Is BioCardia, Inc. (BCDA) a good stock to buy?

Price through Oct 9 market close · SEC data refreshed 6 days ago ⓘ · Not investment advice
BioCardia, Inc.
BCDA Healthcare Biotechnology📄 SEC filings ↗
Speculative
Looks dangerous ●●●●●

Two or more of our tested checks point the wrong way. When the survival check is one of them, no price makes that acceptable.

What each rating means, in numbers

Can it survive? — Middling. Safer than 42% of the companies we cover, judged on the warning signs that came before companies that really did fail.

Business quality — Weak. Passes 2 of the 7 health checks we can measure — things like making a profit, turning it into cash, and not piling on debt. Across 131,000 company-quarters the weakest scorers went on to fail at 5.4% against 1.4% for the strongest, in every era and all twelve sectors.

How wild is the price? — Very wild. The share price swings about 90% in a typical year, which puts it in the most volatile fifth. Out of every 100 companies that swung like this, about 8.6 went bankrupt within the year. Across the three periods we tested that ran from 3.7% to 11.5%.

What "tested" means here, and why there is no score out of 100

Tested means the read was measured against what actually happened afterwards, on a history that keeps the companies that were later delisted, using only figures that had been filed on the day they are used. Survival was ranked on companies that really did fail. What an owner keeps was tested across the universe from 2011 to 2025.

The full record of everything we have tested is on the research pages.

Which benchmark. Over the period we tested, the median listed company returned +5.8% a year while the S&P 500 returned about +13.9% — the index is weighted by size and was carried by a handful of enormous winners. So "beats the index" and "beats the other companies you could have bought" are different questions. Where a read says it picks better companies, it means the second one. None of these gets you an index fund's return, and we would rather say that than imply otherwise.

The quality read is the strongest thing we have tested: 131,000 company-quarters across 5,300 companies, where the weakest scorers went on to fail at 5.4% against 1.4% for the strongest, holding in every era and all twelve sectors. It still says less likely to break, not likely to beat the market — every band in that study lost to the index at the median, because the median listed company does.

Each read is shown on its own rather than merged into a single score, so you can see which part is strong and which is weak instead of taking an average on trust.

▾ What goes into the smart-money reading
Smart money (short interest + insider buying) (50%) 65/100 → +32.5
Macro backdrop (VIX, curve, credit, fear/greed + week-over-week momentum) (50%) 28/100 → +14.0
Total47/100

Contributions (weight × component score) sum to the total. This near-term score now includes fundamental health (leverage, FCF trend). See the Financial Health section for the full balance-sheet read.

💵 Price $1.04 · through Oct 9 market close 📄 Financials SEC EDGAR · refreshed 6 days ago
Business type Clinical-stage biotech ⓘ Clinical-stage biotech with little or no revenue — value is pipeline NPV and cash runway, not earnings multiples
8%
vs 14% normally
Low
The market, not this company tested

Chance the S&P 500 falls 10% or more in the next three months.

Counted from every day since 2006. Says nothing about BCDA — see the board for how it is measured.

📍 Where to start on this page, and what to look at first

How to read BCDA (speculative micro-cap)

No model can pin a precise fair value on a company this small — but that does not mean there is nothing to learn. The useful questions are what the price is betting on, and whether the company can survive long enough to deliver it.

Where to start — the sections that matter most for this stock
  1. 1 Reverse-DCF — what growth the price assumes ↓
    The single most useful number here: it backs out the growth the market is paying for. If that figure is "historically unprecedented," the price is running on hype, not fundamentals.
  2. 2 Cash runway ↓
    A pre-profit micro-cap lives or dies on whether it can fund itself to profitability before running out of money and diluting you.
  3. 3 The raw financial statements + the 10-K ↓
    At this scale, the actual numbers, insider ownership, and share-count trend tell you more than any ratio.
Or — what are you trying to decide?
A note on process: fear-driven decisions — including fear of missing out — tend to be the expensive ones. A stock up 10% a day for three days is excitement, not evidence. Whichever reader you are, the data below is there to be checked before anything is decided.
🚀
"It's surging — should I chase it?"
The momentum / FOMO trade. Before you chase, see whether the people who know it best are quietly selling into the rally.
🏷️
"Is it a cheap bargain?"
The deep-value trade. How far below assets and our value it trades — and whether it's cheap for a reason.
ⓘ Using the right valuation lens for this business type

Standard DCF doesn't fit BCDA well — but that's expected for this kind of business. The Rule of 40 (Pre-Profit Growth) Lens below uses the metrics actually used by analysts who value biotechnology. Reverse DCF + Football Field also work as cross-checks.

ⓘ Why does BCDA trade at $1.04?

BioCardia, Inc. has 6.7 million shares outstanding. At $1.04 per share, the market values all outstanding BCDA equity at $7 million. That's market capitalization, not enterprise value — enterprise value also accounts for debt and cash (BCDA carries little or no debt, so the two are close here). The share price by itself tells you almost nothing — a company can pick any share price by splitting or issuing more shares. What matters is the total value (Market Cap?Market Cap — The total dollar value the market is assigning to the entire company.
Why it matters: This is the number that actually matters when comparing companies. Two companies with the same business but different share counts have the same market cap.
Reference: Mega cap >$200B · Large $10–200B · Mid $2–10B · Small $300M–2B · Micro <$300M
Full explanation →
) compared to what the business actually produces. This page values BCDA in Per Share?Per Share — A company-level figure divided by total shares — what one share represents.
Why it matters: Per-share metrics are the only way to fairly compare two companies with different share counts.
Full explanation →
economics — what each share represents of the underlying business. Play with the share-price calculator on the homepage →

Loading insider & short-seller data…

Who owns BCDA, and how it moves

From the SEC's own filings: every fund manager over $100M reports its holdings each quarter, and every officer and director reports theirs. Each point is what was public at the time.

Held by institutions (funds filing Form 13F)
12%+6.3 pts over the last year
2016-12 · 0.3%2026-06
Held by officers and directors
18%-15.4 pts over the last year
2011-09 · 30%2026-08

21 institutions reported holding it at the latest quarter-end.

0.64×
Moves with the market
Over the last year, a 1% move in the S&P 500 came with about a 0.6% move in BCDA.
0.52×
Moves with its sector (Healthcare)
The same measure against the XLV sector fund over the last year.

Riskier than 58% of the stocks we cover

Failure risk
Middling
●●●●●
Rank 58 of 100
Went bankrupt within a year
0.2%
●●●●●
Average company: 0.6%
What this rating means, and what it does not

What this rank is — Middling. Riskier than 58% of the companies we cover. Out of every 100 companies ranked here, about 0.2% went bankrupt within the year, against 0.6% for the average company we cover. The rank comes from a model trained on every US filing since 2012, including 823 companies that really did fail, and scored each year by a version that had not seen that year.

What it is not — Not a trade. We tested shorting these names and buying puts, spreads, straddles and condors on them at real option prices, 2010-2025. Every version lost money: the market already prices the distress and the survivors squeeze. A high rank is a reason to read the filings and to size for a total loss, not a reason to bet against the company. A low rank says the balance sheet is calm, not that the price is sensible.

▾ The numbers, the logic, and why not to trade on it

The logic. A model trained on every US filing since 2012 — including 823 companies that went bankrupt or stopped trading under a dollar — ranks each covered stock by its chance of failing in the next year, from its latest filing, price history and credit conditions. The rank is a position among peers; the table is a count of what happened to stocks in each position, scored each year by a model that had not seen that year.

Rank band went bankrupt within 12 monthsfell 80% or more (or failed) within 12 monthsfell 50% or more (or failed) within 6 months
All covered stocks (average) 0.59% 4.21% 8.51%
Healthcare (sector average) 0.94% 9.47% 17.69%
riskiest 1% 16.4% 33.0% 45.5%
next 2% (97-99) 5.9% 24.9% 38.2%
next 2% (95-97) 3.4% 21.2% 33.8%
next 5% (90-95) 1.6% 15.1% 27.3%
next 15% (75-90) 0.8% 8.5% 17.8%
next 25% (50-75) ← this stock 0.2% 2.7% 6.2%
safest half <0.1% 0.5% 2.1%

Why not to trade on it. We tested shorting these names and buying puts, spreads, straddles and condors on them at real option prices, 2010–2025: every version lost money. The market already prices the distress, and the survivors squeeze. Use a high rank to read the filings and to size for a total loss — not to bet against the company. A low rank says the balance sheet is calm, not that the price is sensible.

Scored from the filing of 2026-05-18; table generated 2026-09-18. Within Healthcare: rank 39 of 100. Rough one-year odds for this stock alone: bankruptcy 0.1%, an 80% fall 5.5% (the model overstates the middle of the range).

Takeover odds: higher than 83% of the stocks we cover. Companies ranked here were acquired within a year 6.4% of the time (average 4.6%).
▾ The logic, and why not to buy on it

The logic. Trained on 2,900 acquisitions since 2012, the model leans on size (small), age, retained earnings, asset growth, volatility and how many deals the sector has just seen. Announcement = the day the stock jumped, not the day the paperwork was filed.

top 1% 15.4% acquired within a year
next 2% (97-99) 10.3% acquired within a year
next 2% (95-97) 9.0% acquired within a year
next 5% (90-95) 7.3% acquired within a year
next 15% (75-90) ← this stock 6.4% acquired within a year
next 25% (50-75) 4.8% acquired within a year
bottom half 3.0% acquired within a year

Why not to buy on it. A takeover paid a median +22% on the day — but even in the top band about 6 in 7 companies are not bought, and those lag. Buying the whole top list returned what the S&P 500 did (2012–2023), and adding "cheap" or "beaten-down" filters did not change that. Read it as context for a thesis you already have, never as the thesis.

Checking filings for failure warnings…
Price against our valuation methods
Above every method
●●●●●
1 method compared
What this rating means

What the rating says — Above every method. The current price sits ABOVE the high end of every method. The market is paying a premium to all of these lenses — it expects materially better growth or margins than the models assume.

What it does not say — Not a forecast. This shows where today's price sits against several different ways of valuing the business. Where the methods disagree, the spread itself is the useful part - it tells you how much the answer depends on which one you trust.

No method wins for this kind of company. We tested each of these inside this business type and none separated better than the others by enough to trust, consistently, across periods. Read the spread below as how much the methods disagree — which is worth seeing — and not as a ranking.

⚠ At today's price, the market values BCDA at about 76.5× its annual sales — a typical established company trades around 1–3×. Standard industry multiples (the bars below) collapse toward $0 at this scale, so they aren't the useful read. For a micro-cap with sales, lean on the Momentum trend, and cash runway — see 📍 What to focus on.

Football field: where does the price sit?

Different valuation methods produce different fair-value ranges depending on assumptions. Plotting them together lets you see at a glance whether the current price is reasonable across approaches, or only one specific lens.

$0$1$1$1$1Current price $1.04EV / Sales (p25→p75)$0.40$0.55
The current price sits ABOVE the high end of every method. The market is paying a premium to all of these lenses — it expects materially better growth or margins than the models assume.

Industry multiples sourced from: industry: Biotechnology. See the Peer Basket section below for the peer comparison and its limited-comparables caveat.

How to read a company this small

This is a clinical-stage biotech with little or no revenue. Standard DCF requires future cash flows to discount — there's nothing to discount yet. The value is entirely in the drug pipeline and the probability that it works.

✅ What actually drives value for this kind of company
  • Drug pipeline — phase of each candidate (Phase I → II → III → FDA approval); each phase has historical success probabilities
  • Total Addressable Market (TAM) of the lead indication — bigger market = bigger payoff if approved
  • Cash runway — months of cash left at current burn rate before they need to raise more (and dilute shareholders)
  • Strategic partnerships — Big Pharma collaborations validate the science and bring milestone payments
  • Patent / exclusivity timeline — how long until generics if approved
  • Insider holdings + management track record — biotech execs with prior wins are a real signal
❌ Metrics that DON'T apply (ignore these even if you see them below)

P/E, P/B, EV/Sales, ROE — meaningless when there's no revenue or earnings. DCF outputs are nonsense.

📚 Where to actually look

ClinicalTrials.gov for trial status. The 10-K's "Pipeline" section. Recent press releases on Phase II/III readouts. Conferences like JPM Healthcare or ASCO.

Classified as Clinical-Stage Biotech (confidence 85%). Disagree? An admin can override via the post edit screen.

⚠ Genuine comparables are scarce at this size, so peer multiples are unreliable here. Treat as rough context only — see 📍 What to focus on above.

How does BCDA stack up against its closest peers?

We take the 8 same-industry companies most similar to BCDA (similar size) and check what investors are paying for each dollar of their revenue (or profits). If BCDA is much more expensive on the same yardstick, that's a red flag — unless you have a specific reason it deserves a premium. For a leveraged business, FCF yield (in the table) is usually more reliable than EV/Sales, because revenue multiples ignore differences in margins and debt.

▾ What's "EV / Sales" in plain English?

EV (Enterprise Value) = market cap + total debt − cash. It's "what you'd pay to buy the entire company outright" — you pay the market cap to shareholders and take over their debt, but you keep their cash. EV is fairer than market cap alone because it includes the debt the new owner inherits.

EV / Sales = EV ÷ annual revenue. So "2.5×" means investors pay $2.50 of enterprise value per $1 of yearly sales. Higher = market is paying more per dollar of sales (usually because they expect future growth or fat margins).

p25 / median / p75 are the 25th, 50th (middle), and 75th percentile of the peers' multiples. Half the peers fall between p25 and p75. The median (p50) is the typical peer — that's the benchmark we compare to.

What peers trade at (p25 / median / p75)

Bold middle number = median peer. Half the peers trade above it, half below. Computed over 8 same-industry peers; implausible multiples excluded.

Peer-implied value check
Not enough clean peer EV/Sales multiples to derive a reliable median (some were dropped as implausible/outliers). The EV/EBIT and FCF-yield rows above are the better read here; also lean on the DCF.

⚠️ Important caveat: peer multiples only work if the peers are genuinely comparable. Always check the peer list below — if the auto-picker grabbed micro-caps or unrelated businesses, the comparison is noise. A medical-device giant priced against tiny biotech startups won't produce a useful signal.

▾ View peer list (8)
Ticker Company Industry Mcap EV/Sales EV/GPEV/EBIT FCF Yield
LIMN Liminatus Pharma, Inc. Biotechnology $7M — —— —
PMCB PharmaCyte Biotech, Inc. Biotechnology $5M — —— —
PHGE BiomX Inc. Biotechnology $13M — —— —
INTS INTENSITY THERAPEUTICS, INC. Biotechnology $13M — —— —
VIVS VivoSim Labs, INC. Biotechnology $3M 23.7x —— 2.4%
PASG Passage BIO, Inc. Biotechnology $16M — —— —
LIMNW Liminatus Pharma, Inc. Biotechnology $3M — —— —
QNCX Quince Therapeutics, Inc. Biotechnology $19M — —— —

How much money is in the building, and how long does it last?

A clinical-stage biotech has no product revenue, so cash-flow valuation says nothing. What can be measured is the liquid money it holds, how many months of spending that covers, and what the market is paying for the science once the cash is deducted. Keep the two risks apart: financing risk (can it reach the next result without raising money?) and biological risk (does the drug work?). Cash answers only the first.

Net liquid capital
$2.5M
Plain English: cash plus marketable securities, minus all debt - the money actually available to fund the science. It now includes long-dated securities, where biotechs typically park a second year of runway; before this release those were not counted at all.
Cash runway
4 months
Plain English: at last year's burn of $7.4M a year.
Under a year: a financing is likely, and raising from a weak position usually means heavy dilution.
Cash vs market value
0.36×
Plain English: net liquid capital as a multiple of the entire market value.
Implied pipeline value
$4.4M
Plain English: market value minus the liquid cash - what buyers are paying for every programme in the pipeline combined. Weigh it against what one approved drug in this indication would be worth.
The two risks are not the same. A long runway lowers the chance of a forced, dilutive financing. It does not raise the biological probability that the drug works. A cash-rich biotech with a failing trial is still a failing trial; a cash-poor one with strong data usually finds money on better terms after the read-out.

Burn is measured from last year's operating cash flow less capital spending, so a company that has just begun a large trial will be spending faster than this implies. Altman Z and Piotroski are not shown: both were built for profitable industrial firms.

Quality & solvency checks

Cheap stocks can be cheap for a reason. These screens warn when a low valuation comes paired with structural fragility.

Business quality
Weak
●●●●●
Passes 2 of 7 checks
What these health ratings mean, in numbers

Business quality — Weak. Passes 2 of the 7 health checks we can measure — making a profit, turning it into cash, not piling on debt, not issuing shares. Across 131,000 company-quarters the weakest scorers went on to fail at 5.4% within a year against 1.4% for the strongest, and that held in every era and all twelve sectors. It says "less likely to break", not "likely to beat the market".

The workings
Altman Z-Score?Altman Z-Score — A bankruptcy-risk score combining 5 financial ratios into one number. Predictive of bankruptcy within 2 years.
Why it matters: Cheap-looking stocks (low P/E or P/B) often have low Z-scores because the market knows the company is dying. Z-score warns you before you fall into a value trap.
Reference: > 3.0 = safe zone · 1.81–3.0 = grey zone · < 1.81 = distress zone
Full explanation →
Not available for this filer

The Z-score needs working capital, retained earnings, EBIT, sales and total assets from the latest balance sheet, and at least one of those isn't reported in machine-readable form here — common for foreign private issuers. We leave it blank rather than compute a distress verdict from an estimated input. It doesn't affect the reported figures in the financial tables below.

Piotroski-style checks (partial — not a standard F-score)
2 passed · 5 failed · 2 n/a
Partial result, not a standard F-score: 2 of 7 measurable checks passed. 2 of the 9 standard checks couldn't be measured, so this is scored out of 7, not 9 — it isn't comparable to a published F-score.
▾ The checks — what passed, what didn't (and what we couldn't measure)
  • ✗ Positive net income
    Net income -$8.2M in FY2025.
    Why this matters: Does the company actually earn a profit? Sustained losses eventually force it to raise money — diluting you — or take on debt.
  • ✗ Positive operating cash flow
    Operating cash flow -$7.4M (was -$7.9M the prior year).
    Why this matters: Profit can be an accounting figure; cash from running the business is harder to fake. Negative operating cash flow means the core business consumes cash and must be funded externally.
  • ✓ Cash flow backs up reported profit
    Operating cash flow -$7.4M vs net income -$8.2M.
  • ✗ Return on assets improving
    Return on assets -241.1% vs -213.4% a year ago.
    Why this matters: Is the company squeezing more profit out of each dollar of assets than last year? Rising = getting more efficient; falling = the opposite.
  • ✓ Debt load (vs assets)
    The filing reports no interest-bearing debt in either year (total assets $3.4M).
  • ✗ Short-term liquidity (current ratio)
    Current ratio 1.12x vs 1.13x a year ago.
    Why this matters: The current ratio compares assets it can turn to cash within a year against bills due within a year. Below 1.0 means it may struggle to cover near-term obligations.
  • ✗ Share count (dilution)
    Share count rose 143.0% (2.7M → 6.7M year-over-year).
    Why this matters: Issuing lots of new shares splits the pie into more pieces, shrinking your slice. Stable or falling share count protects existing owners.
  • · Pricing power (gross margin) (n/a — data not reported; not scored)
  • · Sales per asset (asset turnover) (n/a — data not reported; not scored)

Missing data is never counted as a pass or a fail — it's shown as n/a and excluded from the denominator. Each check compares the company against its own prior year.

Cash Runway
4 mo
CRITICAL — under 6 months of cash

Plain English: the company holds about $2M in cash and is burning roughly $7M/year in operations. At that pace, the cash lasts 4 mo before it must raise capital (diluting shareholders), take on debt, or cut spending.

Assumes constant burn and ignores financing/asset sales. For pre-profit biotech and growth companies, this matters more than a DCF — a great drug pipeline is worthless if they run out of money before approval.

What if you assume different inputs?

Here's where we land — and what happens if you change the assumptions. Drag the sliders to set your own Discount Rate?Discount Rate — The annual return you demand for taking single-stock risk instead of buying a safe Treasury or index fund.
Why it matters: Higher discount rate = stricter valuation (a stock has to produce more cash to be worth holding). Lower = more generous.
Reference: 8–12% is standard · 9–10% matches S&P 500 historical return · Below 7% is illogical for single-stock risk
Full explanation →
(the annual return you demand for single-stock risk) and terminal growth; the value updates live so you can see whether the stock looks cheaper or richer. The discount rate starts at 10.0%, the figure our model used for BCDA. Open Advanced to also change beta, growth and the rate path.

Note: no headline intrinsic value is published for this stock (the valuation is held for a data-quality reason — see the notes above). The calculator below is a what-if tool: the values it produces are your assumptions played out, not our estimate.

4.5% (risk-free)9-10% normal18% (deep-risk)
0%2-3% (GDP)5% (rarely sustainable)

A full intrinsic value isn't shown for BCDA because the valuation is currently held for a data-quality reason (see the guardrail notes above). The reverse-DCF reading still works — it needs only the price and cash flow — but we won't publish a forward value until the underlying data passes our checks.

For comparison — the revenue growth today's price already assumes
—
—

—

⚙ Advanced — tinker with every input (beta, growth, rate path, margin → full intrinsic value)
Where the discount rate comes from — discount rate = risk-free + beta × equity-risk-premium
What you'd earn risk-free from government bonds — the floor under every other rate. Slide it down to model the market expecting rate cuts (value rises); up for higher-for-longer.
The extra yearly return investors demand for owning stocks instead of safe bonds — the price of risk. History runs ~4.5–6.5%; we default to 5.5% (slightly conservative). It's an estimate, not a law — lower it if you think equities are less risky than that.
Inflation reduces the purchasing power of a nominal return: a 9% gain at 3% inflation is about 6% in real terms. The intrinsic value above is already in today's dollars (a nominal DCF carries inflation in both the growth and the discount rate), so this switch does not change the value — it restates the return in real terms.
Higher beta → higher discount rate (sets the rate above). 1.0 = moves with the market.
What you think BCDA can grow revenue for ~5 years, then fades to terminal.
For a pre-profit company: the % of revenue that eventually becomes free cash flow once mature. (Our published value uses the sector norm.)
All inputs start at the values our model used.

    Copy shareable link to this scenario →

    Price$1.04
    Model IVNot applicable — DCF couldn't price this stock. The other valuation lenses on this page (reverse-DCF, peers, sector lens — whichever apply to this filer) carry the read instead.

    A standard discounted cash flow?DCF — Discounted Cash Flow — sums up all future cash a business will produce, adjusted for the fact that future dollars are worth less than dollars today.
    Why it matters: It is the most fundamentally honest valuation method when applicable — but only works for companies with predictable, positive cash flow.
    Reference: Best for: mature, profitable businesses. Fails for: pre-profit growth, banks, REITs.
    Full explanation →
    (DCF) valuation is not meaningful for BioCardia, Inc. because the company has negative free cash flow?Free Cash Flow (FCF) — Operating cash flow minus capital spending: cash left after a company covers operating costs, taxes and interest and reinvests in the business — but BEFORE repaying debt principal or paying dividends. The cash actually available to investors.
    Why it matters: A company can show big profits on paper while burning through cash. FCF is what actually fills the bank account.
    Reference: Healthy mature businesses convert 8–15% of revenue into FCF · Growth companies often negative
    Full explanation →
    after stock compensation of -$7.9 million and negative operating cash flow of -$7.4 million in the latest fiscal year. Valuing BCDA would require projecting future profitability and cash generation, which are currently absent. Investors are likely betting on the successful development and commercialization of its product pipeline. The biggest risk to our assumptions is that the company's operating cash flow remains negative, as it has been for the latest fiscal year and 0/5 years historically.

    ⚠️ FCF negative: revenue/margin growth model projects future cash flows from revenue trajectory.

    As of 6 days ago

    Anatomy of a share

    What you're buying per share. Bars are at the same scale so you can see the relative size of revenue, costs, cash flow, and debt — not just read them in a table.

    BCDA BioCardia, Inc. stock anatomy showing per-share revenue, operating expenses, free cash flow, and debt
    Revenue figure looks incomplete. Net income divided by the revenue we parsed gives a -13,700% margin, which no operating business earns — the revenue tag we read is almost certainly a fragment (a fee line or a single segment), not consolidated sales. We are not drawing the margin breakdown from it, and revenue-per-share on this page should be treated as unreliable until the filing's total-revenue tag resolves.
    Plain English: each share (at $1) represents revenue that isn't reported in machine-readable form for this filer (so no revenue-per-share figure here), $1.23 lost per share per year, and $1.18 of cash burned per share (negative free cash flow) from the latest fiscal year. The filing reports no interest-bearing debt — the 2.5M of total liabilities on the balance sheet are operating items (payables, leases, deferred taxes), not borrowings.
    What's free cash flow / what do these mean?

    Revenue per share — how much the business earns from customers, divided by the number of shares outstanding. Top of the income statement.

    Earnings per share — profit left after operating costs, interest, and taxes, per share. Two versions appear on this page and are not interchangeable: GAAP diluted EPS uses the company's weighted-average diluted share count during the reporting period (this is the "earnings" in "price-to-earnings"); net income per current share divides annual net income by today's share count. They differ whenever the share count has changed.

    Owner-earnings free cash flow per share — the cash the business produces for shareholders. Savng's owner-earnings FCF subtracts capital expenditures and stock-based compensation from operating cash flow (SBC is a real dilution cost even though it's non-cash). This is deliberately more conservative than "standard" FCF, which subtracts only capital expenditures — so our figure is lower than the headline FCF you'll see elsewhere. FCF funds dividends, buybacks, debt repayment, and acquisitions; a company can report positive earnings yet negative FCF.

    Debt per share — total interest-bearing borrowings divided by shares. High debt-per-share next to thin FCF-per-share is a fragility signal.

    What you actually need to decide

    Every stock price is a disagreement. Here's the single thing that must go right for the bulls, the single thing that breaks the thesis, and the concrete signposts to watch so you can update your view as real results arrive.

    🐂 The Bull Case
    The most important operating factor for BCDA is the successful progression of its lead product candidates through clinical trials to regulatory approval and subsequent commercialization, leading to positive revenue generation and eventual profitability.
    🐻 The Bear Case
    The biggest operating risk is the continued negative operating cash flow of -$7.4 million, which could lead to further dilution through equity raises or an inability to fund ongoing research and development, jeopardizing future product launches.
    📌 Signposts to watch — update your view as these print
    • Progress and results from ongoing clinical trials
    • Regulatory milestones and approvals for product candidates
    • New financing rounds and cash runway updates

    The trend, in plain numbers (FY2024 → FY2025, latest reported)

    Straight from the financial statements — no model, no opinion. For a small or unprofitable company, the direction of these numbers usually tells you more than any single valuation.

    ✅ Improving
    • Free cash flow is negative at -$7.9M — the cash burn narrowed vs last year.
    ⚠ Worsening
    • Revenue fell -100% to $0.
    • Still unprofitable at -$8.2M — loss widening.

    Management & Leadership

    Peter Altman serves as the President and CEO, leading BioCardia's strategic direction. David McClung holds the position of Chief Financial Officer, overseeing the company's financial operations. Edward M Gillis is the Senior Vice President of Devices.

    Peter Altman
    President and CEO (per SEC Form 4, 2026-09-30)

    President and CEO

    David McClung
    Chief Financial Officer (per SEC Form 4, 2026-07-07)

    Chief Financial Officer

    Edward M Gillis
    Senior Vice President, Devices (per SEC Form 4, 2026-07-07)
    Simon H Stertzer
    Director (per SEC Form 4, 2026-07-07)
    Marvin Slosman
    Director (per SEC Form 4, 2026-07-07)
    Jay M Moyes
    Director (per SEC Form 4, 2026-07-07)

    What They Make

    BioCardia, Inc. is a clinical-stage regenerative medicine company focused on developing novel therapies for cardiovascular diseases. The company primarily develops product candidates for the treatment of heart failure, and its paying customers would be healthcare providers or institutions purchasing its medical devices and therapies upon commercialization.

    End Markets

    Cardiovascular disease treatmentRegenerative medicineMedical devices

    Revenue Drivers

    Product sales (future)
    Licensing agreements (future)
    Therapy adoption (future)
    Market Cap: 6.9MBeta: 0.65

    Why Is It Priced Like This?

    Why Customers Pay

    Potential to treat chronic heart failure
    Minimally invasive delivery systems
    Addressing unmet medical needs
    No discounted-cash-flow value for this filer This company's reported free cash flow is negative, so a discounted-cash-flow valuation has no positive cash stream to discount. That is a fact about the business, not missing data — the reported figures below are complete.

    What we use instead: earnings (P/E, EV/EBIT), book value (P/B) — computed from the figures this company does report, shown in the sections below. Those numbers are unaffected by the missing cash-flow data.

    The market is pricing BCDA based on expectations of future product development and commercialization success, rather than current cash flows, given its negative operating cash flow of -$7.4 million. The market may be assigning value to the potential for its clinical-stage drug pipeline to yield successful therapies, which is not in the model. This optionality may or may not materialize, but it drives investor interest in early-stage biotech companies.

    Business Model & Valuation

    How They Make Money

    Sales of proprietary medical devices for cardiac procedures
    Revenue from therapeutic product candidates upon regulatory approval
    Potential licensing or partnership agreements for its technology

    BioCardia, Inc. funds itself primarily through equity raises, as indicated by its negative free cash flow?Free Cash Flow (FCF) — Operating cash flow minus capital spending: cash left after a company covers operating costs, taxes and interest and reinvests in the business — but BEFORE repaying debt principal or paying dividends. The cash actually available to investors.
    Why it matters: A company can show big profits on paper while burning through cash. FCF is what actually fills the bank account.
    Reference: Healthy mature businesses convert 8–15% of revenue into FCF · Growth companies often negative
    Full explanation →
    after stock compensation of -$7.9 million and lack of dividends or buybacks.

    Growth / Revenue DCF

    Negative free cash flow: revenue/margin growth model used - standard FCF DCF is unreliable for companies still scaling.

    Show advanced inputs
    Revenue Growth15.0%

    What this model does NOT do: this is a consolidated owner-earnings FCF model. Standalone segment assumptions: none. It does not project product, services and recurring/cloud lines independently; their combined effect is embedded in the historical revenue and cash-flow trend the model extrapolates. The calculator above can only approximate a segment's impact through the single consolidated growth rate — it cannot model any one line separately. For a true segment-level view, build a separate model from the company's segment disclosures.

    Maturity & Competitive Position

    Growth-stage life sciences

    Moat Signals

    Proprietary delivery systems
    Clinical trial data and intellectual property
    Specialized focus on cardiovascular regeneration

    Net income has been negative in the latest fiscal year and 0/5 years historically, indicating a cash-burning growth stage.

    Geography & Markets

    BioCardia, Inc. is headquartered in the US, with its operations and clinical trials primarily focused within the United States. Specific geographic revenue mix is not available from current data sources.

    Geographic Risks

    Concentration risk in the US market for clinical trials and potential sales
    Regulatory approval risk for novel medical therapies

    Market Signals

    These are timing signals, not value signals — they describe the stock's recent price behavior, not what the business is worth. Use them for the "the thesis looks good, but is now the moment?" question. Each tile below explains what it's saying.

    Model neutral, tape neutral - aligned.
    RSI?RSI — Relative Strength Index — a 0-100 momentum gauge. Above 70 = overbought; below 30 = oversold.
    Why it matters: Short-term contrarian indicator. Extreme readings often precede mean reversion, though not always.
    Reference: 30–70 normal · >70 overbought · <30 oversold
    Full explanation →
    (14)
    46.9NeutralMomentum is balanced — neither overbought nor oversold.
    MACD?MACD — Moving Average Convergence Divergence — compares a fast and a slow price trend to gauge momentum direction.
    Why it matters: When the fast line crosses above the slow line, short-term momentum is turning up; below, turning down. A timing cue, not a value signal.
    Reference: Line above signal = bullish momentum · below = bearish
    Full explanation →
    BearishLine below signalThe fast trend is below the slow trend — short-term momentum is currently downward.
    50-Day Average$1.02Price above (+2.0%)Price above its 50-day average = near-term uptrend.
    200-Day Average$1.11Price belowThe 200-day line is the long-term trend divider — above it is generally considered a bull market for the stock.
    50 vs 200 CrossDeath50-day below 200-dayA "death cross" — the medium trend is below the long trend (often read as bearish).

    Technicals describe price, not the business. A great company can have a "bearish" tape (a buying chance) and a weak one a "bullish" tape (a trap). Pair these with the valuation and health sections above.

    Data Quality & Risk Flags (5 notes — click to expand/collapse)

    Guardrail Notes (5)
    • FCF negative: revenue/margin growth model projects future cash flows from revenue trajectory.
    • INVARIANT: weighted IV is non-positive. Model may not be appropriate.
    • Model implies no positive equity value under these assumptions. Valuation is speculative/low-confidence.
    • Illiquidity discount 25% applied (small/micro-cap — harder to exit, demand a margin).
    • Extreme valuation gap (P/IV withheld — see the note above): result may be dominated by model assumptions, share count issues, or sector-specific dynamics. Treat as low confidence.

    Financial Statements (5-year tables — click to expand)

    From BioCardia, Inc.'s SEC filings (EDGAR).

    Income (5yr)

    YearRevenueNet IncomeEPS
    2025—-8.2M$-1.23
    202458,000-7.9M$-2.90
    2023477,000-11.6M$-8.19
    20221.4M-11.9M$-0.67
    20211.0M-12.6M$-0.75

    Cash Flow (5yr)

    YearOperating CFCapEx− SBCFree Cash Flow
    2025 -7.4M 7,000 430,000 -7.9M
    2024 -7.9M 6,000 741,000 -8.6M
    2023 -10.0M 12,000 1.0M -11.0M
    2022 -10.6M 70,000 1.2M -11.8M
    2021 -10.4M 116,000 1.7M -12.1M

    How we define FCF: operating cash flow − capital expenditure − stock-based compensation (owner-earnings basis — SBC is a real cost to shareholders even though it's non-cash). Latest year: -7.4M − 7,000 − 430,000 (stock-based comp) = -7.9M. This is the same owner-earnings FCF definition the valuation model uses, though the DCF's starting value is a projected from revenue × terminal margin, not this single year.

    Balance Sheet

    Total Assets3.4M
    Total Liabilities2.5M
    Equity895,000

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    Methodology by Pouyan Golshani, MD — founder of Gighz. Savng was built by a physician for busy professionals: every number on this page comes from SEC filings (EDGAR) and FINRA data through transparent, rules-based models — no analyst opinions, no hidden inputs. How we calculate every number →

    The questions people ask about BCDA

    Is BioCardia, Inc. (BCDA) a good stock to buy?

    We do not publish a single fair value for BioCardia, Inc., because one number would not be reliable for this business (the page explains why). Judge it on what today's price assumes, its financial-health checks and what insiders are doing, all shown here from SEC filings. This is educational research from SEC filings, not investment advice.

    Is BioCardia, Inc. (BCDA) overvalued?

    A single fair-value number is not reliable for BioCardia, Inc., so we do not call it overvalued or undervalued. The page shows what growth today's price assumes and how the company's finances look instead. This is educational research from SEC filings, not investment advice.

    What growth is priced into BCDA?

    Working backwards from today's price, the market is counting on roughly 62.5% a year growth in BCDA's cash flow over the next decade. Compare that with the company's actual record on this page.

    Where do these numbers come from?

    From BioCardia, Inc.'s own SEC filings (10-K and 10-Q), Form 4 insider filings and daily market prices. Every figure on the page links to how it was calculated, and the model's weak spots are listed next to its results.

    ⚠️ Not investment advice. Automated model outputs, last refreshed 6 days ago (the analysis-refresh date, not the latest filing period). All models have blind spots. Full disclaimer →
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