Despite maintaining a low debt-to-equity ratio of 0.06, the company's total asset base has contracted from $12.3 million in 2025Q1 to $9.6 million in 2026Q1, signaling ongoing capital erosion.
| Total Current Assets | 7.74M | 5.92M | 8.79M | 2.77M | 5.89M | 803.51K | 245.92K |
| Cash & Short-Term Investments | 7.08M | 5.11M | 7.83M | 1.28M | 4.12M | 512.77K | 237.09K |
| Cash Only | 7.08M | 5.11M | 7.83M | 1.28M | 4.12M | 512.77K | 237.09K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 4.27K | 8.13K | 18.61K | 4.96K | 0 | 901 | 0 |
| Days Sales Outstanding | 201.33 | 200.07 | 194.71 | 106.09 | - | 365 | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - |
| Other Current Assets | 663.32K | 801.95K | 621.32K | 1.48M | 0 | 250K | 0 |
| Total Non-Current Assets | 1.81M | 1.85M | 1.82M | 1.7M | 363.59K | 298.49K | 200.46K |
| Property, Plant & Equipment | 872.32K | 959.68K | 1.11M | 1.15M | 0 | 0 | 0 |
| Fixed Asset Turnover | 0.02x | 0.02x | 0.03x | 0.01x | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 929.59K | 873.18K | 706.42K | 536.74K | 358.64K | 298.49K | 200.46K |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 12.85K | 12.85K | 12.85K | 12.85K | 4.95K | 0 | 0 |
| Total Assets | 9.56M | 7.77M | 10.62M | 4.46M | 6.25M | 1.1M | 446.38K |
| Asset Turnover | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | - |
| Asset Growth % | 207.24% | -26.84% | 137.89% | -28.6% | 467.11% | 146.88% | - |
| Total Current Liabilities | 491.44K | 604.84K | 631.7K | 841.14K | 1.95M | 33.88K | 386.01K |
| Accounts Payable | 122.97K | 97.44K | 87.66K | 243.21K | 1.1M | 33.88K | 39.54K |
| Days Payables Outstanding | 259.46 | - | - | - | - | - | - |
| Short-Term Debt | 368.47K | 269.79K | 306.76K | 374K | 849.03K | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 346.47K |
| Current Ratio | 15.76x | 9.79x | 13.92x | 3.29x | 3.02x | 23.71x | 0.64x |
| Quick Ratio | 15.76x | 9.79x | 13.92x | 3.29x | 3.02x | 23.71x | 0.64x |
| Cash Conversion Cycle | -58.13 | - | - | - | - | - | - |
| Total Non-Current Liabilities | 164.53K | 188.22K | 425.83K | 663.1K | 0 | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 655K | 188.22K | 425.83K | 663.1K | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 655.97K | 793.06K | 1.06M | 1.5M | 1.95M | 33.88K | 386.01K |
| Total Debt | 533K | 695.62K | 969.86K | 1.26M | 849.03K | 0 | 0 |
| Net Debt | -6.54M | -4.42M | -6.86M | -22.5K | -3.27M | -512.77K | -237.09K |
| Debt / Equity | 0.06x | 0.10x | 0.10x | 0.43x | 0.20x | - | - |
| Debt / EBITDA | -0.08x | - | - | - | - | - | - |
| Net Debt / EBITDA | 1.04x | - | - | - | - | - | - |
| Interest Coverage | -489.91x | -438.04x | -448.76x | -0.24x | - | - | - |
| Total Equity | 8.9M | 6.97M | 9.56M | 2.96M | 4.3M | 1.07M | 60.37K |
| Equity Growth % | 288.68% | -27.04% | 223.1% | -31.23% | 302.74% | 1669.42% | - |
| Book Value per Share | 3.13 | 3.98 | 0.36 | 7.00 | 1.39 | 3.37 | 0.01 |
| Total Shareholders' Equity | 8.9M | 6.97M | 9.56M | 2.96M | 4.3M | 1.07M | 60.37K |
| Common Stock | 29 | 18 | 459 | 205 | 95 | 123 | 1.05K |
| Retained Earnings | -31.04M | -29.25M | -22.75M | -14.37M | -5.99M | -1.33M | -710.11K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital exhaustion and dilution
According to recent balance sheet data, CDIO's total assets have declined from $12.3 million in 2025Q1 to $9.6 million by 2026Q1, signaling a contraction in the company's resource base as it struggles to convert its proprietary diagnostic technology into a sustainable, revenue-generating commercial enterprise.
The consistent decline in total assets alongside a widening accumulated deficit, which reached -$31.0 million in 2026Q1, suggests that the company is consuming its capital base without achieving meaningful market penetration. This trajectory implies that the business model remains in a precarious state, heavily dependent on external financing to offset persistent operational losses.
As reported in financial statements, the company's cash position fluctuated significantly, dropping from a peak of $9.7 million in 2025Q1 to $7.1 million in 2026Q1, which highlights the ongoing pressure on liquidity as the firm attempts to fund its laboratory and regulatory infrastructure requirements.
While the current ratio of 15.76 appears superficially robust, it is largely a function of the company's minimal liability structure rather than high-quality liquid assets. Investors should monitor the cash burn rate closely, as the current liquidity buffer may prove insufficient if the company fails to secure additional capital or achieve a rapid scale-up in testing volume.
Based on reported figures, shareholders' equity has experienced significant volatility, falling from $11.4 million in 2025Q1 to $8.9 million in 2026Q1, primarily driven by the compounding impact of persistent net losses that continue to erode the company's book value over time.
The accumulation of a $31.0 million deficit in retained earnings underscores the fundamental challenge of commercializing the Epi+Gen CHD platform. This trend suggests that equity holders face a high risk of further dilution, as the company likely requires additional equity raises to sustain operations in the absence of meaningful top-line growth.
Analysis of the balance sheet reveals that goodwill has increased to $929.6K as of 2026Q1, a development that warrants further investigation given the company's inability to generate consistent revenue or demonstrate clear clinical adoption of its diagnostic framework in the competitive cardiovascular testing market.
The presence of goodwill on the balance sheet for a company with negligible revenue and deep operating losses may indicate potential impairment risk if the underlying assets fail to deliver expected commercial outcomes. This suggests that the book value of the company's assets may be overstated, potentially masking the true extent of the financial distress.
Quick answers to the most common questions about buying CDIO stock.
As of 2025, Cardio Diagnostics Holdings, Inc. (CDIO) had total assets of $7.8M including $5.9M in current assets.
Cardio Diagnostics Holdings, Inc. (CDIO) carries total debt of $0.7M, offset by $5.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Cardio Diagnostics Holdings, Inc. (CDIO) has total shareholders' equity (book value) of $7.0M ($3.98 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Cardio Diagnostics Holdings, Inc. (CDIO) reported a current ratio of 9.79x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.