Generate Biomedicines, Inc.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
This rating judges the company, not the share price. Red is not warranted: stockholders' equity is positive at $514.8 million, cash and marketable securities stood at $516.6 million on March 31, 2026 against $80.4 million of operating cash outflow in the quarter, and the going-concern paragraph Ernst & Young issued in the IPO prospectus is expressly described as alleviated in the quarterly report of May 7, 2026. Green is not warranted either, because there is no proof the business model carries: no compound is approved, there is no product revenue, and the $31.9 million of 2025 collaboration revenue is a remainder with an expiry date — $16.1 million from Novartis through 2027 and $2.4 million from Amgen through 2026. That leaves exactly the open operating question yellow describes: whether GB-0895 delivers in Phase 3 what the Phase 1 data suggested. The answer arrives after full enrollment in the first half of 2028 at the earliest — and the company says it will need additional capital before then. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Generate Biomedicines is the fresh-start illusion in its purest form: the IPO of March 2, 2026 swung stockholders' equity from minus $616.0 million to plus $514.8 million in a single quarter and cleared the auditor's going-concern paragraph — while changing nothing about the business itself. There is no approved product, all revenue ($31.9 million in 2025) comes from two collaborations that contractually run out by 2027, and the first quarter of 2026 alone consumed $80.4 million of operating cash. On top of that sit two burdens the same IPO created: a high-single-digit royalty on every GB-0895 product payable to an entity of the 48.9 percent shareholder Flagship Pioneering — and a lock-up that expires on August 25, 2026. The science may still turn out to be world class; it simply is not proven yet. Not investment advice.
Technology and pipeline
The platform has delivered what many AI biotechs only promise: three computationally designed proteins are in clinical testing. GB-0895 binds TSLP at 106 femtomolar, roughly twenty times more tightly than the approved comparator, carries a half-life of about 98 days and has been in two Phase 3 trials since December 2025 (first patient dosed January 26, 2026). GB-4362 received Fast Track designation on January 23, 2026. That Amgen (since 2021) and Novartis (since 2024) each paid $50.0 million upfront plus equity is external validation.
Balance sheet and funding
The IPO repaired the balance sheet: stockholders' equity moved from minus $616.0 million (December 31, 2025) to plus $514.8 million (March 31, 2026), cash and marketable securities from $221.5 million to $516.6 million, total liabilities from $141.6 million down to $110.9 million. The auditor's going-concern paragraph is expressly alleviated per the quarterly report of May 7, 2026, and the company puts its runway "into the first half of 2028."
Earnings power and revenue base
There is no approved product and no product revenue. The $31.9 million of 2025 revenue and $7.2 million in the first quarter of 2026 come 100 percent from two collaborations — and both have a contractual end: $16.1 million of the Novartis upfront remains to be recognized (through 2027) and $2.4 million of Amgen's (through 2026). Against that stand $71.3 million of quarterly operating expenses and $80.4 million of operating cash outflow in the first quarter of 2026 alone.
Single-asset dependency
External research spending on GB-0895 alone rose to $15.6 million in the first quarter of 2026, from $3.8 million a year earlier — a fourfold increase. Virtually the entire value of the company rides on that one Phase 3 program, whose full enrollment is not expected before the first half of 2028. That is exactly when the cash runway ends by the company's own account: it states that it expects to require additional capital to support its long-term operations.
Ownership and royalty
With the IPO pricing on February 26, 2026, an obligation took effect to pay a high-single-digit percentage of net sales of every GB-0895-containing product to Pioneering Medicines 02, LLC — an entity of largest shareholder Flagship Pioneering, which per the Schedule 13G filed May 15, 2026 still holds 62,673,117 shares, or 48.9 percent. The upside of the lead asset is permanently shared with the largest owner before the first dollar of product revenue ever arrives.
Share supply and lock-up
Of 128,192,484 shares outstanding (March 31, 2026), only 60,287,643 sat in the free float as of July 26, 2026; for substantially all of the remaining roughly 103.2 million shares the lock-up expires on August 25, 2026, 180 days after the prospectus date. Short interest stands at 6,985,520 shares, or 9.4 percent of the float, up from 5,916,840 a month earlier. That is not a solvency finding, but it is a dated supply event worth knowing about.
Worth Noting
GENB reached our research list through the Reddit mention scan of July 26, 2026, not through a metrics screen. As of that same date the stock appears on no list of our in-house stock scanner — normal for a company that only listed in February 2026, because almost every filter requires multi-year series. The scanner lists are recalculated daily.
Data basis and timeliness: no annual report (10-K) exists for GENB yet. The audited 2024 and 2025 figures come from the IPO prospectus (Form 424B4, prospectus dated February 26, 2026, filed February 27, 2026) carrying the Ernst & Young LLP audit report dated February 4, 2026. The most recent periodic report is the quarterly report (10-Q) as of March 31, 2026, filed May 7, 2026 and fully evaluated. Everything filed since has been reviewed: two Schedule 13G ownership filings dated May 15, 2026, from the Flagship group around Noubar Afeyan (62,673,117 shares, 48.9 percent) and from CEO Michael Nally (6,919,051 shares, 5.2 percent); both confirm 128,192,484 shares outstanding as of March 31, 2026. There is no Form 15 and no Form 25 — the Nasdaq listing remains in place.
On valuation: the market value used here is an order of magnitude, not a daily figure. The market data feed shows roughly $1.72 billion as of July 26, 2026. The cross-check from the filings — 128,192,484 shares times the $16.00 IPO price — gives $2.05 billion. The 16.3 percent gap sits below the one-fifth threshold at which we discard a market value and every metric derived from it. The Altman Z-score of −3.49 and the Piotroski score of 3 in our data set carry no meaning for a biotech without product revenue and are deliberately not used as arguments here.
Possible confusion: the company was named Generate Biologics, Inc. until February 2020. The reverse stock split of February 20, 2026 is already reflected in every share count and per-share figure quoted here, as it is in the SEC filings. The subsidiary Pioneering Medicines 02, Inc. (PMCo) and its sole stockholder Pioneering Medicines 02, LLC (PM LLC) are two different entities: the Inc. has belonged entirely to Generate since February 26, 2026, while the LLC receives the royalty and itself holds 1,562,500 GENB shares.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at GENB since then.
Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.
Price history
Chart
Interactive price chart (TradingView).
52-week range: 11.20 $ to 20.40 $ · Last price: 17.10 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Biotechnology
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Generate Biomedicines, Inc. GENB | 2.1 | – | 0.0 | -807.3 | -887.5 | 55.9 | – |
| Vertex Pharmaceuticals Inc VRTX | 130.6 | 31.3 | 24.5 | 55.0 | 38.1 | 9.6 | 33.4 |
| Regeneron Pharmaceuticals Inc REGN | 82.0 | 19.9 | 13.1 | 44.5 | 20.7 | 1.0 | 35.5 |
| Moderna Inc MRNA | 62.7 | – | 4.6 | -66.0 | -131.1 | -39.2 | 532.3 |
| argenx NV ARGX | 61.9 | 38.1 | 34.2 | 59.1 | 32.0 | 89.6 | 30.9 |
| Revolution Medicines Inc RVMD | 40.9 | – | -9.7 | -174,708.6 | 0.0 | -100.0 | 338.3 |
| BeiGene, Ltd. ONC | 40.0 | 63.1 | 34.1 | 88.9 | 19.1 | 40.2 | 6.4 |
| Alnylam Pharmaceuticals Inc ALNY | 32.6 | 61.8 | 28.4 | 79.7 | 23.0 | 65.2 | -48.1 |
| Royalty Pharma Plc RPRX | 32.5 | 31.8 | 19.6 | 95.8 | 100.3 | 5.1 | 68.6 |
| Median of companies shown | 40.9 | 34.9 | 19.6 | 55.0 | 20.7 | 9.6 | 34.4 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2024 | 20 | -197 | -174 | -1.36 | -118 | -435 | 518 |
| 2025 | 32 | -235 | -203 | -4.06 | -201 | -616 | 330 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2026: Q1 | -1.07 | – | 7 | -18.10 | -850.60 | -80 | -84 |
| 2026: Q2 | -0.52 | – | 6 | – | -1,068.30 | -58 | -59 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 6 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Breakout & Setup
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -2.30 | -2.50 – -2.14 | 30 | – | 4 |
| 12/31/2027 | -2.28 | -2.72 – -1.53 | 24 | 0.9% | 4 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
AI classification
AI Rating
Der gesamte Umsatz von Generate Biomedicines (2025: 31,9 Mio. US-Dollar, Q1 2026: 7,2 Mio.) stammt aus Kooperationen, in denen Amgen und Novartis — beide im Quartalsbericht 10-Q ausdrücklich als Kunden nach ASC 606 eingestuft — dafür zahlen, dass die generativen KI-Modelle der „Generate Platform“ Proteintherapeutika für sie entwerfen; KI-Leistung ist damit die einzige belegte Umsatzquelle.
View the full file — quotes, sources, reviewed filings
„We are a clinical-stage generative biology company pioneering the AI revolution in biotechnology and drug design and development."
Wir sind ein Unternehmen der generativen Biologie in der klinischen Phase, das die KI-Revolution in Biotechnologie sowie Arzneimittel-Design und -Entwicklung vorantreibt.
424B4 · 2026-02-27 · View SEC filing
„Our Generate Platform is designed to implement intentionality at scale by coupling AI models that generate large numbers of design hypotheses with scalable biohardware that verifies them."
Unsere Generate-Plattform ist darauf ausgelegt, Zielgerichtetheit im großen Maßstab umzusetzen, indem sie KI-Modelle, die eine große Zahl von Design-Hypothesen erzeugen, mit skalierbarer Biohardware koppelt, die diese überprüft.
424B4 · 2026-02-27 · View SEC filing
„On September 19, 2024, the Company entered into a Collaboration and License Agreement with Novartis (the “Novartis Collaboration Agreement”) to discover, develop, manufacture and commercialize protein therapeutics using the Generate Platform."
Am 19. September 2024 schloss das Unternehmen mit Novartis eine Kooperations- und Lizenzvereinbarung (die „Novartis-Kooperationsvereinbarung“), um Proteintherapeutika mithilfe der Generate-Plattform zu entdecken, zu entwickeln, herzustellen und zu vermarkten.
10-Q · 2026-05-07 · View SEC filing
„The Company assessed this arrangement in accordance with ASC 606 and concluded that Amgen is a customer."
Das Unternehmen hat diese Vereinbarung nach ASC 606 beurteilt und ist zu dem Schluss gekommen, dass Amgen ein Kunde ist.
10-Q · 2026-05-07 · View SEC filing
Filings Reviewed: 10-Q 2026-05-07 · 424B4 2026-02-27 · 8-K 2026-05-07 · 8-K 2026-03-02
Rated on July 26, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years no data
- More than 10% revenue growth is expected for the coming year -80.4%
- Share count grows by less than 3% a year no data
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -584.2%
- Gross margin at 40% or higher and without meaningful erosion no data
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 153 m net cash
- Operating cash flow covers the profits of the last three years 59 m
- Return on capital at 15% or higher, or up versus two years ago -94.8%
- Insiders hold at least 10% or are net buyers 14.1%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
1/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% –
- Exp. sales growth 3Y > 5% -13.6%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% -13.6%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight –
- Max. EBIT decline < 50% –
- Return on equity > 15% –
- ROCE > 15% -94.8%
- Expected return > 10% -21.8%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 1, 2026 | Arnold Frances | Director | Sell | 1,000 | 16.00 | 16,002 |
The company
About the Company
Generate Biomedicines, Inc., engaged in the field of generative biology by using machine learning for drug discovery and development through the programming of novel protein therapeutics in the United States. It uses protein-based modalities for drug development. Its product includes GB-0895, is an investigational long-acting anti-TSLP monoclonal antibody in development for severe asthma that is intended to be dosed every six months; GB-4362, an MMAE payload neutralizer monoclonal antibody; GB-5267, A MUC16 CAR-T Cell therapy. In additional, it develops Generate Platform, designed to be a therapeutic area and protein modality agnostic system integrating computational innovation with scalable biohardware to address therapeutic challenges beyond the reach of traditional technologies. Generate Biomedicines, Inc. was formerly known as Generate Biologics, Inc. and changed its name to Generate Biomedicines, Inc. in February 2020. The company was incorporated in 2018 and is based in Somerville, Massachusetts.
- Employees
- 312
- Headquarters
- Somerville, MA
- Address
- 101 South Street, 02143 Somerville, United States
- Phone
- (888) 469-0055
- Website
- generatebiomedicines.com
- IPO Date
- 02/27/2026
- ISIN
- US3709201004
Management
| Name | Title | Birth Year |
|---|---|---|
| Noubar B. Afeyan Ph.D. | Co-founder & Independent Chair of the Board | 1963 |
| Michael T. Nally M.B.A. | CEO & Director | 1976 |
| Jason E. Silvers J.D., M.D. | President & CFO | 1972 |
| Gevorg Grigoryan Ph.D. | Co-Founder & CTO | 1981 |
| Molly Gibson Ph.D. | Co-Founder | – |
| Aarif Khakoo M.B.A., M.D. | Chief Scientific Officer | 1971 |
| Sean B. W. Martin J.D. | Secretary, Chief Legal Officer & General Counsel | 1963 |
| Beth Grous | Chief People Officer | 1968 |
| Daria Hazuda Ph.D. | Senior Vice President of Discovery Strategy | – |
| Sahm Nasseri M.B.A. | Senior Vice President of Business Development & Strategy | 1985 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.