The company's financial position has deteriorated significantly, with total assets declining from $6.1 million in 2025Q3 to $1.7 million in 2026Q1, resulting in a negative shareholder equity position of $1.1 million.
| 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 | Dec'08 | Dec'07 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 |
|---|
| Total Current Assets | 1.14M | 2.73M | 2.62M | 1.46M | 7.86M | 13.48M | 22.66M | 6.38M | 6.22M | 13.31M | 21.92M | 13.88M | 13.54M | 13.33M | 13.3M | 13.73M | 639K | 8.6M | 4.33M | 87.11K | 87.11K | 174.92K | 897.27K | 1.66M | 2.46M | 2.7M | 3.79M | 7.11M | 2.9M | 3.8M | 4.5M |
| Cash & Short-Term Investments | 951K | 2.5M | 2.37M | 1.1M | 7.36M | 12.87M | 21.41M | 5.58M | 5.36M | 12.69M | 21.35M | 13.84M | 13.51M | 13.29M | 13.27M | 12.68M | 127K | 4.97M | 3.1M | 82.1K | 82.1K | 153.12K | 870.68K | 1.27M | 1.98M | 2.24M | 2.96M | 6.58M | 2.2M | 1.4M | 200K |
| Cash Only | 951K | 2.5M | 2.37M | 1.1M | 7.36M | 12.87M | 21.41M | 5.58M | 5.36M | 12.69M | 21.35M | 13.84M | 13.51M | 13.29M | 13.27M | 12.68M | 127K | 4.97M | 3.1M | 82.1K | 82.1K | 153.12K | 870.68K | 730.87K | 1.8M | 1.92M | 2.56M | 5.98M | 1.8M | 1.4M | 200K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 537.19K | 181.06K | 319.6K | 402.81K | 601.19K | 400K | 0 | 0 |
| Accounts Receivable | 20K | 20K | 0 | 63K | 201K | 147K | 232K | 147K | 274K | 95K | 74K | 0 | 0 | 0 | 0 | 67K | 413K | 307K | 186K | 0 | 0 | 0 | 0 | 0 | 327.94K | 435.67K | 380.52K | 355.67K | 453.19K | 400K | 400K |
| Days Sales Outstanding | - | - | - | 48.21 | 54.26 | 52.86 | 584 | 75.57 | 160.02 | 72.39 | 46.89 | - | - | - | - | 2.04K | - | 59.95 | 53.54 | - | - | - | - | - | 29.35 | 40.19 | 35.93 | 32.55 | 39.38 | 38.42 | 42.94 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4K | 141K | 191K | 135K | 759K | 677K | 640K | 0 | 0 | 0 | 3.26M | 942K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | 4.08 | 99.55 | 101.04 | 66.05 | 261.11 | 91.39 | 65.09 | - | - | - | 3.13K | 1.75K | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 169K | 0 | 251K | 295K | 300K | 0 | 618K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 900K | 99K | 65K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 2M | 3.9M |
| Total Non-Current Assets | 572K | 681K | 1.1M | 1.53M | 1.93M | 2.24M | 766K | 1.3M | 199K | 223K | 165K | 193K | 115K | 109K | 0 | 0 | 4.8M | 6.99M | 7.14M | 0 | 0 | 0 | 0 | 49.73K | 186.8K | 259.91K | 400.69K | 321.55K | 300K | 300K | 200K |
| Property, Plant & Equipment | 401K | 510K | 931K | 1.36M | 1.76M | 2.06M | 712K | 1.25M | 145K | 169K | 111K | 150K | 72K | 66K | 0 | 0 | 1.77M | 1.23M | 716K | 0 | 0 | 0 | 0 | 0 | 143.82K | 216.94K | 309.24K | 290.84K | 300K | 200K | 200K |
| Fixed Asset Turnover | 0.00x | - | 0.06x | 0.35x | 0.77x | 0.49x | 0.20x | 0.57x | 4.31x | 2.83x | 5.19x | 3.45x | 5.93x | 4.06x | - | - | - | 1.52x | 1.77x | - | - | - | - | - | 28.35x | 18.24x | 12.50x | 13.71x | 14.00x | 19.00x | 17.00x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.23M | 1.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.35M | 5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 171K | 171K | 171K | 171K | 171K | 172K | 54K | 54K | 54K | 54K | 54K | 43K | 43K | 43K | 0 | 0 | 3.02M | 173K | 192K | 0 | 0 | 0 | 0 | 49.73K | 42.98K | 42.98K | 91.45K | 30.71K | 0 | 100K | 0 |
| Total Assets | 1.71M | 3.41M | 3.72M | 2.99M | 9.79M | 15.72M | 23.42M | 7.68M | 6.42M | 13.54M | 22.08M | 13.88M | 13.54M | 13.33M | 13.3M | 13.73M | 5.43M | 15.59M | 11.47M | 87.11K | 87.11K | 174.92K | 897.27K | 1.71M | 2.64M | 2.96M | 4.19M | 7.43M | 3.2M | 4.1M | 4.7M |
| Asset Turnover | 0.00x | - | 0.02x | 0.16x | 0.14x | 0.06x | 0.01x | 0.09x | 0.10x | 0.04x | 0.03x | 0.04x | 0.03x | 0.02x | 0.00x | 0.00x | - | 0.12x | 0.11x | 7.38x | - | - | - | 2.20x | 1.54x | 1.34x | 0.92x | 0.54x | 1.31x | 0.93x | 0.72x |
| Asset Growth % | -58.93% | -8.35% | 24.67% | -69.5% | -37.7% | -32.9% | 205.08% | 19.65% | -52.6% | -38.69% | 59.14% | 2.44% | 1.63% | 0.2% | -3.15% | 152.7% | -65.13% | 35.85% | 13071.85% | 0% | -50.2% | -80.51% | -47.41% | -35.43% | -10.78% | -29.28% | -43.63% | 132.15% | -21.95% | -12.77% | 400.54% |
| Total Current Liabilities | 2.78M | 2.43M | 2.32M | 3.61M | 3.58M | 3.71M | 4.25M | 4M | 2.55M | 2.33M | 1.44M | 10K | 1K | 18K | 12K | 756K | 2.16M | 851K | 777K | 25.83K | 25.83K | 33.37K | 720.54K | 742.45K | 963.32K | 868.49K | 782.74K | 1.16M | 1M | 800K | 600K |
| Accounts Payable | 820K | 641K | 385K | 890K | 683K | 507K | 746K | 914K | 1.02M | 902K | 525K | 542K | 1K | 18K | 0 | 127K | 1.35M | 488K | 0 | 14.68K | 3.7K | 0 | 8.07K | 11.65K | 12.73K | 277.61K | 258.1K | 179.2K | 406.08K | 300K | 300K |
| Days Payables Outstanding | 193.04 | 463.3 | 32.03 | 42.05 | 28.22 | 289.15 | 68.07K | 931.87 | 720.12 | 477.14 | 256.87 | 186.46 | 0.14 | 1.83 | - | - | - | 468.74 | - | 41.21 | - | - | - | 4.94 | 4.61 | 104.33 | 98.93 | 72.82 | 148.22 | 121.67 | 136.88 |
| Short-Term Debt | 412K | 442K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.67M | 0 | 0 | 0 | 0 | 500K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 1.07M | 0 | 532K | 561K | 965K | 1.53M | 0 | 0 | 757K | 891K | 137K | 39K | -7.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 173.42K | 268.98K | 302.41K | 284.11K | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 1.55M | 1.35M | 378K | 0 | 0 | 0 | 1.39M | 732K | 480K | 724K | 0 | 2.09M | -313K | -101K | -12K | 0 | 192K | 256K | 777K | 0 | 0 | 5.91K | 695.97K | 642.7K | 689.24K | 0 | 0 | 663.89K | 593.92K | 500K | 500K |
| Current Ratio | 0.41x | 1.12x | 1.13x | 0.40x | 2.19x | 3.63x | 5.33x | 1.59x | 2.44x | 5.71x | 15.18x | 1387.60x | 13545.00x | 740.44x | 1108.42x | 18.17x | 0.30x | 10.11x | 5.57x | 3.37x | 3.37x | 5.24x | 1.25x | 2.23x | 2.55x | 3.11x | 4.84x | 6.11x | 2.90x | 4.75x | 7.50x |
| Quick Ratio | 0.41x | 1.12x | 1.13x | 0.40x | 2.19x | 3.63x | 5.33x | 1.59x | 2.39x | 5.63x | 15.08x | 1311.70x | 12868.00x | 704.89x | 1108.42x | 18.17x | 0.30x | 6.28x | 4.36x | 3.37x | 3.37x | 5.24x | 1.25x | 2.23x | 2.55x | 3.11x | 4.84x | 6.11x | 2.90x | 4.75x | 7.50x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | -852.22 | -460.55 | -303.72 | -143.93 | - | - | - | - | - | - | 2.72K | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 86K | 566K | 982K | 1.32M | 1.63M | 0 | 1.3M | 77K | 81K | 56K | 0 | 0 | 0 | 0 | 127K | 1.8M | 0 | 0 | 3.7K | 0 | 0 | 11.65K | 415.49K | 546.59K | 560.5K | 463.31K | 406.08K | 300K | -100K | 200K |
| Long-Term Debt | 0 | 86K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 630K | 0 | 566K | 982K | 1.32M | 1.63M | 0 | 614K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 691K | 77K | 81K | 56K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 200K |
| Total Liabilities | 2.78M | 2.52M | 2.89M | 4.59M | 4.9M | 5.34M | 4.25M | 5.31M | 2.63M | 2.41M | 1.5M | 10K | 1K | 18K | 12K | 756K | 2.16M | 851K | 777K | 25.83K | 25.83K | 33.37K | 720.54K | 742.45K | 963.32K | 868.49K | 782.74K | 1.16M | 1M | 700K | 600K |
| Total Debt | 412K | 528K | 951K | 1.31M | 1.63M | 1.87M | 614K | 1.14M | 0 | 0 | 0 | 5.67M | 7.5M | 0 | 0 | 0 | 500K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -539K | -1.97M | -1.42M | 212K | -5.73M | -11M | -20.79M | -4.44M | -5.36M | -12.69M | -21.35M | -8.17M | -6.01M | -13.29M | -13.27M | -12.68M | 373K | -4.97M | -3.1M | -82.1K | -82.1K | -153.12K | -870.68K | -730.87K | -1.8M | -1.92M | -2.56M | -5.98M | -1.8M | -1.4M | -200K |
| Debt / Equity | -0.39x | 0.59x | 1.14x | - | 0.33x | 0.18x | 0.03x | 0.48x | - | - | - | 0.41x | 0.55x | - | - | - | 0.15x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | -0.06x | - | - | - | - | - | - | - | - | - | - | 15.50x | 26.98x | - | - | - | 1.30x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.07x | - | - | - | - | - | - | - | - | - | - | -22.32x | -21.62x | -121.97x | - | - | 0.97x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | -1983.50x | - | -5000.33x | -130.33x | - | - | -4.94x | - | - | - | - | -24.72x | -20.59x | -211.58x | -86.98x | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | -1.07M | 895K | 837K | -1.6M | 4.89M | 10.38M | 19.18M | 2.37M | 3.79M | 11.13M | 20.58M | 13.87M | 13.54M | 13.31M | 13.29M | 12.98M | 3.28M | 14.74M | 10.7M | 61.28K | 61.28K | 141.55K | 176.73K | 963.58K | 1.68M | 2.09M | 3.4M | 6.27M | 2.2M | 3.4M | 4.1M |
| Equity Growth % | 36.05% | 6.93% | 152.21% | -132.77% | -52.85% | -45.9% | 709.11% | -37.5% | -65.91% | -45.95% | 48.44% | 2.38% | 1.76% | 0.16% | 2.4% | 295.79% | -77.75% | 37.77% | 17355.66% | 0% | -56.71% | -19.91% | -81.66% | -42.6% | -19.79% | -38.53% | -45.67% | 184.84% | -35.29% | -17.07% | 5814.6% |
| Book Value per Share | -0.10 | 0.13 | 0.31 | -1.14 | 4.14 | 9.20 | 28.43 | 6.30 | 13.34 | 39.36 | 332.04 | 1199.69 | 1186.61 | 1248.48 | 1246.51 | 1217.33 | 307.57 | 1534.46 | 1369.13 | 7.44 | 6.67 | 15.40 | 21.41 | 123.17 | 214.60 | 266.25 | 429.99 | 962.28 | 346.29 | 550.61 | 776.52 |
| Total Shareholders' Equity | -1.07M | 895K | 837K | -1.6M | 4.89M | 10.38M | 19.18M | 2.37M | 3.79M | 11.13M | 20.58M | 13.87M | 13.54M | 13.31M | 13.29M | 12.98M | 3.28M | 14.74M | 10.7M | 61.28K | 61.28K | 141.55K | 176.73K | 963.58K | 1.68M | 2.09M | 3.4M | 6.27M | 2.2M | 3.4M | 4.1M |
| Common Stock | 11K | 11K | 5K | 2K | 20K | 17K | 16K | 7K | 43K | 38K | 458K | 230K | 230K | 230K | 230K | 230K | 230K | 230K | 203K | 10.18K | 0 | 10.18K | 10.18K | 8.7K | 1.45K | 1.45K | 1.45K | 4.09K | 0 | 0 | 0 |
| Retained Earnings | -170.61M | -168.35M | -160.12M | -152.18M | -140.6M | -128.7M | -116.07M | -101.07M | -86.36M | -72.45M | -60.14M | -12.13M | -12.45M | -12.69M | -12.71M | -13.01M | -22.67M | -11.16M | -6.09M | -10.1M | -10.1M | -9.99M | -9.93M | -9.12M | -8.39M | -7.91M | -6.69M | -4.33M | -2.7M | -1.4M | -700K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -83.92K | -83.92K | -83.92K | -83.92K | -83.92K | -83.92K | -83.92K | -12.76K | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -758K | -771K | -46.03M | -38.21M | -34M | 0 | 0 | -524M | -739K | 0 | 0 | 0 | 0 | 0 | 51.42K | 43.96K | -21.11K | -6.13K | 14.44K | 100K | -100K | -100K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and insolvency
As reported in recent financial filings, BioCardia's total assets have plummeted from $6.1 million in 2025Q3 to just $1.7 million by 2026Q1, signaling a rapid depletion of the company's resource base as it struggles to fund ongoing clinical development without a sustainable commercial revenue stream.
The consistent decline in total assets over the last several quarters suggests that the company is consuming its remaining capital at an unsustainable rate. This trajectory implies that the firm is approaching a critical juncture where the current asset base may no longer support the necessary operational scale for its clinical trials.
According to the latest quarterly data, the company's current ratio has deteriorated to 0.41, reflecting a severe liquidity crunch as cash reserves fell to $951,000, which is insufficient to cover the recurring quarterly R&D burn observed in previous periods.
A current ratio well below 1.0 indicates that current liabilities significantly outweigh liquid assets, leaving the company with little to no margin for error. Investors should monitor this closely, as the lack of a sufficient cash runway may necessitate immediate and potentially dilutive capital raises to maintain operations.
Based on reported figures, BioCardia's equity has fallen into a deficit of $1.1 million as of 2026Q1, a direct consequence of the persistent accumulation of losses in retained earnings which now total approximately $170.6 million, highlighting the extreme erosion of shareholder value over time.
The negative equity position underscores the company's reliance on external financing to offset years of operational losses. This structural deficit suggests that the firm is effectively operating on borrowed time, with little residual value for common shareholders should the clinical programs fail to reach a commercial inflection point.
Analysis of the balance sheet reveals that net PPE has declined to $401,000, suggesting that the company is not only burning cash but also failing to reinvest in the physical infrastructure required to support its proprietary Helix delivery system manufacturing.
The reduction in PPE may indicate a strategic decision to defer capital expenditures, which could impair the company's ability to scale production if clinical trials prove successful. This trend warrants further investigation into whether the firm is sacrificing long-term operational capacity to preserve short-term liquidity.
Quick answers to the most common questions about buying BCDA stock.
As of 2025, BioCardia, Inc. (BCDA) had total assets of $3.4M including $2.7M in current assets.
BioCardia, Inc. (BCDA) carries total debt of $0.5M, offset by $2.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
BioCardia, Inc. (BCDA) has total shareholders' equity (book value) of $0.9M ($0.13 book value per share). Book value represents the net worth of the company belonging to common stock holders.
BioCardia, Inc. (BCDA) reported a current ratio of 1.12x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.