The balance sheet reflects severe structural fragility, evidenced by a current ratio of 0.19 and a total equity deficit of $9.6 million as of 2025Q3.
| Total Current Assets | 3.73M | 1.05M | 2M | 2.57M | 9.57M | 20.9M |
| Cash & Short-Term Investments | 3.16M | 480.55K | 220.47K | 1.87M | 9.17M | 20.66M |
| Cash Only | 3.16M | 92.7K | 220.47K | 1.87M | 9.17M | 20.66M |
| Short-Term Investments | 0 | 387.85K | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 1.11M | 0 | 0 | 1.64K |
| Days Sales Outstanding | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - |
| Other Current Assets | 577.38K | 566.08K | 668.93K | 690.92K | 393K | 0 |
| Total Non-Current Assets | 6.13M | 7.18M | 161.13M | 55.74M | 75.07M | 168.71M |
| Property, Plant & Equipment | 12.96K | 1.06M | 1.75M | 1.42M | 1.74M | 2.16M |
| Fixed Asset Turnover | 0.08x | - | - | - | - | - |
| Goodwill | 5.96M | 5.96M | 159.33M | 11.64M | 11.64M | 11.64M |
| Intangible Assets | 119.11K | 165.99K | 30.04K | 42.65M | 61.62M | 154.89M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 32.82K | 0 | 19.85K | 21.74K | 68.64K | 20.98K |
| Total Assets | 9.86M | 8.23M | 163.13M | 58.3M | 84.63M | 189.61M |
| Asset Turnover | 0.00x | - | - | - | - | - |
| Asset Growth % | -374.88% | -94.95% | 179.81% | -31.11% | -55.36% | - |
| Total Current Liabilities | 19.28M | 29.16M | 30.31M | 11.02M | 6.45M | 1.89M |
| Accounts Payable | 12.68M | 12.56M | 9.45M | 5.3M | 1.4M | 320.56K |
| Days Payables Outstanding | 46.97K | 35.5K | - | - | - | 298.93 |
| Short-Term Debt | 991.66K | 9.44M | 2.45M | 4.62M | 1.2M | 353.01K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 414.63K | 1.01M | 12.61M | 184.73K | 2.56M | 1.21M |
| Current Ratio | 0.19x | 0.04x | 0.07x | 0.23x | 1.48x | 11.08x |
| Quick Ratio | 0.19x | 0.04x | 0.07x | 0.23x | 1.48x | 11.08x |
| Cash Conversion Cycle | - | - | - | - | - | - |
| Total Non-Current Liabilities | 131.32K | 424.55K | 842.39K | 775.59K | 5.56M | 13.06M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 4.58M | 5.78M |
| Capital Lease Obligations | 1.05M | 424.55K | 842.39K | 775.59K | 985.7K | 1.24M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 6.04M |
| Total Liabilities | 19.41M | 29.58M | 31.15M | 11.8M | 12.01M | 14.94M |
| Total Debt | 1.41M | 10.17M | 3.79M | 5.59M | 7.02M | 7.37M |
| Net Debt | -1.74M | 10.08M | 3.57M | 3.72M | -2.16M | -13.29M |
| Debt / Equity | -0.15x | - | 0.03x | 0.12x | 0.10x | 0.04x |
| Debt / EBITDA | -0.14x | - | - | - | - | - |
| Net Debt / EBITDA | 0.18x | - | - | - | - | - |
| Interest Coverage | -210.59x | -244.30x | -35.32x | -55.13x | -303.24x | -69.73x |
| Total Equity | -9.55M | -21.35M | 131.98M | 46.5M | 72.62M | 174.66M |
| Equity Growth % | -456.79% | -116.18% | 183.81% | -35.96% | -58.42% | - |
| Book Value per Share | -3.06 | -10.35 | 108.28 | 66.12 | 110.60 | 296.24 |
| Total Shareholders' Equity | -9.55M | -21.35M | 131.98M | 46.5M | 72.62M | 174.66M |
| Common Stock | 3.58K | 17.74K | 15.85K | 6.37K | 5.3K | 5.22K |
| Retained Earnings | -512.01M | -510.46M | -332.46M | -244.03M | -204.35M | -90.91M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -155.7K | 10.81M | -170.85K | -29.88K | -30.44K | -10.83K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent insolvency and dilution
As reported in recent financial filings, LNAI's equity position has deteriorated into a deficit of $9.6 million as of 2025Q3, reflecting a consistent pattern of capital depletion that signals a severely weakened balance sheet trajectory and limited capacity for future operational investment.
The shift from positive equity in 2024 to a persistent deficit suggests that the company's accumulated losses have effectively wiped out shareholder value. This trajectory indicates that the business model is currently unable to generate the internal capital necessary to sustain its own existence, forcing a reliance on dilutive financing.
Based on historical balance sheet data, LNAI's asset base is heavily concentrated in goodwill, which stood at $6.0 million in 2025Q3, suggesting that the company's valuation is tethered to intangible acquisitions rather than tangible assets or productive laboratory infrastructure.
The significant reduction in goodwill from its peak of $164.2 million in 2023Q3 implies that previous acquisitions have failed to deliver the expected strategic value. Investors should monitor whether further impairments are required, as the current asset mix provides little collateral value to support the company's ongoing liquidity needs.
According to the most recent quarterly data, LNAI maintains a current ratio of 0.19, which, when paired with a cash balance of $3.2 million, highlights a precarious liquidity position that leaves the firm with virtually no buffer against operational shocks or unforeseen capital requirements.
A current ratio consistently below 1.0 indicates that the company lacks the liquid assets to cover its short-term obligations, suggesting a high probability of a liquidity crisis. The reliance on external capital to bridge this gap appears to be the only mechanism preventing an immediate cessation of operations.
As indicated by the company's history of rebranding and restructuring, the reported balance sheet figures may be distorted by non-cash accounting adjustments, making it difficult to discern the true underlying financial health from the volatility inherent in the firm's frequent corporate identity changes.
The dramatic swings in total assets and equity over the last ten quarters suggest that the balance sheet is more reflective of accounting maneuvers and merger activity than organic business growth. Analysts should treat these figures with extreme caution, as they likely obscure the true extent of the company's operational burn and technical debt.
Quick answers to the most common questions about buying LNAI stock.
As of 2024, Lunai Bioworks Inc. (LNAI) had total assets of $8.2M including $1.0M in current assets.
Lunai Bioworks Inc. (LNAI) carries total debt of $10.2M, offset by $0.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Lunai Bioworks Inc. (LNAI) has total shareholders' equity (book value) of $-21.3M ($-10.35 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Lunai Bioworks Inc. (LNAI) reported a current ratio of 0.04x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.