Shareholders' equity has eroded to $30.5 million as of 2026Q1, driven by a cumulative retained earnings deficit of $256.2 million and the absence of any debt-based financing.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Total Current Assets | 36.67M | 45.62M | 74.46M | 92.22M | 118.2M | 141.24M | 42.77M | 14.32M | 11.55M | 7.9M | 3.25M | 4.29M | 9.09M | 7.41M | 1.99M | 2.95M | 10.25K | 84.36K |
| Cash & Short-Term Investments | 31.72M | 41.3M | 71.08M | 88.46M | 110.89M | 136.38M | 39.66M | 12.69M | 10.38M | 7.22M | 3.03M | 3.72M | 8.5M | 6.34M | 1.73M | 1.91M | 10.25K | 84.36K |
| Cash Only | 31.72M | 41.3M | 71.08M | 88.46M | 110.89M | 136.38M | 39.66M | 12.69M | 10.38M | 7.22M | 3.03M | 3.72M | 8.5M | 6.34M | 1.73M | 1.91M | 10.25K | 84.36K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 | 743K | 1.07M | 634.94K | 739.66K | 518.1K | 358.28K | 0 | 0 | 297.96K | 139.07K | 141.66K | 1.22K | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | 2.71K | 80.25 | 107.31 | 297.84 | - | - |
| Inventory | 0 | 0 | 0 | 1.49M | 5.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 39.79K | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 39.64K | - | - | 23.6K | 239.39K | - | - | - | - | - | - | - | 42.63 | - | - | - | - | - |
| Other Current Assets | 4.95M | 4.32M | 229K | 977K | 110K | 1.3M | 671.88K | 40.35K | 140.94K | 71.34K | 55K | 385.66K | 0 | 0 | 0 | 1M | 0 | 0 |
| Total Non-Current Assets | 1.27M | 1.99M | 1.99M | 4.03M | 5.33M | 22K | 73.07K | 181.37K | 171.08K | 266.06K | 889.81K | 1.95M | 2.68M | 4.6M | 4.84M | 126.47K | 4.76K | 1.1K |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 20K | 38.69K | 84.83K | 54.49K | 11.47K | 55.12K | 171.57K | 357.53K | 163.15K | 159.97K | 80.47K | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - | - | - | - | - | - | 0.01x | 0.11x | 3.88x | 3.01x | 0.02x | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 13.38K | 68.54K | 99.38K | 75.69K | 640.44K | 1.7M | 1.92M | 4.4M | 4.64M | 40.84K | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 1.71M | 4.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 36.45K | 36.45K | 5.16K | 0 | 0 |
| Other Non-Current Assets | 1.27M | 1.99M | 1.99M | 2.32M | 635K | 2K | 17.22K | 17.22K | 17.22K | 178.91K | 194.25K | 76.34K | 400.15K | 36.45K | 36.45K | 0 | 4.76K | 1.1K |
| Total Assets | 37.94M | 47.61M | 76.44M | 96.25M | 123.53M | 141.26M | 42.84M | 14.5M | 11.72M | 8.16M | 4.14M | 6.24M | 11.76M | 12.01M | 6.83M | 3.07M | 15.01K | 85.46K |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - | - | - | - | 0.00x | 0.00x | 0.05x | 0.07x | 0.00x | - | - |
| Asset Growth % | -135.96% | -37.72% | -20.58% | -22.08% | -12.55% | 229.72% | 195.46% | 23.72% | 43.56% | 96.99% | -33.62% | -46.93% | -2.04% | 75.93% | 122.21% | 20365.65% | -82.44% | - |
| Total Current Liabilities | 7.46M | 8.26M | 4.97M | 5.24M | 5.57M | 3.13M | 15.67M | 1.32M | 2.92M | 1.23M | 1.05M | 2.5M | 2.26M | 1.41M | 1.65M | 1.51M | 866.86K | 53.78K |
| Accounts Payable | 2.57M | 4.29M | 679K | 806K | 2.96M | 1.72M | 1.59M | 293.17K | 353.33K | 334.9K | 254.32K | 814.45K | 594.36K | 9.63K | 68.22K | 64.77K | 0 | 0 |
| Days Payables Outstanding | 141.53K | - | 14.58K | 12.79K | 135.28K | 27.25K | 12.44K | 2.03K | 2.92K | 947.63 | 305.87 | 2.25K | 636.83 | 7.1 | 379.39 | 243.23 | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 18.05K | 39.37K | 0 | 0 | 0 | 0 | 76.03K | 0 | 0 | 1.01M | 189K | 5K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.5M | 48.16K | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 4.89M | 3.96M | 3.04M | 1.8M | 19K | 1.1M | 13.08M | 51.41K | 217.01K | 105.64K | -603.25K | 621.62K | -81.37K | 624.94K | 1.37M | 201.11K | 0 | 48.78K |
| Current Ratio | 4.92x | 5.53x | 14.99x | 17.61x | 21.23x | 45.18x | 2.73x | 10.83x | 3.96x | 6.45x | 3.11x | 1.72x | 4.01x | 5.27x | 1.21x | 1.95x | 0.01x | 1.57x |
| Quick Ratio | 4.92x | 5.53x | 14.99x | 17.33x | 20.29x | 45.18x | 2.73x | 10.83x | 3.96x | 6.45x | 3.11x | 1.72x | 4.00x | 5.27x | 1.21x | 1.95x | 0.01x | 1.57x |
| Cash Conversion Cycle | -101.89K | - | - | - | - | - | - | - | - | - | - | - | 2.12K | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 0 | 0 | 0 | 1K | 1K | 3.79K | 21.89K | 353.33K | 334.9K | 254.32K | 814.45K | 51.7K | 5.82K | 68.22K | 1.07M | 189K | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 49.22K | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.11K | 0 | 0 | 0 | 0 | 49.22K | 5.82K | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 1K | 1K | 3.79K | 10.78K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -46.73K | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 7.46M | 8.26M | 4.97M | 5.24M | 5.57M | 3.13M | 15.68M | 1.34M | 2.92M | 1.23M | 1.05M | 2.5M | 2.27M | 1.41M | 1.65M | 1.51M | 866.86K | 53.78K |
| Total Debt | 0 | 0 | 0 | 0 | 0 | 0 | 18.05K | 50.48K | 0 | 0 | 0 | 0 | 125.24K | 15.5K | 0 | 1.01M | 189K | 5K |
| Net Debt | -31.72M | -41.3M | -71.08M | -88.46M | -110.89M | -136.38M | -39.65M | -12.64M | -10.38M | -7.22M | -3.03M | -3.72M | -8.38M | -6.32M | -1.73M | -905.74K | 178.75K | -79.36K |
| Debt / Equity | 0.00x | - | - | - | - | - | 0.00x | 0.00x | - | - | - | - | 0.01x | 0.00x | - | 0.64x | - | 0.16x |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.80x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - | - | -41.13x | - | - | -622.64x | -29956.52x | -420.91x | -190.32x | -118.91x | - |
| Total Equity | 30.49M | 39.35M | 71.48M | 91.02M | 117.96M | 138.14M | 27.17M | 13.16M | 8.81M | 6.94M | 3.1M | 3.74M | 9.5M | 10.6M | 5.18M | 1.56M | -851.85K | 31.68K |
| Equity Growth % | -158.73% | -44.94% | -21.47% | -22.84% | -14.6% | 408.45% | 106.51% | 49.41% | 26.9% | 124.04% | -17.23% | -60.61% | -10.41% | 104.84% | 231.82% | 283.1% | -2788.67% | - |
| Book Value per Share | 3.54 | 4.57 | 8.52 | 10.83 | 13.97 | 17.72 | 36.04 | 23.22 | 31.77 | 106.77 | 189.15 | 355.37 | 1066.85 | 1848.59 | 1122.19 | 461.87 | -383.03 | 9.36 |
| Total Shareholders' Equity | 30.49M | 39.35M | 71.48M | 91.02M | 117.96M | 138.14M | 27.17M | 13.16M | 8.81M | 6.94M | 3.1M | 3.74M | 9.5M | 10.6M | 5.18M | 1.56M | -851.85K | 31.68K |
| Common Stock | 1.55M | 1.55M | 23.49M | 22.79M | 22.79M | 22.79M | 8.56M | 1.64M | 1.05M | 477.34K | 56.8K | 32.66K | 24.56K | 18.57K | 12.92K | 11.26K | 6K | 11.09K |
| Retained Earnings | -256.15M | -246.56M | -211.79M | -186.29M | -156.19M | -129.23M | -111.9M | -94.07M | -76.83M | -65.43M | -57.3M | -50.93M | -35.17M | -20.52M | -9.73M | -4.65M | -1.21M | -122.86K |
| Treasury Stock | 0 | -1.48M | -1.48M | -1.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding dependency
As reported in financial statements, Atossa's total assets have declined from $96.3 million in 2023Q4 to $37.9 million in 2026Q1, signaling a consistent contraction of the balance sheet as the company consumes its capital reserves to fund ongoing clinical development without any offsetting revenue generation.
The steady reduction in total assets is a direct consequence of the firm's reliance on cash to sustain R&D activities. This trajectory suggests that the company is moving toward a critical juncture where the current asset base may no longer support the scale of its clinical ambitions.
Based on recent SEC filings, the company's current ratio has compressed significantly from 17.61 in 2023Q4 to 4.92 in 2026Q1, indicating that while the firm maintains a short-term liquidity cushion, the rapid depletion of cash reserves warrants close monitoring by investors regarding future financing requirements.
The decline in the current ratio reflects the aggressive utilization of cash to meet operational obligations. Investors should interpret this trend as a narrowing window of financial flexibility, which may necessitate further equity dilution to maintain the current pace of clinical trials.
According to the provided balance sheet data, shareholders' equity has fallen from $91.0 million in 2023Q4 to $30.5 million in 2026Q1, primarily driven by the accumulation of a $256.2 million deficit in retained earnings as the firm continues to prioritize R&D over profitability.
The erosion of equity highlights the high cost of the company's clinical-stage business model. The persistent negative retained earnings suggest that the firm is effectively trading shareholder capital for the potential future value of its intellectual property, which remains unproven in a commercial setting.
As indicated by the financial data, the company's balance sheet is almost entirely composed of cash, with zero PPE or goodwill, which suggests that the firm's true value is entirely tied to intangible clinical data that is not captured in the reported book value of assets.
The absence of tangible assets means that the balance sheet provides little protection in a downside scenario. Investors should recognize that the reported book value is a poor proxy for the company's intrinsic worth, which is instead entirely dependent on the success of its (Z)-endoxifen clinical program.
Quick answers to the most common questions about buying ATOS stock.
As of 2025, Atossa Therapeutics, Inc. (ATOS) had total assets of $47.6M including $45.6M in current assets.
Atossa Therapeutics, Inc. (ATOS) carries total debt of $0.0M, offset by $41.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Atossa Therapeutics, Inc. (ATOS) has total shareholders' equity (book value) of $39.4M ($4.57 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Atossa Therapeutics, Inc. (ATOS) reported a current ratio of 5.53x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.