The balance sheet reflects a deteriorating financial position, with total assets contracting to $4.5 million in 2025Q2 from $18.3 million in 2022Q3, while accumulated losses have reached $73.0 million.
| Total Current Assets | 3.25M | 4.41M | 6.81M | 7.79M | 14.49M | 24.51M | 684K | 182K | 11K |
| Cash & Short-Term Investments | 2.13M | 3.26M | 5.78M | 7.36M | 13.9M | 23.75M | 496K | 96K | 8K |
| Cash Only | 2.13M | 3.26M | 5.11M | 5.04M | 6.78M | 23.75M | 496K | 96K | 8K |
| Short-Term Investments | 0 | 0 | 668K | 2.32M | 7.12M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 432K | 0 | 210K | 188K | 51K | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - |
| Inventory | 711K | 735K | 444K | 0 | -279K | 336K | 0 | 34.95K | -3K |
| Days Inventory Outstanding | 571.66 | 478.21 | 332.09 | - | - | 562.57 | - | 167.85 | - |
| Other Current Assets | 418K | 203K | 347K | -176K | -6.5M | -213K | 0 | -34.95K | 0 |
| Total Non-Current Assets | 1.2M | 930K | 1.26M | 1.52M | 1.52M | 1.36M | 303K | 192K | 0 |
| Property, Plant & Equipment | 1.2M | 930K | 1.26M | 1.52M | 1.52M | 1.36M | 303K | 192K | 0 |
| Fixed Asset Turnover | 0.31x | 0.31x | - | - | -3.08x | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 4.45M | 5.34M | 8.07M | 9.31M | 16.01M | 25.87M | 987K | 374K | 11K |
| Asset Turnover | 0.06x | 0.05x | - | - | -0.29x | - | - | - | - |
| Asset Growth % | -165.83% | -33.82% | -13.32% | -41.86% | -38.11% | 2521.07% | 163.9% | 3300% | - |
| Total Current Liabilities | 2.83M | 2.82M | 3.37M | 2.98M | 1.66M | 4.31M | 951K | 4.99M | 40K |
| Accounts Payable | 170K | 107K | 154K | 198K | 152K | 93K | 3K | 74K | 0 |
| Days Payables Outstanding | 165.01 | 69.62 | 115.18 | 178 | 153.68 | 155.71 | 5.39 | 355.39 | - |
| Short-Term Debt | 0 | 1.37M | 1.85M | 1.76M | 294K | 3.5M | 399K | 4.68M | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 2.36M | -286K | -277K | -290K | 82K | 23K | -74K | 0 | 0 |
| Current Ratio | 1.15x | 1.56x | 2.02x | 2.61x | 8.72x | 5.68x | 0.72x | 0.04x | 0.28x |
| Quick Ratio | 0.90x | 1.30x | 1.89x | 2.61x | 8.89x | 5.60x | 0.72x | 0.03x | 0.35x |
| Cash Conversion Cycle | 406.65 | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 348K | 194K | 378K | 588K | 873K | 1.2M | 1.74M | 28K | 0 |
| Long-Term Debt | 0 | 0 | 0 | 588K | 398K | 302K | 1.65M | 0 | 0 |
| Capital Lease Obligations | 1.15M | 194K | 378K | 588K | 873K | 900K | 95K | 28K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | -588K | -398K | 0 | 0 | 0 | 0 |
| Total Liabilities | 3.17M | 3.02M | 3.75M | 3.57M | 3.19M | 5.52M | 2.69M | 5.01M | 40K |
| Total Debt | 640K | 1.56M | 2.51M | 878K | 1.46M | 1.48M | 2.32M | 4.84M | 0 |
| Net Debt | -1.49M | -1.7M | -2.6M | -4.16M | -5.33M | -22.27M | 1.82M | 4.74M | -8K |
| Debt / Equity | 0.50x | 0.67x | 0.58x | 0.15x | 0.11x | 0.07x | - | - | - |
| Debt / EBITDA | 0.05x | - | 219.18x | - | 0.10x | - | - | - | - |
| Net Debt / EBITDA | -0.11x | - | -227.66x | - | -0.35x | - | - | - | - |
| Interest Coverage | - | -1512.67x | - | -1127.60x | -82.74x | -2822.67x | -1432.40x | -507.33x | - |
| Total Equity | 1.28M | 2.32M | 4.32M | 5.74M | 12.82M | 20.35M | -1.7M | -4.64M | -29K |
| Equity Growth % | -226.13% | -46.25% | -24.68% | -55.25% | -37% | 1294.48% | 63.28% | -15903.45% | - |
| Book Value per Share | 0.05 | 0.08 | 0.23 | 0.47 | 1.19 | 3.84 | -0.24 | -0.34 | -0.01 |
| Total Shareholders' Equity | 1.28M | 2.32M | 4.32M | 5.74M | 13.63M | 20.35M | -1.7M | -4.64M | -29K |
| Common Stock | 74.25M | 82.12M | 70.9M | 61.26M | 57.87M | 48.94M | 304K | 3K | 3K |
| Retained Earnings | -72.97M | -79.79M | -66.57M | -55.52M | -44.23M | -28.79M | -11.84M | -4.61M | -33K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | -1.93M | 210K | -635K | -36K | 1K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent capital dilution risk
As reported in recent financial statements, IINN's total assets have contracted from $18.3 million in 2022Q3 to just $4.5 million by 2025Q2, signaling a significant depletion of the company's resource base as it continues to fund its pre-commercial development phase through existing cash reserves.
The consistent decline in total assets suggests that the company is consuming its capital at a rate that outpaces any potential value creation from its R&D activities. This trajectory implies that the firm is approaching a critical juncture where its ability to sustain operations without external financing will be severely compromised.
Based on the latest quarterly data, IINN's cash position has dwindled to $2.1 million, which, when viewed alongside a current ratio of 1.15, indicates a narrowing margin of safety for a company with high fixed operating costs and no significant recurring revenue streams to offset its burn.
The sharp decline in the current ratio from 7.48 in 2022Q3 to 1.15 in 2025Q2 highlights a rapid deterioration in the company's short-term financial flexibility. Investors should monitor this trend closely, as the current liquidity profile may necessitate dilutive financing to maintain the ongoing regulatory and clinical development roadmap.
According to the provided balance sheet figures, accumulated losses have reached $73.0 million, effectively eroding the company's equity base and leaving shareholders with a diminished claim on assets as the firm continues to prioritize R&D spending over the preservation of book value.
The persistent growth in negative retained earnings underscores the high-risk nature of the company's current business model, where capital is being systematically consumed to achieve clinical milestones. This trend suggests that the equity value is increasingly sensitive to the success of future regulatory submissions rather than current operational performance.
While the company reports $1.2 million in net PPE, the lack of significant revenue generation suggests these assets may be primarily comprised of prototype equipment that could face substantial impairment risk if the ART system fails to secure necessary regulatory approvals or market adoption.
The reliance on specialized equipment for R&D purposes creates a potential valuation trap, as these assets lack the utility of commercial-scale manufacturing infrastructure. Analysts should consider that the book value of these assets may not reflect their true economic value in a liquidation or pivot scenario.
Quick answers to the most common questions about buying IINN stock.
As of 2025, Inspira Technologies OXY B.H.N. Ltd. (IINN) had total assets of $5.3M including $4.4M in current assets.
Inspira Technologies OXY B.H.N. Ltd. (IINN) carries total debt of $1.6M, offset by $3.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Inspira Technologies OXY B.H.N. Ltd. (IINN) has total shareholders' equity (book value) of $2.3M ($0.08 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Inspira Technologies OXY B.H.N. Ltd. (IINN) reported a current ratio of 1.56x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.