The capital structure has deteriorated to a negative equity position of $12.4 billion by 2025Q4, compounded by a shift toward $1.2 billion in debt as of 2026Q1.
| Total Current Assets | 742.22M | 347.9M | 1.72M | 3.35M | 6.36M | 811.78K | 339.11K |
| Cash & Short-Term Investments | 302.66M | 101.78M | 1.53M | 3.14M | 5.9M | 328.58K | 174.67K |
| Cash Only | 302.66M | 101.78M | 1.53M | 3.14M | 5.9M | 328.58K | 174.67K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - |
| Other Current Assets | 439.56M | 246.12M | 184.87K | 215.46K | 460.35K | 483.2K | 164.44K |
| Total Non-Current Assets | 0 | 0 | 18.88M | 18.76M | 112.14M | 314.39K | 346.46K |
| Property, Plant & Equipment | 0 | 0 | 0 | 14.77K | 115.7K | 27.73K | 38.13K |
| Fixed Asset Turnover | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 11.9M | 0 | 0 |
| Intangible Assets | 0 | 0 | 18.65M | 18.65M | 100.09M | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 235.71K | 98.48K | 46.66K | 286.66K | 308.32K |
| Total Assets | 742.22M | 347.9M | 20.6M | 22.11M | 118.51M | 1.13M | 685.57K |
| Asset Turnover | 0.00x | - | - | - | - | - | - |
| Asset Growth % | 4931.96% | 1588.89% | -6.85% | -81.34% | 10422.91% | 64.27% | - |
| Total Current Liabilities | 14.87B | 12.73B | 11.23M | 10.19M | 8.19M | 13.63M | 7.56M |
| Accounts Payable | 10.24M | 10.12M | 9.34M | 8.43M | 6.03M | 2M | 2.31M |
| Days Payables Outstanding | - | - | 491.58K | 295.92K | 211.48K | 70.2K | 81.14K |
| Short-Term Debt | 1.2B | 0 | 0 | 8.66K | 108.76K | 9.15M | 2.13M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 16.91K | 20.5K |
| Other Current Liabilities | 13.66B | 12.72B | 854.7K | 1.09M | 1.36M | 2.46M | 2.18M |
| Current Ratio | 0.05x | 0.03x | 0.15x | 0.33x | 0.78x | 0.06x | 0.04x |
| Quick Ratio | 0.05x | 0.03x | 0.15x | 0.33x | 0.78x | 0.06x | 0.04x |
| Cash Conversion Cycle | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 0 | 851.66K | 844.91K | 10.32M | 0 | 1.69M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 1.69M |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 851.66K | 0 | 851.66K | 844.91K | 10.32M | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 14.87B | 12.73B | 12.08M | 11.04M | 18.51M | 13.63M | 9.24M |
| Total Debt | 1.2B | 0 | 0 | 8.66K | 108.76K | 9.15M | 3.82M |
| Net Debt | 897.34M | -101.78M | -1.53M | -3.13M | -5.79M | 8.82M | 3.64M |
| Debt / Equity | -0.08x | - | - | 0.00x | 0.00x | - | - |
| Debt / EBITDA | -49.30x | - | - | - | - | - | - |
| Net Debt / EBITDA | -36.87x | - | - | - | - | - | - |
| Interest Coverage | -46.26x | -49.28x | -33908.17x | - | -33.77x | -8.84x | -23.56x |
| Total Equity | -14.12B | -12.39B | 8.52M | 11.07M | 99.99M | -12.5M | -8.56M |
| Equity Growth % | -319664.65% | -145545.47% | -23.1% | -88.92% | 899.95% | -46.07% | - |
| Book Value per Share | -1.74 | -2.08 | 7.67 | 113.58 | 3853.64 | -268.52 | -183.83 |
| Total Shareholders' Equity | -14.12B | -12.39B | 8.52M | 11.07M | 99.99M | -12.5M | -8.56M |
| Common Stock | 1.62M | 809 | 251 | 405 | 902 | 242 | 242 |
| Retained Earnings | -139.38B | -137.58M | -112.63M | -103.22M | -4.92M | -52.9M | -44.81M |
| Treasury Stock | 0 | -7.17K | -7.17K | -7.17K | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary clinical trial failure
As reported in recent financial filings, ZVSA's equity position has deteriorated significantly to negative $12.4 billion by 2025Q4, reflecting a trajectory of aggressive capital consumption that highlights the extreme financial pressure inherent in the company's current pre-revenue, clinical-stage development model.
The rapid shift toward deep negative equity suggests that the company is financing its operations through mechanisms that do not build long-term book value. Investors should monitor whether this trend indicates a structural inability to sustain operations without continuous, dilutive capital market access.
Based on the most recent quarterly data, ZVSA maintains a current ratio of 0.03, which, according to official filings, underscores a precarious liquidity position that leaves the firm with minimal buffer to absorb unexpected clinical trial delays or rising operational costs.
A current ratio of this magnitude implies that current liabilities vastly outweigh liquid assets, suggesting that the company is heavily reliant on immediate financing to meet its short-term obligations. This liquidity profile warrants significant caution regarding the firm's ability to maintain its research trajectory without further capital raises.
According to historical balance sheet data, ZVSA has largely avoided traditional long-term debt, yet the presence of $1.2 billion in debt as of 2026Q1 suggests a shift toward leveraging the balance sheet to sustain its intensive clinical development programs.
The introduction of debt into a pre-revenue capital structure may indicate a strategic pivot to bridge funding gaps, though it introduces new interest-related risks. Analysts should investigate the terms of these obligations to determine if they impose restrictive covenants that could further limit operational flexibility.
As indicated by the company's balance sheet, the accumulation of a $137.6 billion deficit by 2025Q4 serves as a primary distortion, masking the underlying operational health by overshadowing the firm's actual cash-based research and development expenditures.
This massive deficit accumulation suggests that the headline equity figures are heavily skewed by historical losses rather than current operational performance. Investors should look past these accounting aggregates to focus on the cash-to-burn ratio as the primary indicator of survival risk.
Quick answers to the most common questions about buying ZVSA stock.
As of 2025, ZyVersa Therapeutics, Inc. (ZVSA) had total assets of $347.9M including $347.9M in current assets.
ZyVersa Therapeutics, Inc. (ZVSA) carries total debt of $0.0M, offset by $101.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
ZyVersa Therapeutics, Inc. (ZVSA) has total shareholders' equity (book value) of $-12386.8M ($-2.08 book value per share). Book value represents the net worth of the company belonging to common stock holders.
ZyVersa Therapeutics, Inc. (ZVSA) reported a current ratio of 0.03x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.