The company's financial position is deteriorating, with total assets falling from $95.3 million in 2023Q4 to $21.5 million in 2026Q1, while accumulated deficits have reached -$89.5 million.
Co-Diagnostics, Inc. (CODX) balance sheet — 12-year assets, liabilities & shareholders' equity history
| 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 |
|---|
| Total Current Assets | 5.19M | 13.69M | 32.29M | 62.14M | 92.73M | 115.12M | 68.36M | 1.58M | 1.05M | 4.45M | 1.21M | 151.93K | 222.49K |
| Cash & Short-Term Investments | 3.65M | 11.88M | 29.75M | 58.55M | 81.26M | 89.86M | 47.31M | 893.14K | 950.24K | 3.53M | 998.74K | 33.8K | 214.45K |
| Cash Only | 3.65M | 11.88M | 2.94M | 14.92M | 22.97M | 88.61M | 42.98M | 893.14K | 950.24K | 3.53M | 998.74K | 33.8K | 214.45K |
| Short-Term Investments | 0 | 0 | 26.81M | 43.63M | 58.29M | 1.26M | 4.34M | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 52.48K | 190.38K | 132.57K | 330.88K | 5.4M | 20.91M | 12.14M | 131.38K | 13.42K | 0 | 3.18K | 2K | 0 |
| Days Sales Outstanding | 164.99 | 111.63 | 12.36 | 17.73 | 57.59 | 77.99 | 59.42 | 223.07 | 122.73 | - | - | 73 | - |
| Inventory | 841.67K | 992.4K | 1.07M | 1.66M | 5.31M | 2M | 8M | 197.17K | 18.15K | 9.07K | 0 | 0 | 0 |
| Days Inventory Outstanding | 518.74 | 1.63K | 391.89 | 145.19 | 353.64 | 63.2 | 175.89 | 640.09 | 705.55 | 10.96K | - | - | - |
| Other Current Assets | 0 | 626.09K | 0 | 1.6M | 0 | 0 | 547.22K | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 11.4M | 11.05M | 31.71M | 33.18M | 30.35M | 44.91M | 2.88M | 631.07K | 501.26K | 210.45K | 87.43K | 219K | 37.35K |
| Property, Plant & Equipment | 3.74M | 3.48M | 4.88M | 6M | 2.91M | 1.93M | 949.64K | 196.83K | 156.14K | 165.57K | 87.43K | 112.68K | 37.35K |
| Fixed Asset Turnover | 0.19x | 0.18x | 0.80x | 1.13x | 11.75x | 50.63x | 78.51x | 1.09x | 0.26x | 0.05x | - | 0.09x | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 14.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 7.22M | 7.22M | 26.1M | 26.4M | 26.77M | 27.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 1.78M | 350.57K | 731.07K | 773.38K | 672.68K | 1M | 1.93M | 434.24K | 345.12K | 44.88K | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 75K | 0 | 0 | 0 | 0 | 0 | 106.33K | 0 |
| Total Assets | 16.59M | 24.74M | 64M | 95.32M | 123.09M | 160.03M | 71.24M | 2.22M | 1.55M | 4.66M | 1.3M | 370.93K | 259.85K |
| Asset Turnover | 0.03x | 0.03x | 0.06x | 0.07x | 0.28x | 0.61x | 1.05x | 0.10x | 0.03x | 0.00x | - | 0.03x | - |
| Asset Growth % | -224.84% | -61.34% | -32.86% | -22.56% | -23.09% | 124.65% | 3115.65% | 42.63% | -66.69% | 259.8% | 249.35% | 42.75% | - |
| Total Current Liabilities | 2.86M | 3.54M | 7.32M | 5.75M | 3.87M | 12.6M | 4.06M | 328.07K | 2.35M | 628.26K | 3.85M | 994.71K | 121.22K |
| Accounts Payable | 1.08M | 1.88M | 3.29M | 1.48M | 952.3K | 607.51K | 598.32K | 5.96K | 148.97K | 40.82K | 104.93K | 98.86K | 107.59K |
| Days Payables Outstanding | 885.1 | 3.08K | 1.2K | 129.27 | 63.42 | 19.16 | 13.16 | 19.35 | 5.79K | 49.33K | 1.02K | 836.41 | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.91M | 0 | 2.95M | 487.94K | 0 |
| Deferred Revenue (Current) | 44.04K | 14.8K | 0 | 362.45K | 0 | 150K | 305.31K | 1.32K | 0 | 10.79K | 0 | 0 | 0 |
| Other Current Liabilities | 72.93K | 119.04K | 543.68K | 1.42M | 1.69M | 5.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 1.81x | 3.87x | 4.41x | 10.81x | 23.94x | 9.14x | 16.83x | 4.83x | 0.45x | 7.09x | 0.31x | 0.15x | 1.84x |
| Quick Ratio | 1.52x | 3.59x | 4.27x | 10.52x | 22.57x | 8.98x | 14.86x | 4.23x | 0.44x | 7.07x | 0.31x | 0.15x | 1.84x |
| Cash Conversion Cycle | -201.37 | -1.34K | -799.21 | 33.66 | 347.81 | 122.03 | 222.15 | 843.82 | -4.96K | - | - | - | - |
| Total Non-Current Liabilities | 1.01M | 574.3K | 2.37M | 3.56M | 4.69M | 12.96M | 477.83K | 150K | 260K | 183.55K | 445K | 523.6K | 0 |
| Long-Term Debt | 0 | 574.3K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 445K | 523.6K | 0 |
| Capital Lease Obligations | 3.49M | 0 | 1.24M | 2.15M | 50.71K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 2.42M | 7.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 1.14M | 1.41M | 2.22M | 5.73M | 477.83K | 150K | 260K | 0 | 0 | 0 | 0 |
| Total Liabilities | 3.88M | 4.11M | 9.69M | 9.31M | 8.57M | 25.56M | 4.54M | 478.07K | 2.61M | 811.8K | 4.29M | 1.52M | 121.22K |
| Total Debt | 1.8M | 1.24M | 2.15M | 2.99M | 347.92K | 0 | 0 | 0 | 1.91M | 0 | 3.39M | 1.01M | 0 |
| Net Debt | -1.85M | -10.65M | -784.37K | -11.93M | -22.63M | -88.61M | -42.98M | -893.14K | 958.34K | -3.53M | 2.4M | 977.73K | -214.45K |
| Debt / Equity | 0.14x | 0.06x | 0.04x | 0.03x | 0.00x | - | - | - | - | - | - | - | - |
| Debt / EBITDA | -0.06x | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.06x | - | - | - | - | -1.91x | -1.03x | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | -57.21x | -45.48x | -21.43x | -7.01x | -26.17x | - |
| Total Equity | 12.71M | 20.63M | 54.31M | 86.01M | 114.52M | 134.48M | 66.7M | 1.74M | -1.06M | 3.85M | -2.99M | -1.15M | 138.63K |
| Equity Growth % | -235.2% | -62.02% | -36.86% | -24.89% | -14.84% | 101.62% | 3739.19% | 264.08% | -127.5% | 228.58% | -160.99% | -927.67% | - |
| Book Value per Share | 2.95 | 15.51 | 53.71 | 87.93 | 109.14 | 134.91 | 71.46 | 3.11 | -2.54 | 10.54 | -8.03 | -3.08 | 0.53 |
| Total Shareholders' Equity | 12.71M | 20.63M | 54.31M | 86.01M | 114.52M | 134.48M | 66.7M | 1.74M | -1.06M | 3.85M | -2.99M | -1.15M | 138.63K |
| Common Stock | 70.48K | 67.7K | 37.9K | 36.11K | 34.75K | 33.82K | 28.56K | 17.34K | 12.92K | 12.32K | 9.88K | 108.7K | 90.18K |
| Retained Earnings | -95.8M | -80.37M | -33.04M | 4.6M | 39.93M | 54.17M | 17.51M | -24.97M | -18.69M | -12.42M | -5.46M | -3.53M | -1.49M |
| Treasury Stock | -15.58M | -15.58M | -15.58M | -15.58M | -14.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 418.44K | 146.7K | 293.14K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying CODX stock.
As of 2025, Co-Diagnostics, Inc. (CODX) had total assets of $24.7M including $13.7M in current assets.
Co-Diagnostics, Inc. (CODX) carries total debt of $1.2M, offset by $11.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Co-Diagnostics, Inc. (CODX) has total shareholders' equity (book value) of $20.6M ($15.51 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Co-Diagnostics, Inc. (CODX) reported a current ratio of 3.87x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Liquidity and regulatory exhaustion
Metrics are mathematically derived from official filings.
Asset Base Erosion Amidst Transition
According to historical balance sheet data, total assets have declined from $95.3 million in 2023Q4 to $21.5 million in 2026Q1, reflecting a rapid liquidation of value as the company consumes its pandemic-era capital reserves to fund the development of its unproven point-of-care diagnostic platform.
The consistent contraction in total assets suggests that the company is effectively shrinking its footprint to survive the transition period. Investors should monitor whether this decline in asset value stabilizes as the company approaches potential commercialization milestones, or if it indicates a permanent loss of enterprise scale.
Diminishing Runway and Liquidity Buffer
As reported in recent financial statements, the company's cash position has fallen from a peak of $23.1 million in 2024Q1 to $8.2 million in 2026Q1, signaling a tightening liquidity buffer that may necessitate dilutive financing if the current burn rate persists without a commercial breakthrough.
While the current ratio of 2.28 appears superficially adequate, the rapid depletion of cash relative to ongoing R&D expenditures suggests that the company's operational runway is shortening significantly. This trend implies that the firm is increasingly reliant on external capital markets to sustain its research-heavy business model.
Equity Erosion Through Accumulated Deficits
Based on the company's reported figures, retained earnings have deteriorated sharply to -$89.5 million as of 2026Q1, illustrating how persistent operating losses are systematically eroding the shareholder equity base and undermining the long-term book value of the enterprise.
The consistent decline in equity highlights the high cost of the company's R&D-centric strategy, which has yet to yield a sustainable revenue stream. This erosion of equity suggests that the company is essentially trading its balance sheet strength for the hope of future regulatory and commercial success.
Goodwill Impairment and Asset Quality
As indicated by the balance sheet, goodwill remains a significant component of total assets at $7.2 million in 2026Q1, which warrants further investigation as it may represent legacy acquisition value that no longer aligns with the company's current, significantly diminished commercial prospects.
The presence of substantial goodwill on a shrinking balance sheet suggests a potential risk of future impairment charges, which would further depress equity. Analysts should consider whether these intangible assets provide any tangible utility or if they are merely accounting artifacts from a previous, more profitable business cycle.