The financial foundation is precarious, evidenced by an accumulated deficit of $74.8M and a negligible net PPE of $5.3K, which leaves the firm with almost no tangible asset backing.
| Total Current Assets | 4.04M | 2.23M | 1.82M | 9.25M | 5.72M | 196.71K | 381.75K | 90.16K | 2.27M |
| Cash & Short-Term Investments | 3.07M | 1.67M | 897.68K | 8.95M | 5.43M | 93.71K | 220.27K | 6.68K | 2.18M |
| Cash Only | 3.07M | 1.67M | 897.68K | 8.95M | 5.43M | 93.71K | 220.27K | 6.68K | 2.18M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 536.69K | 400K | 10.66K | 41.24K | 38.55K | 61.21K | 75.39K | 36.89K | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | -41.24K | -38.55K | -61.21K | 0 | -9.36K | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 54.2K | 49.48K | 845.7K | 106.98K | 76.09K | 88.59K | 71.02K | 0 | 0 |
| Total Non-Current Assets | 301.74K | 7.57K | 23.58K | 30.25K | 41.55K | 1.01M | 314.68K | 55.47K | 14.37K |
| Property, Plant & Equipment | 5.3K | 7.29K | 6.69K | 18.1K | 29.51K | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 67.95K | 54.47K | 55.47K | 0 |
| Other Non-Current Assets | 296.44K | 283 | 16.89K | 12.14K | 12.04K | 946.91K | 260.21K | 0 | 14.37K |
| Total Assets | 4.34M | 2.23M | 1.85M | 9.28M | 5.76M | 1.21M | 696.43K | 145.63K | 2.29M |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - | - |
| Asset Growth % | 156.86% | 20.93% | -80.09% | 60.92% | 375.8% | 73.97% | 378.2% | -93.64% | - |
| Total Current Liabilities | 1.46M | 826.76K | 7.92M | 3.36M | 2.4M | 7.2M | 4.04M | 2.41M | 989.96K |
| Accounts Payable | 1.02M | 515.49K | 4.63M | 2.37M | 1.74M | 4.01M | 2.51M | 1.13M | 564.95K |
| Days Payables Outstanding | 89.12K | 56.66K | 148.25K | 75.93K | 63.09K | - | - | - | - |
| Short-Term Debt | 0 | 0 | 1.63M | 0 | 0 | 1.77M | 690.07K | 707.68K | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 361.05K | 0 | 112.64K | 8.89K | 0 | 56.84K | 12.39K | 30.15K | 0 |
| Current Ratio | 2.77x | 2.69x | 0.23x | 2.75x | 2.38x | 0.03x | 0.09x | 0.04x | 2.30x |
| Quick Ratio | 2.77x | 2.69x | 0.23x | 2.76x | 2.40x | 0.04x | 0.09x | 0.04x | 2.30x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 0 | 2.76M | 2.64M | 2.82M | 2.99M | 2.83M | 6.54M | 9.02M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 313.48K | 152.06K | 6.39M | 8.87M |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 260.69K | 136.12K | 318.89K | 178.27K | 180.25K | 159.02K | 148.25K |
| Total Liabilities | 1.46M | 826.76K | 10.68M | 6M | 5.22M | 10.2M | 6.87M | 8.96M | 10.01M |
| Total Debt | 0 | 0 | 1.63M | 0 | 0 | 2.08M | 842.13K | 7.09M | 8.87M |
| Net Debt | -3.07M | -1.67M | 736.07K | -8.95M | -5.43M | 1.99M | 621.86K | 7.09M | 6.68M |
| Debt / Equity | 0.00x | - | - | - | - | - | - | - | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.30x | - | - | - | - | - | - | - | - |
| Interest Coverage | -33.88x | -24.24x | -81.34x | -153.49x | -174.33x | -11.24x | -5.65x | -3.18x | -6.48x |
| Total Equity | 2.88M | 1.41M | -8.83M | 3.28M | 542.39K | -8.98M | -6.17M | -8.81M | -7.72M |
| Equity Growth % | -238.43% | 115.92% | -369.25% | 504.89% | 106.04% | -45.59% | 29.98% | -14.2% | - |
| Book Value per Share | 7.20 | 9.11 | -2.31 | 1.67 | 0.37 | -18.64 | -5.54 | -550856.81 | -6.55 |
| Total Shareholders' Equity | 2.88M | 1.41M | -8.83M | 3.28M | 542.39K | -8.98M | -6.17M | -8.81M | -7.72M |
| Common Stock | 153.14K | 166.35K | 733.41K | 668.55K | 344.44K | 145.14K | 145.14K | 133.54K | 128.34K |
| Retained Earnings | -74.81M | -74.43M | -70.37M | -58.2M | -41.71M | -29.76M | -26.9M | -21.45M | -16.3M |
| Treasury Stock | 0 | 0 | -64.86K | 0 | -29.5K | 0 | 0 | 0 | 0 |
| Accumulated OCI | 108.85K | 108.85K | -158.07K | -50.79K | -151.74K | -19.38K | -18.7K | -11.25K | -9.99K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity exhaustion
As reported in financial statements, NCEL's equity has fluctuated between positive and negative territory over the last ten quarters, with the most recent $2.9M equity position in 2025Q2 masking a long-term trend of accumulated deficits totaling $74.8M, signaling a precarious and deteriorating balance sheet trajectory.
The historical volatility in equity suggests that the company relies on periodic, dilutive capital injections to offset consistent operational losses. This pattern indicates that the business quality remains highly speculative, as the balance sheet serves only to bridge the gap between R&D phases rather than supporting a self-sustaining commercial operation.
Based on the most recent quarterly data, NCEL holds $1.66M in cash, which, when viewed against the company's historical burn rate, suggests an extremely limited operational runway that leaves the firm highly vulnerable to any delays in securing additional external financing or strategic partnerships.
While the current ratio of 2.77 appears superficially healthy, it is heavily skewed by the low liability base and does not reflect the underlying lack of recurring revenue. Investors should monitor the cash-to-burn ratio closely, as the current liquidity buffer provides little margin for error in clinical trial execution.
According to historical balance sheet data, NCEL’s equity base has been repeatedly impaired by massive accumulated deficits of $74.8M, suggesting that shareholders have faced significant dilution as the company repeatedly taps capital markets to maintain its research operations without achieving a commercial breakthrough.
The negative equity periods observed in 2023 and 2024 highlight the extreme financial distress the company has faced. The current positive equity position is likely a temporary result of recent financing, which warrants further investigation into the terms of such capital raises and their impact on existing shareholder value.
As indicated by the reported figures, NCEL’s asset base is almost entirely devoid of tangible value, with net PPE of only $5.3K in 2025Q2, suggesting that the company’s valuation is tied exclusively to intangible intellectual property that remains unproven and carries high risk of impairment.
The absence of meaningful physical assets underscores the company's reliance on the success of its neuro-inflammatory pipeline. If clinical milestones are not met, the balance sheet offers no tangible collateral or salvage value, making the investment thesis entirely binary and dependent on external validation of its chemical scaffolds.
Quick answers to the most common questions about buying NCEL stock.
As of 2024, NewcelX Ltd. (NCEL) had total assets of $2.2M including $2.2M in current assets.
NewcelX Ltd. (NCEL) carries total debt of $0.0M, offset by $1.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
NewcelX Ltd. (NCEL) has total shareholders' equity (book value) of $1.4M ($9.11 book value per share). Book value represents the net worth of the company belonging to common stock holders.
NewcelX Ltd. (NCEL) reported a current ratio of 2.69x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.