The balance sheet reflects a precarious liquidity position with only $30.1 million in cash against an accumulated deficit of $190.5 million, following the recent divestiture of legacy assets.
| Total Current Assets | 31.1M | 1.29B | 329.91M | 3.63B | 750.18M | 5.34B | 1.36B | 2.04B | 691.59M |
| Cash & Short-Term Investments | 30.14M | 1.27B | 311.73M | 3.45B | 670.96M | 4.79B | 1.17B | 1.84B | 574.17M |
| Cash Only | 30.11M | 498.24M | 291.51M | 3.21B | 552.8M | 4.76B | 1.14B | 1.59B | 307.93M |
| Short-Term Investments | 30.02K | 767.36M | 20.22M | 235.43M | 118.16M | 31.53M | 32M | 255.96M | 266.25M |
| Accounts Receivable | 256.33K | 8.55M | 1.83M | 4.81M | 60.95M | 71.31M | 55.27M | 9.36M | 4.15M |
| Days Sales Outstanding | - | - | 149.15 | -164.17 | 252.74 | 16.87 | 672.48 | 63.55 | 134.43 |
| Inventory | 0 | 0 | 0 | -80.28M | 4.27M | 0 | -55.87M | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | 33.59 | - | - | - | - |
| Other Current Assets | 0 | 1 | 15.68M | 242.96M | 0 | 468.66M | 191.56M | 108.1M | 110.71M |
| Total Non-Current Assets | 6.15M | 262.66M | 39.01M | 447.19M | 128.56M | 990.13M | 376.25M | 339.08M | 333.75M |
| Property, Plant & Equipment | 421.59K | 27.72M | 5.55M | 123.97M | 24.87M | 40.27M | 46.5M | 27.66M | 22.34M |
| Fixed Asset Turnover | - | - | 0.81x | -0.09x | 3.54x | 38.31x | 0.65x | 1.94x | 0.50x |
| Goodwill | 0 | 0 | 0 | 162.57M | 25.51M | 162.57M | 162.57M | 162.57M | 162.57M |
| Intangible Assets | 0 | 0 | 0 | 118.89M | 18.77M | 120.44M | 148.84M | 148.84M | 148.84M |
| Long-Term Investments | 5.32M | 224.98M | 0 | 30.85M | 55.24M | 664.83M | 0 | 0 | 0 |
| Other Non-Current Assets | 402K | 9.96M | 33.46M | 10.91M | 4.18M | 2.01M | 18.33M | 0 | 0 |
| Total Assets | 37.24M | 1.55B | 368.92M | 4.07B | 878.74M | 6.33B | 1.74B | 2.38B | 1.03B |
| Asset Turnover | - | - | 0.01x | -0.00x | 0.10x | 0.24x | 0.02x | 0.02x | 0.01x |
| Asset Growth % | -97.6% | 320.77% | -90.94% | 363.58% | -86.13% | 264.52% | -26.87% | 131.72% | - |
| Total Current Liabilities | 3.84M | 61.7M | 58.14M | 659.74M | 97.9M | 576.13M | 588.48M | 346.16M | 195.14M |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 2.75M | 0 | 8.04M | 50M | 80M | 99M |
| Deferred Revenue (Current) | 0 | 773.67K | 0 | 2.19M | 371.66K | 9.93M | 3.92M | 14.15M | 2.42M |
| Other Current Liabilities | 1.31M | 5.01M | 49.67M | 549.85M | 0 | 471.49M | 281.28M | 181.59M | 80.72M |
| Current Ratio | 8.09x | 20.90x | 5.67x | 5.50x | 7.66x | 9.28x | 2.31x | 5.88x | 3.54x |
| Quick Ratio | 8.09x | 20.90x | 5.67x | 5.62x | 7.62x | 9.28x | 2.41x | 5.88x | 3.54x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 384.13K | 22.38M | 68.19M | 405.6M | 65.52M | 130.52M | 3.18B | 2.98B | 1.13B |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 5.54M | 68.2M | 67.03M | 114.01M |
| Capital Lease Obligations | 311.08K | 22.38M | 3.26M | 32.07M | 12.83M | 5.54M | 7.49M | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | -8.97M | 0 | 0 | 0 |
| Other Non-Current Liabilities | 73.05K | 3.79K | 64.83M | 373.53M | 15.2M | 124.98M | 3.11B | 2.92B | 1.02B |
| Total Liabilities | 4.23M | 84.08M | 126.34M | 1.07B | 163.42M | 706.65M | 3.77B | 3.33B | 1.33B |
| Total Debt | 438.46K | 28.33M | 3.89M | 38.29M | 17.64M | 13.6M | 132.5M | 147.03M | 213.01M |
| Net Debt | -29.67M | -469.9M | -287.62M | -3.18B | -535.16M | -4.75B | -1B | -1.44B | -94.92M |
| Debt / Equity | 0.01x | 0.02x | 0.02x | 0.01x | 0.02x | 0.00x | - | - | 0.30x |
| Debt / EBITDA | - | - | - | - | - | 0.08x | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | -28.19x | - | - | - |
| Interest Coverage | - | - | -3412.93x | - | - | 1062.06x | -484.44x | -258.01x | -325.05x |
| Total Equity | 33.02M | 1.47B | 242.58M | 3.01B | 715.33M | 5.63B | -2.03B | -955.1M | 716.19M |
| Equity Growth % | -97.75% | 505.24% | -91.94% | 320.55% | -87.29% | 376.56% | -113.03% | -233.36% | - |
| Book Value per Share | 0.79 | 18.08 | 2.91 | 36.46 | 9.42 | 82.31 | -34.98 | -16.42 | 12.31 |
| Total Shareholders' Equity | 33.02M | 1.47B | 242.58M | 3.01B | 715.33M | 5.63B | 1.07B | -955.1M | 410.49M |
| Common Stock | 3.86K | 138.68K | 19K | 132K | 19.77K | 114K | 6K | 6K | 6K |
| Retained Earnings | -190.47M | -9.39B | -1.26B | -6.77B | -683.21M | -2.02B | -2.49B | -1.01B | -357.86M |
| Treasury Stock | -720.8K | -45.44M | -8.01M | -21.25M | 0 | 0 | 0 | -1K | -1K |
| Accumulated OCI | 5.94M | 243.66M | 39.77M | 216.72M | -29.26M | -50.79M | 70.13M | 59.38M | 5.69M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 305.71M |
Critical Liquidity and Dilution
As reported in recent financial filings, NovaBridge Biosciences has seen its total assets plummet from $14.1 billion in 2025Q3 to just $37.2 million by 2025Q4, signaling a dramatic contraction in the company's financial footprint following the divestiture of its legacy China-based operations.
The precipitous decline in asset value suggests that the company has effectively shed its previous scale to focus on a leaner, US-centric model. Investors should monitor whether this smaller asset base can support the high-cost clinical development required for its bispecific antibody pipeline without further structural impairment.
Based on the 2025Q4 balance sheet, NovaBridge Biosciences holds only $30.1 million in cash, a figure that appears insufficient given the company's ongoing clinical trial obligations and the high burn rates typical of early-stage biotechnology firms attempting to establish independent US infrastructure.
While the current ratio of 8.09 suggests a lack of immediate short-term liabilities, the absolute cash level is dangerously low for a company with multiple active programs. This liquidity profile implies that the company may be forced into dilutive financing or aggressive asset out-licensing in the near term.
According to the latest quarterly data, the company's equity position has been severely impacted by an accumulated deficit of $190.5 million, reflecting the persistent, non-recurring nature of its R&D-heavy business model and the lack of sustained commercial revenue to offset historical operating losses.
The massive shift in equity from $13.1 billion in 2025Q3 to $33.0 million in 2025Q4 highlights the impact of the corporate restructuring and the removal of legacy assets from the balance sheet. This suggests that the current equity base is highly sensitive to future clinical trial outcomes and potential impairment of remaining intangible assets.
As evidenced by the dramatic shifts in total assets and liabilities between 2025Q3 and 2025Q4, the company's balance sheet is currently distorted by the recent divestiture of its China-based business, making historical year-over-year comparisons largely irrelevant for assessing the current standalone US entity's financial health.
The sudden disappearance of billions in assets and liabilities warrants caution, as it may mask lingering transition service agreements or contingent liabilities related to the former I-Mab operations. Analysts should treat the 2025Q4 figures as the new baseline and ignore previous periods to avoid misinterpreting the company's current operational reality.
Quick answers to the most common questions about buying NBP stock.
As of 2025, NovaBridge Biosciences (NBP) had total assets of $37.2M including $31.1M in current assets.
NovaBridge Biosciences (NBP) carries total debt of $0.4M, offset by $30.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
NovaBridge Biosciences (NBP) has total shareholders' equity (book value) of $33.0M ($0.79 book value per share). Book value represents the net worth of the company belonging to common stock holders.
NovaBridge Biosciences (NBP) reported a current ratio of 8.09x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.