The company's financial position is strained by an accumulated deficit of $95.0M, leaving total assets at a modest $3.7M as of 2026Q1.
| Total Current Assets | 3.29M | 4.3M | 3.96M | 3.43M | 7.43M | 752.66K | 116.89K | 111.15K |
| Cash & Short-Term Investments | 2.71M | 3.72M | 3.48M | 2.95M | 6.99M | 661.78K | 78.44K | 63.43K |
| Cash Only | 1.21M | 654.78K | 574.49K | 580.23K | 162.74K | 661.78K | 78.44K | 63.43K |
| Short-Term Investments | 1.5M | 3.07M | 2.91M | 2.37M | 6.83M | 0 | 0 | 0 |
| Accounts Receivable | 43K | 81.57K | 13.04K | 9.37K | 4.88K | 16.3K | 6.6K | 5.69K |
| Days Sales Outstanding | 63.69 | 98.7 | 28.22 | 30.88 | 1.35 | 41.3 | 9.92 | 10.01 |
| Inventory | 179.49K | 131.47K | 174.58K | 156.42K | 154.37K | 31.41K | 22.66K | 21.6K |
| Days Inventory Outstanding | 105.14 | 781.9 | 1.74K | 2.22K | 155.13 | 534.68 | 284.77 | 36.13 |
| Other Current Assets | 359.18K | 363.01K | 293.6K | 0 | 272.28K | 0 | 0 | 0 |
| Total Non-Current Assets | 404.48K | 336.05K | 261.59K | 202.02K | 6.67K | 1.04K | 1.58K | 1.36K |
| Property, Plant & Equipment | 0 | 0 | 0 | 496 | 6.67K | 1.04K | 1.58K | 1.36K |
| Fixed Asset Turnover | - | - | - | 223.28x | 197.99x | 138.66x | 154.13x | 152.82x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 359.31K | 336.05K | 260.73K | 105.53K | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 864 | 96K | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 45.17K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 3.69M | 4.64M | 4.22M | 3.63M | 7.43M | 753.7K | 118.46K | 112.51K |
| Asset Turnover | 0.06x | 0.07x | 0.04x | 0.03x | 0.18x | 0.19x | 2.05x | 1.84x |
| Asset Growth % | 354.6% | 9.77% | 16.27% | -51.13% | 886.09% | 536.24% | 5.29% | - |
| Total Current Liabilities | 808.36K | 887.33K | 546.69K | 425.28K | 1.95M | 2.36M | 1.57M | 1.04M |
| Accounts Payable | 168.1K | 244.58K | 155.95K | 159.53K | 658.37K | 843.79K | 461.16K | 324.47K |
| Days Payables Outstanding | 116.38 | 1.45K | 1.56K | 2.27K | 661.61 | 14.36K | 5.8K | 542.74 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 700K | 737.2K | 546.8K | 551.67K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 130K | 0 | 0 |
| Other Current Liabilities | 466.57K | 488K | 240K | 89.33K | 336K | 0 | 336K | 25.76K |
| Current Ratio | 4.07x | 4.85x | 7.25x | 8.07x | 3.81x | 0.32x | 0.07x | 0.11x |
| Quick Ratio | 3.85x | 4.70x | 6.93x | 7.70x | 3.73x | 0.31x | 0.06x | 0.09x |
| Cash Conversion Cycle | 52.45 | -573.97 | 214.03 | -13.37 | -505.13 | -13.79K | -5.5K | -496.6 |
| Total Non-Current Liabilities | 0 | 0 | 0 | 0 | 4.46K | 72K | 142.24K | 250K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 22.92K | 52.3K | 154.82K |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 4.46K | 49.09K | 89.93K | 95.18K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 808.36K | 887.33K | 546.69K | 425.28K | 1.95M | 2.44M | 1.71M | 1.29M |
| Total Debt | 0 | 0 | 0 | 4.46K | 755.26K | 850.05K | 726.01K | 826.77K |
| Net Debt | -1.21M | -654.78K | -574.49K | -575.77K | 592.52K | 188.27K | 647.58K | 763.34K |
| Debt / Equity | 0.00x | - | - | 0.00x | 0.14x | - | - | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.14x | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | -118.70x | -27.59x | -72.83x | -42.26x | -18.10x |
| Total Equity | 2.89M | 3.75M | 3.68M | 3.21M | 5.48M | -1.68M | -1.59M | -1.18M |
| Equity Growth % | 363.66% | 1.96% | 14.64% | -41.47% | 425.74% | -5.76% | -34.85% | - |
| Book Value per Share | 0.15 | 0.23 | 0.40 | 0.44 | 0.75 | -0.23 | -0.22 | -0.16 |
| Total Shareholders' Equity | 2.89M | 3.75M | 3.68M | 3.21M | 5.48M | -1.68M | -1.59M | -1.18M |
| Common Stock | 20.58K | 19.19K | 13.3K | 7.44K | 7.29K | 4.88K | 3.69K | 3.14K |
| Retained Earnings | -94.96M | -92.87M | -84.65M | -77.04M | -72.39M | -70.69M | -64.61M | -61.21M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 494 | 406 | -513 | -405 | 36.31K | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
As reported in financial statements, Nexalin's total assets have fluctuated significantly, peaking at $6.6M in 2025Q2 before contracting to $3.7M by 2026Q1, a trend that underscores the company's reliance on external capital to offset persistent operating deficits and fund ongoing clinical development efforts.
The contraction in total assets suggests that the company is consuming its capital base faster than it can replenish it through financing or operations. This trajectory indicates a business model that remains highly sensitive to capital market conditions, as the lack of internal cash generation forces a reliance on dilutive equity raises to maintain its asset base.
Based on recent SEC filings, Nexalin's cash position of $1.2M as of 2026Q1, while improved from the $654.8K reported in 2025Q4, remains dangerously thin relative to the company's historical quarterly burn rate, signaling a high probability of further dilutive financing in the near term.
While the current ratio of 4.07 appears superficially healthy, it is heavily influenced by the company's limited scale and lack of significant short-term liabilities. Investors should monitor the cash-to-burn ratio closely, as the current liquidity buffer provides little margin for error should clinical trial timelines or regulatory approvals face further delays.
According to the company's balance sheet data, the accumulated deficit has ballooned to $95.0M as of 2026Q1, which effectively erodes the quality of shareholder equity and highlights the substantial capital destruction inherent in the firm's long-term pursuit of clinical validation for its neurostimulation technology.
The persistent growth of the accumulated deficit suggests that the company's equity is primarily a vehicle for funding R&D rather than a reflection of retained earnings or operational success. This structure implies that existing shareholders face significant risk of dilution, as the company must continue to issue equity to cover its ongoing operating losses.
As indicated in the provided financial data, the presence of $359.3K in goodwill as of 2026Q1 warrants caution, as this asset value may be subject to impairment if the company's clinical trials fail to yield the expected commercial outcomes or regulatory clearances.
The reliance on intangible assets in a pre-revenue or early-stage commercial environment creates a risk of future write-downs that could further impair the balance sheet. Investors should consider that these assets are only as valuable as the underlying intellectual property's ability to generate future cash flows, which remains highly speculative at this stage.
Quick answers to the most common questions about buying NXL stock.
As of 2025, Nexalin Technology, Inc. (NXL) had total assets of $4.6M including $4.3M in current assets.
Nexalin Technology, Inc. (NXL) carries total debt of $0.0M, offset by $3.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Nexalin Technology, Inc. (NXL) has total shareholders' equity (book value) of $3.7M ($0.23 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Nexalin Technology, Inc. (NXL) reported a current ratio of 4.85x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.