The balance sheet has deteriorated into a negative equity position of $3.4M as of 2026Q2, with a current ratio of 0.58 indicating significant liquidity constraints.
| Metric | TTM | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 |
|---|
| Total Current Assets | 4.64M | 3.68M | 1.54M | 5.2M | 4.3M | 6.99M | 566.73K | 758.75K | 48 | 16.86M | 5.37M | 6.79M | 12.19M | 14.58M | 17.47M | 16.09M | 54.13M | 30.65M | 18.04M |
| Cash & Short-Term Investments | 4.22M | 1.56M | 826.85K | 4.05M | 2.7M | 6.89M | 234.96K | 627.56K | 0 | 16.86M | 5.13M | 6.47M | 11.82M | 14.34M | 17.03M | 16.07M | 54.13M | 30.64M | 17.97M |
| Cash Only | 4.22M | 1.56M | 826.85K | 4.05M | 2.7M | 6.89M | 234.96K | 627.56K | 0 | 0 | 5.13M | 6.47M | 11.82M | 14.34M | 17.03M | 16.07M | 26.64M | 5.38M | 17.97M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16.86M | 0 | 0 | 0 | 0 | 0 | 0 | 27.49M | 25.25M | 0 |
| Accounts Receivable | 23.41K | 1.89M | 580.94K | 980.08K | 883.43K | 4.5K | 326.22K | 111.36K | 48 | 0 | 12.15K | 0 | 260.65K | 1.95K | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 170.31K | -1.49K | 34 | -792 | 126 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | 16.37K | - | 0.95 | - | 209.68 | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 4.5K | 0 | 0 | -170.31K | 1.49K | 71.75K | 15 | 85.46K | 0 | 0 | 101.64K | 159.64K | 156.59K | 153.39K | 0 | 0 | 7.54K | 8.6K | 71.44K |
| Total Non-Current Assets | 1.18K | 2.04K | 3.35K | 7.22K | 5.22K | 104.64K | 30.66K | 1.1K | 0 | 0 | 26.81M | 27.26M | 35.02M | 30.62M | 24.73M | 16.07M | 26.64M | 7.62M | 9.56M |
| Property, Plant & Equipment | 1.18K | 2.04K | 3.35K | 7.22K | 5.22K | 104.64K | 30.66K | 1.1K | 0 | 0 | 17.16M | 17.31M | 19.54M | 11.39M | 4.46M | 0 | 0 | 6.9M | 9.56M |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 616.71K | 635.47K | 1.07M | 1.3M | 1.37M | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.03M | 9.31M | 14.41M | 17.93M | 18.89M | 0 | 0 | 717.73K | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -17.03M | 0 | 0 | -5.38M | -17.97M |
| Total Assets | 4.64M | 3.68M | 1.54M | 5.2M | 4.3M | 7.09M | 597.4K | 759.86K | 0 | 0 | 32.18M | 34.05M | 47.21M | 45.2M | 42.2M | 16.09M | 54.13M | 38.27M | 27.6M |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Asset Growth % | 151.37% | 138.59% | -70.38% | 21% | -39.35% | 1087.03% | -21.38% | - | - | -100% | -5.47% | -27.88% | 4.45% | 7.11% | 162.25% | -70.28% | 41.46% | 38.64% | - |
| Total Current Liabilities | 8.06M | 9.23M | 7.42M | 7.26M | 1.35M | 1.71M | 710.66K | 426.72K | 0 | 0 | 181.34K | 151.07K | 247.95K | 183.32K | 832.89K | 78.74K | 79.87K | 85.96K | 144.86K |
| Accounts Payable | 7.11M | 7.9M | 6.13M | 1.02M | 517.67K | 210.99K | 593.72K | 381.76K | 0 | 141.79K | 124.12K | 120.37K | 123.04K | 73.64K | 493.25K | 41.78K | 79.87K | 85.96K | 144.86K |
| Days Payables Outstanding | 411.49K | 1000K | 578.57K | 98.42K | 77.98K | 5.89K | 36.29K | 635.78K | - | - | - | - | - | - | 2.33K | - | - | - | - |
| Short-Term Debt | 185.79K | 0 | 0 | 2.22M | 0 | 34.14K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 7.72M | 9.04M | 7.1M | 1.29M | 323.06K | 1.43M | -26.73K | -1.13K | 87.59K | 0 | 16.95K | 29.62K | -98.99K | 66.39K | 255.62K | 36.96K | 0 | 0 | 0 |
| Current Ratio | 0.58x | 0.40x | 0.21x | 0.72x | 3.17x | 4.09x | 0.80x | 1.78x | - | - | 29.62x | 44.96x | 49.15x | 79.50x | 20.98x | 204.35x | 677.74x | 356.53x | 124.55x |
| Quick Ratio | 0.58x | 0.40x | 0.21x | 0.69x | 3.18x | 4.09x | 0.80x | 1.78x | - | - | 29.62x | 44.96x | 49.15x | 79.50x | 20.98x | 204.35x | 677.74x | 356.53x | 124.55x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 64.61K | 26.54K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 64.61K | 21.45K | 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 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 5.08K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 8.06M | 9.23M | 7.42M | 7.26M | 1.35M | 1.77M | 737.2K | 426.72K | 0 | 0 | 181.34K | 151.07K | 247.95K | 183.32K | 832.89K | 78.74K | 79.87K | 85.96K | 144.86K |
| Total Debt | 185.79K | 0 | 0 | 2.22M | 0 | 98.76K | 25.56K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -4.03M | -1.56M | -826.85K | -1.83M | -2.7M | -6.79M | -209.4K | -627.56K | 0 | 0 | -5.13M | -6.47M | -11.82M | -14.34M | -17.03M | -16.07M | -26.64M | -5.38M | -17.97M |
| Debt / Equity | -0.05x | - | - | - | - | 0.02x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | -0.02x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.40x | - | - | - | - | - | - | - | - | - | - | -1.43x | -3.00x | - | - | - | -0.93x | -0.36x | - |
| Interest Coverage | -9.90x | -8.02x | -14.95x | -136.39x | - | -2997.33x | -1298.12x | - | - | - | - | - | -3361.02x | - | - | - | - | - | - |
| Total Equity | -3.42M | -5.55M | -5.88M | -2.05M | 2.95M | 5.32M | -139.8K | 333.14K | 0 | 0 | 32M | 33.9M | 46.96M | 45.02M | 41.36M | 16.01M | 54.05M | 38.18M | 27.46M |
| Equity Growth % | -379.92% | 5.61% | -186.36% | -169.66% | -44.59% | 3905.04% | -141.96% | - | - | -100% | -5.59% | -27.82% | 4.32% | 8.83% | 158.33% | -70.38% | 41.57% | 39.06% | - |
| Book Value per Share | -0.09 | -0.14 | -0.20 | -0.09 | 0.20 | 0.51 | -0.02 | 0.04 | - | - | 5.46 | 5.41 | 10.14 | 10.16 | 9.66 | 3.74 | 12.62 | 1.27 | 0.49 |
| Total Shareholders' Equity | -3.42M | -5.55M | -5.88M | -2.05M | 2.95M | 5.32M | -139.8K | 333.14K | 0 | 0 | 32M | 33.9M | 46.96M | 45.02M | 41.34M | 16.01M | 54.05M | 38.18M | 27.46M |
| Common Stock | 0 | 0 | 143.11M | 0 | 123.98M | 0 | 0 | 89.22M | 0 | 0 | 95.12M | 98.02M | 0 | 90.6M | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -145.61M | -143.02M | -142.52M | -125.7M | -112.43M | -99.4M | -85.88M | -88.97M | 0 | 0 | -64.71M | -65.92M | -66M | -48.16M | -29.65M | -9.54M | 28.96M | 12.19M | -2.97M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -9.03M | -11.47M | -11.31M | -7.74M | -11.01M | 12.82M | 2.22M | 82.12K | 0 | 0 | -276.54K | 0 | 157.21K | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 23.59K | 0 | 0 | 0 | 0 |
Binary clinical trial dependency
As reported in recent financial filings, OKYO's balance sheet has deteriorated significantly, with equity shifting from a positive $5.3M in 2021Q4 to a deficit of $3.4M by 2026Q2, reflecting the persistent erosion of capital as the company funds its clinical development programs through continuous equity dilution.
The consistent decline in shareholders' equity suggests that the company is effectively consuming its capital base to sustain operations without generating offsetting revenue. This trajectory indicates that the business model remains entirely dependent on external financing, which may become increasingly difficult to secure if clinical milestones are not met.
Based on the company's reported figures, the current ratio has plummeted from 4.09 in 2021Q4 to a precarious 0.58 in 2026Q2, signaling that OKYO's liquid assets are insufficient to cover its short-term liabilities, thereby heightening the risk of a near-term liquidity crisis for the firm.
A current ratio consistently below 1.0 implies that the company lacks the necessary working capital to meet its immediate obligations without relying on external capital injections. Investors should monitor this trend closely, as the narrowing cash buffer suggests that the company's operational flexibility is severely constrained.
According to historical balance sheet data, OKYO has entered a state of negative equity, with the deficit reaching $3.4M in 2026Q2, a trend that underscores the substantial impact of accumulated losses and the potential for further shareholder dilution to address the company's ongoing capital requirements.
The transition to negative equity is a clear indicator of the financial strain inherent in the company's current development-stage model. This situation warrants further investigation into the company's ability to attract new capital, as the existing equity structure provides no cushion against further operational setbacks.
As disclosed in financial statements, the company's asset base is almost entirely devoid of tangible value, with net PPE reported at a negligible $1.2K in 2026Q2, which highlights the extreme reliance on intangible clinical potential rather than any underlying physical infrastructure or productive assets.
The lack of tangible assets suggests that the company's valuation is entirely speculative and tied to the success of its lead clinical program. This composition makes the balance sheet highly sensitive to any negative regulatory or clinical outcomes, as there is no physical asset base to provide residual value.
Quick answers to the most common questions about buying OKYO stock.
As of 2025, OKYO Pharma Limited (OKYO) had total assets of $3.7M including $3.7M in current assets.
OKYO Pharma Limited (OKYO) carries total debt of $0.0M, offset by $1.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
OKYO Pharma Limited (OKYO) has total shareholders' equity (book value) of $-5.5M ($-0.14 book value per share). Book value represents the net worth of the company belonging to common stock holders.
OKYO Pharma Limited (OKYO) reported a current ratio of 0.40x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.