The company's financial position has deteriorated significantly, with total assets contracting to $34.4 million in 2025Q3 and equity falling into a negative position of -$561.0 thousand.
| Total Current Assets | 31.65M | 83.65M | 54.39M | 37.31M | 88.39M | 102.59M | 46.16M | 20.25M | 3.29M |
| Cash & Short-Term Investments | 11.95M | 79.4M | 49.9M | 30.58M | 80.82M | 96.83M | 38.85M | 18.75M | 3.28M |
| Cash Only | 11.95M | 79.4M | 49.9M | 16.66M | 53.89M | 57.47M | 18.85M | 18.75M | 3.28M |
| Short-Term Investments | 0 | 0 | 0 | 13.92M | 26.93M | 39.36M | 20M | 0 | 0 |
| Accounts Receivable | 16.65M | 0 | 285K | 275K | 0 | 505K | 0 | 0 | 0 |
| Days Sales Outstanding | 1.52K | - | 10.41 | - | - | - | - | - | - |
| Inventory | 0 | 0 | 3.28M | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | 22.23 | - | - | - | - | - | - |
| Other Current Assets | 255K | 461K | -434K | 1.8M | 5.01M | 1.74M | 5.87M | 388K | 0 |
| Total Non-Current Assets | 2.72M | 3.04M | 447K | 1.05M | 1.5M | 1.91M | 2.23M | 0 | 0 |
| Property, Plant & Equipment | 2.47M | 2.79M | 447K | 1.05M | 1.3M | 1.91M | 2.04M | 0 | 0 |
| Fixed Asset Turnover | 0.38x | 0.16x | 22.36x | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 252K | 253K | 0 | 0 | 200K | 0 | 199K | 0 | 0 |
| Total Assets | 34.37M | 86.69M | 54.83M | 38.36M | 89.89M | 104.51M | 48.39M | 20.25M | 3.29M |
| Asset Turnover | 0.02x | 0.01x | 0.18x | - | - | - | - | - | - |
| Asset Growth % | -142.79% | 58.1% | 42.93% | -57.32% | -13.98% | 115.97% | 139.01% | 516.13% | - |
| Total Current Liabilities | 32.9M | 27.3M | 71.18M | 33.42M | 26.46M | 21.23M | 14.1M | 4.43M | 993K |
| Accounts Payable | 4.8M | 4.43M | 1.74M | 4.53M | 9.46M | 640K | 8.79M | 3.02M | 713K |
| Days Payables Outstanding | 58.74 | 33.19 | 11.8 | 3.75K | - | - | 139.54K | - | - |
| Short-Term Debt | 0 | 0 | 310K | 622K | 789K | 1.07M | 0 | 0 | 0 |
| Deferred Revenue (Current) | 848K | 212K | 667K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 7.76M | 6.92M | 56.17M | 25.49M | 987K | 2.66M | 264K | 110K | 0 |
| Current Ratio | 0.96x | 3.06x | 0.76x | 1.12x | 3.34x | 4.83x | 3.27x | 4.57x | 3.31x |
| Quick Ratio | 0.96x | 3.06x | 0.72x | 1.12x | 3.34x | 4.83x | 3.27x | 4.57x | 3.31x |
| Cash Conversion Cycle | 1.46K | - | 20.84 | - | - | - | - | - | - |
| Total Non-Current Liabilities | 2.03M | 2.39M | 797K | 878K | 891K | 1.33M | 1.68M | 0 | 6.25M |
| Long-Term Debt | 0 | 0 | 0 | 464K | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 8.85M | 2.39M | 38K | 414K | 891K | 1.33M | 1.68M | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 759K | 0 | 0 | 0 | 0 | 0 | 6.25M |
| Total Liabilities | 34.94M | 29.68M | 71.98M | 34.3M | 27.35M | 22.57M | 15.78M | 4.43M | 7.25M |
| Total Debt | 2.5M | 2.79M | 777K | 1.98M | 2.12M | 2.81M | 2.04M | 0 | 0 |
| Net Debt | -9.45M | -76.6M | -49.12M | -14.68M | -51.77M | -54.65M | -16.81M | -18.75M | -3.28M |
| Debt / Equity | -4.46x | 0.05x | - | 0.49x | 0.03x | 0.03x | 0.06x | - | - |
| Debt / EBITDA | -0.03x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.10x | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | -190.30x | -168.99x | -490.13x | - | - |
| Total Equity | -561K | 57.01M | -17.15M | 4.06M | 62.54M | 81.94M | 32.61M | 15.82M | -3.96M |
| Equity Growth % | 201.53% | 432.47% | -522.21% | -93.51% | -23.68% | 151.29% | 106.14% | 499.34% | - |
| Book Value per Share | -0.00 | 0.41 | -0.20 | 0.11 | 2.44 | 3.73 | 2.54 | 1.73 | -0.43 |
| Total Shareholders' Equity | -561K | 57.01M | -17.15M | 4.06M | 62.54M | 81.94M | 32.61M | 15.82M | -3.96M |
| Common Stock | 35K | 35K | 8K | 5K | 3K | 2K | 1K | 0 | 0 |
| Retained Earnings | -636.36M | -574.21M | -468.59M | -348.82M | -266.31M | -160.73M | -66.77M | -21.26M | -4.74M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 51K | -107K | -112K | -2K | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital depletion and dilution
According to recent quarterly filings, Applied Therapeutics has seen its total assets contract from $151.2 million in 2024Q1 to $34.4 million by 2025Q3, signaling a rapid depletion of resources as the company funds its late-stage clinical development programs without a corresponding commercial revenue stream.
The consistent decline in total assets reflects the ongoing consumption of cash to support regulatory and clinical trial activities. This trajectory suggests that the company is approaching a critical juncture where the current asset base may no longer provide a sufficient buffer for sustained operations.
Based on the 2025Q3 balance sheet, the company's current ratio has compressed to 0.96, a significant deterioration from the 3.06 ratio observed in 2024Q4, indicating that current liabilities now exceed current assets and leaving the firm with limited flexibility to manage near-term operational obligations.
The rapid decline in the current ratio highlights the urgency of the company's funding requirements as cash reserves dwindle. Investors should monitor whether the company can secure additional capital before its liquidity position forces further dilutive financing or operational cutbacks.
As reported in financial statements, the company's equity position has turned negative, reaching -$561.0 thousand in 2025Q3, driven by a massive accumulated deficit of $636.4 million that underscores the long-term financial strain of sustaining a pre-commercial biotechnology business model through repeated equity-based funding rounds.
The erosion of shareholder equity into negative territory suggests that the company has effectively exhausted its initial capital base to fund R&D. This trend implies that future value creation for shareholders remains entirely dependent on the successful commercialization of its pipeline rather than existing balance sheet strength.
While the company reports $2.5 million in net PPE as of 2025Q3, this figure is largely immaterial to the firm's valuation, as the primary balance sheet risk remains the lack of tangible assets to offset the persistent, high-velocity cash burn required for clinical trial execution.
The absence of significant tangible assets or intellectual property carrying value on the balance sheet means that the company's valuation is almost entirely speculative. The reliance on cash reserves as the sole meaningful asset makes the firm exceptionally vulnerable to any delays in the regulatory approval process.
Quick answers to the most common questions about buying APLT stock.
As of 2024, Applied Therapeutics, Inc. (APLT) had total assets of $86.7M including $83.6M in current assets.
Applied Therapeutics, Inc. (APLT) carries total debt of $2.8M, offset by $79.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Applied Therapeutics, Inc. (APLT) has total shareholders' equity (book value) of $57.0M ($0.41 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Applied Therapeutics, Inc. (APLT) reported a current ratio of 3.06x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.