Financial leverage has increased significantly, with total debt rising to $8.0M by 2026Q1 and the debt-to-equity ratio climbing to 0.63, signaling a reliance on external capital to offset operational losses.
| Total Current Assets | 16.39M | 6.87M | 6.05M | 4.92M | 1.55M | 636.52K | 17.02K |
| Cash & Short-Term Investments | 15.09M | 5.4M | 3.98M | 3.33M | 1.15M | 411.86K | 13.35K |
| Cash Only | 14.35M | 5.4M | 3.98M | 3.33M | 1.15M | 411.86K | 13.35K |
| Short-Term Investments | 733.4K | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 542.72K | 340.53K | 5.28K | 36.16K | 12.85K | 1.71K | 371 |
| Days Sales Outstanding | 68.04 | 210.64 | 0.78 | 7.71 | 6.12 | 754.72 | - |
| Inventory | 253.56K | 95.1K | 1.04K | 495.67K | 230.15K | 160.82K | 0 |
| Days Inventory Outstanding | 45.77 | 67.36 | 0.57 | 313 | 263.36 | 20.63K | - |
| Other Current Assets | 0 | 1.03M | 1.19M | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 9.65M | 6M | 2.94M | 270.47K | 340.86K | 29.73K | 0 |
| Property, Plant & Equipment | 3.99M | 2.13M | 1.09K | 259.7K | 330.09K | 29.73K | 0 |
| Fixed Asset Turnover | 1.01x | 0.28x | 2269.82x | 6.59x | 2.32x | 0.03x | - |
| Goodwill | 1.86M | 977.77K | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 3.8M | 2.89M | 2.8M | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 139.08K | 0 | 10.77K | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 10.77K | 0 | 0 | 0 |
| Total Assets | 26.03M | 12.87M | 8.99M | 5.19M | 1.89M | 666.25K | 17.02K |
| Asset Turnover | 0.12x | 0.05x | 0.27x | 0.33x | 0.40x | 0.00x | - |
| Asset Growth % | 353.83% | 43.09% | 73.28% | 174.28% | 184% | 3814.05% | - |
| Total Current Liabilities | 11.3M | 3.94M | 1.8M | 1.3M | 588.27K | 215.62K | 40.61K |
| Accounts Payable | 657.01K | 0 | 481K | 596.15K | 210.84K | 98.17K | 154 |
| Days Payables Outstanding | 142.19 | - | 261.96 | 376.45 | 241.27 | 12.6K | - |
| Short-Term Debt | 5.37M | 1.59M | 0 | 0 | 0 | 0 | 24K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 36.69K | 10.17K | 0 | 0 |
| Other Current Liabilities | 2.51M | 2.36M | 548.92K | 369.16K | 68.45K | 0 | 16.46K |
| Current Ratio | 1.45x | 1.74x | 3.36x | 3.79x | 2.64x | 2.95x | 0.42x |
| Quick Ratio | 1.43x | 1.72x | 3.36x | 3.41x | 2.25x | 2.21x | 0.42x |
| Cash Conversion Cycle | -28.39 | - | -260.61 | -55.74 | 28.21 | 8.79K | - |
| Total Non-Current Liabilities | 2.13M | 1.09M | 534.47K | 65.49K | 172.6K | 0 | 0 |
| Long-Term Debt | 359.25K | 1.06M | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 2.72M | 0 | 0 | 65.49K | 172.6K | 0 | 0 |
| Deferred Tax Liabilities | 61.94K | 30.97K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 534.47K | 0 | 0 | 0 | 0 |
| Total Liabilities | 13.43M | 5.03M | 2.33M | 1.36M | 760.87K | 215.62K | 40.61K |
| Total Debt | 7.96M | 2.64M | 0 | 210.49K | 283.22K | 0 | 24K |
| Net Debt | -6.4M | -2.76M | -3.98M | -3.12M | -871.68K | -411.86K | 10.65K |
| Debt / Equity | 0.63x | 0.34x | - | 0.06x | 0.25x | - | - |
| Debt / EBITDA | -0.61x | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.49x | - | - | - | - | - | - |
| Interest Coverage | -11.11x | -13.48x | -4.46x | -58.44x | -683.77x | - | - |
| Total Equity | 12.61M | 7.84M | 6.66M | 3.83M | 1.13M | 450.63K | -23.59K |
| Equity Growth % | 314.84% | 17.69% | 74.01% | 238.29% | 151.05% | 2010.33% | - |
| Book Value per Share | 1260.65 | 385.09 | 7032.27 | 134.50 | 9.97 | 4.00 | -0.21 |
| Total Shareholders' Equity | 12.61M | 7.84M | 6.66M | 3.83M | 1.13M | 450.63K | -23.59K |
| Common Stock | 194 | 8 | 44 | 1.73K | 957 | 952 | 848 |
| Retained Earnings | -25.98M | -21.02M | -13.27M | -7.02M | -2.72M | -922.11K | -137.37K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | -2.34K | -337 | 202 | 111 | 202 | -1.22K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and clinical failure
As reported in recent financial filings, PMGC Holdings has seen total assets fluctuate significantly, reaching $26.0M in 2026Q1, while retained earnings have deepened to -$26.0M, signaling a persistent erosion of shareholder value as the company attempts to transition its business model toward speculative therapeutic development.
The trajectory of the balance sheet suggests a company struggling to maintain a stable foundation while pivoting away from its legacy aesthetic operations. The consistent decline in retained earnings indicates that capital is being consumed at a rate that outpaces the company's ability to generate internal value, warranting caution regarding long-term solvency.
Based on the company's reported figures, total debt has climbed from zero in 2024Q4 to $8.0M by 2026Q1, pushing the debt-to-equity ratio to 0.63, which suggests that management is increasingly relying on external financing to sustain operations as internal cash generation remains non-existent.
The shift toward debt financing is particularly concerning given the company's lack of consistent revenue and negative operating margins. Investors should monitor whether this leverage is being used to fund essential R&D milestones or if it represents a stop-gap measure to cover basic corporate overhead.
According to quarterly balance sheet data, the current ratio has compressed from a high of 22.38 in 2025Q2 to 1.45 in 2026Q1, indicating that the company's liquidity buffer is rapidly tightening as cash reserves are deployed to fund ongoing clinical and corporate expenses.
The rapid contraction in the current ratio suggests that the company's ability to meet short-term obligations is becoming increasingly sensitive to its cash burn rate. Without a clear path to revenue, the current liquidity position appears insufficient to support long-term clinical development without further dilutive capital raises.
As indicated by the latest financial statements, the company's asset base includes $1.9M in goodwill, which, when viewed alongside the $26.0M in total assets and negative retained earnings, suggests a potential risk of future impairment if the therapeutic pivot fails to yield commercial viability.
The presence of goodwill on the balance sheet of a company with such extreme margin contraction warrants further investigation into the valuation of acquired assets. If the EL-22 program does not meet clinical expectations, these intangible assets may be subject to significant write-downs, further weakening the equity base.
Quick answers to the most common questions about buying ELAB stock.
As of 2025, PMGC Holdings Inc. (ELAB) had total assets of $12.9M including $6.9M in current assets.
PMGC Holdings Inc. (ELAB) carries total debt of $2.6M, offset by $5.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
PMGC Holdings Inc. (ELAB) has total shareholders' equity (book value) of $7.8M ($385.09 book value per share). Book value represents the net worth of the company belonging to common stock holders.
PMGC Holdings Inc. (ELAB) reported a current ratio of 1.74x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.