The company's financial position appears increasingly vulnerable, with total assets declining to $56.5 million in 2026Q1 while maintaining a debt-to-equity ratio of 0.07.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Jun'13 | Jun'12 | Dec'11 | Jun'10 | Jun'09 |
|---|
| Total Current Assets | 48.59M | 61.47M | 40.52M | 44.16M | 21.33M | 37.09M | 15.34M | 7.81M | 11.42M | 5.16M | 8.59M | 4.63M | 9.37M | 21.6M | 14.31M | 9.83M | 5.94K | 4.92K |
| Cash & Short-Term Investments | 41.57M | 54.21M | 34.64M | 39.02M | 17.8M | 34.04M | 12.64M | 5.51M | 9.38M | 3.71M | 7.52M | 3.26M | 6.3M | 17.54M | 10.28M | 5.09M | 5.94K | 4.92K |
| Cash Only | 11.36M | 8.94M | 18.92M | 9.64M | 4.63M | 12M | 12.64M | 5.51M | 9.38M | 3.71M | 7.52M | 3.26M | 6.3M | 17.54M | 10.28M | 5.09M | 5.94K | 4.92K |
| Short-Term Investments | 30.21M | 45.27M | 15.72M | 29.38M | 13.17M | 22.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 2.79M | 2.57M | 2.25M | 2.45M | 1.25M | 1.39M | 945K | 973K | 820K | 850K | 513K | 547K | 994K | 2.13M | 1.97M | 2.37M | 0 | 0 |
| Days Sales Outstanding | 83.11 | 104.39 | 117.38 | 144.24 | 88.02 | 112.79 | 138.8 | 95.44 | 83.12 | 112.37 | 98.86 | 86.43 | 128.75 | 159.32 | 134.43 | 144.08 | - | - |
| Inventory | 3.04M | 3.4M | 2.57M | 2.11M | 1.62M | 1.14M | 1.42M | 1.24M | 1.13M | 533K | 500K | 753K | 1.92M | 1.59M | 1.81M | 2.17M | 0 | 0 |
| Days Inventory Outstanding | 153.09 | 195.82 | 170.46 | 174.78 | 145.95 | 111.52 | 215.02 | 152.16 | 158.83 | 89.4 | 101.84 | 105.47 | 345.26 | 254.68 | 231.5 | 263.17 | - | - |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 93K | 37K | 91K | 0 | 0 |
| Total Non-Current Assets | 7.88M | 7.93M | 6.29M | 3.48M | 3.33M | 2.62M | 2.44M | 2.07M | 869K | 952K | 816K | 1.15M | 2.09M | 2.36M | 1.71M | 635K | 0 | 0 |
| Property, Plant & Equipment | 6.25M | 6.34M | 4.73M | 2.53M | 2.47M | 1.71M | 1.71M | 1.48M | 421K | 476K | 379K | 472K | 622K | 550K | 462K | 420K | 0 | 0 |
| Fixed Asset Turnover | 1.73x | 1.42x | 1.48x | 2.45x | 2.09x | 2.62x | 1.45x | 2.51x | 8.55x | 5.80x | 5.00x | 4.89x | 4.53x | 8.86x | 11.58x | 14.30x | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1.63M | 1.59M | 1.55M | 951K | 856K | 905K | 725K | 586K | 448K | 476K | 437K | 674K | 1.47M | 1.81M | 1.24M | 215K | 0 | 0 |
| Total Assets | 56.47M | 69.4M | 46.81M | 47.64M | 24.65M | 39.71M | 17.78M | 9.88M | 12.29M | 6.11M | 9.41M | 5.78M | 11.46M | 20.75M | 16.01M | 10.46M | 5.94K | 4.92K |
| Asset Turnover | 0.18x | 0.13x | 0.15x | 0.13x | 0.21x | 0.11x | 0.14x | 0.38x | 0.29x | 0.45x | 0.20x | 0.40x | 0.25x | 0.23x | 0.33x | 0.57x | - | 692.59x |
| Asset Growth % | 109.66% | 48.28% | -1.75% | 93.25% | -37.92% | 123.39% | 79.93% | -19.6% | 101.21% | -35.1% | 62.86% | -49.58% | -44.76% | 29.54% | 53.02% | 175959.89% | 20.69% | - |
| Total Current Liabilities | 9.44M | 10.71M | 7.68M | 6.02M | 5.07M | 4.35M | 3.71M | 3.12M | 2.92M | 2.48M | 4.78M | 6.92M | 8.47M | 6.12M | 3.55M | 3.44M | 8.24K | 3.25K |
| Accounts Payable | 1.95M | 1.25M | 1.25M | 939K | 659K | 893K | 236K | 646K | 929K | 328K | 618K | 512K | 909K | 1.62M | 441K | 814K | 0 | 0 |
| Days Payables Outstanding | 75.77 | 72.37 | 83.17 | 77.93 | 59.33 | 87.13 | 35.86 | 79.52 | 130.12 | 55.02 | 125.88 | 71.71 | 163.12 | 259.48 | 56.5 | 98.67 | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.68M | 4.15M | 3.81M | 1.18M | 0 | 94K | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20K | 25K | 20K | 33K | 167K | 179K | 179K | 184K | 316K | 0 | 0 |
| Other Current Liabilities | 3M | 4.92M | 3.41M | 2.19M | 1.85M | 1.51M | 1.24M | 661K | 992K | 1.12M | 953K | 0 | 2.73M | 139K | 333K | 1.09M | 8.24K | 3.25K |
| Current Ratio | 5.15x | 5.74x | 5.28x | 7.34x | 4.21x | 8.53x | 4.14x | 2.51x | 3.91x | 2.08x | 1.80x | 0.67x | 1.11x | 3.53x | 4.03x | 2.86x | 0.72x | 1.52x |
| Quick Ratio | 4.82x | 5.42x | 4.94x | 6.99x | 3.89x | 8.27x | 3.76x | 2.11x | 3.52x | 1.86x | 1.69x | 0.56x | 0.88x | 3.27x | 3.52x | 2.23x | 0.72x | 1.52x |
| Cash Conversion Cycle | 160.43 | 227.84 | 204.67 | 241.09 | 174.63 | 137.18 | 317.96 | 168.07 | 111.83 | 146.76 | 74.83 | 120.19 | 310.89 | 154.52 | 309.43 | 308.58 | - | - |
| Total Non-Current Liabilities | 3.41M | 3.49M | 3.04M | 2.12M | 2.19M | 1.83M | 1.91M | 1.38M | 605K | 898K | 587K | 1.8M | 5.77M | 9.2M | 7.08M | 270K | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.1M | 5.09M | 8.59M | 5.02M | 0 | 0 | 0 |
| Capital Lease Obligations | 9.14M | 2.22M | 1.8M | 1.04M | 1.2M | 781K | 999K | 653K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1.37M | 1.27M | 1.25M | 1.08M | 995K | 1.05M | 910K | 729K | 605K | 898K | 587K | 706K | 687K | 610K | 2.06M | 270K | 0 | 0 |
| Total Liabilities | 12.85M | 14.2M | 10.72M | 8.14M | 7.26M | 6.18M | 5.61M | 4.5M | 3.52M | 3.38M | 5.37M | 8.72M | 14.25M | 15.33M | 10.63M | 3.71M | 8.24K | 3.25K |
| Total Debt | 3.11M | 3.29M | 2.34M | 1.59M | 1.61M | 1.2M | 1.4M | 1.01M | 0 | 0 | 2.68M | 5.33M | 8.89M | 9.77M | 5.02M | 94K | 0 | 0 |
| Net Debt | -8.25M | -5.65M | -16.58M | -8.04M | -3.02M | -10.8M | -11.25M | -4.5M | -9.38M | -3.71M | -4.84M | 2.08M | 2.6M | -7.76M | -5.27M | -5M | -5.94K | -4.92K |
| Debt / Equity | 0.07x | 0.06x | 0.06x | 0.04x | 0.09x | 0.04x | 0.12x | 0.19x | - | - | 0.66x | - | - | 1.13x | 0.93x | 0.01x | - | - |
| Debt / EBITDA | -0.06x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.16x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -0.08x | -0.06x |
| Interest Coverage | -281.33x | - | - | - | - | -93.73x | -64.88x | -49.08x | - | -46.32x | -9.53x | -13.98x | -17.09x | -1.15x | -13.20x | -16.94x | -211.17x | -642.09x |
| Total Equity | 43.62M | 55.2M | 36.09M | 39.5M | 17.39M | 33.53M | 12.16M | 5.38M | 8.76M | 2.73M | 4.04M | -2.95M | -2.79M | 8.64M | 5.39M | 6.75M | -2.3K | 1.68K |
| Equity Growth % | 105.19% | 52.97% | -8.65% | 127.11% | -48.13% | 175.69% | 125.95% | -38.57% | 221.34% | -32.58% | 237.3% | -5.71% | -132.26% | 60.4% | -20.25% | 293624.55% | -237.37% | - |
| Book Value per Share | 0.59 | 0.75 | 0.86 | 1.63 | 2.21 | 4.56 | 8.04 | 38.63 | 284.80 | 1378.67 | 72232.14 | -267818.18 | -464500.00 | 999999.00 | 2821.37 | 0.10 | -328.71 | 307.52 |
| Total Shareholders' Equity | 43.62M | 55.2M | 36.09M | 39.5M | 17.39M | 33.53M | 12.16M | 5.38M | 8.76M | 2.73M | 4.04M | -2.95M | -2.79M | 8.64M | 5.39M | 6.75M | -2.3K | 1.68K |
| Common Stock | 4K | 4K | 3K | 2K | 1K | 1K | 0 | 0 | 4K | 0 | 0 | 1K | 4K | 3K | 7K | 7K | 450 | 250 |
| Retained Earnings | -315.98M | -302.29M | -253.51M | -221.5M | -201.59M | -183.09M | -168.18M | -157.63M | -147.59M | -140.35M | -131.91M | -123M | -107.41M | -82.32M | -43.72M | -36.64M | -34.8K | -10.82K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Limited Cash Runway
As reported in recent financial statements, NSPR's total assets declined from $78.5 million in 2025Q3 to $56.5 million by 2026Q1, reflecting a rapid depletion of cash reserves that underscores the company's precarious financial trajectory as it continues to fund clinical development without achieving operational self-sufficiency.
The contraction in total assets is primarily driven by the aggressive consumption of cash to support the C-GUARDIANS trial. This trend suggests that the company's balance sheet is becoming increasingly fragile, leaving little room for error as it approaches critical regulatory milestones.
Based on the company's reported figures, cash reserves plummeted from $63.4 million in 2025Q3 to $11.4 million in 2026Q1, indicating that the firm's liquidity buffer is rapidly deteriorating and may necessitate further dilutive financing to maintain ongoing operations and clinical trial commitments.
While the current ratio of 5.15 appears healthy on the surface, it is heavily skewed by the rapid depletion of cash relative to current liabilities. Investors should monitor the burn rate closely, as the current cash position provides a very narrow runway for a company with such high fixed operating costs.
According to SEC filings, equity has fluctuated significantly, dropping from $64.1 million in 2025Q3 to $43.6 million in 2026Q1, a trend that highlights the ongoing impact of accumulated losses and the potential for future equity-based financing to bridge the company's persistent funding gap.
The consistent growth in accumulated deficit, now at -$316.0 million, reflects the long-term cost of clinical development and commercialization efforts. This persistent erosion of equity suggests that existing shareholders face continued dilution risk until the company can demonstrate a clear path to positive cash flow.
Analysis of the balance sheet reveals that net PPE has increased to $6.2 million as of 2026Q1, which, when viewed alongside the lack of goodwill, suggests that the company is investing in tangible manufacturing capabilities despite its reliance on third-party distributors for international sales.
This investment in physical assets may indicate a strategic shift toward internalizing production or preparing for higher volume requirements post-U.S. approval. However, it also introduces fixed-cost risk, as these assets may become underutilized if clinical or regulatory timelines face further delays.
Quick answers to the most common questions about buying NSPR stock.
As of 2025, InspireMD, Inc. (NSPR) had total assets of $69.4M including $61.5M in current assets.
InspireMD, Inc. (NSPR) carries total debt of $3.3M, offset by $54.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
InspireMD, Inc. (NSPR) has total shareholders' equity (book value) of $55.2M ($0.75 book value per share). Book value represents the net worth of the company belonging to common stock holders.
InspireMD, Inc. (NSPR) reported a current ratio of 5.74x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.