The company's financial position appears vulnerable, characterized by a debt-to-equity ratio of 7.84 and accumulated deficits that have reached $505.6M as of 2026Q1.
| Total Current Assets | 40.91M | 32.52M | 39.48M | 39.68M | 53.33M | 43.61M | 86.14M | 12.7M | 9.91M |
| Cash & Short-Term Investments | 25.57M | 18.99M | 26.25M | 26.28M | 43.09M | 32.71M | 62.13M | 5.29M | 5.91M |
| Cash Only | 25.57M | 18.99M | 26.25M | 26.28M | 43.09M | 32.71M | 62.13M | 5.29M | 5.91M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 9.5M | 9.04M | 8.6M | 7.68M | 5.07M | 3.66M | 15.3M | 5.29M | 1.89M |
| Days Sales Outstanding | 36.71 | 37.27 | 44.03 | 57.1 | 48.38 | 24.48 | 122.61 | 78.67 | 33.8 |
| Inventory | 0 | 0 | 0 | 1.4M | 1.4M | 2.9M | 3.2M | 800K | 700K |
| Days Inventory Outstanding | 9.81 | - | - | 39.28 | 36.1 | 34.68 | 53.1 | 48.07 | 57.99 |
| Other Current Assets | 5.84M | 4.5M | 4.64M | 4.32M | 5.18M | 7.25M | 8.71M | 1.32M | 1.41M |
| Total Non-Current Assets | 53.73M | 54.96M | 57.76M | 59.41M | 39.57M | 32.48M | 34.93M | 28.93M | 29.14M |
| Property, Plant & Equipment | 27.38M | 27.81M | 29.59M | 29.61M | 8.82M | 4.18M | 3.18M | 2.12M | 1.39M |
| Fixed Asset Turnover | 3.37x | 3.18x | 2.41x | 1.66x | 4.33x | 13.04x | 14.34x | 11.58x | 14.72x |
| Goodwill | 15.03M | 15.03M | 15.03M | 15.03M | 15.03M | 15.03M | 15.03M | 11.63M | 10.8M |
| Intangible Assets | 3.45M | 3.88M | 5.87M | 7.91M | 9.8M | 11.62M | 13.26M | 15.09M | 16.85M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 7.86M | 8.23M | 7.26M | 6.86M | 5.92M | 1.66M | 3.46M | 90K | 99K |
| Total Assets | 94.64M | 87.48M | 97.24M | 99.1M | 92.91M | 76.1M | 121.07M | 41.63M | 39.06M |
| Asset Turnover | 1.07x | 1.01x | 0.73x | 0.50x | 0.41x | 0.72x | 0.38x | 0.59x | 0.52x |
| Asset Growth % | -38.21% | -10.04% | -1.87% | 6.66% | 22.09% | -37.15% | 190.8% | 6.6% | - |
| Total Current Liabilities | 14.49M | 17.44M | 14.32M | 33.42M | 22.84M | 28.96M | 32.13M | 22.6M | 4.47M |
| Accounts Payable | 3.65M | 3.08M | 2.19M | 2.93M | 1.69M | 1.66M | 8.96M | 1.72M | 886K |
| Days Payables Outstanding | 93.39 | 51.32 | 51.42 | 82.17 | 43.45 | 19.88 | 148.73 | 103.18 | 73.4 |
| Short-Term Debt | 1.45M | 1.37M | 21K | 51K | 49K | 19K | 11.84M | 12.16M | 0 |
| Deferred Revenue (Current) | 4.57M | 961K | 678K | 324K | 962K | 1.85M | 3.53M | 1.28M | 492K |
| Other Current Liabilities | 9.16M | 12.03M | 792K | 26M | 15.05M | 21.4M | 3.81M | 6.28M | 2.09M |
| Current Ratio | 2.82x | 1.86x | 2.76x | 1.19x | 2.34x | 1.51x | 2.68x | 0.56x | 2.22x |
| Quick Ratio | 2.82x | 1.86x | 2.76x | 1.15x | 2.27x | 1.41x | 2.58x | 0.53x | 2.06x |
| Cash Conversion Cycle | -46.86 | - | - | 14.2 | 41.03 | 39.29 | 26.98 | 23.57 | 18.39 |
| Total Non-Current Liabilities | 71.02M | 72.5M | 62.05M | 61.1M | 49.46M | 27.41M | 47.78M | 247.57M | 232.62M |
| Long-Term Debt | 70.16M | 71.48M | 36.41M | 35.23M | 25M | 9.99M | 15.93M | 23.81M | 23.1M |
| Capital Lease Obligations | 48.52M | 0 | 24.83M | 25.16M | 5.25M | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | -400K | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 860K | 1.02M | 815K | 712K | 19.2M | 17.42M | 31.85M | 223.76M | 209.52M |
| Total Liabilities | 85.5M | 89.94M | 76.37M | 94.52M | 72.3M | 56.37M | 79.9M | 270.17M | 237.09M |
| Total Debt | 71.61M | 72.85M | 61.98M | 60.69M | 31.85M | 10.01M | 27.77M | 35.97M | 23.1M |
| Net Debt | 46.04M | 53.87M | 35.73M | 34.41M | -11.24M | -22.7M | -34.36M | 30.68M | 17.18M |
| Debt / Equity | 7.84x | - | 2.97x | 13.25x | 1.55x | 0.51x | 0.67x | - | - |
| Debt / EBITDA | -3.45x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -2.22x | - | - | - | - | - | - | - | - |
| Interest Coverage | -4.47x | -3.57x | -4.20x | -4.47x | -7.11x | -8.57x | -3.12x | -9.21x | -7.97x |
| Total Equity | 9.13M | -2.46M | 20.88M | 4.58M | 20.61M | 19.73M | 41.17M | -228.54M | -198.03M |
| Equity Growth % | -332.28% | -111.81% | 355.81% | -77.77% | 4.46% | -52.08% | 118.01% | -15.41% | - |
| Book Value per Share | 0.95 | -0.33 | 3.22 | 1.12 | 9.79 | 14.42 | 8.51 | -5.00 | -149.22 |
| Total Shareholders' Equity | 9.13M | -2.46M | 20.88M | 4.58M | 20.61M | 19.73M | 41.17M | -228.54M | -198.03M |
| Common Stock | 10K | 8K | 145K | 96K | 78K | 31K | 27K | 1K | 1K |
| Retained Earnings | -505.56M | -497.76M | -462.5M | -419.57M | -367.42M | -301.97M | -258.81M | -230.86M | -200.14M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | -121.07M | -193.96M | -5.57M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and dilution risk
According to recent financial filings, Biodesix's equity position has fluctuated significantly, reaching a low of negative $2.5M in 2025Q4 before recovering to $9.1M in 2026Q1, reflecting the persistent impact of accumulated deficits totaling $505.6M on the company's overall balance sheet stability.
The persistent negative retained earnings suggest that the company has been unable to generate sufficient internal capital to offset its operational burn. This trajectory indicates that the balance sheet is highly sensitive to external financing, as the firm relies on periodic capital infusions to maintain positive equity.
As reported in quarterly balance sheets, the company's debt-to-equity ratio reached a concerning 7.84 in 2026Q1, driven by a total debt load of $71.6M that significantly outweighs the firm's current equity base of $9.1M.
This elevated leverage profile suggests that the company is operating with limited financial cushion, potentially restricting its ability to secure additional non-dilutive financing. Investors should monitor whether the current debt structure imposes restrictive covenants that could further limit operational agility during this growth phase.
Based on the most recent 2026Q1 data, Biodesix maintains $25.6M in cash against a current ratio of 2.82, yet the underlying burn rate warrants caution regarding the company's ability to sustain operations without further capital market access.
While the current ratio appears healthy on the surface, the absolute cash balance remains low relative to the company's historical quarterly cash outflows. This suggests that liquidity is highly dependent on the timing of receivables and the successful execution of commercial milestones to avoid a cash crunch.
Financial statements reveal that accumulated deficits have ballooned to $505.6M as of 2026Q1, a figure that significantly distorts the company's book value and highlights the long-term reliance on external funding to support the diagnostic laboratory infrastructure.
The sheer magnitude of these deficits suggests that the company's historical investment in R&D and commercialization has yet to translate into a self-sustaining business model. This creates a risk where the balance sheet may not accurately reflect the underlying value of the firm's intellectual property if commercial adoption fails to accelerate.
Quick answers to the most common questions about buying BDSX stock.
As of 2025, Biodesix, Inc. (BDSX) had total assets of $87.5M including $32.5M in current assets.
Biodesix, Inc. (BDSX) carries total debt of $72.9M, offset by $19.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Biodesix, Inc. (BDSX) has total shareholders' equity (book value) of $-2.5M ($-0.33 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Biodesix, Inc. (BDSX) reported a current ratio of 1.86x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.