Solvency concerns are mounting as the equity position has eroded to a $50.3 million deficit by 2025Q1, while total debt has climbed to $38.2 million.
| Total Current Assets | 2.38M | 24K | 1.93M | 350K | 612K |
| Cash & Short-Term Investments | 6K | 0 | 26K | 117K | 351K |
| Cash Only | 6K | 0 | 26K | 117K | 351K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 23K | 24K | 26K | 96K | 67K |
| Days Sales Outstanding | 13.16 | - | - | 455.06 | 57.41 |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - |
| Other Current Assets | 1.7M | 0 | 313K | 4K | 22K |
| Total Non-Current Assets | 13.46M | 0 | 14.55M | 15.98M | 17.46M |
| Property, Plant & Equipment | 13.37M | 0 | 14.46M | 15.88M | 17.37M |
| Fixed Asset Turnover | 0.06x | - | - | 0.00x | 0.02x |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 96K | 0 | 92K | 97K | 89K |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 15.84M | 24K | 16.48M | 16.33M | 18.07M |
| Asset Turnover | 0.06x | - | - | 0.00x | 0.02x |
| Asset Growth % | -218.65% | -99.85% | 0.92% | -9.63% | - |
| Total Current Liabilities | 43.89M | 0 | 39.45M | 14.74M | 55.74M |
| Accounts Payable | 15.24M | 0 | 11.04M | 975K | 1.71M |
| Days Payables Outstanding | 11.58K | - | - | 19.77K | 20.85K |
| Short-Term Debt | 26.76M | 0 | 9.99M | 11.65M | 51.15M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 1.28M | 0 | 16.77M | 346K | 303K |
| Current Ratio | 0.05x | - | 0.05x | 0.02x | 0.01x |
| Quick Ratio | 0.05x | - | 0.05x | 0.02x | 0.01x |
| Cash Conversion Cycle | -11.57K | - | - | - | - |
| Total Non-Current Liabilities | 22.29M | 0 | 35.72M | 26K | 379K |
| Long-Term Debt | 11.08M | 0 | 9.93M | 0 | 0 |
| Capital Lease Obligations | 804K | 0 | 0 | 0 | 360K |
| Deferred Tax Liabilities | 74K | 0 | 33K | 26K | 19K |
| Other Non-Current Liabilities | 10.99M | 0 | 25.76M | 0 | 0 |
| Total Liabilities | 66.17M | 0 | 75.17M | 14.77M | 56.12M |
| Total Debt | 38.19M | 0 | 19.92M | 12.03M | 51.97M |
| Net Debt | 38.19M | 0 | 19.89M | 11.92M | 51.62M |
| Debt / Equity | -0.76x | - | - | 7.70x | - |
| Debt / EBITDA | -1.59x | - | - | - | - |
| Net Debt / EBITDA | -1.59x | - | - | - | - |
| Interest Coverage | 3.08x | -9.90x | -39.93x | -10.56x | -16.62x |
| Total Equity | -50.33M | 0 | -58.69M | 1.56M | -38.05M |
| Equity Growth % | -135.69% | 100% | -3855.15% | 104.11% | - |
| Book Value per Share | -1.75 | - | -3.80 | 0.07 | -1.77 |
| Total Shareholders' Equity | -50.33M | 0 | -58.69M | 1.56M | -38.05M |
| Common Stock | 5K | 0 | 2K | 1K | 14K |
| Retained Earnings | -191.07M | 0 | -162.13M | -79.18M | -52.42M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
Imminent Liquidity and Solvency Risk
As reported in financial statements, NKGen's equity position has plummeted into a deficit of $50.3 million by 2025Q1, reflecting a consistent erosion of shareholder value that underscores the company's ongoing struggle to maintain a viable capital base while funding its intensive clinical development programs.
The persistent negative equity trend suggests that the company is consuming its capital base faster than it can replenish it through financing. This trajectory indicates that the firm's financial foundation is weakening, which may limit its strategic flexibility and increase the cost of future capital raises.
Based on recent SEC filings, NKGen's total debt has climbed to $38.2 million as of 2025Q1, a significant increase from the $20.0 million reported in 2023Q3, which highlights a growing reliance on debt financing to sustain operations in the absence of commercial revenue streams.
The accumulation of debt in a pre-revenue environment suggests that the company is increasingly dependent on external credit to bridge its funding gaps. Investors should monitor whether this leverage is sustainable, as the lack of operating cash flow makes servicing these obligations highly dependent on future equity dilution.
According to the company's balance sheet data, the current ratio has remained at a precarious 0.05 as of 2025Q1, signaling that the firm possesses virtually no short-term liquidity buffer to cover its immediate liabilities or ongoing research and development expenditures.
This extremely low current ratio implies that the company is operating with minimal cash on hand, leaving it highly vulnerable to even minor operational disruptions. The lack of liquid assets suggests that the firm may be forced to seek emergency financing or strategic partnerships to avoid insolvency.
As indicated by the provided financial data, the company's asset base is heavily concentrated in PPE and minimal cash, with cash reserves falling to just $6,000 in 2025Q1, which suggests that the firm's ability to fund its clinical trials is almost entirely dependent on external capital.
The reliance on non-liquid assets like PPE, which are difficult to monetize in a distress scenario, creates a significant risk for shareholders. This asset structure implies that the company lacks the financial cushion necessary to weather prolonged delays in clinical trial readouts or unfavorable market conditions.
Quick answers to the most common questions about buying NKGN stock.
As of 2024, NKGen Biotech, Inc. Common Stock (NKGN) had total assets of $0.0M including $0.0M in current assets.
NKGen Biotech, Inc. Common Stock (NKGN) carries total debt of $0.0M, offset by $0.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
NKGen Biotech, Inc. Common Stock (NKGN) has total shareholders' equity (book value) of $0.0M. Book value represents the net worth of the company belonging to common stock holders.