LeonaBio

1 serious warning sign in LeonaBio’s filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 31 Mar 2026, plus the 10-Q filed 14 Aug 2026 and 5 later 8-Ks.

• Doubt it can keep going

  Serious

  The company or its auditor warned it may not have enough money to last the next year.

  “Based upon the Company’s current operating plan, it estimates that its $ 51.1 million of cash, cash equivalents and investments at June 30, 2026 may not be sufficient to fund its operating expenses and capital expenditure requirements through at least the next 12 months which raises substantial doubt as to our ability to continue as a going concern following the date of this Quarterly Report on Form 10-Q.”

  Show the full paragraph

  Based upon the Company’s current operating plan, it estimates that its $ 51.1 million of cash, cash equivalents and investments at June 30, 2026 may not be sufficient to fund its operating expenses and capital expenditure requirements through at least the next 12 months which raises substantial doubt as to our ability to continue as a going concern following the date of this Quarterly Report on Form 10-Q. Historically, the Company has incurred net losses from continuing operations and negative operating cash flows. The Company has not yet established an ongoing source of revenue sufficient to cover its operating costs; therefore, the Company expects it will need to continue to raise additional capital to accomplish its operating plan. In connection with the Private Placement, the Company issued 23,031,494 Series A Common Warrants that have an exercise price of $ 6.35 per share to be paid in cash (unless a resale registration statement is unavailable at the time of exercise, in which case the Series A Common Warrants will be exercisable on a cashless net exercise basis) and are exercisable at each holders option after the earlier of (1) the latest of (a) June 30, 2026, (b) the date on which the Company publicly announces the enrollment of the 500th subject or the last subject, whichever is earlier, in the ELAINE-3 trial; and (c) the date on which the FDA approves or issues a complete response letter to Eli Lilly & Co.'s marketing application, including a supplement to a new drug application, for imlunestrant in combination with abemaciclib in breast cancer, and (2) October 31, 2026 (the “Series A Common Warrant Initial Exercise Date”). The Series A Common Warrants will remain exercisable at each holders option until the 30th day following the Series A Common Warrant Initial Exercise Date (the “Series A Common Warrant Termination Date”), which Series A Common Warrant Termination Date will be no later than November 30, 2026. If exercised in full, the Series A Common Warrants would provide $ 146.2 million of additional capital to the Company.

  From the 10-Q filed 14 August 2026, Part I, Item 1. Financial Statements. Read it in the filing