Financial leverage has increased significantly with $3.2 million in total debt as of 2025Q4, contributing to a precarious current ratio of 0.34 that highlights severe liquidity constraints.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Jun'15 | Jun'14 | Jun'13 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Jul'05 | Jul'04 | Jul'03 | Jul'02 | Jul'01 | Jul'00 | Jul'99 | Jul'98 | Jul'97 | Jul'96 | Jul'95 |
|---|
| Total Current Assets | 2.3M | 1.88M | 4.2M | 8.04M | 11.06M | 879.25K | 841.98K | 696.27K | 1.78M | 3.16M | 132K | 245K | 954K | 12.31M | 31.91M | 47.8M | 21.12M | 4.96M | 0 | 6.95M | 8.59M | 12.05M | 13.77M | 14.44M | 14.36M | 12.97M | 9.02M | 6.35M | 5.2M |
| Cash & Short-Term Investments | 2.21M | 1.84M | 4.06M | 7.98M | 10.37M | 671.09K | 798.62K | 612.87K | 1.69M | 3.1M | 62K | 101K | 717K | 6.32M | 16.91M | 24.66M | 10.45M | 544K | 0 | 4.53M | 100K | 11K | 16K | 55K | 133K | 34K | 323K | 130K | 540K |
| Cash Only | 2.21M | 1.84M | 1.29M | 215.19K | 541.17K | 671.09K | 798.62K | 362.49K | 399.69K | 3.1M | 62K | 101K | 717K | 6.32M | 16.91M | 20.41M | 7.61M | 544K | 0 | 4.53M | 100K | 11K | 16K | 55K | 133K | 34K | 323K | 130K | 540K |
| Short-Term Investments | 0 | 0 | 2.77M | 7.76M | 9.83M | 0 | 0 | 250.39K | 1.29M | 0 | 0 | 0 | 0 | 0 | 0 | 4.25M | 2.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 41.52K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.43M | 12.36M | 19.46M | 9.11M | 3.53M | 0 | 2.15M | 2.94M | 4.24M | 5.8M | 6.06M | 6.1M | 4.95M | 2.82M | 2.45M | 1.68M |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | 49.53 | 65.29 | 62.36 | 89.92 | 68.77 | - | - | - | 83.34 | 97.93 | 103.38 | 118.74 | 115.59 | 81.98 | 90.33 | 88.87 |
| Inventory | 1.07K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 260K | 5.42M | 6.77M | 7.02M | 7.24M | 7.08M | 6.71M | 4.93M | 3.48M | 2.66M |
| Days Inventory Outstanding | 10.39 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 234.37 | 208.8 | 224.35 | 235.79 | 313.87 | 267.33 | 249.06 | 285.56 |
| Other Current Assets | 43.79K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 451K | 149K | 0 | 0 | 130K | 730K | 691K | 1.08M | 699K | 857K | 359K | 290K | 320K |
| Total Non-Current Assets | -166.97K | 73.05K | 123.33K | 1.77K | 0 | 0 | 296 | 611 | 1.02K | 1.1K | 1K | 1K | 3 | 7.03M | 12.68M | 30.97M | 2.85M | 529K | 0 | 0 | 5.15M | 9.47M | 9.5M | 8.48M | 8.57M | 8.51M | 6.75M | 6.22M | 5.88M |
| Property, Plant & Equipment | 38.84K | 73.05K | 123.33K | 1.77K | 0 | 0 | 296 | 611 | 1.02K | 1.1K | 1K | 1K | 0 | 2.69M | 3.55M | 3.52M | 860K | 146K | 0 | 0 | 3.09M | 228K | 257K | 227K | 237K | 236K | 256K | 2.85M | 2.3M |
| Fixed Asset Turnover | - | - | - | - | - | - | - | - | - | - | - | - | 223684.21x | 14.87x | 19.45x | 32.31x | 43.00x | 128.23x | - | - | - | 81.46x | 84.15x | 94.22x | 79.17x | 66.17x | 49.11x | 3.47x | 3.00x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.07M | 0 | 0 | 0 | 0 | 0 | 2.49M | 2.7M | 2.81M | 3.13M | 3.34M | 3.06M | 3.25M | 3.43M |
| Intangible Assets | 2.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.08M | 7.25M | 12.51M | 599K | 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 | 0 | 0 | 0 | 976K | 1.88M | 2.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | -2.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 0 | 0 | 1.34M | 1.08M | 383K | 0 | 0 | 2.06M | 6.51M | 6.31M | 5.45M | 5.21M | 4.94M | 3.44M | 120K | 150K |
| Total Assets | 2.13M | 1.96M | 4.32M | 8.04M | 11.06M | 879.25K | 842.27K | 696.88K | 1.78M | 3.16M | 133K | 246K | 954K | 19.34M | 44.6M | 78.76M | 23.96M | 5.49M | 0 | 6.95M | 13.74M | 21.53M | 23.27M | 22.92M | 22.93M | 21.48M | 15.77M | 12.57M | 11.08M |
| Asset Turnover | - | - | - | - | - | - | - | - | - | - | - | - | 0.09x | 2.07x | 1.55x | 1.45x | 1.54x | 3.41x | - | - | - | 0.86x | 0.93x | 0.93x | 0.82x | 0.73x | 0.80x | 0.79x | 0.62x |
| Asset Growth % | 9.01% | -54.76% | -46.21% | -27.33% | 1157.89% | 4.39% | 20.86% | -60.87% | -43.67% | 2277.38% | -45.93% | -74.21% | -95.07% | -56.63% | -43.38% | 228.69% | 336.17% | - | -100% | -49.4% | -36.18% | -7.49% | 1.54% | -0.05% | 6.78% | 36.19% | 25.45% | 13.45% | - |
| Total Current Liabilities | 6.82M | 942.76K | 655.25K | 1.12M | 799.53K | 655.19K | 1.2M | 907.77K | 561.69K | 684.86K | 189K | 141K | 18.18M | 10.26M | 16.57M | 24.11M | 7.08M | 4.27M | 94.47K | 430K | 8.76M | 8.65M | 9.71M | 8.8M | 9.66M | 7.53M | 2.47M | 5.03M | 3.57M |
| Accounts Payable | 2.03M | 102.96K | 113.8K | 155.49K | 278.96K | 141.86K | 163.03K | 10.05K | 10.96K | 13.4K | 168K | 138K | 15.57M | 4.47M | 6.26M | 7.19M | 3.26M | 2.87M | 50K | 348K | 0 | 0 | 0 | 0 | 0 | 0 | 2.3M | 0 | 0 |
| Days Payables Outstanding | 19.65K | 747.35 | 1.47K | 1000K | - | 181.05K | 175.53K | 10.57K | 27.04K | 9.16K | - | - | - | 38.2 | 42.39 | 31.15 | 237.1 | 1.75K | - | - | - | - | - | - | - | - | 124.59 | - | - |
| Short-Term Debt | 3.16M | 0 | 0 | 344.23K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.61M | 0 | 0 | 1.86M | 99K | 0 | 44K | 0 | 4.03M | 4.33M | 4.93M | 5.16M | 5.46M | 3.88M | 0 | 2.74M | 2M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -399 | 0 | -132 | 274K | 725K | 152K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 1.64M | 0 | 0 | 0 | 0 | 83.67K | 332.22K | 676.08K | 425.84K | 516.87K | 0 | 0 | 0 | 347K | 0 | 0 | 0 | 564K | 470 | 82K | 4.73M | 498K | 368K | 0 | 308K | 0 | 170K | 2.29M | 1.57M |
| Current Ratio | 0.34x | 2.00x | 6.41x | 7.18x | 13.83x | 1.34x | 0.70x | 0.77x | 3.17x | 4.62x | 0.70x | 1.74x | 0.05x | 1.20x | 1.93x | 1.98x | 2.98x | 1.16x | - | 16.17x | 0.98x | 1.39x | 1.42x | 1.64x | 1.49x | 1.72x | 3.65x | 1.26x | 1.46x |
| Quick Ratio | 0.34x | 2.00x | 6.41x | 7.18x | 13.83x | 1.34x | 0.70x | 0.77x | 3.17x | 4.62x | 0.70x | 1.74x | 0.05x | 1.20x | 1.93x | 1.98x | 2.98x | 1.16x | - | 15.57x | 0.36x | 0.61x | 0.70x | 0.82x | 0.75x | 0.83x | 1.66x | 0.57x | 0.71x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 224.72 | - | - |
| Total Non-Current Liabilities | 0 | 0 | 0 | 0 | 318.43K | 1.37M | 279.37K | 52.37K | 0 | 0 | 515K | 175K | 0 | 907K | 2.69M | 0 | 22K | 0 | 0 | 3.79M | 4.03M | 0 | 0 | 264K | 0 | 0 | 0 | 500K | 2M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 318.43K | 1.37M | 279.37K | 0 | 0 | 0 | 515K | 175K | 0 | 0 | 0 | 0 | 22K | 0 | 0 | 0 | 0 | 0 | 0 | 264K | 0 | 0 | 0 | 500K | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 1.7M | 0 | 307K | 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 | 0 | 0 | 0 | 0 | 907K | 988K | 0 | 0 | 0 | 0 | 3.79M | 4.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2M |
| Total Liabilities | 6.82M | 942.76K | 655.25K | 1.12M | 1.12M | 2.03M | 1.48M | 907.77K | 561.69K | 684.86K | 704K | 316K | 18.18M | 11.17M | 19.25M | 24.11M | 7.1M | 4.27M | 94.47K | 4.21M | 8.76M | 8.65M | 9.71M | 9.06M | 9.66M | 7.53M | 2.47M | 5.53M | 3.57M |
| Total Debt | 3.16M | 0 | 0 | 344.23K | 318.43K | 1.37M | 279.37K | 0 | 0 | 0 | 515K | 175K | 2.61M | 0 | 0 | 1.86M | 121K | 0 | 44K | 0 | 4.03M | 4.33M | 4.93M | 5.42M | 5.46M | 3.88M | 0 | 3.24M | 2M |
| Net Debt | 943.26K | -1.84M | -1.29M | 129.04K | -222.74K | 702.71K | -519.25K | -362.49K | -399.69K | -3.1M | 453K | 74K | 1.9M | -6.32M | -16.91M | -18.55M | -7.49M | -544K | 44K | -4.53M | 3.93M | 4.31M | 4.91M | 5.37M | 5.33M | 3.84M | -323K | 3.11M | 1.46M |
| Debt / Equity | - | - | - | 0.05x | 0.03x | - | - | - | - | - | - | - | - | - | - | 0.03x | 0.01x | - | - | - | 0.81x | 0.34x | 0.36x | 0.39x | 0.41x | 0.28x | - | 0.46x | 0.27x |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.07x | - | - | 2.76x | 1.78x | 1.46x | 3.33x | 1.61x | - | 9.26x | 20.00x |
| Net Debt / EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -0.36x | 0.07x | - | - | 2.75x | 1.77x | 1.44x | 3.25x | 1.59x | -0.70x | 8.89x | 14.60x |
| Interest Coverage | -24.04x | - | -42.04x | -24.87x | -8.33x | -10.37x | -131.31x | -829.39x | -170.27x | -316.81x | -56.94x | -115.67x | - | -1287.19x | -378.75x | -792.48x | -249.95x | 105.29x | - | - | - | -1.73x | 1.70x | 3.70x | - | - | -3.05x | -3.50x | -5.00x |
| Total Equity | -4.69M | 1.01M | 3.67M | 6.92M | 9.94M | -1.15M | -634.37K | -210.88K | 1.22M | 2.48M | -571K | -70K | -17.23M | 8.17M | 25.35M | 54.65M | 16.86M | 1.22M | -94.47K | 2.74M | 4.97M | 12.87M | 13.57M | 13.86M | 13.27M | 13.95M | 13.3M | 7.04M | 7.5M |
| Equity Growth % | -563.08% | -72.38% | -46.97% | -30.42% | 964.72% | -81.24% | -200.81% | -117.3% | -50.78% | 533.81% | -715.71% | 99.59% | -310.79% | -67.76% | -53.62% | 224.04% | 1278.99% | 1394.59% | -103.45% | -44.91% | -61.4% | -5.1% | -2.11% | 4.42% | -4.83% | 4.87% | 88.91% | -6.13% | - |
| Book Value per Share | -2.42 | 0.21 | 0.84 | 1.60 | 2.70 | -0.44 | -0.25 | -0.08 | 0.48 | 1.87 | -4.84 | -10.77 | -0.01 | 80117.65 | 301750.00 | 635453.49 | 344183.67 | - | -999999.00 | 0.65 | 1.17 | - | - | - | - | - | - | 1.66 | 1.77 |
| Total Shareholders' Equity | -2.39M | 1.01M | 3.67M | 6.92M | 9.94M | -1.15M | -634.37K | -210.88K | 1.22M | 2.48M | -497K | -21K | -17.23M | 8.17M | 25.35M | 54.39M | 16.58M | 1.22M | -94.47K | 2.74M | 4.97M | 12.87M | 13.57M | 13.86M | 13.27M | 13.95M | 13.3M | 7.04M | 7.5M |
| Common Stock | 195 | 725 | 444 | 434 | 1.72K | 1.04K | 1.03K | 1.03K | 1.03K | 1.03K | 1 | 8 | 1M | 70K | 236K | 230K | 120K | 73K | 286.99K | 34.75K | 40K | 35K | 35K | 35K | 35K | 35K | 35K | 10K | 10K |
| Retained Earnings | -9.11M | -36.3M | -30.78M | -25.78M | -22.22M | -17.7M | -15.15M | -13.4M | -10.84M | -8.58M | -1.55M | -1.08M | -195.53M | -168.05M | -148.32M | -118.85M | -3.08M | 1.07M | -94.47K | -13.9M | -11.67M | -3.77M | -3.04M | -2.75M | -4.32M | -3.64M | -4.29M | -3.15M | -2.03M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100K | -100K | -4.98M | -4.98M | -4.99M | -4.05M | 0 | 0 | 0 | -987K | 0 | -987K | -987K | -987K | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -220.01K | -129.85K | -113.55K | -676.91K | -248.35K | -171.59K | -172.36K | -170.54K | -167.81K | -181.63K | -149 | -148 | 9 | 42K | -20K | -286K | -38K | 0 | 0 | 0 | -960K | 0 | 0 | 0 | 0 | 0 | 0 | -160K | -90K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -74K | -49K | 0 | 0 | 0 | 260K | 283K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary clinical trial failure
As reported in recent financial statements, the company's equity position has deteriorated into a deficit of $2.4 million by 2025Q4, signaling a precarious trajectory where persistent operating losses continue to outpace the firm's ability to maintain a positive net asset base for long-term operations.
The shift from a positive equity position in early 2024 to a deficit by late 2025 underscores the structural erosion of the balance sheet. This trend suggests that the company is consuming its capital base to fund R&D without achieving the necessary clinical milestones to attract non-dilutive funding or partnership capital.
According to SEC filings, the company has accumulated $3.2 million in total debt as of 2025Q4, a significant shift from a debt-free status in 2024, which indicates an increasing reliance on external financing to sustain clinical development in the face of dwindling cash reserves.
The introduction of debt into the capital structure during a period of negative equity suggests that management is utilizing high-cost or dilutive financing instruments to bridge the gap between clinical phases. Investors should monitor whether these debt obligations carry restrictive covenants that could further limit operational flexibility.
Based on the reported 2025Q4 figures, the current ratio has compressed to 0.34, reflecting a severe liquidity constraint where current liabilities significantly exceed the $2.2 million cash balance, leaving the firm with minimal buffer against unexpected clinical trial costs or regulatory delays.
A current ratio well below 1.0 indicates that the company may struggle to meet its short-term obligations without immediate capital raises. This liquidity profile suggests that the firm is operating in a state of constant financial urgency, which may force management into unfavorable financing terms.
As indicated by the 2025Q4 balance sheet, the company now carries $2.1 million in goodwill, which represents the entirety of its reported asset base, highlighting a reliance on intangible valuation that lacks tangible backing in the event of a clinical failure.
The presence of goodwill on the balance sheet of a pre-revenue biotech warrants close scrutiny, as it may be subject to impairment if the PT00114 program fails to meet its primary endpoints. This asset composition leaves little recovery value for stakeholders should the underlying intellectual property lose its perceived market potential.
Based on the provided data, the combination of a $2.4 million equity deficit and the reliance on debt financing suggests that the company's headline solvency is potentially misleading, as future operations appear entirely dependent on the continuous issuance of equity or convertible instruments.
The structural deficit in equity implies that the company is effectively insolvent on a book-value basis, relying on the market's willingness to fund ongoing losses. This creates a significant risk of extreme dilution for existing shareholders, as the firm must continuously trade equity for the cash required to keep the lights on.
Quick answers to the most common questions about buying PTIX stock.
As of 2025, Protagenic Therapeutics, Inc. (PTIX) had total assets of $2.1M including $2.3M in current assets.
Protagenic Therapeutics, Inc. (PTIX) carries total debt of $3.2M, offset by $2.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Protagenic Therapeutics, Inc. (PTIX) has total shareholders' equity (book value) of $-2.4M ($-2.42 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Protagenic Therapeutics, Inc. (PTIX) reported a current ratio of 0.34x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.