Lipella's financial position appears increasingly precarious, with cash reserves declining from $4.2 million in 2025Q1 to $1.9 million in 2025Q3, while total assets have eroded by over 50% during the same period.
| Total Current Assets | 2.08M | 2.62M | 3.43M | 5.8M | 1.81M | 699.43K | 118.92K |
| Cash & Short-Term Investments | 1.86M | 2.18M | 3.29M | 5.12M | 1.71M | 606.74K | 26K |
| Cash Only | 1.86M | 2.18M | 3.29M | 5.12M | 1.41M | 606.74K | 26K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 300.55K | 0 | 0 |
| Accounts Receivable | 0 | 84.71K | 32.29K | 113.66K | 0 | 69.03K | 83.89K |
| Days Sales Outstanding | 111.56 | 57.65 | 26.21 | 225.27 | - | 26.2 | 44.07 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 270.52K | 56.62K | 147.89K | 150.82K | 204.8K | 255.59K | 0 |
| Property, Plant & Equipment | 270.52K | 56.62K | 147.89K | 150.82K | 204.8K | 255.59K | 0 |
| Fixed Asset Turnover | 1.08x | 9.47x | 3.04x | 1.22x | 1.27x | 3.76x | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 2.35M | 2.67M | 3.58M | 5.95M | 2.01M | 955.02K | 118.92K |
| Asset Turnover | 0.05x | 0.20x | 0.13x | 0.03x | 0.13x | 1.01x | 5.84x |
| Asset Growth % | 108.65% | -25.25% | -39.88% | 195.6% | 110.77% | 703.1% | - |
| Total Current Liabilities | 642.4K | 754.42K | 385.36K | 1.18M | 340.63K | 207.77K | 165.67K |
| Accounts Payable | 462.89K | 388.19K | 138.02K | 384.36K | 46.9K | 24.54K | 49.34K |
| Days Payables Outstanding | 47.34 | 39.21 | 16.58 | 55.07 | 11.75 | 9.18 | 26.37 |
| Short-Term Debt | 0 | 0 | 0 | 275K | 25K | 82.04K | 50K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 40.04K |
| Current Ratio | 3.24x | 3.47x | 8.90x | 4.92x | 5.31x | 3.37x | 0.72x |
| Quick Ratio | 3.24x | 3.47x | 8.90x | 4.92x | 5.31x | 3.37x | 0.72x |
| Cash Conversion Cycle | 64.22 | - | - | - | - | - | - |
| Total Non-Current Liabilities | 219.82K | 0 | 47.37K | 96.26K | 248.71K | 283.94K | 71.59K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 50K | 50K | 50K |
| Capital Lease Obligations | 451.45K | 0 | 47.37K | 96.26K | 168.36K | 207.96K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 30.35K | 25.97K | 21.59K |
| Total Liabilities | 862.22K | 754.42K | 432.73K | 1.27M | 589.34K | 491.7K | 237.26K |
| Total Debt | 264.08K | 47.6K | 136.59K | 429.52K | 282.96K | 388.91K | 100K |
| Net Debt | -1.59M | -2.14M | -3.16M | -4.69M | -1.13M | -217.82K | 74K |
| Debt / Equity | 0.18x | 0.02x | 0.04x | 0.09x | 0.20x | 0.84x | - |
| Debt / EBITDA | -0.05x | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.29x | - | - | - | - | - | - |
| Interest Coverage | - | - | -424.79x | -269.26x | -271.97x | -6.74x | -6.41x |
| Total Equity | 1.49M | 1.92M | 3.14M | 4.68M | 1.42M | 463.32K | -118.34K |
| Equity Growth % | 83.19% | -38.96% | -32.75% | 228.45% | 207.25% | 491.51% | - |
| Book Value per Share | 0.33 | 1.83 | 4.19 | 9.21 | 3.34 | 1.74 | -0.46 |
| Total Shareholders' Equity | 1.49M | 1.92M | 3.14M | 4.68M | 1.42M | 463.32K | -118.34K |
| Common Stock | 462 | 121 | 75 | 574 | 387 | 574 | 520 |
| Retained Earnings | -19.23M | -15.34M | -10.32M | -5.7M | -3.11M | -1.24M | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | -1.18M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital Access and Dilution
As reported in recent financial statements, Lipella's total assets have contracted from $4.9 million in 2025Q1 to $2.3 million by 2025Q3, reflecting a rapid depletion of resources that underscores the company's precarious financial trajectory as it continues to fund clinical development without a sustainable commercial revenue stream.
The consistent decline in total assets over the last three quarters suggests that the company is consuming its capital base at an unsustainable rate. This trend indicates that the firm's current business model is heavily reliant on external capital injections, which may become increasingly difficult to secure given the lack of commercial milestones.
Based on the provided balance sheet data, Lipella's cash reserves have declined from a peak of $4.2 million in 2025Q1 to $1.9 million in 2025Q3, indicating a tightening liquidity position that leaves the company with a limited buffer against ongoing clinical trial and operational expenditures.
While the current ratio of 3.24 appears superficially healthy, it is largely a function of the remaining cash balance rather than operational efficiency. Investors should monitor the burn rate closely, as the current liquidity profile suggests that the company may face a funding gap within the next few quarters.
According to historical balance sheet figures, retained earnings have deteriorated significantly to negative $19.2 million as of 2025Q3, illustrating the cumulative impact of persistent R&D spending and the absence of profitable operations on the company's overall equity quality and long-term shareholder value.
The erosion of equity highlights the high cost of the company's clinical development strategy. Without a clear path to commercialization, the continued accumulation of losses suggests that further shareholder dilution may be an inevitable consequence of the firm's current capital structure.
As indicated by the financial data, the company's asset base is almost entirely composed of cash and minimal PPE, with no goodwill or intangible assets reported, which suggests that the firm's valuation is currently tied exclusively to its clinical pipeline rather than any tangible or acquired commercial assets.
The absence of intangible assets on the balance sheet implies that the company's proprietary technology and clinical data are not being capitalized, which may lead to an understatement of the true investment made in its pipeline. This lack of capitalization makes the company's valuation highly sensitive to binary clinical trial outcomes.
Quick answers to the most common questions about buying LIPO stock.
As of 2024, Lipella Pharmaceuticals Inc. (LIPO) had total assets of $2.7M including $2.6M in current assets.
Lipella Pharmaceuticals Inc. (LIPO) carries total debt of $0.0M, offset by $2.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Lipella Pharmaceuticals Inc. (LIPO) has total shareholders' equity (book value) of $1.9M ($1.83 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Lipella Pharmaceuticals Inc. (LIPO) reported a current ratio of 3.47x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.