The firm has repaired its capital structure, moving from negative equity in 2023Q2 to $53.4 million in 2024Q2, while maintaining a debt-to-equity ratio of 0.73.
| Total Current Assets | 100.28M | 64.06M | 101.19M | 66.3M | 124.54M | 28.59M | 6.43M |
| Cash & Short-Term Investments | 97.99M | 60.91M | 98.5M | 64.05M | 117.94M | 24.5M | 6.02M |
| Cash Only | 97.98M | 60.9M | 91.49M | 42.76M | 64.13M | 24.21M | 6.02M |
| Short-Term Investments | 7K | 7K | 7.01M | 21.29M | 53.81M | 241K | 0 |
| Accounts Receivable | 2.29M | 1.17M | 359K | 346K | 1.93M | 394.05K | 91.59K |
| Days Sales Outstanding | 37.32 | - | 26.23 | - | 15.41 | - | - |
| Inventory | 0 | 0 | 0 | -3 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 3 | 0 | 2.82M | 324.45K |
| Total Non-Current Assets | 7.4M | 7.21M | 28.99M | 6.29M | 7.14M | 8.15M | 4.37M |
| Property, Plant & Equipment | 2.88M | 2.71M | 3.8M | 5.88M | 6.59M | 6.59M | 3.34M |
| Fixed Asset Turnover | 1.94x | - | 1.31x | - | 6.94x | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 51K | 40K | 63K | 89K | 97K | 11K | 0 |
| Long-Term Investments | 58.09M | 4.16M | 24.85M | 0 | 0 | 0 | 81.25K |
| Other Non-Current Assets | 273K | 304K | 282K | 327K | 455K | 1.48M | 947.36K |
| Total Assets | 107.68M | 71.27M | 130.19M | 72.59M | 131.69M | 36.74M | 10.8M |
| Asset Turnover | 0.05x | - | 0.04x | - | 0.35x | - | - |
| Asset Growth % | 280.06% | -45.26% | 79.34% | -44.87% | 258.4% | 240.1% | - |
| Total Current Liabilities | 54.31M | 45.36M | 50.32M | 312.65M | 17.5M | 87.99M | 20.32M |
| Accounts Payable | 11M | 10.15M | 14.35M | 13.1M | 2.98M | 1.53M | 5.26M |
| Days Payables Outstanding | - | 1.98K | - | 2.35K | - | 369.54 | 1.3K |
| Short-Term Debt | 38.89M | 26.33M | 30.36M | 4.31M | 10.46M | 82.99M | 10.92M |
| Deferred Revenue (Current) | 0 | 5M | 0 | 3.88M | 0 | 0 | 0 |
| Other Current Liabilities | 637K | -3.06M | 1.08M | 290.11M | 0 | 3.47M | 4.14M |
| Current Ratio | 1.85x | 1.41x | 2.01x | 0.21x | 7.12x | 0.32x | 0.32x |
| Quick Ratio | 1.85x | 1.41x | 2.01x | 0.21x | 7.12x | 0.32x | 0.32x |
| Cash Conversion Cycle | 37.32 | - | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 425K | 469K | 1.24M | 299.62M | 80.31M | 59.86M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 81.43M | 634.25K |
| Capital Lease Obligations | 0 | 425K | 469K | 1.24M | 2.05M | 1.9M | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 297.56M | -1.12M | 59.22M |
| Total Liabilities | 54.31M | 45.78M | 50.79M | 313.89M | 317.11M | 168.3M | 80.18M |
| Total Debt | 38.89M | 27.23M | 31.55M | 6.54M | 13.35M | 10.98M | 11.95M |
| Net Debt | -58.45M | -33.68M | -59.94M | -36.21M | -50.79M | -13.22M | 5.93M |
| Debt / Equity | 0.73x | 1.07x | 0.40x | - | - | - | - |
| Debt / EBITDA | -0.61x | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.92x | - | - | - | - | - | - |
| Interest Coverage | - | -28.22x | -85.40x | -155.36x | -6.46x | -14.94x | -41.01x |
| Total Equity | 53.37M | 25.48M | 79.4M | -241.29M | -185.43M | -131.56M | -69.38M |
| Equity Growth % | 503.56% | -67.9% | 132.91% | -30.13% | -40.95% | -89.62% | - |
| Book Value per Share | 6.13 | 2.39 | 11.67 | -28.45 | -21.87 | -15.51 | -8.18 |
| Total Shareholders' Equity | 53.37M | 25.48M | 79.4M | -241.29M | -185.43M | -131.56M | -69.38M |
| Common Stock | 11K | 11K | 11K | 4K | 4K | 2.6K | 2.44K |
| Retained Earnings | -400.7M | -429.32M | -373.09M | -268.22M | -209.43M | -159.15M | -86.62M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -4.33M | -4.54M | -4.24M | 9.53M | -1M | 27.59M | 17.24M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial binary outcome
According to recent SEC filings, Adlai Nortye has transitioned from a negative equity position in 2023Q2 to a positive $53.4 million in equity by 2024Q2, signaling a deliberate effort to repair the balance sheet through capital raises despite the absence of any recurring commercial revenue streams.
The shift from a deficit of $317.5 million in equity to a positive position suggests that management has successfully utilized equity financing to bridge the funding gap. Investors should monitor whether this stabilization is merely a temporary reprieve or if it provides sufficient runway to reach critical clinical milestones.
Based on the reported 2024Q2 figures, the company maintains a current ratio of 1.85, which represents a significant improvement from the 0.16 ratio observed in 2023Q2, yet the $98.0 million cash balance remains highly sensitive to the ongoing, intensive costs of the Phase III BURAN trial.
While the current ratio suggests an improved ability to cover short-term obligations, the lack of operational cash flow means this liquidity is entirely dependent on external capital. Any unforeseen delays in clinical trial execution could rapidly erode this buffer, necessitating further dilutive financing.
As reported in financial statements, the company’s debt-to-equity ratio stands at 0.73 as of 2024Q2, reflecting a strategic reliance on debt instruments to supplement equity funding during the high-cost development phase of its oncology pipeline, rather than relying solely on operational cash generation.
The presence of $38.9 million in debt warrants careful scrutiny regarding the terms and maturity profiles, as the company lacks the commercial cash flow to service these obligations. This leverage appears to be a necessity-driven approach to fund clinical operations, which increases the risk profile for equity holders.
Based on the provided financial data, the company’s accumulated deficit of $400.7 million as of 2024Q2 highlights the massive historical capital consumption required to reach the current clinical stage, which may not be fully captured by looking at the headline equity or asset figures alone.
This substantial deficit underscores the high-risk nature of the business model, where value is entirely contingent on the success of the lead asset. Analysts should interpret this figure as a reflection of the significant R&D investment that has yet to yield a commercialized product or sustainable revenue.
Quick answers to the most common questions about buying ANL stock.
As of 2024, Adlai Nortye Ltd. (ANL) had total assets of $71.3M including $64.1M in current assets.
Adlai Nortye Ltd. (ANL) carries total debt of $27.2M, offset by $60.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Adlai Nortye Ltd. (ANL) has total shareholders' equity (book value) of $25.5M ($2.39 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Adlai Nortye Ltd. (ANL) reported a current ratio of 1.41x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.