Total assets have contracted sharply from a $1.6B peak in 2024Q4 to $292.4M in 2026Q1, reflecting the rapid consumption of capital to fund ongoing clinical development.
| Total Current Assets | 285.56M | 272.85M | 1.54B | 611.31M | 622.94M | 411.14M | 331.68M | 95.68M | 3.24M |
| Cash & Short-Term Investments | 267.85M | 270M | 1.5B | 595.35M | 610.73M | 405.54M | 328.14M | 94.58M | 3.09M |
| Cash Only | 267.85M | 270M | 219.87M | 185.08M | 340.4M | 320.45M | 321.46M | 94.58M | 3.09M |
| Short-Term Investments | 0 | 0 | 1.28B | 410.27M | 270.33M | 85.09M | 6.68M | 0 | 0 |
| Accounts Receivable | 15M | 0 | 28.22M | 8.62M | 3.88M | 900K | 1.2M | 0 | 0 |
| Days Sales Outstanding | 58.34 | - | 945.31 | 329.23 | 153.34 | 35.22 | 64.54 | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 138K | 1.31M | 0 | 0 | 0 | 0 | 0 | 0 | 152K |
| Total Non-Current Assets | 6.79M | 5.51M | 21.61M | 17.25M | 15.86M | 16.44M | 2.22M | 1.23M | 740K |
| Property, Plant & Equipment | 6.38M | 5.51M | 18.29M | 16.65M | 15.01M | 15.59M | 1.92M | 631K | 702K |
| Fixed Asset Turnover | 3.43x | 3.38x | 0.60x | 0.57x | 0.61x | 0.60x | 3.53x | 3.68x | 0.54x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 3.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 3.32M | 596K | 849K | 850K | 298K | 600K | 38K |
| Total Assets | 292.36M | 278.35M | 1.56B | 628.55M | 638.8M | 427.58M | 333.9M | 96.91M | 3.98M |
| Asset Turnover | 0.07x | 0.07x | 0.01x | 0.02x | 0.01x | 0.02x | 0.02x | 0.02x | 0.10x |
| Asset Growth % | -243.65% | -82.2% | 148.81% | -1.6% | 49.4% | 28.06% | 244.56% | 2333.63% | - |
| Total Current Liabilities | 21.91M | 41.8M | 98.02M | 80.68M | 51.91M | 29.66M | 14.59M | 10.24M | 4.62M |
| Accounts Payable | 807K | 4.4M | 8.46M | 8.81M | 4.64M | 2.81M | 7.75M | 2.31M | 1.56M |
| Days Payables Outstanding | 6.32 | - | - | 1.53K | 1.22K | 10.12 | 75.18 | - | 67.71 |
| Short-Term Debt | 2.68M | 0 | 0 | 0 | 0 | 0 | 0 | 2.77M | 2.75M |
| Deferred Revenue (Current) | 63.64M | 21.64M | 20.99M | 28.36M | 5.04M | 0 | 0 | 3.84M | 0 |
| Other Current Liabilities | 6.98M | 3.15M | 3.66M | 14.34M | 11.19M | 4.86M | 3.69M | 0 | 305K |
| Current Ratio | 13.04x | 6.53x | 15.73x | 7.58x | 12.00x | 13.86x | 22.74x | 9.35x | 0.70x |
| Quick Ratio | 13.04x | 6.53x | 15.73x | 7.58x | 12.00x | 13.86x | 22.74x | 9.35x | 0.70x |
| Cash Conversion Cycle | 52.03 | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 36.35M | 29.27M | 40.92M | 47.11M | 8.82M | 16.49M | 13.09M | 152.03M | 40.49M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.77M | 7.58M |
| Capital Lease Obligations | 1.52M | 0 | 2.96M | 6.21M | 7.58M | 9.96M | 938K | 393K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 134.72M | 0 |
| Other Non-Current Liabilities | 0 | 574K | 0 | 0 | 0 | 6.53M | 12.15M | 45K | 32.92M |
| Total Liabilities | 58.26M | 71.07M | 138.94M | 127.79M | 60.73M | 46.15M | 27.68M | 162.26M | 45.11M |
| Total Debt | 2.68M | 3.67M | 6.8M | 9.85M | 10.69M | 11.73M | 938K | 4.94M | 10.32M |
| Net Debt | -265.17M | -266.33M | -213.07M | -175.23M | -329.71M | -308.72M | -320.52M | -89.64M | 7.23M |
| Debt / Equity | 0.01x | 0.02x | 0.00x | 0.02x | 0.02x | 0.03x | 0.00x | - | - |
| Debt / EBITDA | -0.01x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.63x | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | -211.22x | -2.35x | -14.62x |
| Total Equity | 234.1M | 207.29M | 1.42B | 500.76M | 578.08M | 381.43M | 306.22M | -65.36M | -41.13M |
| Equity Growth % | -256% | -85.45% | 184.56% | -13.37% | 51.55% | 24.56% | 568.54% | -58.91% | - |
| Book Value per Share | 13.69 | 12.11 | 12.77 | 6.86 | 11.08 | 9.21 | 14.14 | -1.74 | -1.99 |
| Total Shareholders' Equity | 234.1M | 207.29M | 1.42B | 500.76M | 578.08M | 381.43M | 306.22M | -65.36M | -41.13M |
| Common Stock | 16K | 17K | 12K | 8K | 7K | 5K | 4K | 1K | 426K |
| Retained Earnings | 12.13M | 0 | -893.07M | -570.76M | -358.54M | -184.55M | -66.54M | -22.18M | -41.55M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 2.9M | 125K | -2.7M | -187K | -5K | -134.72M | -33.12M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial execution failure
As reported in financial statements, Atrium Therapeutics has seen its total assets decline from a peak of $1.6B in 2024Q4 to $292.4M by 2026Q1, a trend that underscores the rapid consumption of capital to fund clinical development in the absence of recurring product revenue.
The sharp reduction in total assets suggests that the company is aggressively utilizing its balance sheet to finance ongoing R&D activities. Investors should monitor whether this trajectory indicates a need for further dilutive capital raises as the asset base continues to shrink toward the cash-only floor.
Based on the most recent quarterly data, the company holds $267.8M in cash, which, while providing a current ratio of 13.04, must be viewed against the backdrop of a high-burn clinical development model that necessitates constant, significant capital outflows to maintain its current research pipeline.
While the current ratio appears superficially strong, it is heavily skewed by the lack of significant short-term liabilities rather than operational efficiency. The reliance on cash reserves to sustain the business model suggests that liquidity could tighten rapidly if clinical milestones are delayed or if partnership funding fails to materialize.
According to the provided balance sheet figures, the company's equity position has experienced significant volatility, dropping from $1.5B in 2024Q3 to $234.1M in 2026Q1, primarily driven by the accumulation of massive historical losses that continue to weigh on the firm's overall financial health.
The persistent negative retained earnings indicate that the company is effectively operating on invested capital rather than internally generated value. This structure implies that shareholders are bearing the full brunt of the clinical development risk, with little buffer provided by retained profits to protect against potential trial failures.
As evidenced by the company's financial disclosures, the $45.7M in deferred revenue represents a significant future performance obligation that must be satisfied through successful R&D milestones, rather than a simple cash inflow that can be utilized for general corporate purposes without specific clinical achievement.
This deferred revenue acts as a potential liability if the company fails to meet its contractual obligations to partners, which could lead to revenue reversals or clawbacks. Investors should interpret this balance not as a source of strength, but as a commitment that ties the company's financial stability directly to its ability to execute on complex scientific goals.
Quick answers to the most common questions about buying RNA stock.
As of 2025, Atrium Therapeutics, Inc. (RNA) had total assets of $278.4M including $272.8M in current assets.
Atrium Therapeutics, Inc. (RNA) carries total debt of $3.7M, offset by $270.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Atrium Therapeutics, Inc. (RNA) has total shareholders' equity (book value) of $207.3M ($12.11 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Atrium Therapeutics, Inc. (RNA) reported a current ratio of 6.53x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.