The capital structure appears increasingly fragile, with shareholder equity deteriorating to a negative $8.3 million by 2025Q4 and goodwill representing $14.5 million of the $17.9 million total assets in 2025Q2.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 |
|---|
| Total Current Assets | 69.92M | 4.93M | 6.14M | 10.77M | 9.45M | 29.39M | 10.65M | 7.54M | 9.26M | 19.48M | 34.09M | 44.65M | 2.64M | 3.15M | 8.96M | 12.66M | 19.12M | 37.49M | 42.8M | 50.58M | 43.76M | 56.81M | 69.63M | 42.29M | 51.89M | 88.02M | 47.86M | 43.74M |
| Cash & Short-Term Investments | 69.39M | 4.34M | 1.66M | 5.24M | 7.36M | 27.59M | 8.76M | 5.45M | 5.96M | 14.45M | 33.45M | 44.37M | 2.5M | 2.74M | 8.35M | 6.02M | 15.13M | 33.34M | 34.36M | 39.55M | 33.52M | 47.07M | 58.08M | 30.91M | 39.96M | 61M | 28.82M | 29.51M |
| Cash Only | 69.39M | 4.34M | 1.66M | 5.24M | 7.36M | 27.59M | 8.76M | 5.43M | 5.96M | 14.45M | 33.45M | 44.37M | 2.5M | 2.74M | 8.35M | 6.02M | 15.13M | 33.34M | 27.99M | 39.55M | 24.4M | 47.07M | 58.08M | 30.91M | 39.96M | 61M | 28.82M | 29.51M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.37M | 0 | 9.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 315.23K | 90K | 133K | 105K | 51K | 0 | 439 | 1.56M | 1.13K | 5.07K | 91K | 2K | 62K | 84K | 78K | 5.47M | 1.6M | 1.8M | 4.97M | 4.28M | 4.03M | 3.46M | 2.92M | 4.42M | 4.51M | 10.03M | 6.76M | 4.94M |
| Days Sales Outstanding | 22.66 | 782.14 | 21.03 | 69.05K | 1.86K | - | 0.16 | 363.27K | 31.47 | 0.21 | 8.16 | 8.2 | 260.11 | 28.73 | 11.62 | 985.77 | 58.87 | 58.87 | 136.53 | 90.25 | 108.94 | 71.78 | 65.16 | 49.01 | 83.98 | 62.14 | 92.32 | 93.37 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 434K | -893 | -7 | 0 | 0 | 654K | 1.56M | 1.33M | 1.93M | 3.9M | 5.52M | 5.47M | 7.78M | 6.38M | 6.91M | 14.73M | 12.27M | 9.44M |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 257.11 | 192.99 | 172.19 | 204.94 | 370.15 | 429.39 | 601.15 | 324.44 | 332.45 | 53.32 | 629.92 | 108.47 |
| Other Current Assets | 3 | 0 | 0 | 0 | 0 | 84.36K | 1.19M | 159.45K | 0 | 4.26M | 0 | 148.6K | 6.62K | 0 | 0 | 250K | 3M | 5.94M | 1M | 2.21M | 683.24K | 818.36K | 859.62K | 586.23K | 515.1K | 2.26M | 0 | -149.8K |
| Total Non-Current Assets | 1.13M | 1.13M | 15.44M | 17.31M | 26.44M | 28.7M | 12.41M | 13.66M | 18.91M | 16.43M | 1.43M | 1.49M | 2.02M | 2.6M | 27K | 67K | 172K | 353K | 574.87K | 839.45K | 7.35M | 10.4M | 7.31M | 8.33M | 10.04M | 31.92M | 17.16M | 12.13M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 489.61K | 592K | 85.06K | 13.63K | 12K | 27K | 67K | 172K | 353K | 574.87K | 839.45K | 4.48M | 5.83M | 6.69M | 8.25M | 9.22M | 22.13M | 12.66M | 11.68M |
| Fixed Asset Turnover | - | - | - | - | - | - | - | - | 13.11x | 17.95x | 6.88x | 1.05x | 6.38x | 88.94x | 90.74x | 30.22x | 57.60x | 31.58x | 23.09x | 20.63x | 3.01x | 3.02x | 2.44x | 3.99x | 2.13x | 2.66x | 2.11x | 1.65x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 1.09M | 1.09M | 15.4M | 17.27M | 19.14M | 22M | 12.41M | 13.49M | 14.58M | 15.92M | 822K | 1.39M | 1.96M | 2.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 223.8K | 503.62K | 289.76K | 299.6K |
| Long-Term Investments | 39.96K | 0 | 0 | 0 | 0 | 0 | 0 | 168.43K | 4.33M | 21.8K | 13K | 15.62K | 47.23K | 59K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 40K | 40K | 43K | 7.3M | 6.69M | 0 | 0 | -18.92M | -16.43M | -1.43M | -1.49M | -2.02M | -2.6M | 0 | 0 | 0 | 0 | 0 | 0 | 2.87M | 4.56M | 620.75K | 77.17K | 596.8K | 9.29M | 4.22M | 149.8K |
| Total Assets | 71.04M | 6.06M | 21.59M | 28.08M | 35.89M | 58.09M | 23.06M | 21.18M | 28.18M | 35.91M | 35.52M | 46.14M | 4.66M | 5.75M | 8.98M | 12.73M | 19.29M | 37.84M | 43.38M | 51.42M | 51.11M | 67.21M | 76.94M | 50.62M | 61.93M | 119.94M | 65.02M | 55.88M |
| Asset Turnover | 0.09x | 0.01x | 0.11x | 0.00x | 0.00x | 0.26x | 0.04x | 0.00x | 0.00x | 0.24x | 0.11x | 0.00x | 0.02x | 0.19x | 0.27x | 0.16x | 0.51x | 0.29x | 0.31x | 0.34x | 0.26x | 0.26x | 0.21x | 0.65x | 0.32x | 0.49x | 0.41x | 0.35x |
| Asset Growth % | 175.02% | -71.92% | -23.14% | -21.75% | -38.22% | 151.86% | 8.91% | -24.84% | -21.54% | 1.11% | -23.02% | 890.31% | -18.96% | -36.02% | -29.4% | -34.02% | -49.02% | -12.76% | -15.64% | 0.59% | -23.95% | -12.65% | 51.99% | -18.26% | -48.36% | 84.46% | 16.37% | - |
| Total Current Liabilities | 24.35M | 14.05M | 25.8M | 7.57M | 6.73M | 8.33M | 5.07M | 2.21M | 3.89M | 5.38M | 1.43M | 1.78M | 3.25M | 1.71M | 3.87M | 8.2M | 5.96M | 8.83M | 7.38M | 6.47M | 6.18M | 6.7M | 7.12M | 6.58M | 5.41M | 13.33M | 9.92M | 6.89M |
| Accounts Payable | 6.12M | 5.64M | 4.55M | 857K | 1.52M | 1.89M | 1.69M | 1.05M | 1.41M | 1.25M | 512K | 765.5K | 81K | 181K | 831K | 1.94M | 2.53M | 2.84M | 3.43M | 3.63M | 2.31M | 5.48M | 2.97M | 5.64M | 4.28M | 10.09M | 7.73M | 5.84M |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | -1.48K | - | - | 416.55 | 410.43 | 306.67 | 190.82 | 155.05 | 430.31 | 229.3 | 286.76 | 206 | 36.52 | 396.9 | 67.15 |
| Short-Term Debt | 98.71K | 396K | 634K | 1.8M | 1.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.71M | 1.42M | 0 | 0 | 0 | 0 | 0 | 0 | 14.82K | 747.54K | 836.73K | 676.76K | 845.47K | 572.21K | 1.9M | 898.81K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 138K | 41K | 900K | 0 | 285.59K | 0 | 1.08M | 2.14M | 0 | 0 | 0 | 0 | 679.2K | 0 | 2.96M | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 17.68M | 3.54M | 10.1M | 1.44M | 1.13M | 3.16M | 1.58M | 716.64K | 1.68M | 3.36M | 132K | 0 | 173.22K | 27K | 190K | 1.82M | 597K | 774K | 707.61K | 548.24K | 520.18K | 472.13K | 359.01K | 270.11K | 278.86K | 2.67M | 286.41K | 149.8K |
| Current Ratio | 2.87x | 0.35x | 0.24x | 1.42x | 1.40x | 3.53x | 2.10x | 3.42x | 2.38x | 3.62x | 23.81x | 25.12x | 0.81x | 1.84x | 2.32x | 1.54x | 3.21x | 4.24x | 5.80x | 7.82x | 7.08x | 8.48x | 9.78x | 6.43x | 9.60x | 6.60x | 4.82x | 6.35x |
| Quick Ratio | 2.87x | 0.35x | 0.24x | 1.42x | 1.40x | 3.53x | 2.10x | 3.42x | 2.38x | 3.62x | 23.50x | 25.12x | 0.81x | 1.84x | 2.32x | 1.46x | 2.94x | 4.09x | 5.54x | 7.22x | 6.18x | 7.67x | 8.68x | 5.46x | 8.32x | 5.50x | 3.59x | 4.98x |
| Cash Conversion Cycle | 22.66 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -100.57 | -158.56 | 2.05 | 104.36 | 324.04 | 70.85 | 437.01 | 86.69 | 210.43 | 78.94 | 325.33 | 134.69 |
| Total Non-Current Liabilities | 271.89K | 309K | 5.8M | 8.47M | 10.89M | 11.91M | 3.87M | 4.8M | 5.05M | 5.19M | 154K | 0 | 0 | 0 | 7K | 104K | 152K | 236K | 384.64K | 272.35K | 335.56K | 267.54K | 22M | 1.8M | 2.45M | 4.89M | 2.37M | 1.5M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.43K | 760.92K | 1.6M | 2.29M | 237.12K | 2.37M | 1.5M |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 4.44M | 272K | 2.02M | 2.29M | 2.56M | 0 | 3.41M | 3.43M | 4.01M | 4.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 536 | 37K | 3.79M | 6.18M | 8.33M | 11.91M | 458K | 1.38M | 1.04M | 874.31K | 154K | 0 | 0 | 0 | 7K | 104K | 152K | 236K | 384.64K | 272.35K | 335.56K | 253.12K | 21.24M | 200.36K | 165.19K | 4.65M | 0 | 0 |
| Total Liabilities | 24.62M | 14.36M | 31.6M | 16.03M | 17.61M | 20.24M | 8.94M | 7.01M | 8.93M | 10.57M | 1.59M | 1.78M | 3.25M | 1.71M | 3.87M | 8.31M | 6.11M | 9.07M | 7.76M | 6.74M | 6.52M | 6.97M | 29.12M | 8.38M | 7.86M | 18.22M | 12.29M | 8.39M |
| Total Debt | 98.71K | 396K | 634K | 1.8M | 1.84M | 0 | 0 | 0 | 84K | 10K | 10K | 0 | 2.71M | 1.42M | 0 | 0 | 0 | 0 | 0 | 0 | 14.82K | 761.97K | 1.6M | 2.28M | 3.13M | 809.33K | 4.27M | 2.4M |
| Net Debt | -69.29M | -3.95M | -1.02M | -3.44M | -5.52M | -27.59M | -8.76M | -5.43M | -5.87M | -14.44M | -33.44M | -44.37M | 205.06K | -1.32M | -8.35M | -6.02M | -15.13M | -33.34M | -27.99M | -39.55M | -24.38M | -46.31M | -56.48M | -28.63M | -36.83M | -60.19M | -24.55M | -27.11M |
| Debt / Equity | 0.00x | - | - | 0.15x | 0.10x | - | - | - | 0.00x | 0.00x | 0.00x | - | 1.92x | 0.35x | - | - | - | - | - | - | 0.00x | 0.01x | 0.03x | 0.05x | 0.06x | 0.01x | 0.08x | 0.05x |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 1.53x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | -12122.25x | - | - | -4.02x | - | - | - | -117.35x | -8.84x | -10.45x | - | -295.61x | -1053.20x | -2161.36x | -1074.47x | -11457.00x | -349.39x | -228.10x | -104.33x | - | -55.14x | - | - | - |
| Total Equity | 46.42M | -8.3M | -10.02M | 12.05M | 18.27M | 37.85M | 14.13M | 14.2M | 19.24M | 25.34M | 33.93M | 44.36M | 1.41M | 4.04M | 5.11M | 4.42M | 13.18M | 28.77M | 35.62M | 44.68M | 44.59M | 60.25M | 47.82M | 42.24M | 54.07M | 101.72M | 52.73M | 47.49M |
| Equity Growth % | 980.9% | 17.13% | -183.13% | -34.06% | -51.72% | 167.97% | -0.49% | -26.23% | -24.06% | -25.33% | -23.51% | 3041.71% | -65.06% | -20.97% | 15.68% | -66.45% | -54.21% | -19.21% | -20.28% | 0.18% | -25.98% | 25.98% | 13.22% | -21.88% | -46.84% | 92.9% | 11.04% | - |
| Book Value per Share | 14.88 | -7.58 | -20.89 | 32.69 | 68.96 | 160.79 | 92.65 | 118.28 | 190.59 | 259.52 | 380.38 | 891.59 | 42.79 | 167.32 | 237.05 | 205.53 | 612.69 | 1343.03 | 1733.17 | 2174.54 | 2178.62 | 2954.37 | 2363.12 | 2200.21 | 2831.63 | 5938.27 | 3106.65 | 4165.55 |
| Total Shareholders' Equity | 46.42M | -8.3M | -10.02M | 12.05M | 18.27M | 37.85M | 14.13M | 14.2M | 19.24M | 25.34M | 33.93M | 44.67M | 1.51M | 4.04M | 3.48M | 4.23M | 11.19M | 23.68M | 30.67M | 40.62M | 42.46M | 56.52M | 44.81M | 41.67M | 53.31M | 101.72M | 52.73M | 47.49M |
| Common Stock | 186.41M | 123.05M | 101.64M | 97.45M | 84.48M | 80.29M | 48.78M | 36.64M | 31.58M | 193.77M | 191.3M | 190.4M | 142.59M | 137.66M | 199.03M | 194.29M | 206.42M | 206.42M | 0 | 0 | 177.05M | 175.52M | 117.66M | 137.69M | 137.32M | 237.55M | 100.28M | 80.74M |
| Retained Earnings | -145.47M | -134.83M | -115.13M | -89.08M | -68.62M | -44.2M | -36.19M | -24.95M | -14.64M | -170.96M | -160.51M | -148.44M | -141.31M | -133.84M | -191.7M | -190.07M | -195.23M | -179.73M | -162.16M | -146.31M | -131.74M | -115.6M | -72.84M | -94.07M | -84.01M | -135.83M | -47.56M | -33.26M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 5.48M | 3.1M | 3.48M | 3.68M | 2.41M | 1.76M | 1.07M | 2.04M | 1.84M | 1.93M | 1.42M | 989.72K | 230.33K | 216K | -3.85M | -3.42M | -3.78M | -2.45M | -7.49M | -5.16M | -2.85M | -3.4M | -10.25M | -1.95M | -7.54M | 0 | 0 | -2.25M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -303.84K | -98.74K | 0 | 1.64M | 191K | 1.99M | 5.09M | 4.94M | 4.06M | 2.14M | 3.72M | 3.01M | 568.42K | 765.54K | 0 | 0 | 0 |
Imminent clinical funding shortfall
As reported in financial statements, Kazia’s equity position has deteriorated significantly, shifting from a positive $37.9 million in 2021Q4 to a negative $8.3 million by 2025Q4, illustrating a persistent erosion of shareholder value driven by continuous, non-offsetting operational losses and heavy reliance on external capital.
The consistent decline in equity highlights the company's inability to generate internal value, forcing a reliance on dilutive financing to maintain operations. This trajectory suggests that without a major clinical catalyst or strategic partnership, the balance sheet will remain in a state of structural impairment.
Based on recent SEC filings, the company's current ratio has plummeted from 3.53 in 2021Q4 to a critical 0.35 in 2025Q4, indicating that current assets are insufficient to cover short-term obligations and leaving the firm with minimal buffer against operational shocks or clinical trial delays.
The sharp contraction in liquidity metrics underscores the urgency of the company's funding requirements. Investors should monitor the cash-to-burn ratio closely, as the current liquidity profile suggests the firm is operating with virtually no margin for error in its clinical development timeline.
According to reported balance sheet data, the company’s asset base is heavily skewed toward goodwill, which accounted for approximately $14.5 million of the $17.9 million total assets in 2025Q2, reflecting a business model that is almost entirely dependent on the theoretical value of acquired intellectual property.
The high concentration of goodwill relative to total assets suggests that the balance sheet is highly sensitive to impairment risks should clinical trials fail to meet efficacy endpoints. This asset composition provides little tangible collateral, further complicating the firm's ability to secure non-dilutive debt financing.
As indicated by historical filings, the company’s reliance on equity-based compensation and periodic capital raises has masked the true economic cost of its research programs, creating a distorted view of the balance sheet that fails to reflect the ongoing dilution of existing shareholders.
The absence of significant long-term debt on the balance sheet may appear positive, but it is a byproduct of the firm's inability to access credit markets rather than a strategic choice. This lack of leverage forces the company to rely on equity markets, which may lead to further value destruction if clinical milestones are not achieved.
Quick answers to the most common questions about buying KZIA stock.
As of 2025, Kazia Therapeutics Limited (KZIA) had total assets of $6.1M including $4.9M in current assets.
Kazia Therapeutics Limited (KZIA) carries total debt of $0.4M, offset by $4.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Kazia Therapeutics Limited (KZIA) has total shareholders' equity (book value) of $-8.3M ($-7.58 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Kazia Therapeutics Limited (KZIA) reported a current ratio of 0.35x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.