1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Metrics vs Peers
3. Price Chart
4. Valuation
5. Offer Terms
6. Financial Statements
Discussion
Research report, target price, DCF and forensic scores are for subscribers. View plans
Symbol
BBLG
Listed on
2021-10-13
Sector
Health Care
Subsector
Health Care Equipment & Supplies
Offer Range
—
Shares Offered
1.51M
10.3M
$54.3M
14.7%
Implied Upside vs Midpoint
Description
We are a medical device company that is currently focused on bone regeneration in spinal fusion using the recombinant human protein, known as NELL-1/DBX®. The NELL-1/DBX® combination product is an osteostimulative recombinant protein that provides target specific control over bone regeneration. The protein, as part of the UCB-1 technology platform has been licensed exclusively for worldwide applications to us through a technology transfer from the UCLA Technology Development Group on behalf of the Regents of the University of California (“UCLA TDG”). UCLA TDG and the Company received guidance from the FDA that NELL-1/DBX® will be classified as a combination product with a device lead. The Company was founded by University of California professors in collaboration with an Osaka University professor and a University of Southern California surgeon in 2004 as a privately-held company with proprietary, technology that has been validated in sheep and non-human primate models to facilitate bone growth. Our platform technology has applications in delivering improved outcomes in the surgical specialties of spinal, orthopedic, general orthopedic, plastic reconstruction, neurosurgery, interventional radiology, and sports medicine. Lead product development and clinical studies are targeted on spinal fusion surgery, one of the larger segments in the orthopedic market. We are a development stage entity. The production and marketing of our products and ongoing research and development activities will be subject to extensive regulation by numerous governmental authorities in the United States. Prior to marketing in the United States, any combination product developed by us must undergo rigorous preclinical (animal) and clinical (human) testing and an extensive regulatory approval process implemented by the FDA under the Food, Drug and Cosmetic Act. There can be no assurance that we will not encounter problems in clinical trials that will cause us or the FDA to delay or suspend the clinical trials. Our success will depend in part on our ability to obtain patents and license rights, maintain trade secrets, and operate without infringing on the proprietary rights of others, both in the United States and other countries. There can be no assurance that patents issued to or licensed by us will not be challenged, invalidated, rendered unenforceable or circumvented, or that the rights granted thereunder will provide protection or competitive advantages to us. --- We were incorporated under the laws of the State of Delaware on October 18, 2007 as AFH Acquisition X, Inc. Pursuant to a Merger Agreement, dated September 19, 2014, by and among the Company, its wholly-owned subsidiary, Bone Biologics Acquisition Corp., a Delaware corporation (“Merger Sub”), and Bone Biologics, Inc. Merger Sub merged with and into Bone Biologics Inc., with Bone Biologics Inc. remaining as the surviving corporation in the merger. Upon the consummation of the merger, the separate existence of Merger Sub ceased. On September 22, 2014, the Company officially changed its name to “Bone Biologics Corporation” to more accurately reflect the nature of its business and Bone Biologics, Inc. became a wholly owned subsidiary of the Company. Bone Biologics, Inc. was incorporated in California on September 9, 2004. Our principal executive offices are located at 2 Burlington Woods Drive, Suite 100, Burlington MA 01803 and our telephone number is (617) 312-4862. Our website address is www.Bonebiologis.com.
| Metric | Value | Peer median | Among peers | |
|---|---|---|---|---|
Revenue growth | 0.0% | 20.5% | ||
Operating margin | -0.1% | -275% | ||
Net margin | -0.2% | -336% | ||
Free cash flow margin | -0.0% | -180% | ||
Rule of 40 | -0.1% | -137% | ||
Debt / equity | 0.00 | 0.00 | ||
9 premium metrics: DCF value / price, Growth the price needs: how common, Last 12 months vs full year and 6 more Unlock | ||||
Each filing is plotted ahead of the first trading day on the price chart.
| Filed | Form | Price range | Price | Shares offered | Deal size |
|---|---|---|---|---|---|
| 2014-11-12 | S-1 | — | $1.58 | 34,951,839 | $55.2M |
| 2015-04-30 | S-1/A | — | $2.00 | 8,063,313 | $16.1M |
| 2015-05-28 | S-1/A | — | $2.00 | 8,063,313 | $16.1M |
| 2016-08-04 | S-1 | — | $4.90 | 25,674,273 | $125.8M |
| 2021-06-28 | S-1 | — | $7.50 | — | — |
| 2021-08-30 | S-1/A | — | — | 1,004,310 | — |
| 2021-10-06 | S-1/A | — | $7.50 | 1,004,310 | $7.5M |
| 2021-10-07 | S-1/A | — | $7.50 | 1,004,310 | $7.5M |
| 2021-10-15 | 424B4 | — | $7.50 | 1,510,455 | $11.3M |
| 2021-10-15 | 424B4 | — | $7.50 | 1,510,455 | $11.3M |
Bone Biologics Corp income statement and balance sheet, FY Dec 2022 to FY Dec 2025, as reported in SEC filings.
| Metric | FY Dec 2022after listing | FY Dec 2023after listing | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|---|
| Operating income | ($3.7M) | — | ($4.2M) | ($3.2M) |
| Net income | ($1.5M) | — | ($4.1M) | ($3.1M) |
| Metric | FY Dec 2022after listing | FY Dec 2023after listing | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|---|
| Total assets | $8.5M | — | $3.9M | $5.8M |
| Total liabilities | $2.5M | — | $378K | $419K |
| Total equity | $5.9M | $2.9M | $3.5M | $5.4M |
| Cash & equivalents | $7.5M | — | $3.3M | $5.3M |