The company maintains a healthy financial position with a current ratio of 3.58 and a low debt-to-equity ratio of 0.23 as of 2026Q1.
| Total Current Assets | 778.82M | 907.01M | 579.25M | 451.07M | 400.29M | 284.44M | 262.89M | 31.5M | 86.68M |
| Cash & Short-Term Investments | 640.92M | 775.34M | 467.19M | 353.46M | 323.12M | 234.31M | 228.63M | 24.46M | 83.52M |
| Cash Only | 589.4M | 752.5M | 453M | 311.66M | 243.78M | 234.31M | 228.63M | 24.46M | 83.52M |
| Short-Term Investments | 51.52M | 22.84M | 14.19M | 41.8M | 79.33M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 108.22M | 96.79M | 83.03M | 74.14M | 54.74M | 34.84M | 22.18M | 4.25M | 0 |
| Days Sales Outstanding | 40.46 | 40.68 | 42.4 | 46.49 | 45.63 | 41.64 | 50.67 | 259.06 | - |
| Inventory | 5.28M | 5.36M | 7.2M | 5.36M | 4.3M | 4.43M | 3.82M | 1.09M | 0 |
| Days Inventory Outstanding | 10.22 | 9.86 | 16.75 | 16.15 | 18.79 | 29.14 | 50.31 | 251.82 | - |
| Other Current Assets | 7.59M | 13.52M | 8.12M | 5.54M | 8.79M | 3.22M | 1.3M | 261K | 2.46M |
| Total Non-Current Assets | 493.01M | 364.62M | 419.95M | 360.38M | 273.58M | 149M | 164.18M | 75.21M | 2.6M |
| Property, Plant & Equipment | 5.39M | 5.34M | 3.38M | 371K | 573K | 4.12M | 938K | 1.33M | 1.58M |
| Fixed Asset Turnover | 224.03x | 162.51x | 211.52x | 1568.79x | 764.14x | 74.17x | 170.30x | 4.51x | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 83.46M | 89.42M | 113.26M | 137.11M | 160.95M | 143.92M | 162.34M | 72.19M | 0 |
| Long-Term Investments | 550.06M | 107.4M | 108.87M | 72.17M | 22.57M | 0 | 0 | 0 | 500K |
| Other Non-Current Assets | 20.77M | 12.76M | 194.43M | 6.57M | 3.55M | 967K | 902K | 1.69M | 522K |
| Total Assets | 1.27B | 1.27B | 999.2M | 811.45M | 673.87M | 433.44M | 427.07M | 106.7M | 89.28M |
| Asset Turnover | 0.74x | 0.68x | 0.72x | 0.72x | 0.65x | 0.70x | 0.37x | 0.06x | - |
| Asset Growth % | 107.01% | 27.26% | 23.14% | 20.42% | 55.47% | 1.49% | 300.25% | 19.51% | - |
| Total Current Liabilities | 217.34M | 252.13M | 175.08M | 163.78M | 78.88M | 53.77M | 134.54M | 19.89M | 7.23M |
| Accounts Payable | 28.6M | 17.69M | 13.74M | 17.73M | 3.79M | 1M | 2.56M | 6.36M | 1.46M |
| Days Payables Outstanding | 43.68 | 32.56 | 31.99 | 53.38 | 16.55 | 6.58 | 33.63 | 1.47K | 2.9K |
| Short-Term Debt | 63.17M | 86.89M | 16.25M | 15M | 2M | 2M | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 118.84M | 129.1M | 4.35M | 107.3M | 1.62M | 1 | 100.31M | 753K | 313K |
| Current Ratio | 3.58x | 3.60x | 3.31x | 2.75x | 5.07x | 5.29x | 1.95x | 1.58x | 11.99x |
| Quick Ratio | 3.56x | 3.58x | 3.27x | 2.72x | 5.02x | 5.21x | 1.93x | 1.53x | 11.99x |
| Cash Conversion Cycle | 7 | 17.98 | 27.17 | 9.26 | 47.87 | 64.19 | 67.34 | -961.15 | - |
| Total Non-Current Liabilities | 144.13M | 149.28M | 164.96M | 180.68M | 192.15M | 193.16M | 195.35M | 98.4M | 523K |
| Long-Term Debt | 138.81M | 148.18M | 163.02M | 178.57M | 189.65M | 189.98M | 194.25M | 97.95M | 324.2M |
| Capital Lease Obligations | 9.88M | 4.51M | 822K | 0 | 0 | 2.4M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -324.46M |
| Other Non-Current Liabilities | 793K | -3.41M | 1.13M | 2.11M | 2.5M | 777K | 1.1M | 450K | -323.68M |
| Total Liabilities | 361.48M | 401.41M | 340.05M | 344.46M | 271.03M | 246.94M | 329.89M | 118.29M | 7.75M |
| Total Debt | 206.51M | 239.58M | 181.41M | 193.57M | 191.65M | 195.74M | 194.25M | 97.95M | 324.2M |
| Net Debt | -382.88M | -512.92M | -271.6M | -118.09M | -52.14M | -38.56M | -34.38M | 73.49M | 240.68M |
| Debt / Equity | 0.23x | 0.28x | 0.28x | 0.41x | 0.48x | 1.05x | 2.00x | - | 3.98x |
| Debt / EBITDA | 0.96x | 1.02x | 0.84x | 0.89x | 1.33x | 1.84x | 7.14x | - | - |
| Net Debt / EBITDA | -1.78x | -2.19x | -1.26x | -0.55x | -0.36x | -0.36x | -1.26x | - | - |
| Interest Coverage | 14.81x | 15.68x | 11.96x | 8.30x | 6.57x | 2.55x | -0.31x | -24.03x | - |
| Total Equity | 910.35M | 870.22M | 659.15M | 466.99M | 402.84M | 186.51M | 97.18M | -11.59M | 81.53M |
| Equity Growth % | 141.84% | 32.02% | 41.15% | 15.93% | 115.99% | 91.92% | 938.84% | -114.21% | - |
| Book Value per Share | 15.49 | 14.86 | 11.39 | 7.74 | 6.59 | 3.15 | 1.68 | -0.18 | 1.66 |
| Total Shareholders' Equity | 910.35M | 870.22M | 659.15M | 466.99M | 402.84M | 186.51M | 97.18M | -11.59M | 81.53M |
| Common Stock | 1K | 1K | 1K | 1K | 1K | 1K | 1K | 0 | 1K |
| Retained Earnings | 193.39M | 160.9M | 2.22M | -143.28M | -272.13M | -453.6M | -488.19M | -422.86M | -242.67M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -413K | 346K | 66K | 2K | -151K | 0 | 0 | 0 | -2K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Single-asset regulatory dependency
According to reported financial statements, Harmony Biosciences has successfully transitioned from a net loss position in 2024Q1 to a positive retained earnings balance of $193.4 million by 2026Q1, signaling a fundamental improvement in the company's internal capital generation and overall balance sheet quality over time.
The consistent accumulation of retained earnings suggests that the commercialization of WAKIX has reached a self-sustaining phase, reducing the reliance on external financing. This trajectory indicates that the business model is effectively converting operational success into tangible equity growth, which provides a stronger foundation for future R&D investments.
Based on recent SEC filings, the company maintains a current ratio of 3.58 as of 2026Q1, providing a substantial liquidity buffer that appears more than adequate to cover near-term operational obligations and potential fluctuations in working capital requirements inherent in the specialty pharmaceutical distribution model.
The high current ratio reflects a conservative approach to liquidity management, ensuring that the firm remains insulated from short-term market shocks or supply chain disruptions. Investors should monitor whether this excess liquidity is deployed efficiently into accretive M&A or if it remains idle, potentially dragging on overall return on invested capital.
As reported in financial statements, Harmony Biosciences maintains a low debt-to-equity ratio of 0.23 as of 2026Q1, which suggests that the company's capital structure is not overly burdened by interest-bearing obligations and remains well-positioned to navigate potential shifts in the interest rate environment.
The modest leverage profile indicates that management has prioritized financial stability over aggressive debt-fueled expansion. This conservative stance provides the company with significant optionality to pursue strategic acquisitions or capital returns without the immediate pressure of debt service coverage, which is a prudent strategy given the inherent risks of a single-product portfolio.
Based on the provided balance sheet data, equity has expanded from $515.4 million in 2024Q1 to $910.3 million in 2026Q1, a trend primarily driven by the reversal of accumulated deficits into positive retained earnings, which underscores the improving quality of the company's shareholder equity base.
The shift toward positive retained earnings is a critical indicator of the company's maturation from a development-stage entity to a profitable commercial enterprise. This improvement in equity quality suggests that the business is generating sufficient internal value to support its operations, thereby reducing the risk of dilutive equity raises for shareholders.
As indicated by the company's reported figures, goodwill has declined from $131.1 million in 2024Q1 to $83.5 million in 2026Q1, which warrants further investigation into whether this reduction reflects strategic asset write-downs or the natural amortization of intangible assets related to the company's historical licensing agreements.
While the reduction in goodwill may appear positive, it highlights the sensitivity of the balance sheet to the valuation of intangible assets. Investors should remain cautious, as any future underperformance of acquired assets or shifts in the regulatory landscape for pitolisant could necessitate further impairment charges that would directly impact the book value of equity.
Quick answers to the most common questions about buying HRMY stock.
As of 2025, Harmony Biosciences Holdings, Inc. (HRMY) had total assets of $1.27B including $907.0M in current assets.
Harmony Biosciences Holdings, Inc. (HRMY) carries total debt of $239.6M, offset by $775.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Harmony Biosciences Holdings, Inc. (HRMY) has total shareholders' equity (book value) of $870.2M ($14.86 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Harmony Biosciences Holdings, Inc. (HRMY) reported a current ratio of 3.60x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.