Total assets have contracted to $22.3 million as of 2025Q4, while an accumulated deficit of $301.5 million underscores the structural fragility of the firm's long-term financial position.
| Total Current Assets | 15.23M | 16.57M | 6.07M | 14.19M | 34.81M | 47.2M | 27.41M | 8.03M | 18.73M | 18.25M | 1.91M | 1.6M | 1.18M |
| Cash & Short-Term Investments | 12.93M | 15.64M | 5.61M | 12.59M | 32.2M | 44.48M | 26.62M | 7.33M | 17.94M | 17.75M | 1.68M | 1.26M | 977K |
| Cash Only | 6.4M | 15.64M | 5.61M | 8.55M | 9.82M | 4.32M | 3.94M | 7.33M | 3.91M | 10.22M | 1.68M | 1.26M | 977K |
| Short-Term Investments | 6.53M | 0 | 0 | 4.04M | 22.38M | 40.16M | 22.68M | 0 | 14.03M | 7.53M | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 298K | 118K | 139K | 18K | 24K | 28K | 28K | 44K | 155K | 87K |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | 1.11M | 0 | 0 | 0 | 0 | 0 | 351K | -24K | 0 | 0 | 0 | 45K | 18K |
| Days Inventory Outstanding | - | - | - | - | - | - | 135.29 | - | - | - | - | - | - |
| Other Current Assets | 193K | 602K | 106K | 750K | 993K | 673K | 243K | 211K | 459K | 217K | 144K | 220K | 122K |
| Total Non-Current Assets | 7.08M | 8.65M | 9.3M | 11.78M | 9.42M | 28.65M | 6.35M | 6.45M | 4.25M | 983K | 574K | 355K | 365K |
| Property, Plant & Equipment | 6.77M | 8.37M | 9.22M | 11.68M | 8.76M | 5.89M | 6.12M | 6.19M | 2.93M | 847K | 435K | 328K | 351K |
| Fixed Asset Turnover | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 199K | 219K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 311K | 277K | 87K | 99K | 663K | 22.76M | 31K | 42K | 1.33M | 136K | 139K | 27K | 14K |
| Total Assets | 22.31M | 25.22M | 15.37M | 25.97M | 44.23M | 75.85M | 33.77M | 14.48M | 22.98M | 19.24M | 2.48M | 1.96M | 1.55M |
| Asset Turnover | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Asset Growth % | -11.55% | 64.06% | -40.81% | -41.29% | -41.68% | 124.63% | 133.12% | -36.98% | 19.48% | 675.69% | 26.6% | 26.47% | - |
| Total Current Liabilities | 7.74M | 12.68M | 7.29M | 8.55M | 8.08M | 2.88M | 2.58M | 3.69M | 3.36M | 1.7M | 1.67M | 502K | 212K |
| Accounts Payable | 2.86M | 2.41M | 772K | 1.14M | 4.14M | 974K | 1.58M | 1.13M | 2.02M | 778K | 0 | 234K | 59K |
| Days Payables Outstanding | - | - | - | 241.99 | 1.35K | 351.29 | 609.36 | 1.01K | 3.59K | 2.24K | - | - | - |
| Short-Term Debt | 988K | 6.79M | 4M | 4.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 269K | 241K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 23K | 1.01M | 16K | 0 | 0 | 319K | 1.65M | 0 | 377K | 1.09M | 83K | 73K |
| Current Ratio | 1.97x | 1.31x | 0.83x | 1.66x | 4.31x | 16.41x | 10.63x | 2.18x | 5.57x | 10.75x | 1.14x | 3.20x | 5.58x |
| Quick Ratio | 1.82x | 1.31x | 0.83x | 1.66x | 4.31x | 16.41x | 10.49x | 2.18x | 5.57x | 10.75x | 1.14x | 3.11x | 5.50x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 3.6M | 4.86M | 10.18M | 11.59M | 199K | 193K | 251K | 92.5M | 108.27M | 51.5M | 1.04M | 9.52M | 5.89M |
| Long-Term Debt | 0 | 634K | 6.38M | 7.57M | 0 | 0 | 0 | 0 | 0 | 0 | 193K | 0 | 0 |
| Capital Lease Obligations | 647K | 1.28M | 857K | 1.17M | 0 | 0 | 0 | 0 | 0 | 0 | -1 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -193K | 0 | 0 |
| Other Non-Current Liabilities | 2.95M | 396K | 398K | 294K | 199K | 193K | 251K | 92.5M | 107.67M | 50.9M | 437K | 9.52M | 5.89M |
| Total Liabilities | 11.33M | 17.54M | 17.47M | 20.14M | 8.28M | 3.07M | 2.83M | 96.19M | 111.63M | 53.2M | 2.71M | 10.02M | 6.1M |
| Total Debt | 2.8M | 9.62M | 11.78M | 13.73M | 0 | 0 | 0 | 0 | 0 | 0 | 193K | 0 | 0 |
| Net Debt | -3.61M | -6.02M | 6.17M | 5.18M | -9.82M | -4.32M | -3.94M | -7.33M | -3.91M | -10.22M | -1.49M | -1.26M | -977K |
| Debt / Equity | 0.25x | 1.25x | - | 2.36x | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -48.87x | -18.00x | -12.91x | -28.45x | - | -2168.76x | -459.33x | 141.88x | -3404.50x | -104.48x | -4.78x | - | - |
| Total Equity | 10.97M | 7.68M | -2.1M | 5.83M | 35.96M | 72.78M | 30.93M | -81.71M | -88.65M | -33.96M | -231K | -8.06M | -4.55M |
| Equity Growth % | 42.8% | 466.6% | -135.96% | -83.79% | -50.59% | 135.26% | 137.86% | 7.82% | -161.04% | -14600.87% | 97.13% | -77.18% | - |
| Book Value per Share | 0.67 | 1.30 | -1.49 | 4.50 | 28.81 | 56.96 | 34.90 | -92.18 | -150.72 | -57.74 | -0.26 | -20.54 | -5.13 |
| Total Shareholders' Equity | 10.97M | 7.68M | -2.1M | 5.83M | 35.96M | 72.78M | 30.93M | -81.71M | -88.65M | -33.96M | -231K | -8.06M | -4.55M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 130K | 130K | 129K | 126K | 126K | 27K | 27K |
| Retained Earnings | -301.5M | -267.33M | -238.31M | -214.44M | -174.89M | -132.29M | -93.3M | -86.4M | -92.31M | -36.57M | -25.18M | -8.43M | -4.55M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | -2.12M | -1.18M | -766K | -561K | 2.02M | -156K | -85K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary clinical trial dependency
As reported in financial statements, PolyPid's total assets have contracted from $31.7 million in 2023Q1 to $22.3 million by 2025Q4, reflecting a consistent depletion of resources as the company funds its late-stage clinical development without the support of any recurring revenue streams or operational cash inflows.
The downward trend in total assets suggests that the company is rapidly consuming its remaining capital base to sustain the SHIELD II trial. Investors should monitor this trajectory closely, as the lack of asset replenishment indicates a business model that is currently entirely dependent on external financing to avoid insolvency.
Based on the company's reported figures, total debt has fluctuated significantly, reaching $2.8 million in 2025Q4, which, when viewed alongside the volatile debt-to-equity ratios observed in recent quarters, suggests that debt is being utilized as a stop-gap measure rather than a strategic tool for growth.
The erratic nature of the debt-to-equity ratio, which spiked to 102.65 in 2025Q1 before normalizing, implies that the company's capital structure is highly sensitive to equity dilution and periodic debt restructuring. This reliance on debt in the absence of revenue warrants further investigation into the terms of these obligations and their potential to restrict future financial flexibility.
According to recent SEC filings, the company's cash position has dwindled to $6.4 million as of 2025Q4, a significant decline from the $17.4 million reported in 2025Q2, which indicates a narrowing runway that may necessitate immediate capital market intervention to maintain ongoing clinical operations.
While the current ratio of 1.97 appears superficially adequate, the rapid depletion of cash reserves suggests that the company's liquidity buffer is insufficient to support long-term R&D requirements. This trend implies that the firm may face significant pressure to raise capital under potentially unfavorable terms if clinical milestones are not met promptly.
As indicated by the reported accumulated deficit of $301.5 million in 2025Q4, the company's balance sheet is heavily distorted by years of non-profitable R&D, which effectively renders traditional equity metrics less meaningful for assessing the firm's long-term viability or its ability to generate future shareholder value.
The massive accumulated deficit highlights the high-risk nature of the company's investment in the PLEX platform, suggesting that the equity base is essentially a placeholder for future clinical success. Investors should be wary that this structural imbalance may lead to further dilution as the company attempts to bridge the gap between its current research phase and potential commercialization.
Quick answers to the most common questions about buying PYPD stock.
As of 2025, PolyPid Ltd. (PYPD) had total assets of $22.3M including $15.2M in current assets.
PolyPid Ltd. (PYPD) carries total debt of $2.8M, offset by $12.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
PolyPid Ltd. (PYPD) has total shareholders' equity (book value) of $11.0M ($0.67 book value per share). Book value represents the net worth of the company belonging to common stock holders.
PolyPid Ltd. (PYPD) reported a current ratio of 1.97x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.