Metsera's equity base has contracted to $337.2 million as of 2025Q3, reflecting the impact of accumulated net losses on the company's capital structure.
| Total Current Assets | 461.41M | 359.13M | 76.8M |
| Cash & Short-Term Investments | 448.46M | 352.45M | 75.19M |
| Cash Only | 448.46M | 352.45M | 75.19M |
| Short-Term Investments | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - |
| Inventory | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - |
| Other Current Assets | 2.29M | 4.63M | 761K |
| Total Non-Current Assets | 106.23M | 91.86M | 92.04M |
| Property, Plant & Equipment | 641K | 1.44M | 27K |
| Fixed Asset Turnover | 0.00x | - | - |
| Goodwill | 23.4M | 21.89M | 22.18M |
| Intangible Assets | 73.25M | 68.52M | 69.42M |
| Long-Term Investments | 0 | 0 | 0 |
| Other Non-Current Assets | 8.94M | 0 | 410K |
| Total Assets | 567.64M | 450.99M | 168.84M |
| Asset Turnover | 0.00x | - | - |
| Asset Growth % | 97.6% | 167.11% | - |
| Total Current Liabilities | 108.49M | 67.31M | 20.17M |
| Accounts Payable | 20.23M | 20.84M | 2.66M |
| Days Payables Outstanding | - | - | - |
| Short-Term Debt | 2.41M | 8.39M | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 |
| Other Current Liabilities | 56.59M | 25.32M | 14.86M |
| Current Ratio | 4.25x | 5.34x | 3.81x |
| Quick Ratio | 4.25x | 5.34x | 3.81x |
| Cash Conversion Cycle | - | - | - |
| Total Non-Current Liabilities | 121.96M | 96.33M | 50.17M |
| Long-Term Debt | 0 | 0 | 0 |
| Capital Lease Obligations | 1.6M | 701K | 0 |
| Deferred Tax Liabilities | 32.6M | 7.78M | 17.67M |
| Other Non-Current Liabilities | 113.58M | 87.85M | 32.5M |
| Total Liabilities | 230.45M | 163.64M | 70.34M |
| Total Debt | 2.84M | 9.8M | 0 |
| Net Debt | -445.62M | -342.64M | -75.19M |
| Debt / Equity | 0.01x | 0.03x | - |
| Debt / EBITDA | -0.01x | - | - |
| Net Debt / EBITDA | 1.32x | - | - |
| Interest Coverage | -2591.91x | -1008.22x | - |
| Total Equity | 337.19M | 287.35M | 98.5M |
| Equity Growth % | 159.8% | 191.72% | - |
| Book Value per Share | 3.21 | 2.79 | 1.97 |
| Total Shareholders' Equity | 337.19M | 287.35M | 98.5M |
| Common Stock | 1K | 0 | 0 |
| Retained Earnings | -518.68M | -257.15M | -48.02M |
| Treasury Stock | 0 | 0 | 0 |
| Accumulated OCI | 10.55M | 1.16M | 2.75M |
| Minority Interest | 0 | 0 | 0 |
Accelerating clinical cash burn
As reported in recent financial statements, Metsera's total assets declined from $690.7 million in 2025Q1 to $567.6 million by 2025Q3, signaling a rapid consumption of capital as the company accelerates its multi-asset clinical development programs across its proprietary NuSH platform.
The contraction in total assets is primarily driven by the systematic drawdown of cash reserves to fund intensive R&D activities. This trajectory suggests that while the company is successfully advancing its pipeline, the balance sheet is becoming increasingly lean, necessitating a potential capital raise in the near-to-medium term.
Based on the latest quarterly filings, Metsera's cash position decreased from $588.3 million in 2025Q1 to $448.5 million in 2025Q3, resulting in a current ratio of 4.25, which indicates that while immediate liquidity remains sufficient, the runway is narrowing under the weight of clinical trial costs.
The decline in the current ratio from 6.55 to 4.25 over two quarters highlights the impact of escalating operational expenditures on the company's liquid assets. Investors should monitor whether this burn rate stabilizes as clinical milestones are reached, or if the current liquidity buffer will require replenishment to support late-stage trial requirements.
According to recent SEC filings, Metsera's equity base has contracted from $505.4 million in 2025Q1 to $337.2 million in 2025Q3, a trend largely driven by the accumulation of significant net losses as the company prioritizes long-term intellectual property development over near-term balance sheet preservation.
The widening deficit in retained earnings, which reached -$518.7 million in 2025Q3, reflects the heavy investment intensity required to validate the NuSH platform. This erosion of equity suggests that the company's book value is increasingly sensitive to the success of its lead candidates, as there is little tangible asset backing to support the current valuation.
Data from the latest quarterly reports indicate that goodwill remains a persistent $23.4 million on the balance sheet, which warrants further investigation given the company's pre-revenue status and the inherent volatility associated with the clinical-stage biotechnology sector's valuation of intangible assets.
While the goodwill figure is relatively small compared to total assets, its presence suggests past acquisitions or intellectual property valuations that may be subject to impairment if clinical trials for MET-097i or MET-233i fail to meet efficacy benchmarks. Analysts should consider this a potential non-cash risk that could further impact equity if market conditions for metabolic therapeutics shift.
Quick answers to the most common questions about buying MTSR stock.
As of 2024, Metsera, Inc. (MTSR) had total assets of $451.0M including $359.1M in current assets.
Metsera, Inc. (MTSR) carries total debt of $9.8M, offset by $352.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Metsera, Inc. (MTSR) has total shareholders' equity (book value) of $287.4M ($2.79 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Metsera, Inc. (MTSR) reported a current ratio of 5.34x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.