The balance sheet reflects a fundamental shift in capital structure, with total assets expanding to $312.1M in 2026Q2, supported by a debt-to-equity ratio of 0.00.
| Total Current Assets | 312.07M | 84.31M | 5.99M | 6.81M | 11.95M | 20.04M | 878.22K | 79.99K |
| Cash & Short-Term Investments | 309.47M | 82.91M | 5.72M | 6.75M | 11.63M | 19.76M | 799.93K | 79.99K |
| Cash Only | 309.3M | 82.91M | 5.72M | 6.75M | 11.63M | 19.76M | 799.93K | 79.99K |
| Short-Term Investments | 172.38K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 1.14M | 413.07K | 50.22K | 36.98K | 155.78K | 110.15K | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 72.33K | 111.97K | 117.66K | 66.41K | 138.86K | 2K | 2K | 83.98K |
| Property, Plant & Equipment | 72.33K | 111.97K | 117.66K | 66.41K | 138.86K | 0 | 0 | 0 |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 2K | 2K | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 2 | 2 | 2K |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 33.68K | 1K | 81.98K |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | -33.68K | -1K | 0 |
| Total Assets | 312.15M | 84.42M | 6.1M | 6.88M | 12.09M | 20.04M | 880.22K | 163.97K |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - |
| Asset Growth % | 2527.54% | 1282.92% | -11.26% | -43.09% | -39.69% | 2176.76% | 436.81% | - |
| Total Current Liabilities | 3.83M | 2.34M | 528.68K | 280.86K | 1.47M | 638.57K | 150.92K | 36.71K |
| Accounts Payable | 3.63M | 1.71M | 407.55K | 182.31K | 1.25M | 596.57K | 138.42K | 36.71K |
| Days Payables Outstanding | 33.01K | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | -2.69K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 81.48x | 36.10x | 11.32x | 24.26x | 8.11x | 31.38x | 5.82x | 2.18x |
| Quick Ratio | 81.48x | 36.10x | 11.32x | 24.26x | 8.11x | 31.38x | 5.82x | 2.18x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 41.25K | 39.58K | 0 | 71.98K | 0 | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 120.83K | 41.25K | 39.58K | 0 | 71.98K | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 3.83M | 2.38M | 568.26K | 280.86K | 1.54M | 638.57K | 150.92K | 36.71K |
| Total Debt | 82.07K | 125.78K | 118.96K | 73.55K | 139.91K | 0 | 0 | 0 |
| Net Debt | -309.22M | -82.78M | -5.6M | -6.67M | -11.49M | -19.76M | -799.93K | -79.99K |
| Debt / Equity | 0.00x | 0.00x | 0.02x | 0.01x | 0.01x | - | - | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 9.86x | - | - | - | - | - | - | - |
| Interest Coverage | -5621.26x | - | - | - | - | - | - | - |
| Total Equity | 308.32M | 82.04M | 5.54M | 6.6M | 10.54M | 19.4M | 729.29K | 127.26K |
| Equity Growth % | 2639.21% | 1381.93% | -16.09% | -37.41% | -45.66% | 2560.36% | 473.06% | - |
| Book Value per Share | 32.15 | 11.93 | 1.28 | 1.77 | 4.27 | 10.81 | 0.57 | 0.10 |
| Total Shareholders' Equity | 308.32M | 82.04M | 5.54M | 6.6M | 10.54M | 19.4M | 729.29K | 127.26K |
| Common Stock | 365.52M | 123.25M | 35.42M | 33.91M | 32.24M | 27.08M | 980.66K | 205.98K |
| Retained Earnings | -64.56M | -46.58M | -34.35M | -31.55M | -24.17M | -9.21M | -559.09K | -78.72K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 7.35M | 5.37M | 4.01M | 3.4M | 2.48M | 1.57M | 161.3K | -81.98K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial execution failure
According to the 2026Q2 balance sheet, the company holds $309.3M in cash, a significant increase from the $82.9M reported in 2025Q4, which provides a robust liquidity buffer to support ongoing clinical development programs and mitigate immediate insolvency risks during the current high-burn phase.
The current ratio of 81.48 suggests an exceptionally strong short-term liquidity position, far exceeding the requirements for typical operational obligations. This liquidity profile appears to be the result of recent capital raises, which effectively de-risks the company's ability to fund its R&D pipeline through upcoming data readouts.
As reported in financial statements, total assets expanded from $84.4M in 2025Q4 to $312.1M in 2026Q2, signaling a fundamental shift in the company's financial trajectory as it transitions from a lean research entity to a more heavily capitalized clinical-stage biotechnology firm.
This rapid asset growth, driven primarily by cash accumulation, indicates that management has successfully prioritized balance sheet strength to navigate the capital-intensive nature of Phase 2 trials. Investors should monitor whether this increased capital base leads to a commensurate acceleration in clinical milestones or if it merely delays the inevitable dilution associated with long-term drug development.
Based on the company's reported figures, equity has surged to $308.3M in 2026Q2, reflecting the impact of recent equity-based financing activities that have significantly bolstered the balance sheet while simultaneously increasing the total share count and potential for future shareholder dilution.
The accumulation of retained earnings losses, now totaling $64.6M, underscores the persistent negative profitability inherent in the company's pre-revenue business model. While the equity base is substantial, the reliance on external capital suggests that the quality of this equity is highly sensitive to the company's ability to demonstrate clinical efficacy in its lead compounds.
While the company reports a debt-to-equity ratio of 0.00, analysis of the financial statements suggests that the reliance on equity financing creates a structural dependency on capital markets that may be obscured by the current headline cash position of $309.3M.
The absence of traditional debt is a positive indicator of financial flexibility, yet it masks the underlying reality that the company's entire operational existence is contingent upon the continued willingness of investors to fund its R&D burn. This reliance on equity markets warrants further investigation into the potential for future warrant exercises or additional private placements that could impact per-share value.
Quick answers to the most common questions about buying DRUG stock.
As of 2025, Bright Minds Biosciences Inc. (DRUG) had total assets of $84.4M including $84.3M in current assets.
Bright Minds Biosciences Inc. (DRUG) carries total debt of $0.1M, offset by $82.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Bright Minds Biosciences Inc. (DRUG) has total shareholders' equity (book value) of $82.0M ($11.93 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Bright Minds Biosciences Inc. (DRUG) reported a current ratio of 36.10x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.