | — | — | — | — | SEC (XBRL)· 15 Apr 2021verified |
| Research & development | 340.7 k | 82.0 k | 1.6 m | 6.9 m | 2.1 m | 1.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Operating income | -825.0 k | -1.1 m | -3.7 m | -9.4 m | -4.2 m | -3.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Pre-tax income | -1.8 m | -1.6 m | — | — | — | — | SEC (XBRL)· 15 Mar 2022verified |
| Income tax | 1.6 k | 1.6 k | — | — | — | — | SEC (XBRL)· 15 Mar 2022verified |
| Net income | -1.8 m | -1.6 m | -1.5 m | -8.9 m | -4.1 m | -3.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Diluted EPS | — | -0.35 | -31.15 | -34.01 | -28.96 | -2.65 | SEC (XBRL)· 02 Mar 2026verified |
| Weighted average diluted shares | — | — | 47.7 k | 263.1 k | 253.0 k | 1.2 m | SEC (XBRL)· 02 Mar 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | — | 6.7 m | 7.5 m | — | — | — | SEC (XBRL)· 15 May 2023verified |
| Current assets | — | — | 8.5 m | 3.7 m | 3.9 m | 5.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Total assets | 0 | 6.7 m | 8.5 m | 3.7 m | 3.9 m | 5.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Accounts payable | 465.4 k | 99.9 k | 104.8 k | 360.7 k | 373.0 k | 417.9 k | SEC (XBRL)· 02 Mar 2026verified |
| Current liabilities | 13.7 m | 99.9 k | 2.5 m | 831.4 k | 377.7 k | 418.6 k | SEC (XBRL)· 02 Mar 2026verified |
| Total liabilities | 13.7 m | 99.9 k | 2.5 m | 831.4 k | 377.7 k | 418.6 k | SEC (XBRL)· 02 Mar 2026verified |
| Equity | -13.7 m † | 6.6 m † | 5.9 m † | 2.9 m † | 3.5 m † | 5.4 m † | SEC (XBRL)· 02 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -426.9 k | -1.2 m | -3.6 m | -9.6 m | -4.1 m | -2.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Financing cash flow | 402.8 k | 7.9 m | 4.4 m | 5.0 m | 4.4 m | 4.7 m | SEC (XBRL)· 02 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 1 of at least 6
- score weight coverage: 4.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.2 m USD
Key indicators
Coverage and freshness
Score by group
4% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 1 of at least 6; score weight coverage: 4.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 13.4x | 100 (on a fixed band) | 100% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Bone Biologics Corporation (BBLG). Latest full fiscal year: 2020; data up to 2026-09-30.
Figures computed from the financial statements: revenue 1.1 bn USD in 2020; YoY growth 0.0%; ROE -47.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 1 of at least 6; score weight coverage: 4.2% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 13.4x
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Orthopedic, Prosthetic & Surgical Appliances & Supplies (SIC 3842) · same industry (4-digit SIC) · compared with 23 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ISRGIntuitive Surgical, Inc. | 167.1 bn | 58.3 | 18.0% | 25.5% | +20.5% | −16% / +55% |
| EWEdwards Lifesciences Corporation | 57.1 bn | 56.2 | 9.7% | 15.3% | +11.5% | +15% / +47% |
| SNNSmith & Nephew plc | 28.5 bn | 45.3 | 11.8% | 10.1% | +6.1% | −2% / +25% |
| STESTERIS plc | 24.2 bn | 30.0 | 11.4% | 13.3% | +8.7% | −7% / +23% |
| ZBHZimmer Biomet Holdings, Inc. | 20.8 bn | 27.9 | 6.0% | 9.0% | +7.2% | +13% / −5% |
| ALGNAlign Technology, Inc. | 11.6 bn | 24.0 | 11.9% | 11.8% | +0.9% | +12% / −23% |
| MSAMsa Safety Inc | 6.8 bn | 22.8 | 22.1% | 15.0% | +3.7% | +10% / +2% |
| ESTAEstablishment Labs Holdings Inc. | 2.0 bn | — | -175.3% | -15.8% | +27.1% | −3% / +161% |
| ENOVEnovis Corp | 1.4 bn | — | -54.3% | -48.0% | +6.7% | −19% / −51% |
| CDRECadre Holdings, Inc. | 1.3 bn | 33.8 | 11.6% | 5.6% | +7.5% | −28% / −4% |
| AVRAnteris Technologies Global Corp. | 596.4 m | — | -75.1% | -4,619.3% | −29.2% | +49% / unavailable |
| COCHEnvoy Medical, Inc. | 549.6 m | — | — | -11,304.8% | +7.1% | +749% / +216% |
| ZJYLJin Medical International Ltd. | 483.7 m | 309.0 | 4.1% | 5.8% | −12.0% | −39% / −87% |
| SMTISanara Medtech Inc. | 297.0 m | — | -147.7% | -29.2% | +19.0% | +55% / −0% |
| INGNInogen, Inc. | 191.6 m | — | -13.1% | -6.9% | +3.9% | +2% / +24% |
| LAKELakeland Industries, Inc. | 88.7 m | — | -19.6% | -14.0% | +15.2% | −41% / −39% |
| NTRBNutriband Inc. | 73.9 m | — | -100.7% | -430.4% | −4.8% | +23% / +140% |
| APTAlpha Pro Tech, Ltd. | 58.6 m | 14.1 | 6.6% | 6.8% | +2.3% | +25% / +17% |
| CLGNCollPlant Biotechnologies Ltd | 54.2 m | — | -117.6% | -484.6% | +360.4% | −81% / −92% |
| MYOMyomo, Inc. | 51.5 m | — | -123.8% | -33.5% | +25.7% | +46% / −58% |
| MLSSMilestone Scientific Inc. | 29.2 m | — | -121.7% | -44.0% | +4.0% | +6% / −61% |
| LFWDLifeward Ltd. | 17.2 m | — | -225.6% | -141.3% | −14.1% | −13% / −90% |
| CUPRCuprina Holdings (Cayman) Limited | 14.1 m | — | -1,115.0% | -9,366.7% | +9.2% | −64% / unavailable |
| BBLGBone Biologics Corporation | 1.2 m | — | -47.5% | — | 0.0% | −83% / −99% |
1- and 3-year price returns: for BBLG from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Bone Biologics develops NELL-1, a recombinant protein meant to regenerate bone in spinal fusion, still at an early clinical stage. The company has not generated revenue from its planned operations, and financing remains central, with an Australian pilot study underway and a Nasdaq listing under compliance pressure.
SWOT
Strengths
- The NELL-1 technology carries an exclusive worldwide license and a fairly extensive body of preclinical publications, giving the company a clear proprietary asset.
- The Australian pilot study is already underway and its design was discussed with the FDA, providing a tangible starting point.
- Operating expenses lower than the prior year show financial discipline during the development phase.
Weaknesses
- The company has not generated revenue from its planned operations and carries a significant history of cumulative losses.
- There are serious doubts about going concern, and available funds appear sufficient only for a limited period.
- The company has far fewer resources than large competitors, which limits its ability to fund several programs at once.
Opportunities
- A U.S. pivotal study could open the path to PMA approval and a much larger market.
- Extended indications such as non-union fractures and osteoporosis could add value if clinical data support them.
- A strategic partnership with a large orthopedic player could accelerate development, although it could involve relinquishing some rights.
Threats
- Large competitors could develop safer or cheaper products and obtain approvals faster.
- Repeated equity issuance could significantly dilute existing shareholders.
- Delisting risk from Nasdaq could reduce liquidity and access to financing.
Risks
- Going concernhigh
The independent auditor has expressed substantial doubt about the company's ability to continue as a going concern, which could affect access to financing.
- Dependence on external financinghigh
Without its own revenue, the company relies on equity or debt issuance, and the terms of such financing could be unfavorable to shareholders.
- FDA regulatory riskhigh
If the FDA does not accept data from the pilot or pivotal studies, the PMA approval timeline could be delayed or compromised.
- Nasdaq listing compliancemedium
Failure to meet the minimum bid price could lead to delisting, and a reverse split could affect investor perception.
- Intellectual property protectionmedium
Patents can be challenged or circumvented, and the UCLA TDG license imposes diligence obligations whose breach could reduce exclusivity.
Investment thesis
What would need to be true (bull case)
- If the Australian pilot study confirms fusion and safety for NB1, the company could justify a pivotal study and a market considerably larger than today's.
- A favorable inflammation profile compared with rhBMP-2 could make NELL-1 attractive to surgeons and industrial partners.
- Lower expenses and the financing secured in 2026 could extend the cash runway enough to reach an important clinical milestone.
What would break the thesis
- Without pivotal data the company's value remains speculative, and failure in clinical studies could lead to the loss of most of an investment.
- Repeated dilution through private placements and the ATM program could significantly reduce the participation of existing shareholders.
- Large competitors with much greater resources could reach the market first with alternative solutions, limiting the position of NB1.
What to watch
- Interim results of the Australian pilot study2027
- Outcome of the Nasdaq bid price compliance periodMarch 2027
- New equity issuance or financing relative to the stated cash runwayQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Bone Biologics Corporation is a medical device company focused on bone regeneration in spinal fusion, using the recombinant protein NELL-1 combined with DBM, a demineralized bone matrix. The technology is licensed exclusively worldwide from UCLA Technology Development Group, and the lead product NB1 is considered by the FDA a device/drug combination product requiring PMA approval before U.S. commercialization 1. The company remains clinical-stage and has not generated revenue from planned operations, with research and development expenses of 1.06 million USD in 2025 versus 2.13 million USD in 2024 1.
The randomized pilot study in Australia evaluates NB1 in up to 30 adults with degenerative disc disease undergoing TLIF, and its design was agreed with the FDA's Division of Orthopedic Devices as a step toward a U.S. pivotal trial 1. The company also lists potential indications such as non-union fractures, osteoporosis and spinal implants, but these remain secondary to lumbar fusion 1. For the quarter ended September 30, 2026, six hospital sites in Australia were under agreement to take part in the study 2.
The funding model relies on equity issuance, including the July 2026 private placement with gross proceeds of about 3 million USD 2, and the ATM program with H.C. Wainwright 1. Obligations to UCLA TDG include royalties of 3.0% on net sales, milestone payments and an 8 million USD diligence fee 1.
Segments
Extended orthopedic applications
The company points to adjacent markets such as non-union fractures and osteoporosis, backed by third-party market estimates cited in the annual report, but it has no company clinical data yet for these indications 1.
Market context
The company cites global bone graft substitute markets of about 3 billion USD, non-union trauma of 8 billion USD and osteoporosis of 11.2 billion USD, all estimated by third parties rather than the company 1. Competition includes large orthopedic companies such as Medtronic, Stryker, Globus Medical and DePuy-Synthes, which have considerably greater resources 1.
The target users are spine surgeons and patients with vertebral bone defects, and biologic alternatives that avoid a second surgery to harvest iliac bone could compete directly with NB1 1.
Trends
- FDA PMA approval requirementmixed
Classifying NB1 as a combination product requiring PMA could lengthen the path to market, but a clear regulatory route could reduce uncertainty for investors if later studies confirm fusion 1.
- Demand for bone graft alternativestailwind
Problems with autograft such as pain and infection support demand for alternatives, which could favor NELL-1 if clinical results are favorable 1.
- Financing pressure and dilutionheadwind
Reliance on equity issuance and the July 2026 placement could lead to significant dilution, and the lack of own revenue limits financial flexibility 12.
- Nasdaq listing compliancemixed
Delisting risk arises if the share price stays below the minimum threshold, although a shareholder-approved reverse split could restore compliance 2.
Competitive position
The company operates in a field of intense competition from large orthopedic manufacturers, biotechnology companies and academic institutions 1. A competing product that is safer, more effective or less expensive could reduce the commercial opportunity for NB1 1.
The stated edge of NELL-1 lies in its targeted action on cells with an activated signal and in the absence of the severe inflammation seen with rhBMP-2 in laboratory models 1. Any advantage could, however, only be validated by later pivotal studies.
- MedtronicMDT
Large orthopedic company named as a competitor with considerably greater resources.
- StrykerSYK
Large orthopedic company identified as a direct competitor in bone regeneration solutions.
- Globus MedicalGMED
Company specialized in spine surgery, cited as a potential competitor in vertebral fusion.
- DePuy-Synthes
Orthopedic division of a larger group, named as a competitor with extensive resources in implants and biologics.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report26 Oct 2026
- Current report29 Sept 2026Shareholder vote
- Current report16 Sept 2026Delisting notice
- Proxy statement28 Aug 2026
- Quarterly report14 Aug 2026
- Current report23 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Current report16 Jul 2026Other events
- Current report09 Jul 2026Material agreement · Item 3.02 · Other events · Financial statements and exhibits
- Proxy statement02 Jul 2026
- Quarterly report14 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Bone Biologics Corporation · 02 Mar 2026
- [2] Form 10-Q, quarter ended 2026-09-30 · SEC / Bone Biologics Corporation · 26 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.