SLDBSolid Biosciences Inc.
Biological Products, (no Diagnostic Substances)
- Revenue
- —
- Operating margin
- —
- EBITDA
- −$178M
- 40% YoY
- Market cap
- $652M
- Employees
- 40,000
- Net debt / EBITDA
- —
- AI in 10-K
- 0.1
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 1 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo$5M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCYes209% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo91% lowest supportAny vote under 80% support
Buyer economics 3 of 4
- Low revenue per employeeYes$202 · 5th pctBottom quartile of its SIC industry
- Quiet on AIYes0.1 per 10K words · 8th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$652M market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$3M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $14M | $8M | — | — | — | |
| Operating income | −$72M | −$106M | −$104M | −$130M | −$179M | 38% |
| Operating cash flow | −$78M | −$98M | −$94M | −$100M | −$156M | 56% |
| Capex | $1M | $3M | $2M | $654K | $1M | 76% |
| Stock-based comp | $13M | $8M | $8M | $11M | $17M | 61% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Nov 7, 2022 | DEFM14A | AavantiBio, Inc. | $7.05 | — |
| Oct 28, 2022 | PREM14A | AavantiBio, Inc. | $7.05 | — |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Aug 14, 2026 | PERCEPTIVE ADVISORS LLC | SCHEDULE 13D/A | 11.2% | Passive |
| Jun 24, 2026 | RA CAPITAL MANAGEMENT, L.P. | SCHEDULE 13D/A | 11.9% | Passive |
| Mar 17, 2026 | RA CAPITAL MANAGEMENT, L.P. | SCHEDULE 13D/A | 26.7% | Passive |
| Mar 11, 2026 | PERCEPTIVE ADVISORS LLC | SCHEDULE 13D/A | 12.9% | Passive |
| Mar 10, 2026 | BCLS SB Investco, LP | SCHEDULE 13D/A | 10.0% | Passive |
| Mar 10, 2026 | RA CAPITAL MANAGEMENT, L.P. | SCHEDULE 13D/A | 9.9% | Passive |
| Aug 14, 2025 | RA CAPITAL MANAGEMENT, L.P. | SCHEDULE 13D/A | 9.9% | Passive |
| Feb 21, 2025 | BCLS SB Investco, LP | SCHEDULE 13D/A | 10.0% | Passive |
| Feb 21, 2025 | PERCEPTIVE ADVISORS LLC | SCHEDULE 13D/A | 15.6% | Passive |
| Feb 21, 2025 | RA CAPITAL MANAGEMENT, L.P. | SCHEDULE 13D/A | 9.9% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $3M · 29
- Net
- −$3M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $5M | $8M | 105 | — |
| FY2024 | $5M | $3M | 74 | — |
| FY2023 | $919K | $862K | 114 | — |