Financial leverage has deteriorated significantly, with total liabilities ballooning to $27.2 million and debt levels reaching $17.0 million as of 2026Q1.
| Total Current Assets | 8.65M | 13.01M | 2.64M | 4.65M | 4.72M | 14.29M | 1.5M | 2.97M |
| Cash & Short-Term Investments | 7.21M | 12.64M | 2M | 3.4M | 3.52M | 12.97M | 1.04M | 2.31M |
| Cash Only | 7.21M | 12.64M | 2M | 3.4M | 3.52M | 12.97M | 1.04M | 2.31M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 1K | 69K | 174K | 107K | 92K | 52K | 13K |
| Days Sales Outstanding | -41.71 | 0.96 | 32.29 | 54.01 | 21.23 | 28.8 | 22.07 | 11.3 |
| Inventory | 750K | 0 | 319K | 756K | 863K | 429K | 241K | 475K |
| Days Inventory Outstanding | 292.96 | - | 149.66 | 310.39 | 204.41 | 120.92 | 81.07 | 244.53 |
| Other Current Assets | 687K | 360K | 249K | 327K | 235K | -41K | 160K | 0 |
| Total Non-Current Assets | 29.56M | 18.6M | 168K | 505K | 1.3M | 747K | 34K | 50K |
| Property, Plant & Equipment | 13.14M | 16.1M | 119K | 471K | 535K | 698K | 19K | 27K |
| Fixed Asset Turnover | -0.01x | 0.02x | 6.55x | 2.50x | 3.44x | 1.67x | 45.26x | 15.56x |
| Goodwill | 3.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 2.24M | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 368K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 12.6M | 260K | 49K | 34K | 618K | 49K | 15K | 23K |
| Total Assets | 38.22M | 31.61M | 2.81M | 5.16M | 6.02M | 15.04M | 1.53M | 3.02M |
| Asset Turnover | -0.00x | 0.01x | 0.28x | 0.23x | 0.31x | 0.08x | 0.56x | 0.14x |
| Asset Growth % | 2015.57% | 1026.01% | -45.57% | -14.31% | -59.98% | 882.1% | -49.37% | - |
| Total Current Liabilities | 2.62M | 646K | 272K | 1.4M | 1.88M | 1.22M | 1.27M | 653K |
| Accounts Payable | 629K | 264K | 125K | 713K | 1.32M | 789K | 370K | 369K |
| Days Payables Outstanding | 449.75 | 19.27K | 58.64 | 292.74 | 313.36 | 222.38 | 124.47 | 189.96 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 163K | 0 | 36K | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 2K | 0 | 16K | 1K |
| Other Current Liabilities | 4K | 6K | 15K | 277K | 245K | 61K | 853K | 1K |
| Current Ratio | 3.31x | 20.13x | 9.70x | 3.32x | 2.51x | 11.72x | 1.17x | 4.55x |
| Quick Ratio | 3.02x | 20.13x | 8.53x | 2.78x | 2.05x | 11.37x | 0.99x | 3.83x |
| Cash Conversion Cycle | -198.51 | - | 123.3 | 71.66 | -87.73 | -72.67 | -21.33 | 65.87 |
| Total Non-Current Liabilities | 17.05M | 14.16M | 0 | 176K | 510K | 545K | 1.43M | 0 |
| Long-Term Debt | 6.9M | 6.45M | 0 | 0 | 0 | 0 | 1.43M | 0 |
| Capital Lease Obligations | 9.64M | 0 | 0 | 176K | 367K | 545K | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 143K | 0 | 0 | 0 |
| Other Non-Current Liabilities | 510K | 7.71M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 27.15M | 14.81M | 272K | 1.58M | 2.39M | 1.76M | 2.71M | 653K |
| Total Debt | 17.03M | 6.45M | 0 | 369K | 530K | 708K | 1.47M | 0 |
| Net Debt | 9.82M | -6.19M | -2M | -3.03M | -2.99M | -12.27M | 425K | -2.31M |
| Debt / Equity | 1.54x | 0.38x | - | 0.10x | 0.15x | 0.05x | - | - |
| Debt / EBITDA | -1.42x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.82x | - | - | - | - | - | - | - |
| Interest Coverage | - | -53.75x | - | - | - | -3.66x | -7.60x | -8.36x |
| Total Equity | 11.06M | 16.8M | 2.54M | 3.58M | 3.63M | 13.27M | -1.18M | 2.37M |
| Equity Growth % | 912.2% | 562.6% | -29.19% | -1.38% | -72.65% | 1227.61% | -149.64% | - |
| Book Value per Share | 3.84 | 58.45 | 0.01 | 76.74 | 37.53 | 379.93 | -51.10 | 103.09 |
| Total Shareholders' Equity | 11.06M | 16.8M | 2.54M | 3.58M | 3.63M | 13.27M | -1.18M | 2.37M |
| Common Stock | 2K | 2K | 1K | 0 | 1K | 1K | 1K | 1K |
| Retained Earnings | -59.03M | -52.6M | -43.54M | -37.89M | -29.64M | -19.55M | -11.05M | -7.41M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital structure insolvency risk
As reported in recent financial filings, TIVC's balance sheet has shifted toward a precarious state, with total liabilities ballooning to $27.2 million by 2026Q1, significantly outpacing the company's ability to generate equity through operations or sustainable capital raises.
The rapid expansion of liabilities relative to a shrinking equity base suggests that the company is increasingly reliant on external financing to cover operational deficits. This trajectory indicates that the business model is failing to build intrinsic value, leaving the balance sheet exposed to further erosion if revenue remains stagnant.
Based on the company's reported figures, debt levels surged to $17.0 million in 2026Q1, driving the debt-to-equity ratio to 1.54, a stark departure from the near-zero leverage maintained throughout most of 2025.
This sudden reliance on debt financing appears to be a necessity-driven measure to sustain operations rather than a strategic capital allocation decision. Investors should monitor whether this debt burden creates restrictive covenants that further limit the company's operational flexibility in a high-burn environment.
According to quarterly balance sheet data, TIVC's cash position fluctuated to $7.2 million in 2026Q1, which, when viewed against the backdrop of persistent operating losses, suggests a narrowing window for the company to achieve a self-sustaining commercial model.
While the current ratio of 3.31 may appear superficially healthy, it is heavily influenced by the composition of current assets which may include inventory that is difficult to liquidate at cost. The rapid depletion of cash reserves warrants close scrutiny regarding the company's ability to fund ongoing operations without further dilutive equity issuance.
As evidenced by the 2026Q1 balance sheet, the inclusion of $3.5 million in goodwill alongside $13.1 million in net PPE suggests that the company's asset base may be significantly overstated relative to its current market-clearing value.
The presence of substantial goodwill and PPE on the books of a company with negative gross margins and contracting revenue raises the risk of future impairment charges. These non-cash write-downs could further depress equity and signal that the company's historical investments have not translated into viable commercial assets.
Quick answers to the most common questions about buying TIVC stock.
As of 2025, Tivic Health Systems, Inc. (TIVC) had total assets of $31.6M including $13.0M in current assets.
Tivic Health Systems, Inc. (TIVC) carries total debt of $6.5M, offset by $12.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Tivic Health Systems, Inc. (TIVC) has total shareholders' equity (book value) of $16.8M ($58.45 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Tivic Health Systems, Inc. (TIVC) reported a current ratio of 20.13x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.