Lexeo maintains a conservative capital structure with only $7.9 million in total debt as of 2025Q4, though the accumulated deficit has ballooned to $380.1 million, reflecting the heavy cost of clinical development.
| Total Current Assets | 200.86M | 188.39M | 126.12M | 124.29M | 80.05M | 136.68M | 29.41M |
| Cash & Short-Term Investments | 71.77M | 181.77M | 121.52M | 121.47M | 77.33M | 135.86M | 29.37M |
| Cash Only | 71.77M | 63M | 35.01M | 121.47M | 77.33M | 135.86M | 29.37M |
| Short-Term Investments | 0 | 118.77M | 86.5M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - |
| Other Current Assets | 129.09M | 6.63M | 4.6M | 3K | 371K | 696K | 33.57K |
| Total Non-Current Assets | 49.49M | 80.3M | 20.82M | 15.51M | 21.26M | 176K | 2.5K |
| Property, Plant & Equipment | 8.35M | 8.86M | 10.56M | 12.26M | 13.78M | 174K | 0 |
| Fixed Asset Turnover | 0.00x | - | - | - | 0.05x | 9.52x | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 128.95M | 71.44M | 7.01M | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 6.64M | 0 | 3.25M | 3.25M | 7.49M | 2K | 2.5K |
| Total Assets | 250.36M | 268.69M | 146.94M | 139.81M | 97.08M | 136.86M | 29.41M |
| Asset Turnover | 0.00x | - | - | - | 0.01x | 0.01x | 0.02x |
| Asset Growth % | 156.47% | 82.85% | 5.1% | 44.02% | -29.07% | 365.36% | - |
| Total Current Liabilities | 14.19M | 16.81M | 22.85M | 17.24M | 14.35M | 7.45M | 697.72K |
| Accounts Payable | 3.33M | 4.86M | 6.42M | 3.79M | 2.68M | 3.06M | 44.32K |
| Days Payables Outstanding | 5.49K | - | - | - | - | - | - |
| Short-Term Debt | 2.69M | 0 | 2.67M | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 46K | 140.38K |
| Other Current Liabilities | 8.16M | 9.28M | 4.66M | 3.36M | 2.15M | 961K | 1.03K |
| Current Ratio | 14.16x | 11.21x | 5.52x | 7.21x | 5.58x | 18.35x | 42.15x |
| Quick Ratio | 14.16x | 11.21x | 5.52x | 7.21x | 5.58x | 18.35x | 42.15x |
| Cash Conversion Cycle | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 4.67M | 5.21M | 7.25M | 9.03M | 195.68M | 185.01M | 34.25M |
| Long-Term Debt | 4.67M | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 11.47M | 5.21M | 7.25M | 9.03M | 10.65M | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 185.03M | 185.01M | 34.25M |
| Total Liabilities | 18.86M | 22.02M | 30.1M | 26.27M | 210.03M | 192.46M | 34.95M |
| Total Debt | 7.37M | 7.89M | 9.92M | 11.64M | 13.48M | 0 | 0 |
| Net Debt | -64.4M | -55.11M | -25.09M | -109.83M | -63.85M | -135.86M | -29.37M |
| Debt / Equity | 0.03x | 0.03x | 0.08x | 0.10x | - | - | - |
| Debt / EBITDA | -0.08x | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.67x | - | - | - | - | - | - |
| Interest Coverage | -488.92x | -484.25x | -861.37x | -322.87x | -650.40x | - | -31.18x |
| Total Equity | 231.5M | 246.67M | 116.84M | 113.53M | -112.95M | -55.6M | -5.54M |
| Equity Growth % | 244.36% | 111.11% | 2.91% | 200.51% | -103.15% | -904.29% | - |
| Book Value per Share | 2.85 | 4.60 | 3.68 | 4.26 | -4.49 | -2.21 | -0.22 |
| Total Shareholders' Equity | 231.5M | 246.67M | 116.84M | 113.53M | -112.95M | -55.6M | -5.54M |
| Common Stock | 7K | 7K | 3K | 3K | 0 | 1.68K | 1.6K |
| Retained Earnings | -400.33M | -380.13M | -280.17M | -181.84M | -115.45M | -56.17M | -5.55M |
| Treasury Stock | 0 | -17K | -17K | 0 | 0 | 0 | 0 |
| Accumulated OCI | -142K | 188K | -103K | 0 | -185.03M | -185.01M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
As reported in recent financial filings, LXEO's cash reserves have declined to $63 million as of 2025Q4, a significant contraction from the $195.1 million held in 2024Q1, which underscores the company's heavy reliance on external capital to sustain its ongoing clinical development programs.
The rapid depletion of cash relative to the company's consistent quarterly burn rate suggests that the current liquidity buffer may be insufficient to reach critical clinical milestones without further financing. Investors should monitor the current ratio, which, while appearing elevated at 11.21, is heavily influenced by the timing of clinical trial liabilities rather than operational self-sufficiency.
Based on the company's reported figures, accumulated deficit has ballooned to $380.1 million by 2025Q4, reflecting the sustained impact of R&D-heavy operations on shareholder equity, which has been further pressured by the ongoing use of stock-based compensation to manage cash outflows.
The consistent growth in the accumulated deficit highlights the structural challenge of funding long-term gene therapy development without commercial revenue. The reliance on equity-based incentives to preserve cash suggests that shareholders may face continued dilution as the company seeks to bridge the gap between its current clinical stage and potential commercialization.
According to the balance sheet data, LXEO's asset composition is dominated by cash and cash equivalents, with net property, plant, and equipment (PPE) remaining relatively stagnant at $8.9 million as of 2025Q4, indicating an asset-light model that prioritizes outsourced manufacturing over internal capital-intensive infrastructure.
The lack of significant investment in tangible assets suggests that the company is avoiding the high fixed costs of internal manufacturing, which may be a strategic choice to preserve liquidity. However, this reliance on third-party manufacturing may introduce risks regarding supply chain control and long-term margin pressure once the company reaches the commercial stage.
As indicated by the provided financial statements, the company's reliance on minimal debt, with only $7.9 million in total debt as of 2025Q4, masks the underlying risk of a potential capital raise, as the current cash burn rate necessitates a near-term infusion of non-dilutive or dilutive capital.
While the low debt-to-equity ratio might appear favorable, it is a byproduct of the company's inability to access traditional debt markets due to its pre-revenue status. The primary risk remains the potential for significant shareholder dilution, as the balance sheet lacks the internal cash generation required to support the current pipeline's clinical trajectory.
Quick answers to the most common questions about buying LXEO stock.
As of 2025, Lexeo Therapeutics, Inc. Common Stock (LXEO) had total assets of $268.7M including $188.4M in current assets.
Lexeo Therapeutics, Inc. Common Stock (LXEO) carries total debt of $7.9M, offset by $181.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Lexeo Therapeutics, Inc. Common Stock (LXEO) has total shareholders' equity (book value) of $246.7M ($4.60 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Lexeo Therapeutics, Inc. Common Stock (LXEO) reported a current ratio of 11.21x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.