Liquidity has deteriorated significantly, with the current ratio falling to 0.43 in 2026Q1 compared to 13.80 in 2023Q4, signaling severe pressure on short-term obligations.
| Total Current Assets | 372.27K | 965.53K | 3.85M | 4.07M | 10.9M | 15.91M | 2.06M | 624.1K | 979.65K | 63.55K | 18.34K | 28.43K | 8.74K |
| Cash & Short-Term Investments | 251.1K | 862.94K | 3.56M | 3.45M | 10.43M | 14.79M | 171.27K | 58.61K | 260.02K | 61.94K | 140.84K | 27.01K | 609 |
| Cash Only | 251.1K | 862.94K | 3.56M | 3.45M | 10.43M | 14.87M | 171.27K | 58.61K | 190.91K | 49.26K | 140.84K | 27.01K | 609 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | -84.8K | 0 | 0 | 69.11K | 12.68K | 0 | 0 | 0 |
| Accounts Receivable | 64.84K | 80.03K | 25.36K | 60.71K | 81.75K | 40.65K | 11.25K | 15.47K | 30.26K | 0 | 0 | 1.42K | 8.13K |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | -11.25K | 168.81K | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | 3.1K | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 323.44K | 0 | 0 | 1.62M | 64.95K | 719.63K | 1.61K | 0 | 0 | 0 |
| Total Non-Current Assets | 1.78M | 1.71M | 2.04M | 1.4M | 1.48M | 1.47M | 234.32K | 272.73K | 285.59K | 427.06K | 264.13K | 175.01K | 135.2K |
| Property, Plant & Equipment | 14.73K | 37K | 49.94K | 23.93K | 92.68K | 0 | 0 | 341 | 731 | 891 | 0 | 175.01K | 169.15K |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 403 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 186.31K | 185.03K | 263.35K | 175.25K | 199.43K | 202.13K | 234.32K | 272.39K | 284.86K | 258.71K | 264.13K | 0 | 0 |
| Long-Term Investments | 4.07M | 1.2M | 1.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 374.6K | 293.27K | 0 | 1.2M | 1.19M | 1.27M | 0 | 0 | 0 | 167.45K | 0 | 0 | -33.96K |
| Total Assets | 2.15M | 2.68M | 5.89M | 5.47M | 12.37M | 17.38M | 2.29M | 1.09M | 1.27M | 490.6K | 282.46K | 203.44K | 143.94K |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - | - | - | - | - | - |
| Asset Growth % | -114.21% | -54.51% | 7.7% | -55.81% | -28.81% | 658.88% | 110.52% | -14.01% | 157.9% | 73.69% | 38.85% | 41.34% | - |
| Total Current Liabilities | 863.82K | 597.98K | 1.09M | 294.94K | 1.51M | 552.95K | 1.03M | 1.3M | 900.45K | 1.11M | 599.52K | 6.17K | 48.08K |
| Accounts Payable | 0 | 0 | 84.02K | 195.81K | 1.29M | 323.96K | 305.83K | 607.39K | 304.5K | 331.36K | 159.67K | 6.17K | 27.59K |
| Days Payables Outstanding | 4.65K | - | 190.88 | 503.47 | 6.27K | 6.61K | 5.46K | 11.14K | 5.75K | - | - | - | - |
| Short-Term Debt | 15.11K | 37.22K | 55.78K | 0 | 0 | 0 | 0 | 50.81K | 0 | 188.23K | 124.13K | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 848.71K | 560.76K | 950.34K | 0 | 0 | 0 | 0 | 97.41K | 102.31K | 142.56K | 100.7K | 0 | 0 |
| Current Ratio | 0.43x | 1.61x | 3.53x | 13.80x | 7.21x | 28.78x | 1.99x | 0.48x | 1.09x | 0.06x | 0.03x | 4.61x | 0.18x |
| Quick Ratio | 0.43x | 1.61x | 3.53x | 13.80x | 7.21x | 28.78x | 2.00x | 0.35x | 1.09x | 0.06x | 0.03x | 4.61x | 0.18x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 0 | 0 | 531K | 3.87M | 3.63M | 0 | 0 | 43.26K | 35.77K | 0 | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 43.26K | 28.44K | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 11.51K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 531K | 3.85M | 3.63M | 0 | 0 | 0 | 7.33K | 0 | 0 | 0 |
| Total Liabilities | 863.82K | 597.98K | 1.09M | 825.94K | 5.38M | 4.18M | 1.03M | 1.3M | 943.7K | 1.15M | 599.52K | 6.17K | 48.08K |
| Total Debt | 15.11K | 37.22K | 55.78K | 11.51K | 77.6K | 0 | 0 | 50.81K | 43.26K | 216.67K | 124.13K | 0 | 0 |
| Net Debt | -235.99K | -825.72K | -3.5M | -3.44M | -10.36M | -14.87M | -171.27K | -7.8K | -216.76K | 167.41K | 107.36K | -27.01K | -609 |
| Debt / Equity | 0.01x | 0.02x | 0.01x | 0.00x | 0.01x | - | - | - | 0.13x | - | - | - | - |
| Debt / EBITDA | -0.01x | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.08x | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | -665.28x | -94.07x | -15.92x | -48.82x | -28.71x | -47.00x | - | - |
| Total Equity | 1.29M | 2.08M | 4.8M | 4.64M | 7M | 13.2M | 1.26M | -211.72K | 321.54K | -654.63K | -317.06K | 197.27K | 95.85K |
| Equity Growth % | -86.86% | -56.64% | 3.37% | -33.66% | -47% | 950.96% | 693.35% | -165.85% | 149.12% | -106.47% | -260.73% | 105.81% | - |
| Book Value per Share | 0.93 | 10.99 | 41.68 | 58.56 | 118.20 | 301.67 | 42.41 | -8.46 | 12.84 | -76.97 | -44.44 | 24.38 | 29.72 |
| Total Shareholders' Equity | 1.29M | 2.08M | 4.8M | 4.64M | 7M | 13.2M | 1.26M | -211.72K | 321.54K | -654.63K | -317.06K | 197.27K | 95.85K |
| Common Stock | 20.25M | 20.15M | 26.6M | 17.06M | 16.52M | 16.09M | 8.26M | 5.86M | 5.86M | 1.39M | 0 | 0 | 0 |
| Retained Earnings | -24.71M | -23.78M | -30.44M | -23.54M | -15.7M | -7.98M | -8.04M | -6.76M | -6.13M | -1.87M | -1.88M | -456.29K | -413.68K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 5.75M | 5.72M | 8.65M | 5.4M | 8.04M | 0 | 1.04M | 683K | 586.69K | 296.54K | 354.81K | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
As reported in recent financial filings, XORTX's total assets have contracted from $6.1 million in 2024Q1 to $2.2 million by 2026Q1, reflecting a consistent depletion of resources as the company funds its clinical development programs without any offsetting commercial revenue or sustainable capital inflows.
The downward trend in total assets suggests that the company is consuming its capital base at a rate that outpaces its ability to replenish it through non-dilutive means. This trajectory indicates that the business quality is currently defined by its reliance on external financing rather than internal value creation.
According to the 2026Q1 balance sheet, the company's current ratio has plummeted to 0.43, a significant deterioration from the 13.80 ratio observed in 2023Q4, signaling that current assets are no longer sufficient to cover short-term obligations as the cash runway reaches a precarious state.
The rapid decline in the current ratio implies that the company may face immediate challenges in meeting its operational commitments without an urgent capital injection. Investors should monitor this metric closely, as it suggests the firm is approaching a point where its ability to continue as a going concern is increasingly dependent on external market conditions.
Based on the latest quarterly data, retained earnings have deepened to a deficit of $24.7 million, illustrating how persistent operational losses continue to erode the equity base and necessitate frequent, potentially dilutive financing rounds to maintain the company's research and development activities.
The accumulation of negative retained earnings highlights the high cost of the company's clinical-stage strategy and the lack of a self-sustaining business model. This trend suggests that shareholders may face ongoing dilution as the company attempts to bridge the gap between its current financial position and future clinical milestones.
While the balance sheet shows $186,300 in goodwill as of 2026Q1, the primary risk remains the company's extreme cash sensitivity, as the reported $251,100 in cash is insufficient to support the high-burn nature of its clinical trials, rendering headline asset values largely secondary to liquidity concerns.
The presence of goodwill on the balance sheet warrants further investigation, as it may be subject to impairment if the clinical programs fail to meet their primary endpoints. The most non-obvious risk is that the company's reported asset value provides a false sense of security, masking the reality that the firm's survival is tied to its ability to raise capital in a challenging biotech funding environment.
Quick answers to the most common questions about buying XRTX stock.
As of 2025, XORTX Therapeutics Inc. (XRTX) had total assets of $2.7M including $1.0M in current assets.
XORTX Therapeutics Inc. (XRTX) carries total debt of $0.0M, offset by $0.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
XORTX Therapeutics Inc. (XRTX) has total shareholders' equity (book value) of $2.1M ($10.99 book value per share). Book value represents the net worth of the company belonging to common stock holders.
XORTX Therapeutics Inc. (XRTX) reported a current ratio of 1.61x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.