The firm's liquidity position is increasingly precarious, with cash reserves declining from $741.2K in 2025Q3 to just $191.1K by 2026Q1, while retained earnings remain deeply negative at $8.0M.
| Total Current Assets | 342.9K | 475.84K | 8.89K |
| Cash & Short-Term Investments | - | - | - |
| Cash Only | - | - | - |
| Short-Term Investments | - | - | - |
| Accounts Receivable | - | - | - |
| Days Sales Outstanding | - | - | - |
| Inventory | - | - | - |
| Days Inventory Outstanding | - | - | - |
| Other Current Assets | 0 | 0 | 0 |
| Total Non-Current Assets | 177.43M | 175.91M | 134.54K |
| Property, Plant & Equipment | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - |
| Goodwill | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 |
| Long-Term Investments | 351.59M | 0 | 0 |
| Other Non-Current Assets | - | - | - |
| Total Assets | 177.78M | 176.38M | 143.42K |
| Asset Turnover | 0.00x | - | - |
| Asset Growth % | 69577.53% | 122880.97% | - |
| Total Current Liabilities | 162.67K | 144.5K | 138.35K |
| Accounts Payable | 0 | 0 | 0 |
| Days Payables Outstanding | - | - | - |
| Short-Term Debt | 0 | 0 | 120.65K |
| Deferred Revenue (Current) | 0 | - | - |
| Other Current Liabilities | 162.67K | 79.26K | 17.71K |
| Current Ratio | 2.11x | 3.29x | 0.06x |
| Quick Ratio | 2.11x | 3.29x | 0.06x |
| Cash Conversion Cycle | - | - | - |
| Total Non-Current Liabilities | 8.21M | 184.08M | 0 |
| Long-Term Debt | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | - | - |
| Deferred Tax Liabilities | 0 | - | - |
| Other Non-Current Liabilities | - | - | - |
| Total Liabilities | 8.38M | 184.22M | 138.35K |
| Total Debt | 0 | 0 | 120.65K |
| Net Debt | -191.06K | -383.07K | 120.65K |
| Debt / Equity | 0.00x | - | 23.81x |
| Debt / EBITDA | 0.00x | - | - |
| Net Debt / EBITDA | -0.18x | - | - |
| Interest Coverage | - | - | - |
| Total Equity | 169.4M | -7.84M | 5.07K |
| Equity Growth % | 653349.95% | -154730.94% | - |
| Book Value per Share | 7.86 | -0.36 | 0.00 |
| Total Shareholders' Equity | 169.4M | -7.84M | 5.07K |
| Common Stock | 177.41M | 431 | 431 |
| Retained Earnings | -8.01M | -7.84M | -19.93K |
| Treasury Stock | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 |
Liquidation and capital exhaustion
As reported in financial statements, ONCH's equity profile has exhibited extreme volatility, swinging from a deficit of $67.2K in 2025Q2 to a positive $169.4M in 2026Q1, a shift that appears driven by accounting adjustments rather than any underlying improvement in the company's fundamental business trajectory.
The dramatic fluctuation in equity suggests that the balance sheet is highly sensitive to non-operating accounting treatments, likely related to warrant valuations or redeemable stock reclassifications. Investors should monitor this volatility closely, as it obscures the reality that the entity remains a pre-revenue shell with no organic growth drivers.
Based on 2026Q1 filings, the company holds only $191.1K in cash, a significant decline from the $741.2K reported in 2025Q3, which indicates that the firm's liquidity buffer is rapidly depleting as it continues to fund administrative and regulatory costs without any offsetting revenue streams.
The current ratio of 2.11 provides a misleading sense of security, as the underlying cash position is insufficient to support a prolonged search for a merger target. This liquidity constraint may force management to seek dilutive financing, which would further impair the value proposition for existing shareholders.
According to recent SEC filings, the company's equity base is heavily influenced by non-cash adjustments, with retained earnings consistently negative at $8.0M as of 2026Q1, reflecting the ongoing accumulation of losses inherent in maintaining a public shell vehicle without any operational income to offset expenses.
The reported equity figures appear to be heavily impacted by the accounting treatment of redeemable common stock, which does not represent permanent capital. This structure warrants further investigation, as the potential for shareholder redemptions could effectively wipe out the reported equity base during a business combination event.
As indicated by the provided financial data, the balance sheet fails to reflect success-based deferred underwriting fees and other potential liabilities that remain off-balance sheet until a merger occurs, effectively masking the true extent of the company's future capital requirements and potential dilution risks for investors.
The absence of debt on the balance sheet is a structural feature of the shell model rather than a sign of financial strength. Analysts should be wary that these off-balance sheet obligations will likely crystallize upon a deal, potentially creating a significant liquidity crunch at the exact moment the company needs to capitalize its new target.
Quick answers to the most common questions about buying ONCH stock.
As of 2025, 1RT Acquisition Corp. (ONCH) had total assets of $176.4M including $0.5M in current assets.
1RT Acquisition Corp. (ONCH) carries total debt of $0.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
1RT Acquisition Corp. (ONCH) has total shareholders' equity (book value) of $-7.8M ($-0.36 book value per share). Book value represents the net worth of the company belonging to common stock holders.
1RT Acquisition Corp. (ONCH) reported a current ratio of 3.29x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.