The firm's financial stability appears precarious, with total assets declining from $12.7 million in 2025Q3 to $7.5 million by 2026Q1, reflecting a rapid depletion of resources.
| 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 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Total Current Assets | 7.49M | 10.07M | 1.47M | 3.87M | 14.29M | 27.71M | 17.98M | 18.84M | 21.93M | 7.19M | 4.22M | 5.64M | 11.02M | 16.8M | 10.4M | 1.12M | 1.5M | 3.13M | 1.27M | 592.03K | 781.15K | 1.05M | 3.78M | 3.61M |
| Cash & Short-Term Investments | 6.11M | 8.4M | 864.84K | 3.48M | 11.43M | 27.27M | 17.64M | 18.27M | 20.21M | 6.17M | 4.08M | 5.08M | 10.45M | 16.28M | 9.93M | 171.74K | 132.1K | 301.59K | 1.17M | 475.51K | 707.28K | 937.79K | 3.67M | 3.58M |
| Cash Only | 6.11M | 4.4M | 864.84K | 3.48M | 11.43M | 27.27M | 17.64M | 18.27M | 20.21M | 6.17M | 4.08M | 5.08M | 10.45M | 16.28M | 9.93M | 171.74K | 132.1K | 301.59K | 1.17M | 475.51K | 707.28K | 937.79K | 3.67M | 3.58M |
| Short-Term Investments | 0 | 4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 53.08K | 0 | 0 | 0 | 6.99K | 0 | 0 | 0 | 0 | 0 | 21.11K | 15.61K | 64.43K | 69.8K | 92.64K | 485.19K | 162.81K | 6.29K | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | 6.55 | 6.06 | 22.79 | 19.13 | 23.42 | 135.29 | 92.67 | 9.82 | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 321.51K | 439.19K | 288.38K | 124.18K | 475.59K | 266.63K | 132.11K | 11.81K | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | 243.6 | 433.73 | 306.56 | 51.6 | 243.25 | 106.73 | 104.61 | 290.1 | - | - | - | - | - |
| Other Current Assets | 1.38M | 1.61M | 0 | 0 | 0 | 0 | 0 | 0 | 1.72M | 1.03M | 0 | 2.45K | 119.41K | 175.24K | 283.6K | 264.96K | 475.66K | 2.45M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 0 | 0 | 0 | 1.1M | 468.5K | 523.59K | 697.85K | 914.65K | 116.28K | 21.66K | 87.46K | 140.65K | 109.29K | 26.91K | 84.59K | 148.69K | 228.2K | 75.48K | 323.42K | 559.35K | 824.7K | 1.1M | 690.93K | 42.37K |
| Property, Plant & Equipment | 0 | 0 | 0 | 9.81K | 468.5K | 523.59K | 697.85K | 914.65K | 116.28K | 21.66K | 87.46K | 140.65K | 109.29K | 26.91K | 84.59K | 148.69K | 228.2K | 75.48K | 323.42K | 559.35K | 824.7K | 1.1M | 690.93K | 42.37K |
| Fixed Asset Turnover | - | - | - | - | - | - | - | - | - | - | - | 8.36x | 8.60x | 38.35x | 15.75x | 9.71x | 5.74x | 8.50x | 0.72x | 0.24x | 0.08x | - | 0.28x | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 30.56K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 1.09M | 0 | 0 | 0 | 0 | 0 | 0 | -30.56K | 0 | 0 | 0 | -84.59K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 7.49M | 10.07M | 1.47M | 4.97M | 14.76M | 28.23M | 18.68M | 19.75M | 22.05M | 7.21M | 4.31M | 5.78M | 11.13M | 16.83M | 10.49M | 1.27M | 1.73M | 3.2M | 1.59M | 1.15M | 1.61M | 2.15M | 4.47M | 3.65M |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - | - | - | - | 0.20x | 0.08x | 0.06x | 0.13x | 1.14x | 0.76x | 0.20x | 0.15x | 0.12x | 0.04x | - | 0.04x | - |
| Asset Growth % | 800.4% | 583.71% | -70.35% | -66.35% | -47.72% | 51.13% | -5.43% | -10.42% | 205.61% | 67.43% | -25.43% | -48.09% | -33.86% | 60.48% | 727.82% | -26.67% | -46.06% | 100.92% | 38.45% | -28.3% | -25.18% | -51.94% | 22.33% | - |
| Total Current Liabilities | 56.13K | 1.79M | 1.68M | 1.8M | 1.6M | 1.45M | 1.34M | 1.85M | 1.17M | 898.52K | 1.34M | 1.05M | 796.27K | 992.85K | 1.26M | 9.45M | 1.63M | 563.21K | 1.77M | 331.49K | 327.57K | 374.83K | 429.63K | 210.87K |
| Accounts Payable | 0 | 0 | 1.14M | 1.24M | 246.69K | 854.98K | 330.38K | 1.21M | 828.71K | 618.36K | 461.34K | 280K | 483.64K | 249.23K | 440.38K | 631.27K | 745.57K | 194.03K | 493.6K | 331.49K | 327.57K | 374.83K | 429.63K | 140.61K |
| Days Payables Outstanding | - | - | - | - | - | - | 5.45 | 7.04K | 10.05K | 3.43K | 2.24K | 212.14 | 477.63 | 264.95 | 182.98 | 322.88 | 298.46 | 153.63 | 12.12K | - | - | - | - | - |
| Short-Term Debt | 56.13K | 227.35K | 328.53K | 312.7K | 267.64K | 303.42K | 228.23K | 143.86K | 124.21K | 80.48K | 66.38K | 63.35K | 64.84K | 64.05K | 47.98K | 7.55M | 98.91K | 35.01K | 27.69K | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.21K | 21.22K | 18.84K | 76.49K | 178.46K | 13.19K | 50.09K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 1.56M | 202.83K | 0 | 843.96K | 57.73K | 158.72K | 143.09K | 39.61K | 42.96K | 524.62K | 232.18K | 123.29K | 549.92K | 79.55K | 799.86K | 116.32K | 34K | 1.18M | 0 | 0 | 0 | 0 | 44.67K |
| Current Ratio | 133.42x | 5.64x | 0.87x | 2.15x | 8.95x | 19.17x | 13.40x | 10.18x | 18.79x | 8.01x | 3.14x | 5.38x | 13.84x | 16.93x | 8.28x | 0.12x | 0.92x | 5.55x | 0.72x | 1.79x | 2.38x | 2.80x | 8.79x | 17.11x |
| Quick Ratio | 133.42x | 5.64x | 0.87x | 2.15x | 8.95x | 19.17x | 13.40x | 10.18x | 18.79x | 8.01x | 3.14x | 5.08x | 13.29x | 16.64x | 8.18x | 0.07x | 0.76x | 5.32x | 0.71x | 1.79x | 2.38x | 2.80x | 8.79x | 17.11x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | 38.01 | -37.84 | 64.41 | -112.25 | -56.21 | -56.44 | 43.64 | -11.82K | - | - | - | - | - |
| Total Non-Current Liabilities | 1.25M | 0 | 0 | 0 | 152.44K | 299.52K | 493.79K | 670.69K | 952.92K | 698.84K | 527.72K | 461.45K | 569.7K | 332.12K | 564.84K | 8.36M | 2M | 279.12K | 27.69K | 331.49K | 327.57K | 374.83K | 429.63K | 140.61K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 152.44K | 299.52K | 493.79K | 670.69K | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 1.31M | 1.79M | 1.68M | 1.8M | 1.75M | 1.74M | 1.84M | 2.52M | 1.17M | 898.52K | 1.34M | 1.05M | 796.27K | 992.85K | 1.26M | 9.45M | 3.63M | 563.21K | 1.77M | 331.49K | 327.57K | 374.83K | 429.63K | 210.87K |
| Total Debt | 56.13K | 227.35K | 328.53K | 322.51K | 624.53K | 797.21K | 898.92K | 979.65K | 124.21K | 80.48K | 66.38K | 63.35K | 64.84K | 64.05K | 47.98K | 7.55M | 98.91K | 35.01K | 27.69K | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -6.05M | -4.17M | -536.31K | -3.16M | -10.8M | -26.47M | -16.74M | -17.29M | -20.08M | -6.09M | -4.01M | -5.02M | -10.38M | -16.21M | -9.88M | 7.38M | -33.2K | -266.58K | -1.14M | -475.51K | -707.28K | -937.79K | -3.67M | -3.58M |
| Debt / Equity | 0.01x | 0.03x | - | 0.10x | 0.05x | 0.03x | 0.05x | 0.06x | 0.01x | 0.01x | 0.02x | 0.01x | 0.01x | 0.00x | 0.01x | - | - | 0.01x | - | - | - | - | - | - |
| Debt / EBITDA | -0.01x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.95x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -15.97x | -11.91x | -353.30x | - | -945.06x | -996.18x | -2493.58x | -2131.37x | -1712.41x | -31.07x | -2063.46x | -153.43x | -1435.60x | -915.21x | -18.97x | -22.11x | -251.19x | -123.61x | -597.97x | - | -3464.12x | -110.43x | -7069.57x | -129.53x |
| Total Equity | 6.18M | 8.28M | -211.88K | 3.17M | 13.01M | 26.49M | 16.84M | 17.23M | 20.88M | 6.32M | 2.97M | 4.73M | 10.34M | 15.84M | 9.23M | -8.18M | -1.9M | 2.64M | -177.25K | 819.88K | 1.28M | 1.77M | 4.04M | 3.44M |
| Equity Growth % | 8357.17% | 4008.44% | -106.69% | -75.65% | -50.88% | 57.24% | -2.25% | -17.48% | 230.6% | 112.98% | -37.31% | -54.23% | -34.74% | 71.57% | 212.87% | -330.65% | -171.95% | 1589.23% | -121.62% | -35.86% | -27.85% | -56.11% | 17.34% | - |
| Book Value per Share | 1.44 | 3.84 | -0.03 | 1.41 | 6.48 | 14.07 | 17.88 | 24.45 | 96.09 | 76.93 | 39.89 | 77.44 | 171.54 | 330.21 | 312.31 | -858.36 | -206.78 | 488.28 | -60.66 | 392.10 | 765.89 | 1410.49 | 3455.86 | 3104.60 |
| Total Shareholders' Equity | 6.18M | 8.28M | -211.88K | 3.17M | 13.01M | 26.49M | 16.84M | 17.23M | 20.88M | 6.32M | 2.97M | 4.73M | 10.34M | 15.84M | 9.23M | -8.18M | -1.9M | 2.64M | -177.25K | 819.88K | 1.28M | 1.77M | 4.04M | 3.44M |
| Common Stock | 4.38K | 4.27K | 12.57K | 3.08K | 2.02K | 116.39K | 91.77K | 46.13K | 29.43K | 4.93K | 49.11K | 39.86K | 36.18K | 35.99K | 27.38K | 5.89K | 5.66K | 106.08K | 38.32K | 28K | 22.41K | 18.15K | 14.6K | 13.3K |
| Retained Earnings | -228.83M | -226.63M | -216.79M | -206.22M | -185.56M | -171.27M | -154.44M | -127.35M | -111.37M | -101.4M | -94.67M | -87.66M | -75.94M | -70.16M | -54.09M | -41M | -33.32M | -25.51M | -19.99M | -13.97M | -11.66M | -8.72M | -5.47M | -2.39M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 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 | -1.61M | -1.58M | -1.52M | -1.45M | -1.56M | -1.53M | -1.45M | -1.38M | -1.3M | -1.26M | -1.07M | -869.63K | -596.4K | -316.49K | -58.59K | -16.61K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
As reported in recent financial filings, Oragenics' total assets have declined from $12.7 million in 2025Q3 to $7.5 million by 2026Q1, reflecting a rapid depletion of resources that underscores the company's precarious trajectory as a pre-commercial entity without a sustainable internal funding mechanism.
The consistent contraction in total assets suggests that the company is consuming its capital base to fund ongoing research rather than building long-term value. This trend implies that the business quality remains highly speculative, as the balance sheet provides no cushion for operational delays or clinical setbacks.
Based on the latest quarterly data, the company's cash position has fluctuated significantly, dropping to $6.1 million in 2026Q1 from a peak of $11.4 million in 2025Q3, which indicates a narrowing runway that leaves little room for error in executing its clinical development milestones.
While the current ratio of 133.42 appears high, it is largely a function of the company's minimal liability structure rather than robust liquidity. Investors should monitor the burn rate closely, as the current cash levels may necessitate further dilutive financing to maintain operations through the next fiscal year.
According to historical balance sheet data, the company's retained earnings have deepened to a deficit of $228.8 million as of 2026Q1, illustrating the persistent and cumulative impact of research-driven losses on the firm's equity position over the past ten quarters.
The negative trajectory of retained earnings highlights the absence of profitable operations and the reliance on external equity to offset continuous cash outflows. This structure suggests that shareholder value is being systematically eroded by the high cost of maintaining a pre-revenue biotechnology pipeline.
As evidenced by the 2025Q2 period where equity turned negative at -$2.1 million, the company's balance sheet is susceptible to extreme volatility, suggesting that the reported equity figures may not fully capture the underlying risks associated with the firm's reliance on periodic capital market access.
The historical swings in equity, including periods of insolvency, indicate that the balance sheet is highly sensitive to the timing of financing rounds. This volatility warrants further investigation into the company's ability to maintain a positive net worth without frequent and potentially dilutive capital raises.
Quick answers to the most common questions about buying OGEN stock.
As of 2025, Oragenics, Inc. (OGEN) had total assets of $10.1M including $10.1M in current assets.
Oragenics, Inc. (OGEN) carries total debt of $0.2M, offset by $8.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Oragenics, Inc. (OGEN) has total shareholders' equity (book value) of $8.3M ($3.84 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Oragenics, Inc. (OGEN) reported a current ratio of 5.64x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.