While the company maintains a low debt-to-equity ratio of 0.03, the erosion of total assets from $48.6 million in 2023Q4 to $26.1 million in 2026Q1 highlights a precarious capital structure.
| Total Current Assets | 25.49M | 28.83M | 43.73M | 46.92M | 39.44M | 55.04M | 9.57M | 1.42M | 2.84M | 170.41K | 393.22K | 1.78M | 484.59K |
| Cash & Short-Term Investments | 24.93M | 28.21M | 43.15M | 46.41M | 39.04M | 54.73M | 9.33M | 1.31M | 2.74M | 77.69K | 56.51K | 1.59M | 58.03K |
| Cash Only | 2.6M | 3.06M | 1.75M | 3.62M | 4.55M | 54.73M | 9.33M | 1.31M | 2.74M | 77.69K | 56.51K | 1.59M | 58.03K |
| Short-Term Investments | 22.33M | 25.15M | 41.4M | 42.79M | 34.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 32.02K | 35.18K | 199.75K | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | 62.65 | 30.42 | 92.77 | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 90.91K | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | 34.51 | - | - |
| Other Current Assets | 559K | 614K | 581K | 511K | 392K | 312.35K | 234.47K | 116.65K | 64.31K | 57.54K | 0 | 183.97K | 391.52K |
| Total Non-Current Assets | 608K | 736K | 1.22M | 1.71M | 2.23M | 2.66M | 968.78K | 2.01M | 722.46K | 2.04M | 1.39M | 1.09M | 1.11M |
| Property, Plant & Equipment | 577K | 705K | 1.19M | 1.68M | 2.19M | 2.6M | 938.94K | 1.17M | 26.15K | 23.84K | 28.81K | 64.66K | 109.81K |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | 0.03x | 7.13x | 17.70x | 27.28x | - | 2.15x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 666.47K | 1.11M | 1.23M | 899.41K | 977.06K |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 810.05K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 31K | 31K | 31K | 31K | 31K | 54.49K | 29.84K | 29.84K | 29.84K | 911.22K | 128.12K | 126.11K | 26.11K |
| Total Assets | 26.1M | 29.56M | 44.95M | 48.63M | 41.66M | 57.7M | 10.54M | 3.43M | 3.56M | 2.21M | 1.78M | 2.87M | 1.6M |
| Asset Turnover | 0.00x | - | - | - | - | - | - | 0.01x | 0.05x | 0.19x | 0.44x | - | 0.15x |
| Asset Growth % | -116.5% | -34.24% | -7.57% | 16.74% | -27.8% | 447.54% | 206.85% | -3.52% | 60.7% | 24.23% | -37.98% | 79.95% | - |
| Total Current Liabilities | 2.14M | 2.12M | 2.1M | 1.37M | 1.53M | 1.58M | 3.19M | 1.88M | 1.52M | 8.17M | 2.07M | 4.66M | 3.61M |
| Accounts Payable | 0 | 358K | 1.01M | 427K | 648K | 560.08K | 1.39M | 1.22M | 1.08M | 1.45M | 541.96K | 618.28K | 701.82K |
| Days Payables Outstanding | 511.45 | - | 695.44 | 285.45 | 450.51 | 451.37 | 1.32K | - | - | 947.81 | 205.74 | 1.8K | 961.42 |
| Short-Term Debt | 396K | 390K | 0 | 0 | 0 | 0 | 312.7K | 0 | 0 | 2.62M | 632.77K | 1.83M | 1.07M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 33K | 33K | 33K | 103.4K | 0 | 0 | 32.62K |
| Other Current Liabilities | 1.75M | 1.37M | 725K | 606K | 450K | 585K | 499.41K | 151.86K | 311.02K | 3.64M | 857.41K | 2.16M | 1.66M |
| Current Ratio | 11.89x | 13.58x | 20.88x | 34.23x | 25.78x | 34.83x | 3.00x | 0.76x | 1.86x | 0.02x | 0.19x | 0.38x | 0.13x |
| Quick Ratio | 11.89x | 13.58x | 20.88x | 34.23x | 25.78x | 34.83x | 3.00x | 0.76x | 1.86x | 0.02x | 0.15x | 0.38x | 0.13x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | -78.46 | - | - |
| Total Non-Current Liabilities | 207K | 310K | 700K | 1.06M | 1.4M | 1.71M | 253.75K | 567.95K | 33K | 3.18M | 551.35K | 74.09K | 0 |
| Long-Term Debt | 207K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 1.32M | 310K | 700K | 1.06M | 1.4M | 1.71M | 253.75K | 567.95K | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.08M | 551.35K | 74.09K | 0 |
| Total Liabilities | 2.35M | 2.43M | 2.79M | 2.44M | 2.93M | 3.29M | 3.44M | 2.44M | 1.52M | 8.17M | 2.07M | 4.66M | 3.61M |
| Total Debt | 603K | 700K | 1.06M | 1.4M | 1.72M | 2.01M | 880.65K | 856.63K | 0 | 2.62M | 632.77K | 1.83M | 1.07M |
| Net Debt | -1.99M | -2.37M | -690K | -2.22M | -2.84M | -52.72M | -8.45M | -450.6K | -2.74M | 2.54M | 576.26K | 245.7K | 1.01M |
| Debt / Equity | 0.03x | 0.03x | 0.03x | 0.03x | 0.04x | 0.04x | 0.12x | 0.87x | - | - | - | - | - |
| Debt / EBITDA | -0.03x | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.10x | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | -2443.30x | -8171.99x | -0.90x | -3.06x | -95.53x | -14.57x | -14.55x |
| Total Equity | 23.75M | 27.13M | 42.16M | 46.2M | 38.73M | 54.4M | 7.1M | 989.94K | 2.04M | -11.13M | -4.22M | -1.78M | -2.01M |
| Equity Growth % | -125.45% | -35.65% | -8.75% | 19.29% | -28.81% | 666.49% | 617% | -51.39% | 118.3% | -163.79% | -136.99% | 11.49% | - |
| Book Value per Share | 36.31 | 46.06 | 3012.86 | 4600.68 | 4224.83 | 7677.70 | 6734.21 | 1922.21 | 6655.04 | -35222.95 | -11785.92 | -4973.24 | -10262.47 |
| Total Shareholders' Equity | 23.75M | 27.13M | 42.16M | 46.2M | 38.73M | 54.4M | 7.1M | 989.94K | 2.04M | -11.13M | -4.22M | -1.78M | -2.01M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 95 | 25 | 179 | 117 | 61 | 122 | 120 | 120 |
| Retained Earnings | -175.18M | -171.33M | -151.85M | -130.04M | -106.52M | -81.85M | -65.32M | -56.19M | -48.56M | -35.52M | -27.73M | -24.34M | -22.74M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.17M | -3.94M | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and Dilution Risk
As reported in recent financial statements, NVNO's cash reserves have dwindled to $2.6 million as of 2026Q1, a figure that appears insufficient to sustain the company's ongoing clinical development programs without immediate access to additional external capital or further dilutive equity financing rounds.
The rapid depletion of cash reserves relative to historical quarterly burn rates suggests that the company's liquidity buffer is effectively exhausted. Investors should monitor the potential for near-term capital raises, as the current cash position provides minimal protection against unforeseen clinical trial delays or regulatory setbacks.
Based on the provided balance sheet data, total assets have contracted from $48.6 million in 2023Q4 to $26.1 million in 2026Q1, a trend that highlights the company's ongoing consumption of capital to fund clinical trials in the absence of any commercial revenue streams.
This consistent decline in the asset base is a direct consequence of funding high-cost R&D activities through existing cash reserves. The trajectory indicates a business model that is entirely dependent on external financing, with the balance sheet shrinking as the company approaches critical clinical milestones.
According to historical balance sheet figures, total equity has declined from $46.2 million in 2023Q4 to $23.7 million in 2026Q1, primarily driven by the accumulation of significant retained losses as the company continues to prioritize clinical development over near-term profitability or capital preservation.
The persistent growth in accumulated deficits suggests that the company is effectively trading equity value for clinical progress. Future equity quality will likely remain under pressure until the company can demonstrate a clear path to commercialization and revenue generation.
While the company maintains a low debt-to-equity ratio of 0.03, as indicated by the 2026Q1 data, this metric may be misleading because it ignores the company's extreme reliance on equity markets to fund operations, which effectively masks the true cost of capital for shareholders.
The low leverage ratio does not imply financial strength but rather a lack of access to traditional debt markets for a pre-revenue firm. The primary risk is not insolvency from debt, but rather the ongoing dilution of existing shareholders required to keep the company operational.
Quick answers to the most common questions about buying NVNO stock.
As of 2025, enVVeno Medical Corporation (NVNO) had total assets of $29.6M including $28.8M in current assets.
enVVeno Medical Corporation (NVNO) carries total debt of $0.7M, offset by $28.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
enVVeno Medical Corporation (NVNO) has total shareholders' equity (book value) of $27.1M ($46.06 book value per share). Book value represents the net worth of the company belonging to common stock holders.
enVVeno Medical Corporation (NVNO) reported a current ratio of 13.58x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.