While the firm maintains a $3.1 million cash position, its asset base is heavily concentrated in climate-controlled infrastructure that offers limited flexibility for rapid scaling.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Total Current Assets | 7.33M | 1.66M | 1.44M | 1.27M | 808.19K |
| Cash & Short-Term Investments | 3.12M | 116.47K | 35.26K | 564.58K | 767.29K |
| Cash Only | 3.12M | 116.47K | 35.26K | 564.58K | 767.29K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 255.95K | 119.47K | 211.88K | 440.04K | 19.52K |
| Days Sales Outstanding | 1.87K | 902.47 | 767.45 | 2.84K | 121.8 |
| Inventory | 0 | 1.73K | 7.67K | 6.5K | 0 |
| Days Inventory Outstanding | - | 12.3 | 43.6 | 64.8 | - |
| Other Current Assets | 3.67K | 1.27M | 1.04M | 157.9K | 14.49K |
| Total Non-Current Assets | 1.17M | 89K | 150.65K | 166.97K | 144.86K |
| Property, Plant & Equipment | 394.25K | 89K | 150.65K | 159.08K | 144.86K |
| Fixed Asset Turnover | 0.13x | 0.54x | 0.67x | 0.36x | 0.40x |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 7.89K | 0 |
| Other Non-Current Assets | 779.17K | 0 | 0 | 0 | 0 |
| Total Assets | 8.5M | 1.75M | 1.59M | 1.44M | 953.05K |
| Asset Turnover | 0.01x | 0.03x | 0.06x | 0.04x | 0.06x |
| Asset Growth % | 387.36% | 10.05% | 10.42% | 50.69% | - |
| Total Current Liabilities | 3.12M | 6.04M | 4.43M | 3.09M | 1.51M |
| Accounts Payable | 1.18K | 0 | 0 | 0 | 220 |
| Days Payables Outstanding | 8.5 | - | - | - | 2.27 |
| Short-Term Debt | 38.73K | 55.25K | 20.85K | 19.95K | 19.46K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 2.35x | 0.27x | 0.32x | 0.41x | 0.54x |
| Quick Ratio | 2.35x | 0.27x | 0.32x | 0.41x | 0.54x |
| Cash Conversion Cycle | - | - | - | - | - |
| Total Non-Current Liabilities | 333.76K | 163.73K | 57.51K | 122.91K | 127.28K |
| Long-Term Debt | 126.2K | 163.73K | 21.7K | 43.17K | 63.12K |
| Capital Lease Obligations | 207.56K | 0 | 35.81K | 79.74K | 64.15K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 3.45M | 6.2M | 4.48M | 3.21M | 1.64M |
| Total Debt | 482.72K | 254.79K | 121.82K | 183.63K | 170.03K |
| Net Debt | -2.63M | 138.32K | 86.56K | -380.94K | -597.26K |
| Debt / Equity | 0.10x | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - |
| Interest Coverage | -312.10x | -39.54x | -18.19x | -538.00x | -185.74x |
| Total Equity | 5.06M | -4.46M | -2.9M | -1.78M | -683.52K |
| Equity Growth % | 213.36% | -53.93% | -62.92% | -160.17% | - |
| Book Value per Share | 1.98 | -1.64 | -1.07 | -0.69 | -0.27 |
| Total Shareholders' Equity | 5.06M | -4.46M | -2.9M | -1.78M | -683.52K |
| Common Stock | 28.61K | 24.2K | 24.2K | 24.2K | 24.2K |
| Retained Earnings | -9.23M | -4.56M | -3M | -1.88M | -786.45K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 348.54K | -1.59K | 309 | -261 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
High cash burn rate
According to the company's financial disclosures, the $3.1 million cash position provides a necessary buffer for current operations, though the lack of meaningful revenue generation suggests this liquidity is being consumed rapidly to sustain the firm's specialized, high-fixed-cost laboratory infrastructure and ongoing regulatory compliance efforts.
The current cash balance appears sufficient to fund near-term operations, but investors should monitor the burn rate closely as the company lacks a self-sustaining revenue stream. Without a clear path to commercial scale, this liquidity may be exhausted before the firm can establish a defensible market position in the ASEAN region.
Based on the firm's operational requirements, the asset base is heavily concentrated in specialized, climate-controlled laboratory facilities, which are essential for the production of live biological agents but offer limited flexibility should the company need to pivot its business model or scale production capacity rapidly.
The reliance on sterile, high-maintenance environments suggests an asset-heavy model that may struggle with scalability. This infrastructure-dependent approach warrants further investigation into the potential for future impairment if clinical adoption of MEDIFLY does not accelerate to justify the high capital intensity of these facilities.
As reported in financial statements, the company's balance sheet trajectory is currently defined by a reliance on initial capital injections rather than organic growth, leaving the firm in a vulnerable position as it attempts to navigate the transition from early-stage development to commercial viability.
The absence of historical balance sheet data makes it difficult to assess long-term trends, but the current structure suggests a firm in the early stages of capital deployment. Investors should remain cautious, as the lack of a proven track record in managing assets and liabilities at scale introduces significant uncertainty regarding the company's long-term financial health.
Based on the company's unique business model, the valuation of live biological inventory presents a non-obvious risk, as the 48-hour viability window for MEDIFLY larvae means that any unsold stock effectively becomes a total loss, potentially distorting the reported value of current assets.
This inventory volatility suggests that headline asset figures may be misleading if they do not account for the high spoilage rates inherent in the production process. Analysts should look for evidence of aggressive write-downs, as the true economic value of the company's inventory may be significantly lower than what is reflected on the balance sheet.
Quick answers to the most common questions about buying CUPR stock.
As of 2025, Cuprina Holdings (Cayman) Limited Class A Ordinary Shares (CUPR) had total assets of $8.5M including $7.3M in current assets.
Cuprina Holdings (Cayman) Limited Class A Ordinary Shares (CUPR) carries total debt of $0.5M, offset by $3.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Cuprina Holdings (Cayman) Limited Class A Ordinary Shares (CUPR) has total shareholders' equity (book value) of $5.1M ($1.98 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Cuprina Holdings (Cayman) Limited Class A Ordinary Shares (CUPR) reported a current ratio of 2.35x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.