Adlai Nortye Ltd. ADR (ANL) Balance Sheet
ANL balance sheet, 2025
December 31, 2025 · U.S. dollars$34.4M assets = $42.8M liabilities + −$8.3M equity
Liabilities exceed assets: shareholders’ equity is negative (−$8.3M).
Both columns are drawn to the same scale: what ANL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
ANL financial health
Descriptive bands, not a rating. Fiscal 2025.
ANL balance sheet trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $10.8M2019 | $34.4M2025 | +21.3%/yr | |
| Total liabilities | $80.2M2019 | $42.8M2025 | −9.9%/yr | |
| Shareholders’ equity | −$69.4M2019 | −$8.3M2025 | — | |
| Cash & short-term investments | $6.0M2019 | $23.8M2025 | +25.7%/yr | |
| Total debt | $11.9M2019 | $26.4M2025 | +14.1%/yr | |
| Net cash (debt) | −$5.9M2019 | −$2.6M2025 | +$3.3M | |
| Working capital | −$13.9M2019 | −$14.7M2025 | −$843,704 | |
| Book value per share | −$15.082021 | −$19.622022 | — | |
| Current ratio | 0.322019 | 0.652025 | +0.33 | |
| Debt / equity | 0.422023 | 1.072024 | +0.65 | |
| Shares outstanding | 12.3M2021 | 12.3M2022 | 0.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ANL assets
ANL liabilities and equity
ANL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
ANL balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $23.8M | $60.9M | $98.5M | $64.0M | $117.9M | $24.5M | $6.0M |
| Cash & equivalents | $23.8M | $60.9M | $91.5M | $42.8M | $64.1M | $24.2M | $6.0M |
| Short-term investments | $0 | $7,000 | $7.0M | $21.3M | $53.8M | $241,000 | — |
| Receivables | $1.4M | $1.2M | $359,000 | $346,000 | $1.9M | $394,048 | $91,591 |
| Inventory | $0 | $0 | $1 | −$3 | $100 | $1 | $1 |
| Other current assets | $1.7M | $2.0M | $2.3M | $1.9M | $4.7M | $3.7M | $324,446 |
| Total current assets | $26.9M | $64.1M | $101.2M | $66.3M | $124.5M | $28.6M | $6.4M |
| Property, plant & equipment (net) | $3.0M | $2.7M | $3.8M | $5.9M | $6.6M | $6.6M | $3.3M |
| Goodwill & intangible assets | $19,000 | $40,000 | $63,000 | $89,000 | $97,000 | $11,000 | $115,422 |
| Long-term investments | $4.2M | $4.2M | $24.8M | $0 | $0 | $0 | $0 |
| Other non-current assets | $253,020 | $304,000 | $282,000 | $327,000 | $455,000 | $1.5M | $913,191 |
| Total assets | $34.4M | $71.3M | $130.2M | $72.6M | $131.7M | $36.7M | $10.8M |
| Liabilities | |||||||
| Accounts payable | $12.6M | $10.1M | $14.3M | $13.1M | $3.0M | $1.5M | $5.3M |
| Short-term debt | $25.2M | $26.8M | $31.1M | $5.3M | $11.3M | $9.1M | $10.9M |
| Deferred revenue | — | $5.0M | $2 | $3.9M | — | $2 | — |
| Total current liabilities | $41.6M | $45.4M | $49.7M | $312.7M | $17.5M | $88.0M | $20.3M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $1.8M | $896,000 | $1.2M | $2.2M | $2.9M | — | — |
| Other long-term liabilities | $1.1M | $425,000 | $5.5M | $1.2M | $299.6M | $80.3M | $59.9M |
| Total liabilities | $42.8M | $45.8M | $55.1M | $313.9M | $317.1M | $168.3M | $80.2M |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | $12,000 | $11,000 | $11,000 | $4,000 | $4,000 | $2,599 | $2,440 |
| Retained earnings (deficit) | −$464.8M | −$429.3M | −$377.4M | −$268.2M | −$209.4M | −$159.2M | −$86.6M |
| Accumulated other comprehensive income | $17.2M | −$4.5M | −$4.2M | −$4.2M | −$1.0M | $27.6M | $17.2M |
| Total shareholders' equity | −$8.3M | $25.5M | $75.0M | −$241.3M | −$185.4M | −$131.6M | −$69.4M |
| Key figures | |||||||
| Total debt | $26.4M | $27.2M | $31.5M | $6.5M | $13.3M | $11.0M | $11.9M |
| Net cash (debt) | −$2.6M | $33.7M | $67.0M | $57.5M | $104.6M | $13.5M | −$5.9M |
| Working capital | −$14.7M | $18.7M | $51.5M | −$246.3M | $107.0M | −$59.4M | −$13.9M |
| Tangible book value | −$8.3M | $25.4M | $75.0M | −$241.4M | −$185.5M | −$131.6M | −$69.5M |
| Book value per share | — | — | — | −$19.62 | −$15.08 | — | — |
| Shares outstanding | — | — | — | 12.3M | 12.3M | — | — |
| Current ratio | 0.65 | 1.41 | 2.04 | 0.21 | 7.12 | 0.32 | 0.32 |
| Quick ratio | 0.60 | 1.37 | 1.99 | 0.21 | 6.85 | 0.28 | 0.30 |
| Debt / equity | — | 1.07 | 0.42 | — | — | — | — |
| Equity / assets | −24.2% | 35.8% | 57.6% | −332.4% | −140.8% | −358.1% | −642.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $232.8M | $232.8M | $8.1M | $9.0M | $44.1M | $44.1M | $60.9M | $61.2M | $98.0M | $98.0M | $98.7M | $98.7M |
| Cash & equivalents | $132.6M | $132.6M | $8.1M | $8.1M | $44.1M | $44.1M | $60.9M | $60.9M | $98.0M | $98.0M | $91.5M | $91.5M |
| Short-term investments | $99.3M | $99.3M | $0 | $907,000 | $7,000 | $7,000 | $7,000 | $250,000 | $7,000 | $7.2M | $7.2M | $7.2M |
| Receivables | $264,000 | $264,000 | $0 | $0 | $3.1M | $1.2M | $0 | $0 | $2.3M | $359,000 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $7.8M | $7.8M | $18.8M | $17.9M | $18.2M | $20.2M | $3.2M | $2.9M | $0 | $1.9M | $2.5M | $2.5M |
| Total current assets | $240.9M | $240.9M | $26.9M | $26.9M | $65.5M | $65.5M | $64.1M | $64.1M | $100.3M | $100.3M | $101.2M | $101.2M |
| Property, plant & equipment (net) | $2.9M | $2.9M | $3.0M | $3.0M | $2.1M | $2.1M | $2.7M | $2.7M | $2.9M | $2.9M | $3.8M | $3.8M |
| Goodwill & intangible assets | $8,000 | $8,000 | $19,000 | $19,000 | $29,000 | $29,000 | $40,000 | $40,000 | $51,000 | $51,000 | $63,000 | $63,000 |
| Long-term investments | $4.3M | $0 | $4.2M | $0 | $4.2M | $0 | $4.2M | $0 | $4.2M | $0 | $0 | $0 |
| Other non-current assets | $280,000 | $4.6M | $253,000 | $4.5M | $231,000 | $4.4M | $304,000 | $4.5M | $273,000 | $4.5M | $25.1M | $25.1M |
| Total assets | $248.4M | $248.4M | $34.4M | $34.4M | $72.0M | $72.0M | $71.3M | $71.3M | $107.7M | $107.7M | $130.2M | $130.2M |
| Liabilities | ||||||||||||
| Accounts payable | $4.6M | $4.6M | $12.6M | $12.6M | $9.7M | $9.7M | $10.1M | $10.1M | $11.0M | $11.0M | $14.3M | $14.3M |
| Short-term debt | $18.4M | $18.4M | — | $25.2M | $44.3M | $44.3M | — | $26.8M | $38.9M | $39.5M | $30.4M | $31.1M |
| Deferred revenue | — | — | — | — | $5.0M | $5.0M | — | — | — | — | — | — |
| Total current liabilities | $25.2M | $25.2M | $41.6M | $41.6M | $63.9M | $63.9M | $45.4M | $45.4M | $54.3M | $54.3M | $50.3M | $49.7M |
| Long-term debt | $7.3M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $1.7M | — | $1.8M | — | $514,000 | — | $896,000 | — | $637,000 | — | — | — |
| Other long-term liabilities | $969,000 | $8.3M | $1.1M | $1.1M | $257,000 | $257,000 | $425,000 | $425,000 | $0 | $0 | $469,000 | $5.5M |
| Total liabilities | $33.5M | $33.5M | $42.8M | $42.8M | $64.1M | $64.1M | $45.8M | $45.8M | $54.3M | $54.3M | $50.8M | $55.1M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $19,000 | $19,000 | — | $12,000 | $11,000 | $11,000 | — | $11,000 | $11,000 | $11,000 | $9,000 | $11,000 |
| Retained earnings (deficit) | −$470.2M | −$470.2M | −$464.8M | −$464.8M | −$447.7M | −$447.7M | −$429.3M | −$429.3M | −$400.7M | −$400.7M | −$373.1M | −$377.4M |
| Accumulated other comprehensive income | $14.8M | $14.8M | — | $17.2M | −$4.5M | $16.4M | — | $15.8M | −$4.3M | $15.4M | $13.8M | $13.8M |
| Total shareholders' equity | $214.8M | $214.8M | −$8.3M | −$8.3M | $7.9M | $7.9M | $25.5M | $25.5M | $53.4M | $53.4M | $79.4M | $75.0M |
| Key figures | ||||||||||||
| Total debt | $26.7M | $26.7M | — | $26.4M | $44.6M | $44.6M | — | $27.2M | $38.9M | $39.5M | $30.8M | $31.5M |
| Net cash (debt) | $206.1M | $206.1M | — | −$17.4M | −$422,000 | −$422,000 | — | $33.9M | $59.1M | $58.5M | $67.9M | $67.2M |
| Working capital | $215.7M | $215.7M | −$14.7M | −$14.7M | $1.6M | $1.6M | $18.7M | $18.7M | $46.0M | $46.0M | $50.9M | $51.5M |
| Tangible book value | $214.8M | $214.8M | −$8.3M | −$8.3M | $7.9M | $7.9M | $25.4M | $25.4M | $53.3M | $53.3M | $79.3M | $75.0M |
| Book value per share | $13.49 | $13.49 | −$0.07 | — | $0.07 | — | $0.23 | — | — | — | $3.89 | — |
| Shares outstanding | 15.9M | 15.9M | 120.0M | — | 110.7M | — | 110.7M | — | — | — | 20.4M | — |
| Current ratio | 9.55 | 9.55 | 0.65 | 0.65 | 1.03 | 1.03 | 1.41 | 1.41 | 1.85 | 1.85 | 2.01 | 2.04 |
| Quick ratio | 9.24 | 9.24 | 0.19 | 0.22 | 0.74 | 0.71 | 1.34 | 1.35 | 1.85 | 1.81 | 1.96 | 1.99 |
| Debt / equity | 0.12 | 0.12 | — | — | 5.63 | 5.63 | — | 1.07 | 0.73 | 0.74 | 0.39 | 0.42 |
| Equity / assets | 86.5% | 86.5% | −24.2% | −24.2% | 11.0% | 11.0% | 35.8% | 35.8% | 49.6% | 49.6% | 61.0% | 57.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed April 10, 2026); data from EODHD.
ANL financial position
At the end of fiscal 2025 (December 31, 2025), Adlai Nortye Ltd. ADR had total assets of $34.4 million (down 51.7% from a year earlier), total liabilities of $42.8 million and shareholders' equity of -$8.3 million. It held $23.8 million in cash and short-term investments against $26.4 million of debt, net debt of $2.6 million. Its current ratio was 0.65. In the latest quarter (ended June 30, 2026) total assets were $248.4 million and equity $214.8 million.
Related: ANL income statement, ANL cash flow statement, ANL key metrics. See the ANL stock overview for the latest quote and news.
ANL balance sheet FAQ
What are Adlai Nortye Ltd. ADR's total assets?
Adlai Nortye Ltd. ADR reported total assets of $34.4 million at the end of fiscal 2025 (December 31, 2025), compared with $71.3 million a year earlier.
How much debt does Adlai Nortye Ltd. ADR have?
Adlai Nortye Ltd. ADR had $26.4 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does Adlai Nortye Ltd. ADR have?
Adlai Nortye Ltd. ADR held $23.8 million in cash and short-term investments at the end of fiscal 2025; with $26.4 million of debt that is net debt of $2.6 million.
What is Adlai Nortye Ltd. ADR's book value?
Adlai Nortye Ltd. ADR's shareholders' equity (book value) was -$8.3 million at the end of fiscal 2025.
What is Adlai Nortye Ltd. ADR's current ratio?
Adlai Nortye Ltd. ADR had current assets of $26.9 million and current liabilities of $41.6 million, a current ratio of 0.65 (current liabilities exceed current assets).
How much goodwill does Adlai Nortye Ltd. ADR have?
Adlai Nortye Ltd. ADR carried $0.0 million of goodwill and intangible assets, 0.1% of total assets, at the end of fiscal 2025.