The company's capital structure is increasingly fragile, with goodwill representing $5.2 million of the $10.9 million in total assets as of 2026Q1, reflecting a heavy reliance on intangible value.
| Total Current Assets | 4.46M | 4.03M | 2.63M | 2.25M | 83K | 703K | 3.35M |
| Cash & Short-Term Investments | 3.13M | 2.75M | 1.81M | 2.14M | 58K | 653K | 1.86M |
| Cash Only | 3.13M | 2.75M | 1.81M | 2.14M | 58K | 653K | 1.86M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 193K | 194K | 121K | 84K | 19K | 41K | 1.44M |
| Days Sales Outstanding | 44.24 | 62.01 | 408.94 | 61.57 | - | 467.66 | 37.86 |
| Inventory | 103K | 108K | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 50.84 | 79.32 | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 280K | 0 | 0 | 0 | 27.63K |
| Total Non-Current Assets | 6.45M | 6.45M | 1.97M | 386K | 52K | 250K | 419.61K |
| Property, Plant & Equipment | 197K | 146K | 136K | 0 | 0 | 188K | 113.57K |
| Fixed Asset Turnover | 8.89x | 7.82x | 0.79x | - | - | 0.17x | 122.42x |
| Goodwill | 5.17M | 5.17M | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 823K | 861K | 180K | 386K | 0 | 1K | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 210.69K |
| Other Non-Current Assets | 254K | 268K | 1.66M | 0 | 52K | 61K | 95.35K |
| Total Assets | 10.91M | 10.48M | 4.6M | 2.64M | 135K | 953K | 3.77M |
| Asset Turnover | 0.13x | 0.11x | 0.02x | 0.19x | - | 0.03x | 3.68x |
| Asset Growth % | 600.88% | 127.71% | 74.21% | 1856.3% | -85.83% | -74.75% | - |
| Total Current Liabilities | 2.45M | 2.82M | 4.98M | 2.53M | 2.25M | 3.97M | 1.8M |
| Accounts Payable | 1.33M | 1.35M | 1.82M | 630K | 420K | 500K | 103.65K |
| Days Payables Outstanding | 662.25 | 989.25 | 9.89K | - | - | - | 3.24 |
| Short-Term Debt | 0 | 0 | 694K | 0 | 0 | 1.79M | 138.6K |
| Deferred Revenue (Current) | 943K | 228K | 13K | 0 | 909K | 459K | 946.88K |
| Other Current Liabilities | 0 | 478K | 827K | 0 | 0 | 0 | 57.4K |
| Current Ratio | 1.82x | 1.43x | 0.53x | 0.89x | 0.04x | 0.18x | 1.86x |
| Quick Ratio | 1.78x | 1.39x | 0.53x | 0.89x | 0.04x | 0.18x | 1.86x |
| Cash Conversion Cycle | -567.17 | -847.92 | - | - | - | - | - |
| Total Non-Current Liabilities | 14K | 21K | 0 | 0 | 0 | 0 | 356.99K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 356.99K |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 2.47M | 2.84M | 4.98M | 2.53M | 2.25M | 3.97M | 2.16M |
| Total Debt | 0 | 0 | 694K | 0 | 0 | 1.79M | 495.6K |
| Net Debt | -3.13M | -2.75M | -1.12M | -2.14M | -58K | 1.14M | -1.36M |
| Debt / Equity | 0.00x | - | - | - | - | - | 0.31x |
| Debt / EBITDA | -0.00x | - | - | - | - | - | 1.17x |
| Net Debt / EBITDA | 0.37x | - | - | - | - | - | -3.21x |
| Interest Coverage | -234.55x | -124.01x | -150.57x | -143.56x | -5.60x | -31.45x | - |
| Total Equity | 8.44M | 7.64M | -375K | 109K | -2.11M | -3.01M | 1.61M |
| Equity Growth % | 3224.65% | 2136.53% | -444.04% | 105.16% | 29.96% | -286.81% | - |
| Book Value per Share | 0.52 | 0.57 | -0.06 | 0.01 | -0.27 | -0.38 | 0.20 |
| Total Shareholders' Equity | 8.44M | 7.64M | -375K | 109K | -2.11M | -3.01M | 1.61M |
| Common Stock | 1K | 1K | 0 | 0 | 19K | 0 | 129.04K |
| Retained Earnings | -113.62M | -111.61M | -87.08M | -76.62M | -73.91M | -67.33M | -12.31M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | -930.21K |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Insufficient liquidity runway
As reported in financial statements, AIFF's total assets have declined from a peak of $14.9 million in 2025Q2 to $10.9 million by 2026Q1, reflecting a contraction in the balance sheet that underscores the company's ongoing struggle to maintain a stable capital foundation while funding operations.
The downward trend in total assets suggests that the company is consuming its capital base to finance persistent operating losses. Investors should monitor whether this trajectory indicates a permanent impairment of the firm's ability to scale its BNA platform without further dilutive capital injections.
Based on the most recent quarterly data, AIFF's cash position has dwindled to $3.1 million as of 2026Q1, which, when measured against the company's historical quarterly cash burn, suggests a precarious liquidity buffer that may necessitate immediate external financing to maintain ongoing research and development activities.
While the current ratio of 1.82 appears superficially adequate, the absolute level of cash remains low relative to the company's high fixed-cost structure. This limited liquidity profile leaves little room for operational errors or delays in securing new pharmaceutical contracts.
According to recent SEC filings, goodwill accounts for $5.2 million of the company's $10.9 million in total assets as of 2026Q1, indicating that nearly half of the firm's asset base is comprised of intangible value rather than tangible resources or liquid capital.
This reliance on goodwill suggests that the balance sheet is sensitive to potential impairment charges if the BNA technology fails to achieve expected commercial adoption. The minimal investment in tangible PPE further highlights the company's reliance on intellectual property as its primary, yet unproven, value driver.
As indicated by the company's financial history, the accumulated deficit has ballooned to $113.6 million by 2026Q1, which severely constrains the quality of equity and reflects the substantial capital required to reach the current stage of neuroscientific development.
The persistent growth of the deficit suggests that the company has yet to achieve a self-sustaining business model, relying heavily on external equity to offset operational losses. This structure warrants further investigation into the potential for future share dilution to bridge the gap between current losses and profitability.
Quick answers to the most common questions about buying AIFF stock.
As of 2025, Firefly Neuroscience, Inc. (AIFF) had total assets of $10.5M including $4.0M in current assets.
Firefly Neuroscience, Inc. (AIFF) carries total debt of $0.0M, offset by $2.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Firefly Neuroscience, Inc. (AIFF) has total shareholders' equity (book value) of $7.6M ($0.57 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Firefly Neuroscience, Inc. (AIFF) reported a current ratio of 1.43x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.