Financial leverage has increased substantially, with total debt rising to $6.0M in 2026Q1, resulting in a debt-to-equity ratio of 0.98.
| Total Current Assets | 11.45M | 5.2M | 1.1M | 1.2M |
| Cash & Short-Term Investments | 11.22M | 5.08M | 872.6K | 1.18M |
| Cash Only | 11.22M | 5.08M | 872.6K | 1.18M |
| Short-Term Investments | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - |
| Other Current Assets | 235.17K | 0 | 225.32K | 20.82K |
| Total Non-Current Assets | 7.19M | 6.97M | 950.97K | 811.74K |
| Property, Plant & Equipment | 67.57K | 0 | 120.45K | 33.22K |
| Fixed Asset Turnover | 0.00x | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | 919.95K | 922.17K | 821.93K | 769.94K |
| Long-Term Investments | 52.7K | 0 | 0 | 0 |
| Other Non-Current Assets | 6.2M | 6.04M | 8.58K | 8.58K |
| Total Assets | 18.64M | 12.16M | 2.05M | 2.01M |
| Asset Turnover | 0.00x | - | - | - |
| Asset Growth % | 0% | 493.6% | 1.75% | - |
| Total Current Liabilities | 5.13M | 6M | 707.93K | 489.78K |
| Accounts Payable | 2.32M | 2.93M | 0 | 0 |
| Days Payables Outstanding | 16.2K | - | - | - |
| Short-Term Debt | 47.8K | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 2.77M | 3.03M | 667.27K | 464.62K |
| Current Ratio | 2.23x | 0.87x | 1.55x | 2.45x |
| Quick Ratio | 2.23x | 0.87x | 1.55x | 2.45x |
| Cash Conversion Cycle | - | - | - | - |
| Total Non-Current Liabilities | 7.4M | 1.47M | 1.52M | 1.44M |
| Long-Term Debt | 5.94M | 0 | 0 | 0 |
| Capital Lease Obligations | 160K | 34.08K | 80.38K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 |
| Total Liabilities | 12.53M | 7.48M | 2.23M | 1.93M |
| Total Debt | 6.01M | 80.38K | 121.04K | 25.16K |
| Net Debt | -5.21M | -5M | -751.56K | -1.16M |
| Debt / Equity | 0.98x | 0.02x | - | 0.29x |
| Debt / EBITDA | -0.90x | - | - | - |
| Net Debt / EBITDA | 0.78x | - | - | - |
| Interest Coverage | - | - | - | - |
| Total Equity | 6.12M | 4.69M | -177.43K | 85.77K |
| Equity Growth % | 0% | 2741.42% | -306.87% | - |
| Book Value per Share | 0.21 | 0.34 | -0.01 | 0.01 |
| Total Shareholders' Equity | 6.12M | 4.69M | -177.43K | 85.77K |
| Common Stock | 2.98K | 2.94K | 1.34K | 1.32K |
| Retained Earnings | -23.36M | -22.39M | -19.2M | -17.43M |
| Treasury Stock | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 |
Liquidity exhaustion and dilution
According to recent quarterly filings, TTRX's balance sheet has shifted from a lean, cash-heavy position to one burdened by $6.0M in debt as of 2026Q1, signaling a fundamental change in the company's capital structure as it attempts to fund ongoing operations through debt rather than equity.
The rapid accumulation of debt relative to the company's negligible asset base suggests an urgent need for capital that may not be sustainable. Investors should monitor whether this leverage is a bridge to commercialization or a sign of diminishing access to non-dilutive funding sources.
Based on reported figures, the company's debt-to-equity ratio spiked from 0.02 in 2025Q4 to 0.98 in 2026Q1, indicating that the firm has aggressively utilized debt financing to manage its liquidity needs despite the absence of any recurring revenue to service these obligations.
This sudden reliance on debt introduces significant interest rate and refinancing risk for a pre-revenue entity. The shift suggests that traditional equity markets may have become less receptive, forcing management to accept debt terms that could constrain future operational flexibility.
As reported in financial statements, the current ratio fluctuated significantly, reaching 2.23 in 2026Q1, yet this headline figure masks the underlying reality that the company's cash runway remains highly sensitive to the timing of clinical trial expenditures and the lack of incoming commercial revenue.
While the current ratio appears improved, the reliance on debt to bolster cash levels suggests that the company's internal cash generation remains non-existent. The liquidity position appears fragile, and any delay in regulatory milestones could necessitate further dilutive capital raises to maintain operations.
Based on the provided data, the company's total assets of $18.6M in 2026Q1 are heavily influenced by the recent debt issuance, which may obscure the fact that the firm possesses minimal tangible PPE, with net property and equipment valued at only $67.6K.
The lack of meaningful physical assets suggests that the company's book value is largely theoretical and tied to intangible intellectual property. This makes the balance sheet highly susceptible to impairment risk if the PermaFusion platform fails to meet its clinical or regulatory objectives.
Quick answers to the most common questions about buying TTRX stock.
As of 2025, Turn Therapeutics Inc. (TTRX) had total assets of $12.2M including $5.2M in current assets.
Turn Therapeutics Inc. (TTRX) carries total debt of $0.1M, offset by $5.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Turn Therapeutics Inc. (TTRX) has total shareholders' equity (book value) of $4.7M ($0.34 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Turn Therapeutics Inc. (TTRX) reported a current ratio of 0.87x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.