The balance sheet appears increasingly vulnerable, with an equity deficit of $7.4 million and total debt of $33.7 million significantly outweighing the company's total assets of $32.5 million.
| Total Current Assets | 13.73M | 24.79M | 25.6M | 62.44M | 83.27M | 21.47M | 9.38M | 84.67M | 44.17M | 25.86M |
| Cash & Short-Term Investments | 11M | 24.13M | 23.93M | 60.8M | 81.34M | 14.57M | 4.83M | 84.67M | 39.22M | 24.81M |
| Cash Only | 11M | 24.13M | 6.07M | 21.09M | 27.45M | 14.57M | 4.83M | 44.55M | 8.48M | 24.81M |
| Short-Term Investments | 0 | 0 | 17.86M | 39.71M | 53.9M | 0 | 0 | 40M | 30.73M | 0 |
| Accounts Receivable | 546K | 66K | 233K | 513K | 1.21M | 865K | 1.11M | 721K | 509K | 245K |
| Days Sales Outstanding | 166.36 | - | - | - | - | - | 10.96K | 302.84 | 365.72 | - |
| Inventory | 1.15M | 0 | 0 | 0 | 0 | 0 | 0 | -7.87M | 0 | 0 |
| Days Inventory Outstanding | 226.83 | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 65K | 0 | 35K | 37K | 5.24M | 1.14M | 959K | 180K | 0 |
| Total Non-Current Assets | 18.78M | 19.81M | 663K | 4.39M | 8.24M | 11.32M | 16.37M | 13.2M | 2.58M | 1.05M |
| Property, Plant & Equipment | 18K | 23K | 600K | 1.84M | 3.83M | 5.68M | 7.72M | 700K | 747K | 0 |
| Fixed Asset Turnover | 21.97x | - | - | - | - | - | 0.00x | 1.24x | 0.68x | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 18.71M | 19.75M | 0 | 1.72M | 3.44M | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 63K | 0 | 0 | 34K | 64K | 248K | 60K | 959K | 0 | 0 |
| Other Non-Current Assets | 19K | 39K | 63K | 797K | 912K | 5.39M | 8.6M | 11.54M | 1.84M | 1.05M |
| Total Assets | 32.5M | 44.59M | 26.26M | 66.83M | 91.51M | 32.79M | 25.75M | 97.87M | 46.76M | 26.92M |
| Asset Turnover | 0.01x | - | - | - | - | - | 0.00x | 0.01x | 0.01x | - |
| Asset Growth % | 381.94% | 69.83% | -60.71% | -26.97% | 179.06% | 27.34% | -73.69% | 109.32% | 73.71% | - |
| Total Current Liabilities | 6.43M | 17.61M | 13.52M | 9.06M | 12.94M | 41.7M | 36.99M | 12.22M | 7.13M | 4.22M |
| Accounts Payable | 577K | 251K | 5M | 2.77M | 878K | 816K | 15.49M | 4.04M | 3.15M | 1.48M |
| Days Payables Outstanding | 209.58 | 360.69 | 1.04K | 562.51 | 152.31 | 1.85K | - | - | - | - |
| Short-Term Debt | 281K | 14.46M | 0 | 332K | 2.09M | 7.06M | 6.38M | 1.02M | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 113K | 0 | 0 |
| Other Current Liabilities | 4.67M | 240K | 761K | 3.99M | 8.98M | 32.75M | 13.71M | 5.24M | 2.92M | 1.95M |
| Current Ratio | 2.13x | 1.41x | 1.89x | 6.89x | 6.43x | 0.51x | 0.25x | 6.93x | 6.20x | 6.13x |
| Quick Ratio | 1.96x | 1.41x | 1.89x | 6.89x | 6.43x | 0.51x | 0.25x | 7.57x | 6.20x | 6.13x |
| Cash Conversion Cycle | 183.61 | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 33.45M | 31.07M | 19.14M | 29.77M | 28.33M | 41.65M | 15M | 26.25M | 137K | 30K |
| Long-Term Debt | 33.45M | 31.07M | 18.96M | 28.47M | 24.9M | 35.85M | 7.63M | 13.08M | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 1.3M | 3.44M | 5.17M | 6.75M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 188K | 0 | 0 | 630K | 630K | 951K | 137K | 30K |
| Total Liabilities | 39.88M | 48.68M | 32.66M | 38.83M | 41.27M | 83.35M | 51.99M | 26.25M | 7.26M | 4.25M |
| Total Debt | 33.73M | 45.53M | 18.96M | 30.1M | 30.43M | 48.08M | 20.75M | 13.08M | 0 | 0 |
| Net Debt | 22.73M | 21.41M | 12.88M | 9.01M | 2.98M | 33.52M | 15.92M | -31.47M | -8.48M | -24.81M |
| Debt / Equity | -4.57x | - | - | 1.08x | 0.61x | - | - | 0.18x | - | - |
| Debt / EBITDA | -1.78x | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -1.20x | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -10.61x | - | - | -17.69x | -15.36x | -2.40x | -118.26x | -178.77x | - | - |
| Total Equity | -7.38M | -4.08M | -6.4M | 28M | 50.23M | -50.56M | -26.24M | 71.62M | 39.49M | 22.67M |
| Equity Growth % | 194.97% | 36.26% | -122.87% | -44.26% | 199.36% | -92.69% | -136.63% | 81.35% | 74.23% | - |
| Book Value per Share | -0.16 | -0.21 | -0.49 | 2.29 | 4.61 | -2.11 | -24.99 | 113.40 | 71.92 | 1.62 |
| Total Shareholders' Equity | -7.38M | -4.08M | -6.4M | 28M | 50.23M | -50.56M | -26.24M | 71.62M | 39.49M | 22.67M |
| Common Stock | 490K | 315K | 135K | 126K | 1.83M | 494K | 149K | 144K | 4K | 4K |
| Retained Earnings | -506.45M | -486.07M | -461.3M | -422.93M | -378.49M | -286.93M | -234.92M | -131.79M | -54.74M | -25.33M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 1K | -350K | 0 | 0 | 0 | -201K | -65K | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary regulatory capital dependence
As reported in recent financial statements, Iterum’s equity position has deteriorated into a deficit of $7.4 million by 2025Q3, reflecting a persistent inability to generate internal capital while navigating the high-cost regulatory pathway required for its lead antibiotic candidate, sulopenem.
The consistent decline in shareholders' equity, coupled with a massive accumulated deficit of $506.5 million, highlights a business model that relies entirely on external financing to survive. This trajectory suggests that the company is effectively consuming its own capital base to fund clinical milestones, leaving little room for operational error.
Based on the 2025Q3 balance sheet, the company holds $11.0 million in cash, a figure that warrants close monitoring given the historical quarterly burn rates and the significant debt obligations that continue to pressure the firm's immediate liquidity buffer.
While the current ratio of 2.13 appears superficially healthy, it is heavily influenced by the composition of current liabilities rather than robust cash generation. Investors should interpret this liquidity profile as a short-term survival window that necessitates either a successful commercial launch or further dilutive capital raises.
According to the 2025Q3 filings, Iterum’s asset base is dominated by $18.7 million in goodwill, which represents a significant portion of the $32.5 million in total assets and underscores the company's reliance on non-tangible value drivers.
The presence of substantial goodwill on the balance sheet suggests that the company's valuation is tethered to the success of its intellectual property rather than physical infrastructure. Any failure to achieve regulatory approval for sulopenem could trigger a material impairment, further weakening an already fragile asset structure.
As indicated by the 2025Q3 data, the company carries $33.7 million in total debt, which significantly outweighs its total asset base and creates a structural solvency risk that is not immediately apparent from headline liquidity metrics.
The shift toward a debt-heavy capital structure in recent quarters suggests that management has prioritized immediate funding over long-term balance sheet stability. This leverage profile may severely limit the company's strategic flexibility and increase the risk of a restructuring event if commercial revenue fails to materialize as expected.
Quick answers to the most common questions about buying ITRM stock.
As of 2024, Iterum Therapeutics plc (ITRM) had total assets of $44.6M including $24.8M in current assets.
Iterum Therapeutics plc (ITRM) carries total debt of $45.5M, offset by $24.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Iterum Therapeutics plc (ITRM) has total shareholders' equity (book value) of $-4.1M ($-0.21 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Iterum Therapeutics plc (ITRM) reported a current ratio of 1.41x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.