Financial stability remains precarious, with total equity experiencing extreme volatility and a reliance on debt-to-equity shifts to manage obligations that peaked at $16.6 million in 2024Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 |
|---|
| Total Current Assets | 21.07M | 17.63M | 11.52M | 16.28M | 44.6M | 54.38M | 28.34M | 42.74M | 61.2M | 67.62M | 16.8M | 7.23M | 10.71M | 7.74M | 1.28M | 971.25K | 24 | 4 | 7.59K | 42 | 28.12K |
| Cash & Short-Term Investments | 9.54M | 7.15M | 4.42M | 2.06M | 20.4M | 48.74M | 22.34M | 38.96M | 56.35M | 62.64M | 13.47M | 3.76M | 6.4M | 5.83M | 188 | 252.25K | 24 | 0 | 7.59K | 42 | 28.12K |
| Cash Only | 9.54M | 7.15M | 4.42M | 2.06M | 2.21M | 1.34M | 1.03M | 485K | 604.92K | 3.66M | 13.47M | 3.76M | 6.4M | 5.83M | 188 | 252.25K | 24 | 0 | 7.59K | 42 | 28.12K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 18.19M | 47.4M | 21.31M | 38.48M | 55.75M | 58.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 4.78M | 3.59M | 2.2M | 1.67M | 1.36M | 585K | 2.16M | 867K | 871.29K | 957.07K | 40.99K | 51.23K | 46.07K | 49.54K | 40.55K | 23.2K | 0 | 4 | 0 | 0 | 0 |
| Days Sales Outstanding | 153.19 | 186.1 | 67.54 | 18.94 | 12.28 | 6.9 | 28.03 | 12.25 | 12.03 | 21.04 | 1.22 | 2.19 | 31.79 | 2.48 | 788.26 | 8.37 | - | - | - | - | - |
| Inventory | 4.35M | 4.33M | 2.02M | 4.35M | 7.27M | 2.88M | 2.03M | 2.27M | 3.04M | 3.28M | 3.09M | 2.71M | 2.06M | 1.41M | 1.23M | 678.12K | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 105.89 | 155.02 | 51.51 | 38.78 | 68.65 | 35.69 | 27.83 | 32.04 | 43.52 | 69.22 | 88.82 | 108.52 | 1.51K | 1.11K | 6.61K | 591.9 | - | - | - | - | - |
| Other Current Assets | 2.4M | 2.56M | 2.89M | 7.02M | 15.57M | 0 | 0 | 0 | 928.42K | 746.8K | 0 | 0 | 214.47K | 457.7K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 9.24M | 9.39M | 10.15M | 11.23M | 70.05M | 21.57M | 23.35M | 26.21M | 16.1M | 12.12M | 10.84M | 11.14M | 11.25M | 4.54M | 1.36M | 1.42M | 4.33K | 4.33K | 4.33K | 4.33K | 4.33K |
| Property, Plant & Equipment | 3.05M | 3.17M | 4.41M | 5.29M | 4.63M | 7.56M | 2.73M | 3.72M | 3.26M | 3.32M | 2.43M | 2.56M | 2.85M | 3M | 6.03K | 7.86K | 4.33K | 4.33K | 4.33K | 0 | 4.33K |
| Fixed Asset Turnover | 2.63x | 2.23x | 2.69x | 6.09x | 8.74x | 4.09x | 10.30x | 6.94x | 8.10x | 5.01x | 5.04x | 3.33x | 0.19x | 2.43x | 3.11x | 128.74x | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 6.14M | 4.02M | 5.72M | 5.92M | 7.21M | 7.92M | 8.21M | 8.49M | 9.75M | 7.44M | 7.39M | 7.36M | 7.08M | 1.54M | 1.35M | 1.39M | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 682K | 2.35M | 6.54M | 8.4M | 3.09M | 1.37M | 1.02M | 1.22M | 1.32M | 0 | 0 | 0 | 4.33K | 4.33K | 4.33K | 4.33K | 4.33K |
| Other Non-Current Assets | 49K | 2.2M | 15K | 15K | 57.52M | 3.74M | 5.88M | 5.59M | 2.2M | 2.2M | 3.45M | 3.78M | 0 | 0 | 4.23K | 22.41K | -4.33K | -4.33K | -4.33K | 0 | -4.33K |
| Total Assets | 30.31M | 27.02M | 21.67M | 27.5M | 114.65M | 75.95M | 51.69M | 68.95M | 77.3M | 79.74M | 27.64M | 18.37M | 21.95M | 12.29M | 2.64M | 2.39M | 4.35K | 4.33K | 11.92K | 4.37K | 32.45K |
| Asset Turnover | 0.32x | 0.26x | 0.55x | 1.17x | 0.35x | 0.41x | 0.54x | 0.37x | 0.34x | 0.21x | 0.44x | 0.46x | 0.02x | 0.59x | 0.01x | 0.42x | - | - | - | - | - |
| Asset Growth % | 82.5% | 24.69% | -21.2% | -76.01% | 50.95% | 46.93% | -25.03% | -10.8% | -3.06% | 188.47% | 50.47% | -16.32% | 78.68% | 364.55% | 10.73% | 54760.43% | 0.46% | -63.64% | 172.67% | -86.53% | - |
| Total Current Liabilities | 7.91M | 7.27M | 9.96M | 25.03M | 13.02M | 8.43M | 7.34M | 5.78M | 5.17M | 4.31M | 3.25M | 3.24M | 2.67M | 984.33K | 4.6M | 2.87M | 176.95K | 88.8K | 40.92K | 1.23K | 34.13K |
| Accounts Payable | 1.02M | 1M | 2.4M | 4.45M | 2.05M | 2.17M | 1.12M | 2M | 2.57M | 2.08M | 1.34M | 1.28M | 884.41K | 54.66K | 1.41M | 714.89K | 49.8K | 6.18K | 40.92K | 1.23K | 29.03K |
| Days Payables Outstanding | 56.48 | 35.83 | 61.38 | 39.67 | 19.37 | 26.92 | 15.27 | 28.23 | 36.82 | 43.88 | 38.49 | 51.46 | 647.65 | 43.22 | 7.58K | 623.99 | 6.7K | - | - | - | - |
| Short-Term Debt | 285K | 372K | 1.75M | 6.39M | 689K | 596K | 539K | 581K | 689.15K | 0 | 307.94K | 308.58K | 495.44K | 174.93K | 2.69M | 1.24M | 112.33K | 80K | 0 | 0 | 0 |
| Deferred Revenue (Current) | 2.06M | 1.72M | 20K | 726K | 688K | 119K | 272K | 5K | 83.08K | 28.35K | 0 | 0 | 0 | 179.01K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 6.6M | 4.18M | 1.38M | 12.36M | 4.49M | 2.76M | 4.83M | 359K | 0 | 216.49K | 0 | 0 | 0 | 0 | 0 | 350K | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 2.67x | 2.42x | 1.16x | 0.65x | 3.43x | 6.45x | 3.86x | 7.39x | 11.83x | 15.68x | 5.17x | 2.23x | 4.00x | 7.87x | 0.28x | 0.34x | 0.00x | 0.00x | 0.19x | 0.03x | 0.82x |
| Quick Ratio | 2.12x | 1.83x | 0.95x | 0.48x | 2.87x | 6.11x | 3.58x | 7.00x | 11.24x | 14.92x | 4.22x | 1.40x | 3.23x | 6.44x | 0.01x | 0.10x | 0.00x | 0.00x | 0.19x | 0.03x | 0.82x |
| Cash Conversion Cycle | 202.61 | 305.28 | 57.67 | 18.06 | 61.57 | 15.67 | 40.6 | 16.05 | 18.74 | 46.39 | 51.55 | 59.25 | 896.17 | 1.07K | -179.05 | -23.73 | - | - | - | - | - |
| Total Non-Current Liabilities | 1.19M | 3.99M | 7.7M | 10.88M | 5.66M | 1.45M | 241K | 1.12M | 848.22K | 2.11M | 58.68K | 3.41M | 4.06M | 3.78M | 4.17M | 727K | 50K | 86.18K | 0 | 1.23K | 29.03K |
| Long-Term Debt | 475K | 3.24M | 5.17M | 8.06M | 3M | 0 | 0 | 292K | 848.22K | 0 | 0 | 307.94K | 605.22K | 0 | 0 | 37K | 50K | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 3.09M | 601K | 1.44M | 1.7M | 711K | 1.43M | 0 | 382K | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 155K | 154K | 1.1M | 1.12M | 1.95M | 21K | 241K | 446K | 0 | 0 | 58.68K | 3.1M | 3.46M | 3.78M | 4.17M | 690K | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 9.09M | 11.27M | 17.66M | 35.91M | 18.68M | 9.88M | 7.58M | 6.9M | 6.02M | 4.31M | 3.31M | 6.64M | 6.73M | 4.76M | 8.78M | 3.6M | 226.95K | 88.8K | 40.92K | 1.23K | 34.13K |
| Total Debt | 1.32M | 4.21M | 8.62M | 16.38M | 4.65M | 2.34M | 786K | 1.48M | 1.54M | 0 | 307.94K | 616.52K | 1.1M | 174.93K | 2.69M | 1.28M | 162.33K | 80K | 0 | 0 | 0 |
| Net Debt | -8.23M | -2.94M | 4.2M | 14.32M | 2.45M | 1M | -243K | 990K | 932.44K | -3.66M | -13.16M | -3.14M | -5.3M | -5.66M | 2.69M | 1.03M | 162.3K | 80K | -7.59K | -42 | -28.12K |
| Debt / Equity | 0.06x | 0.27x | 2.15x | - | 0.05x | 0.04x | 0.02x | 0.02x | 0.02x | - | 0.01x | 0.05x | 0.07x | 0.02x | - | - | - | - | - | - | - |
| Debt / EBITDA | -0.12x | - | - | - | - | - | - | - | - | - | - | - | - | 0.09x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.76x | - | - | - | - | - | - | - | - | - | - | - | - | -2.89x | - | - | - | - | - | - | - |
| Interest Coverage | -13.20x | -8.03x | -6.39x | -4.83x | -663.22x | -560.98x | -272.24x | -473.25x | -727.30x | -446.67x | -305.83x | -207.22x | -2197.39x | -33.94x | -3.51x | -11.96x | -9.39x | -20.16x | - | - | - |
| Total Equity | 21.22M | 15.76M | 4.01M | -8.41M | 95.97M | 66.07M | 44.11M | 62.05M | 71.28M | 75.43M | 24.33M | 11.73M | 15.22M | 7.52M | -6.13M | -1.21M | -222.6K | -84.47K | -29K | 3.15K | -1.68K |
| Equity Growth % | 1975.46% | 292.77% | 147.71% | -108.76% | 45.25% | 49.79% | -28.91% | -12.95% | -5.5% | 209.96% | 107.48% | -22.94% | 102.31% | 222.7% | -405.81% | -444.55% | -163.53% | -191.28% | -1021.48% | 286.99% | - |
| Book Value per Share | 35.64 | 85.61 | 9455.02 | -302599.20 | 999999.00 | 999999.00 | 999999.00 | 999999.00 | 999999.00 | 999999.00 | 999999.00 | 999999.00 | 999999.00 | 999999.00 | - | -0.04 | - | - | - | - | - |
| Total Shareholders' Equity | 21.22M | 15.76M | 4.01M | -8.41M | 95.97M | 66.07M | 44.11M | 62.05M | 71.28M | 75.43M | 24.33M | 11.73M | 15.22M | 7.52M | -6.13M | -1.22M | -222.6K | -84.47K | -29K | 3.15K | -1.68K |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 2K | 1K | 1K | 1.25K | 1.24K | 907 | 710 | 641 | 569 | 344 | 273 | 174 | 62 | 62 | 61 | 31 |
| Retained Earnings | -402.19M | -398.93M | -393.87M | -378.71M | -237.81M | -178.01M | -145.4M | -125.69M | -99.13M | -91.17M | -78.14M | -66.56M | -55.53M | -39.93M | -13.78M | -7.04M | -369.1K | -230.97K | -175.5K | -93.36K | -63.68K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | -111K | -162K | 74K | 7K | 21.36K | -1.24M | -881.94K | -555.81K | -236.12K | -6.1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.98K | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and solvency
As reported in recent financial statements, 22nd Century Group's equity base has experienced extreme volatility, including periods of negative shareholder equity, which underscores the precarious nature of a balance sheet struggling to support ongoing operations amidst persistent, multi-year net losses and significant capital structure adjustments.
The trajectory of the balance sheet suggests a business model that has failed to stabilize its capital base, with equity levels fluctuating wildly due to recurring losses and potential dilutive financing. This pattern indicates that the company's financial health is highly sensitive to its inability to generate self-sustaining returns, leaving the firm in a state of perpetual vulnerability.
Based on the company's reported figures, debt levels have fluctuated significantly, peaking at $16.6 million in 2024Q1 before declining to $1.3 million by 2026Q1, a trend that likely reflects forced deleveraging or debt-to-equity conversions rather than a strategic reduction in long-term financial obligations.
The reduction in debt appears to be a necessity-driven response to liquidity constraints rather than a sign of improved financial strength. Investors should monitor whether the company retains the capacity to access credit markets, as the current reliance on equity-based financing suggests that traditional debt instruments may no longer be viable for the firm.
According to quarterly filings, the company's cash position of $7.1 million as of 2025Q4 provides a limited runway, especially when evaluated against the backdrop of historical operating losses and the current ratio of 2.42, which may overstate the actual availability of liquid assets for operational needs.
The liquidity profile appears strained, as the current ratio improvement is likely driven by shifts in working capital rather than organic cash generation. Given the high burn rate, the current cash buffer may be insufficient to support the company's long-term strategic pivot without further dilutive capital raises.
As indicated in the balance sheet data, goodwill and intangible assets represent a significant portion of total assets, with $6.1 million reported in 2026Q1, raising concerns about the potential for future impairment charges if the proprietary VLN technology fails to achieve commercial scale.
The reliance on intangible assets to bolster the balance sheet suggests that the company's book value may be overstated if the underlying intellectual property does not generate expected future cash flows. This creates a hidden risk where a failure to monetize the FDA-authorized technology could lead to substantial write-downs, further eroding the company's already fragile equity position.
Quick answers to the most common questions about buying XXII stock.
As of 2025, 22nd Century Group, Inc. (XXII) had total assets of $27.0M including $17.6M in current assets.
22nd Century Group, Inc. (XXII) carries total debt of $4.2M, offset by $7.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
22nd Century Group, Inc. (XXII) has total shareholders' equity (book value) of $15.8M ($85.61 book value per share). Book value represents the net worth of the company belonging to common stock holders.
22nd Century Group, Inc. (XXII) reported a current ratio of 2.42x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.