The company's financial position appears increasingly vulnerable, with total assets contracting to $121.9 million in 2025Q3 from $404.9 million in 2023Q2, while the debt-to-equity ratio has risen to 0.52.
| Total Current Assets | 93.46M | 192.9M | 272.62M | 287.02M | 379.19M | 267.74M | 18.16M | 76.93M |
| Cash & Short-Term Investments | 89.62M | 185.22M | 264.36M | 279.09M | 375.14M | 262.33M | 15.08M | 74.87M |
| Cash Only | 21.94M | 76.3M | 66.45M | 93.17M | 375.14M | 62.89M | 15.08M | 7.3M |
| Short-Term Investments | 67.68M | 108.92M | 197.92M | 185.92M | 0 | 199.44M | 0 | 67.56M |
| Accounts Receivable | 391K | 1.56M | 4.15M | 660K | 0 | 0 | 448K | 1.29M |
| Days Sales Outstanding | 21.5 | 28.61 | 256.44 | - | - | - | - | 13.06K |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 3.45M | 2.58M | 423K | 259K | 0 | 0 | 55K | 54K |
| Total Non-Current Assets | 28.43M | 38.29M | 102.14M | 89.25M | 97.58M | 26.42M | 23.98M | 6.59M |
| Property, Plant & Equipment | 26.28M | 35.6M | 95.65M | 81.42M | 91.03M | 23.78M | 21.84M | 4.49M |
| Fixed Asset Turnover | 0.48x | 0.56x | 0.06x | - | - | - | - | 0.01x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 2.15M | 0 | 5.79M | 0 | 0 | 0 | 2.05M | 2.11M |
| Other Non-Current Assets | 2.15M | 2.69M | 698K | 7.83M | 6.56M | 2.64M | 87K | 0 |
| Total Assets | 121.9M | 231.2M | 374.76M | 376.26M | 476.77M | 294.15M | 42.14M | 83.52M |
| Asset Turnover | 0.08x | 0.09x | 0.02x | - | - | - | - | 0.00x |
| Asset Growth % | -151.24% | -38.31% | -0.4% | -21.08% | 62.08% | 598.04% | -49.54% | - |
| Total Current Liabilities | 21.04M | 35.05M | 39.91M | 19.15M | 18.81M | 11.22M | 9.16M | 6.55M |
| Accounts Payable | 2.06M | 1.41M | 2.35M | 662K | 2.02M | 267K | 2.25M | 1.68M |
| Days Payables Outstanding | 517.73 | - | - | - | - | 28.4 | 440.78 | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 14.35M | 10.58M | 12.92M | 0 | 0 | 1.39M | 1.37M | 4K |
| Other Current Liabilities | 12.47M | 8.63M | 1.24M | 8.4M | 8.26M | 702K | 2.28M | 0 |
| Current Ratio | 4.44x | 5.50x | 6.83x | 14.99x | 20.16x | 23.86x | 1.98x | 11.74x |
| Quick Ratio | 4.44x | 5.50x | 6.83x | 14.99x | 20.16x | 23.86x | 1.98x | 11.74x |
| Cash Conversion Cycle | -496.23 | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 50.3M | 109.94M | 131.72M | 74.62M | 76.22M | 14.92M | 131.57M | 118.56M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 253.98M | 80.55M | 89.77M | 74.62M | 76.22M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | -41.94M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 223K | 41.94M | 0 | 0 | 0 | 115.59M | 115.59M |
| Total Liabilities | 71.34M | 144.99M | 171.63M | 93.77M | 95.03M | 26.14M | 140.73M | 125.11M |
| Total Debt | 26.1M | 93.56M | 97.89M | 81.71M | 80.83M | 0 | 0 | 0 |
| Net Debt | 4.16M | 17.26M | 31.45M | -11.46M | -294.32M | -62.89M | -15.08M | -7.3M |
| Debt / Equity | 0.52x | 1.09x | 0.48x | 0.29x | 0.21x | - | - | - |
| Debt / EBITDA | -0.33x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.05x | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | -31.08x | -2382.02x | -137.25x | - | - |
| Total Equity | 50.56M | 86.2M | 203.13M | 282.49M | 381.75M | 268.01M | -98.59M | -41.59M |
| Equity Growth % | -206.72% | -57.56% | -28.09% | -26% | 42.44% | 371.84% | -137.05% | - |
| Book Value per Share | 7.51 | 12.94 | 31.50 | 48.61 | 67.81 | 98.33 | -21.33 | -21.12 |
| Total Shareholders' Equity | 50.56M | 86.2M | 203.13M | 282.49M | 381.75M | 268.01M | -98.59M | -41.59M |
| Common Stock | 1K | 7K | 7K | 6K | 6K | 5K | 1K | 1K |
| Retained Earnings | -744.29M | -703.04M | -571.38M | -444.76M | -308.13M | -188.97M | -108.45M | -47.13M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.55M |
| Accumulated OCI | 8K | 159K | 274K | -83K | 0 | 9K | -115.59M | -9K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and clinical dependency
As reported in recent financial filings, Generation Bio's total assets have declined from $404.9 million in 2023Q2 to $121.9 million in 2025Q3, reflecting a consistent erosion of the balance sheet as the company consumes capital to fund its non-viral genetic medicine development programs.
The steady reduction in total assets suggests that the company is in a phase of rapid capital depletion without a corresponding replenishment from commercial operations. This trajectory indicates that the business model is currently unsustainable without external financing, as the asset base is primarily composed of cash and property that is being systematically liquidated to cover operating losses.
Based on the company's 2025Q3 balance sheet, cash reserves have plummeted to $21.9 million, a significant decrease from the $145.0 million reported in 2023Q2, which indicates that the company's liquidity buffer is rapidly approaching a level that may necessitate immediate capital market intervention.
While the current ratio of 4.44 appears superficially healthy, it is heavily skewed by the rapid depletion of cash relative to ongoing R&D obligations. Investors should monitor the burn rate closely, as the current cash position provides a very narrow margin of safety for a company with no recurring revenue and high fixed costs.
According to quarterly data, the company's debt-to-equity ratio has shifted from 0.32 in 2023Q2 to 0.52 in 2025Q3, suggesting that management is increasingly relying on debt instruments to bridge the funding gap created by the persistent, high-intensity research and development requirements of the ctLNP platform.
The increase in leverage appears to be a necessity-driven response to the exhaustion of cash reserves rather than a strategic capital allocation choice. This rising debt burden, combined with the lack of operational cash flow, implies that refinancing risk may become a significant concern if clinical milestones are not met in the near term.
As disclosed in financial statements, the company's equity base has contracted significantly to $50.6 million in 2025Q3 from $254.3 million in 2023Q2, primarily driven by the accumulation of a $744.3 million deficit in retained earnings over the company's operating history.
The persistent growth of the retained earnings deficit highlights the extreme cost of developing proprietary genetic medicine platforms. This erosion of shareholder equity suggests that the company is effectively trading its book value for the potential of future clinical success, leaving little cushion for shareholders should the pipeline fail to deliver.
Quick answers to the most common questions about buying GBIO stock.
As of 2024, Generation Bio Co. (GBIO) had total assets of $231.2M including $192.9M in current assets.
Generation Bio Co. (GBIO) carries total debt of $93.6M, offset by $185.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Generation Bio Co. (GBIO) has total shareholders' equity (book value) of $86.2M ($12.94 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Generation Bio Co. (GBIO) reported a current ratio of 5.50x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.