Eupraxia maintains a conservative capital structure with a D/E ratio of 0.01, though this is offset by a substantial $182.8 million deficit in retained earnings.
| Total Current Assets | 142.59M | 85.1M | 34.44M | 19.8M | 25.17M | 30.6M | 1.14M | 2.64M | 2.47M | 5.42M |
| Cash & Short-Term Investments | 139.34M | 80.56M | 33.1M | 19.34M | 24.73M | 29.9M | 150.13K | 1.16M | 823.48K | 3.99M |
| Cash Only | 58.69M | 80.56M | 33.1M | 19.34M | 24.73M | 20.89M | 150.13K | 1.16M | 823.48K | 3.99M |
| Short-Term Investments | 80.64M | 0 | 0 | 0 | 0 | 9.01M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 665.42K | 674.23K | 228.87K | 190.61K | 0 | 0 | 0 | 0 | 1.09M | 1.04M |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 8.49K | 0 | 0 | 0 | 121.47K | 429.72K | 620.61K | 1.35M | 166.75K | 120.82K |
| Total Non-Current Assets | 3.24M | 1.05M | 505.68K | 463.15K | 721.98K | 620.44K | 315.34K | 646.21K | 435.47K | 419.44K |
| Property, Plant & Equipment | 3.18M | 987.13K | 424.92K | 456.25K | 718.61K | 589.07K | 315.34K | 646.21K | 435.47K | 419.44K |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 61.96K | 64.33K | 80.76K | 6.9K | 3.37K | 31.37K | 0 | 0 | 0 | 0 |
| Total Assets | 145.83M | 86.15M | 34.94M | 20.27M | 25.89M | 31.22M | 1.45M | 3.29M | 2.91M | 5.84M |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - | - | - |
| Asset Growth % | 1679.63% | 146.55% | 72.42% | -21.72% | -17.08% | 2047.93% | -55.75% | 12.92% | -50.2% | - |
| Total Current Liabilities | 7.39M | 5.63M | 3.1M | 19.37M | 4.14M | 2.27M | 22.54M | 20.67M | 14.34M | 730.68K |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Payables Outstanding | 5.33K | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 204.18K | 0 | 0 | 10.4M | 107.53K | 94.92K | 12.52M | 11.63M | 3.79M | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 6.3M | 0 | 1.49M | 858.63K | 21.66K | 5.01K | 6.94M | 6.8M | 5.33M | 440.65K |
| Current Ratio | 19.30x | 15.12x | 11.10x | 1.02x | 6.08x | 13.49x | 0.05x | 0.13x | 0.17x | 7.42x |
| Quick Ratio | 19.30x | 15.12x | 11.10x | 1.02x | 6.08x | 13.49x | 0.05x | 0.13x | 0.17x | 7.42x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.81M | 75.91K | 0 | 0 | 11.99M | 9.84M | 574.97K | 749.35K | 0 | 5.13K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 11.92M | 9.7M | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 2.02M | 75.91K | 0 | 0 | 69.46K | 137.75K | 198.66K | 251.19K | 0 | 4.08K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 376.31K | 498.15K | 0 | 1.05K |
| Total Liabilities | 9.2M | 5.7M | 3.1M | 19.37M | 16.13M | 12.1M | 23.12M | 21.42M | 14.34M | 735.82K |
| Total Debt | 2.01M | 154.36K | 71.86K | 10.45M | 12.17M | 9.99M | 12.77M | 11.94M | 3.79M | 12.47K |
| Net Debt | -56.68M | -80.41M | -33.03M | -8.89M | -12.56M | -10.9M | 12.62M | 10.78M | 2.97M | -3.98M |
| Debt / Equity | 0.01x | 0.00x | 0.00x | 11.71x | 1.25x | 0.52x | - | - | - | 0.00x |
| Debt / EBITDA | -0.04x | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 1.14x | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | -41.65x | -23.72x | -18.32x | -17.02x | -1.13x | -4.05x | -103.00x | -95.02x |
| Total Equity | 136.64M | 80.45M | 31.84M | 892.33K | 9.76M | 19.12M | -21.66M | -18.13M | -11.44M | 5.11M |
| Equity Growth % | 2057.95% | 152.67% | 3468.09% | -90.86% | -48.95% | 188.25% | -19.49% | -58.55% | -323.94% | - |
| Book Value per Share | 2.41 | 2.01 | 0.94 | 0.04 | 0.51 | 1.34 | -1.68 | -1.41 | -0.89 | 0.40 |
| Total Shareholders' Equity | 138.24M | 82.04M | 33.4M | 2.22M | 10.54M | 19.95M | -21.21M | -17.69M | -11.06M | 5.98M |
| Common Stock | 256.34M | 195.41M | 116.36M | 92.91M | 96.13M | 77.65M | 23.8M | 23.55M | 23.55M | 23.59M |
| Retained Earnings | -182.83M | -169.58M | -131M | -105.5M | -104.63M | -74.26M | -51.2M | -47.2M | -40.02M | -20.11M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -4.5M | -2.04M | -4.16M | -2.71M | -3.77M | 16.56M | 0 | 0 | 0 | 0 |
| Minority Interest | -1.6M | -1.6M | -1.57M | -1.32M | -783.49K | -833.84K | -453.89K | -440.45K | -376.02K | -871.66K |
Clinical trial funding shortfall
As reported in recent financial statements, Eupraxia's balance sheet trajectory reflects a consistent pattern of capital depletion, with total assets declining from $128.5 million in 2025Q3 to $145.8 million in 2026Q1, primarily driven by the sustained funding of late-stage clinical development and operational overhead.
The company's financial position appears increasingly strained as the transition into Phase III trials necessitates higher cash outflows. Investors should monitor whether the current asset base can support the required clinical milestones without necessitating further equity dilution.
Based on Eupraxia's reported figures, the company maintains a conservative debt profile with a D/E ratio of 0.01 as of 2026Q1, indicating that the firm has avoided significant debt-based financing to fund its ongoing research and development activities during this pre-revenue phase.
While the low leverage suggests a lack of immediate interest-bearing obligations, it also implies that the company relies almost exclusively on equity markets for capital. This reliance warrants investigation, as it leaves the firm highly sensitive to market sentiment regarding its clinical trial outcomes.
According to recent SEC filings, Eupraxia's cash position of $58.7 million in 2026Q1 provides a liquidity buffer, yet the current ratio of 19.30 may be misleading given the high burn rate associated with the company's intensive Phase III clinical trial requirements.
The significant drop in cash from $124.0 million in 2025Q3 suggests that the company's runway is shortening rapidly. Analysts should interpret this liquidity position as a finite window, as the lack of commercial revenue makes the firm entirely dependent on external financing to maintain operations.
As indicated by the company's latest financial disclosures, retained earnings have reached a deficit of $182.8 million as of 2026Q1, reflecting the cumulative impact of years of clinical-stage investment without the offsetting benefit of commercial revenue generation.
The erosion of equity highlights the high cost of the company's R&D-heavy business model. Investors should consider that the current equity value is largely a function of past capital raises, which may be subject to further dilution if the company fails to reach commercialization milestones.
Based on historical financial data, the balance sheet's apparent stability is potentially distorted by the absence of long-term liabilities, which masks the underlying risk that the company's primary asset is intangible clinical data that has yet to be validated by regulatory approval.
The lack of goodwill or significant PPE suggests that the company's value is entirely tied to its intellectual property and clinical pipeline. This makes the balance sheet highly sensitive to regulatory setbacks, which could render the current asset valuation effectively obsolete.
Quick answers to the most common questions about buying EPRX stock.
As of 2025, Eupraxia Pharmaceuticals Inc. (EPRX) had total assets of $86.2M including $85.1M in current assets.
Eupraxia Pharmaceuticals Inc. (EPRX) carries total debt of $0.2M, offset by $80.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Eupraxia Pharmaceuticals Inc. (EPRX) has total shareholders' equity (book value) of $82.0M ($2.01 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Eupraxia Pharmaceuticals Inc. (EPRX) reported a current ratio of 15.12x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.