The balance sheet shows extreme volatility with total assets swinging from $19.2 million in 2024Q2 to $9.8 million in 2025Q2, reflecting a reliance on episodic capital injections.
| Total Current Assets | 18.22M | 22.24M | 11.6M | 17.78M | 21.09M | 37.72M | 8.99M | 398.05K | 494.64K |
| Cash & Short-Term Investments | 16.54M | 20.84M | 10.39M | 16.79M | 20.14M | 36.88M | 7.49M | 303.32K | 400.69K |
| Cash Only | 16.54M | 20.84M | 10.39M | 11.79M | 7.31M | 36.88M | 7.49M | 303.32K | 400.69K |
| Short-Term Investments | 0 | 0 | 0 | 5M | 12.83M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 802.69K | 765.76K | 242.58K | 103.88K | 195.45K | 8.55K | 44.91K | 0 |
| Days Sales Outstanding | - | - | - | 1.6K | 270.61 | 432.37 | 108.03 | 396.94 | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 1.68M | 596.82K | 369.89K | 0 | 640.31K | 0 | 1.29M | 0 | 93.94K |
| Total Non-Current Assets | 516.7K | 581.84K | 521.41K | 830.46K | 3.01M | 1.26M | 616.53K | 262.24K | 317K |
| Property, Plant & Equipment | 355.01K | 409.01K | 323.33K | 585.18K | 804.31K | 1.01M | 552.71K | 219.35K | 305.79K |
| Fixed Asset Turnover | 0.00x | - | - | 0.09x | 0.17x | 0.16x | 0.05x | 0.19x | 0.07x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 102.84K | 134.27K | 193.38K | 213.97K | 202.61K | 0 | 0 | 0 |
| Long-Term Investments | 72.41K | 36.3K | 31.7K | 0 | 1.94M | 31.28K | 0 | 10.38K | 0 |
| Other Non-Current Assets | 161.69K | 33.7K | 32.11K | 51.91K | 48.32K | 53.39K | 63.82K | 32.51K | 11.21K |
| Total Assets | 18.74M | 22.82M | 12.12M | 18.61M | 24.1M | 38.99M | 9.6M | 660.29K | 811.63K |
| Asset Turnover | 0.00x | - | - | 0.00x | 0.01x | 0.00x | 0.00x | 0.06x | 0.03x |
| Asset Growth % | 77.02% | 88.22% | -34.85% | -22.78% | -38.18% | 305.91% | 1354.58% | -18.65% | - |
| Total Current Liabilities | 3.89M | 3.35M | 3.91M | 4.95M | 4.13M | 2.55M | 2.11M | 879.05K | 530.79K |
| Accounts Payable | 1.52M | 825.03K | 946.26K | 1.32M | 1.63M | 560.48K | 961.52K | 154.44K | 149.33K |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 116.63K | 220.75K | 110.18K | 118.8K | 108.14K | 103.83K | 22.63K | 102.11K | 0 |
| Deferred Revenue (Current) | 11.29K | 0 | 252.21K | 1.12M | 55.18K | 266.5K | 0 | 368.8K | 0 |
| Other Current Liabilities | 2.25M | 2.26M | 18.49K | 1.38M | 364.11K | 380 | 245.86K | 250K | 159.51K |
| Current Ratio | 4.69x | 6.63x | 2.97x | 3.59x | 5.11x | 14.78x | 4.25x | 0.45x | 0.93x |
| Quick Ratio | 4.69x | 6.63x | 2.97x | 3.59x | 5.11x | 14.78x | 4.25x | 0.45x | 0.93x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 844.91K | 901.83K | 872.99K | 1.08M | 1.09M | 1.61M | 1.29M | 231.09K | 1.23M |
| Long-Term Debt | 182.13K | 300.08K | 328.33K | 449.05K | 495.26K | 590.47K | 715.66K | 0 | 1.01M |
| Capital Lease Obligations | 369.12K | 211.24K | 53.6K | 229.85K | 441.78K | 695.05K | 400.32K | 98.84K | 200.95K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 662.78K | 390.51K | 443.62K | 307.45K | 157.58K | 329.46K | 171.56K | 132.25K | 23.98K |
| Total Liabilities | 4.73M | 4.25M | 4.78M | 6.03M | 5.22M | 4.17M | 3.4M | 1.11M | 1.76M |
| Total Debt | 298.76K | 732.07K | 653.01K | 1.03M | 1.27M | 1.61M | 1.26M | 200.95K | 1.31M |
| Net Debt | -16.24M | -20.11M | -9.73M | -10.77M | -6.04M | -35.27M | -6.23M | -102.37K | 807.08K |
| Debt / Equity | 0.02x | 0.04x | 0.09x | 0.08x | 0.07x | 0.05x | 0.20x | - | - |
| Debt / EBITDA | -0.02x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.83x | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | -102.24x | -19.60x |
| Total Equity | 14.01M | 18.56M | 7.34M | 12.58M | 18.88M | 34.82M | 6.2M | -449.86K | -950.91K |
| Equity Growth % | 192.98% | 152.94% | -41.65% | -33.38% | -45.78% | 461.39% | 1478.66% | 52.69% | - |
| Book Value per Share | 0.33 | 0.56 | 0.32 | 0.97 | 1.59 | 3.43 | 0.52 | -0.05 | -0.16 |
| Total Shareholders' Equity | 14.01M | 18.56M | 7.34M | 12.58M | 18.88M | 34.82M | 6.2M | -449.86K | -950.91K |
| Common Stock | 4.25K | 4.21K | 2.71K | 1.62K | 1.19K | 1.19K | 354 | 225 | 225 |
| Retained Earnings | -101.36M | -101.36M | -81.19M | -60.78M | -38.52M | -20.93M | -7.03M | -3.46M | -1.26M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 996.95K | 776.87K | -247.55K | 247.24K | 35.63K | -90.64K | -152.7K | -81.16K | 3.08K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding shortfall
As reported in recent financial statements, Gain Therapeutics' cash reserves have fluctuated significantly, reaching $20.8 million in 2025Q4, which provides a limited runway given the company's persistent operational burn and the high capital intensity required to advance its lead clinical candidates through human trials.
The current ratio of 6.63 in 2025Q4 appears deceptively strong, as it is heavily influenced by the timing of capital raises rather than operational efficiency. Investors should monitor the rapid depletion of these liquid assets, as the lack of recurring revenue streams leaves the company highly dependent on external financing to maintain its research trajectory.
Based on the company's reported figures, retained earnings have plummeted to a deficit of $101.4 million, reflecting the sustained, heavy investment in the SEE-Tx platform that has yet to yield commercial returns or offset the significant equity dilution experienced by shareholders over the last ten quarters.
The consistent negative trajectory in retained earnings underscores the high-risk nature of the firm's development-stage business model. This erosion of equity suggests that future clinical milestones will likely require further dilutive capital raises, which may continue to pressure the company's valuation and shareholder interest.
According to historical balance sheet data, total assets have exhibited extreme volatility, swinging from $19.2 million in 2024Q2 to a low of $9.8 million in 2025Q2, which highlights the company's reliance on episodic capital injections to sustain its ongoing research and development activities.
This erratic asset trajectory suggests that the company's financial health is tethered to the success of its fundraising efforts rather than organic growth. The lack of a stable asset base warrants further investigation into how management plans to bridge the gap between current clinical development and potential commercialization.
While the company maintains a low debt-to-equity ratio of 0.04 as of 2025Q4, the headline leverage metrics may be misleading, as the firm's true risk lies in its inability to generate internal cash flow to cover the substantial R&D costs inherent in its platform-based business model.
The minimal debt load should not be interpreted as financial strength, but rather as a reflection of the company's limited access to traditional credit markets. Investors should remain cautious, as the absence of significant liabilities is offset by the existential risk posed by the company's reliance on continuous equity-based funding.
Quick answers to the most common questions about buying GANX stock.
As of 2025, Gain Therapeutics, Inc. (GANX) had total assets of $22.8M including $22.2M in current assets.
Gain Therapeutics, Inc. (GANX) carries total debt of $0.7M, offset by $20.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Gain Therapeutics, Inc. (GANX) has total shareholders' equity (book value) of $18.6M ($0.56 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Gain Therapeutics, Inc. (GANX) reported a current ratio of 6.63x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.