The balance sheet is highly vulnerable, evidenced by a current ratio of 0.03 and a cash position that has plummeted to just $14,900 by 2026Q1.
| Total Current Assets | 14.89K | 12.19K | 4.99K |
| Cash & Short-Term Investments | - | - | - |
| Cash Only | - | - | - |
| Short-Term Investments | - | - | - |
| Accounts Receivable | - | - | - |
| Days Sales Outstanding | - | - | - |
| Inventory | - | - | - |
| Days Inventory Outstanding | - | - | - |
| Other Current Assets | 0 | 6.05K | 0 |
| Total Non-Current Assets | 242.02M | 239.91M | 546 |
| Property, Plant & Equipment | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - |
| Goodwill | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 |
| Long-Term Investments | 716.09M | 0 | 0 |
| Other Non-Current Assets | - | - | - |
| Total Assets | 242.04M | 239.92M | 551 |
| Asset Turnover | 0.00x | - | - |
| Asset Growth % | 143611821.24% | 43556253.21% | - |
| Total Current Liabilities | 492.17K | 376.17K | 796 |
| Accounts Payable | 238.18K | 222.18K | 0 |
| Days Payables Outstanding | - | - | - |
| Short-Term Debt | 100K | 0 | 662 |
| Deferred Revenue (Current) | 0 | - | - |
| Other Current Liabilities | 0 | 0 | 56 |
| Current Ratio | 0.03x | 0.03x | 6.27x |
| Quick Ratio | 0.03x | 0.03x | 6.27x |
| Cash Conversion Cycle | - | - | - |
| Total Non-Current Liabilities | 6.9M | 6.9M | 0 |
| Long-Term Debt | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | - | - |
| Deferred Tax Liabilities | 0 | - | - |
| Other Non-Current Liabilities | - | - | - |
| Total Liabilities | 7.39M | 7.28M | 796 |
| Total Debt | 100K | 0 | 662 |
| Net Debt | 85.11K | -6.14K | 661 |
| Debt / Equity | 0.00x | - | - |
| Debt / EBITDA | -0.04x | - | 902.35x |
| Net Debt / EBITDA | -0.03x | - | 900.51x |
| Interest Coverage | - | - | - |
| Total Equity | 234.64M | 232.64M | -244 |
| Equity Growth % | 195485143.1% | 95345458.61% | - |
| Book Value per Share | 10.20 | 11.07 | -0.00 |
| Total Shareholders' Equity | 234.64M | 232.64M | -244 |
| Common Stock | 242.02M | 239.91M | 986 |
| Retained Earnings | -7.38M | -7.27M | -279 |
| Treasury Stock | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 |
Insolvency and liquidation risk
As reported in financial statements, DMAA's balance sheet trajectory reflects a shell entity in terminal decline, with cash reserves plummeting to a nominal $6,137 by 2025Q4, signaling that the company's ability to sustain its listing status is increasingly compromised by persistent capital depletion.
The rapid erosion of liquidity suggests that the entity is struggling to cover basic administrative overhead without external support. Investors should monitor the widening gap between total assets and the actual cash available, which implies that the reported asset base may not be readily accessible for operational needs.
Based on the most recent quarterly filings, the company's current ratio has collapsed to 0.03, indicating that DMAA lacks the necessary liquid assets to meet its immediate obligations, a trend that underscores the extreme vulnerability of its current financial position.
The near-zero current ratio suggests that the company is effectively insolvent on a cash-flow basis, relying entirely on the potential for future capital injections or sponsor intervention. This lack of a liquidity buffer makes the entity highly susceptible to any unexpected regulatory or compliance-related costs.
According to historical data, the company's equity position has been characterized by significant volatility and negative retained earnings, which reached -$7.3 million by 2025Q4, reflecting a consistent failure to generate value while maintaining the shell structure.
The persistent accumulation of negative retained earnings indicates that the entity is consuming its capital base to fund ongoing professional and regulatory fees. This trend suggests that any future business combination would likely require massive dilution to existing shareholders to rectify the current capital deficiency.
As indicated by the discrepancy between total assets of $239.9 million and a cash balance of only $6,137 in 2025Q4, the headline asset figure appears highly misleading, likely masking the absence of tangible, deployable capital required for a viable pharmaceutical acquisition.
The massive gap between reported assets and actual cash suggests that the balance sheet is heavily distorted by non-cash accounting entries or restricted trust assets that may not be available for general corporate purposes. Analysts should treat the headline asset value with extreme skepticism, as it does not reflect the company's true operational capacity.
Quick answers to the most common questions about buying DMAA stock.
As of 2025, Drugs Made In America Acquisition Corp. Ordinary Shares (DMAA) had total assets of $239.9M including $0.0M in current assets.
Drugs Made In America Acquisition Corp. Ordinary Shares (DMAA) carries total debt of $0.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Drugs Made In America Acquisition Corp. Ordinary Shares (DMAA) has total shareholders' equity (book value) of $232.6M ($11.07 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Drugs Made In America Acquisition Corp. Ordinary Shares (DMAA) reported a current ratio of 0.03x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.