The balance sheet shows significant distress, evidenced by a current ratio of 0.24 and a total equity deficit of $5.3 million as of 2026Q1.
| Total Current Assets | 2.16M | 1.68M | 1.64M | 4.45M | 52.43K | 4.92M |
| Cash & Short-Term Investments | 1.93M | 1.38M | 916.92K | 4.17M | 40.8K | 4.09M |
| Cash Only | 1.93M | 1.38M | 916.92K | 4.17M | 40.8K | 4.09M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 288.76K | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - |
| Other Current Assets | 229.79K | 292.67K | 723.86K | 0 | 0 | 0 |
| Total Non-Current Assets | 1.5M | 1.5M | 1.5M | 0 | 9.93M | 45.19M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 9.67M | 45.19M |
| Other Non-Current Assets | 1.5M | 1.5M | 1.5M | 0 | 0 | 0 |
| Total Assets | 3.66M | 3.18M | 3.14M | 4.45M | 9.99M | 4.92M |
| Asset Turnover | 0.00x | - | - | - | - | - |
| Asset Growth % | 12.02% | 1.15% | -29.49% | -55.4% | 102.91% | - |
| Total Current Liabilities | 8.93M | 13.54M | 3M | 180.7K | 1.07M | 946.68K |
| Accounts Payable | 14.95K | 554.78K | 0 | 0 | 46.88K | 945.59K |
| Days Payables Outstanding | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 498.6K | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 8.91M | 12.93M | 2.98M | 129.72K | 8.79M | 0 |
| Current Ratio | 0.24x | 0.12x | 0.55x | 24.65x | 0.05x | 5.20x |
| Quick Ratio | 0.24x | 0.12x | 0.55x | 24.65x | 0.05x | 5.20x |
| Cash Conversion Cycle | - | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 0 | 0 | 0 | 1.84M | 5.01M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 292.15K | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 1.55M | 5.01M |
| Total Liabilities | 8.93M | 13.54M | 3M | 180.7K | 2.92M | 5.96M |
| Total Debt | 0 | 0 | 0 | 0 | 498.6K | 0 |
| Net Debt | -1.93M | -1.38M | -916.92K | -4.17M | 457.8K | -4.09M |
| Debt / Equity | -0.00x | - | - | - | 0.07x | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - |
| Net Debt / EBITDA | 0.15x | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - |
| Total Equity | -5.27M | -10.37M | 143.73K | 4.27M | 7.07M | -1.04M |
| Equity Growth % | -9160.64% | -7312.12% | -96.64% | -39.56% | 779.98% | - |
| Book Value per Share | -0.13 | -0.28 | 0.00 | 0.12 | 1.23 | -0.18 |
| Total Shareholders' Equity | -5.27M | -10.37M | 143.73K | 4.27M | 7.07M | -1.04M |
| Common Stock | 4.32K | 3.85K | 3.67K | 3.66K | 9.33M | 18 |
| Retained Earnings | -39.28M | -36.99M | -23.93M | -19.5M | -2.26M | -1.07M |
| Treasury Stock | 0 | -598.38K | -568.92K | -354.44K | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution risk
As reported in financial statements, Estrella's equity position has deteriorated into a deficit of $5.3 million by 2026Q1, reflecting a consistent pattern of capital depletion that signals an increasingly precarious financial trajectory for the company as it attempts to advance its preclinical pipeline without commercial revenue.
The shift from a positive equity base in 2024 to a significant deficit indicates that the company is consuming its capital base to fund ongoing research and development. This trend suggests that the business model is currently unsustainable without frequent and potentially dilutive external capital injections.
According to recent SEC filings, the company's current ratio has plummeted to 0.24 as of 2026Q1, highlighting a severe inability to cover short-term obligations with existing liquid assets and underscoring the urgent necessity for additional financing to maintain even basic operational continuity in the near term.
A current ratio well below 1.0 is a clear indicator of liquidity stress, suggesting that current liabilities significantly outweigh the cash available to settle them. Investors should monitor this metric closely, as it implies that the company may struggle to meet its immediate contractual obligations to vendors and research partners.
Based on Estrella's reported figures, the transition to a negative equity position of $5.3 million in 2026Q1, driven by accumulated losses of $39.3 million, suggests that the company's historical capital allocation has failed to generate sufficient asset value to offset the costs of its developmental activities.
The persistent growth of the accumulated deficit indicates that the company is effectively operating on borrowed time and capital. This structural weakness suggests that any future equity raises will likely be heavily dilutive to existing shareholders, as the company lacks a tangible book value to support its current market valuation.
Analysis of the balance sheet reveals that total liabilities have surged to $8.9 million, which, when compared to the company's minimal cash reserves, suggests that the firm's post-SPAC financial structure is burdened by significant payables that may not be fully captured by headline cash figures alone.
The discrepancy between the company's cash position and its total liabilities warrants further investigation into the nature of these obligations, particularly regarding potential deferred costs or commitments to contract research organizations. This suggests that the company's actual financial flexibility is even more constrained than the cash balance implies.
Quick answers to the most common questions about buying ESLA stock.
As of 2025, Estrella Immunopharma, Inc. (ESLA) had total assets of $3.2M including $1.7M in current assets.
Estrella Immunopharma, Inc. (ESLA) carries total debt of $0.0M, offset by $1.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Estrella Immunopharma, Inc. (ESLA) has total shareholders' equity (book value) of $-10.4M ($-0.28 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Estrella Immunopharma, Inc. (ESLA) reported a current ratio of 0.12x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.