The balance sheet shows a deteriorating liquidity profile, with the current ratio collapsing to 0.78 in 2026Q1 from 27.91 in 2025Q1, alongside a $3.9M total debt burden.
| Total Current Assets | 4.01M | 3.91M | 1.04M |
| Cash & Short-Term Investments | - | - | - |
| Cash Only | - | - | - |
| Short-Term Investments | - | - | - |
| Accounts Receivable | - | - | - |
| Days Sales Outstanding | - | - | - |
| Inventory | - | - | - |
| Days Inventory Outstanding | - | - | - |
| Other Current Assets | 0 | -171.34M | 0 |
| Total Non-Current Assets | 172.92M | 171.41M | 164.48M |
| Property, Plant & Equipment | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - |
| Goodwill | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 |
| Long-Term Investments | 340.85M | 0 | 164.41M |
| Other Non-Current Assets | - | - | - |
| Total Assets | 176.93M | 175.31M | 165.52M |
| Asset Turnover | 0.00x | - | - |
| Asset Growth % | 22.51% | 5.92% | - |
| Total Current Liabilities | 5.13M | 4.29M | 41.25K |
| Accounts Payable | 0 | 0 | 0 |
| Days Payables Outstanding | - | - | - |
| Short-Term Debt | 3.95M | 3.72M | 0 |
| Deferred Revenue (Current) | 0 | - | - |
| Other Current Liabilities | 1.19M | 576.96K | 41.25K |
| Current Ratio | 0.78x | 0.91x | 25.30x |
| Quick Ratio | 0.78x | 0.91x | 25.30x |
| Cash Conversion Cycle | - | - | - |
| Total Non-Current Liabilities | 6.6M | 6.6M | 6.6M |
| Long-Term Debt | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | - | - |
| Deferred Tax Liabilities | 0 | - | - |
| Other Non-Current Liabilities | - | - | - |
| Total Liabilities | 11.73M | 10.89M | 6.64M |
| Total Debt | 3.95M | 3.72M | 0 |
| Net Debt | 3.93M | 3.69M | -878.25K |
| Debt / Equity | 0.02x | 0.02x | - |
| Debt / EBITDA | 1.05x | - | - |
| Net Debt / EBITDA | 1.05x | - | -0.21x |
| Interest Coverage | 5.43x | -2.73x | - |
| Total Equity | 165.2M | 164.42M | 158.88M |
| Equity Growth % | 14.94% | 3.49% | - |
| Book Value per Share | 10.32 | 10.28 | 7.35 |
| Total Shareholders' Equity | 165.2M | 164.42M | 158.88M |
| Common Stock | 172.92M | 171.41M | 164.41M |
| Retained Earnings | -7.72M | -6.99M | -5.53M |
| Treasury Stock | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 |
Liquidation Deadline Pressure
As reported in recent financial filings, MACI's cash position has plummeted to $14.2K in 2026Q1 from $171.4M in 2025Q4, signaling a rapid depletion of resources that leaves the entity with minimal financial flexibility as it approaches its statutory liquidation deadline.
The precipitous decline in cash reserves suggests that the company has likely returned capital to shareholders or exhausted its trust account, leaving the shell with negligible working capital. This trajectory indicates that the entity is no longer positioned to execute a meaningful business combination without significant external capital injection.
Based on the company's 2026Q1 balance sheet, the current ratio has collapsed to 0.78, a stark reversal from the 27.91 ratio observed in 2025Q1, which highlights an acute inability to cover short-term administrative obligations without relying on sponsor-provided promissory notes.
The current ratio falling below parity suggests that current liabilities now exceed available liquid assets, creating a structural vulnerability. Investors should monitor whether the sponsor continues to fund these deficits, as the lack of internal liquidity severely limits the company's operational runway.
According to quarterly balance sheet data, MACI's total debt has increased to $3.9M in 2026Q1 from zero in 2024Q4, indicating an increasing reliance on sponsor-backed financing to sustain the entity's ongoing search and compliance costs in the absence of operational revenue.
While the debt-to-equity ratio remains low at 0.02, the shift from a debt-free status to accumulating liabilities suggests that the sponsor is effectively subsidizing the search process. This reliance on debt may complicate future merger negotiations, as these obligations will likely need to be settled or converted during a business combination.
As indicated by the company's financial statements, retained earnings have deteriorated to a deficit of $7.7M in 2026Q1, reflecting the persistent, non-recoverable administrative costs incurred during the search phase that continue to erode the total equity base of the shell entity.
The consistent growth of the accumulated deficit underscores the value-destructive nature of the search phase when no transaction is realized. This trend suggests that the equity value is being steadily consumed by compliance and legal overhead, leaving less residual value for shareholders should the company proceed to liquidation.
Quick answers to the most common questions about buying MACI stock.
As of 2025, Melar Acquisition Corp. I (MACI) had total assets of $175.3M including $3.9M in current assets.
Melar Acquisition Corp. I (MACI) carries total debt of $3.7M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Melar Acquisition Corp. I (MACI) has total shareholders' equity (book value) of $164.4M ($10.28 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Melar Acquisition Corp. I (MACI) reported a current ratio of 0.91x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.