Ascendis Pharma A/S (ASND) Balance Sheet

NASDAQ: ASNDAssets, liabilities, debt and equity over 10 years.

ASND balance sheet, 2025

December 31, 2025 · euros

€1.30B assets = €1.46B liabilities + −€162.8M equity

What it owns€1.30BCash & ST investments: €615.8M (47.3%)Cash & ST investments€615.8M · 47%Receivables: €157.6M (12.1%)Receivables €157.6MInventory: €301.4M (23.1%)Inventory€301.4M · 23%Other current: €33.7M (2.6%)PP&E: €146.4M (11.2%)PP&E €146.4MGoodwill & intangibles: €3.7M (0.3%)LT investments: €32.5M (2.5%)Other non-current: €10.9M (0.8%)=How it is financed€1.46BCurrent liabilities: €1.07B (73.0%)Current liabilities€1.07B · 73%Long-term debt: €385.3M (26.3%)Long-term debt€385.3M · 26%Other LT liabilities: €10.6M (0.7%)

Liabilities exceed assets: shareholders’ equity is negative (−€162.8M).

Both columns are drawn to the same scale: what ASND owns equals what it owes plus shareholders’ equity. Hover a block for its value.

ASND financial health

Current ratio1.04
Adequate · current assets cover current liabilities 1.04×
Equity / assets−12.5%
Thin equity · of assets funded by shareholders
Cash / debt70.7%
Partial cover · cash & short-term investments vs total debt
Goodwill & intangibles0.3%
Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

ASND balance sheet trends, 2016–2025

MetricTrendThenLatestChange
Total assets€190.1M2016€1.30B2025+23.8%/yr
Total liabilities€13.5M2016€1.46B2025+68.4%/yr
Shareholders’ equity€176.6M2016−€162.8M2025—
Cash & short-term investments€180.3M2016€615.8M2025+14.6%/yr
Total debt€02016€871.4M2025—
Net cash (debt)€180.3M2016−€255.6M2025−€436.0M
Working capital€170.5M2016€39.6M2025−€130.9M
Current ratio13.6720161.042025−12.63
Debt / equity0.0020162.352022+2.35
Shares outstanding26.6M201660.6M2025+9.6%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

ASND assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

ASND liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

ASND debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

ASND balance sheet in euros

2025202420232022202120202019201820172016
Assets
Cash & short-term investments€615.8M€559.5M€399.4M€735.5M€682.1M€718.8M€598.1M€277.9M€195.4M€180.3M
Cash & equivalents€615.8M€559.5M€392.2M€444.8M€446.3M€584.5M€598.1M€277.9M€195.4M€180.3M
Short-term investments—€0€7.3M€290.7M€235.8M€134.3M€0€0€0€0
Receivables€157.6M€166.3M€35.9M€11.9M€2.2M€387,000€804,000€6,000€188,000€287,000
Inventory€301.4M€295.6M€208.9M€130.7M€75.4M€1−€3€1€1€1
Other current assets€33.7M€39.4M€58.5M€45.4M€46.2M€21.0M€12.3M€15.0M€9.1M€3.3M
Total current assets€1.11B€1.06B€702.7M€923.5M€805.9M€740.1M€611.2M€292.9M€204.6M€184.0M
Property, plant & equipment (net)€146.4M€98.7M€110.6M€129.1M€126.0M€108.1M€45.1M€4.3M€2.6M€2.4M
Goodwill & intangible assets€3.7M€4.0M€4.4M€4.8M€5.3M€5.7M€7.9M€8.1M€7.0M€301.97B
Long-term investments€32.5M€13.6M€5.7M€30.4M€145.9M€124.5M€15.5M€17.1M€0€0
Other non-current assets€10.9M€2.3M€2.1M€1.9M€1.8M€1.4M€0€0€0€0
Total assets€1.30B€1.18B€825.6M€1.09B€1.08B€979.8M€676.7M€319.0M€211.0M€190.1M
Liabilities
Accounts payable€90.6M€96.4M€94.6M€101.0M€59.4M€21.9M€27.8M€19.7M€17.4M€13.1M
Short-term debt€486.3M€491.5M€435.4M€426.8M€14.0M€6.9M€5.9M€0€0€0
Deferred revenue€4.9M€936,000€1.2M—€2.6M€363,000€858,000€6.9M—€94,000
Total current liabilities€1.07B€907.9M€736.5M€716.8M€100.4M€52.8M€48.0M€38.9M€23.8M€13.5M
Long-term debt€385.3M€365.1M€534.2M€483.0M€98.0M€0€30.7M€0€0€0
Lease obligations——€98.8M€109.2M€105.0M€92.0M€36.6M€0€0€0
Other long-term liabilities€10.6M€12.3M€0€0€3.0M€88.3M€908,000€26.6M€23.8M€13.2M
Total liabilities€1.46B€1.29B€971.3M€826.4M€201.3M€141.1M€79.6M€38.9M€23.8M€13.5M
Shareholders' equity
Common stock & paid-in capital€8.3M€8.1M€7.7M€7.7M€7.6M€7.2M€6.4M€5.7M€5.0M€4.4M
Retained earnings (deficit)−€2.70B−€2.56B−€2.28B−€1.86B−€1.24B−€1.03B−€611.3M−€393.3M−€263.2M−€139.3M
Treasury stock——————€0€0€0€0
Accumulated other comprehensive income−€1.8M€1.8M€720,999€3.5M€3.8M€133.0M€79.9M€42.4M€22.8M€13.0M
Minority interest——————€0€0€0€0
Total shareholders' equity−€162.8M−€105.7M−€145.7M€263.3M€883.6M€838.7M€597.1M€280.1M€187.2M€176.6M
Key figures
Total debt€871.4M€856.6M€743.1M€617.6M€209.9M€92.0M€36.6M€0€0€0
Net cash (debt)−€255.6M−€297.1M−€343.6M€117.9M€472.1M€626.8M€561.5M€277.9M€195.4M€180.3M
Working capital€39.6M€153.0M−€33.8M€206.7M€705.5M€687.3M€563.2M€254.0M€180.9M€170.5M
Tangible book value−€166.5M−€109.7M−€150.1M€258.5M€878.4M€833.0M€589.2M€272.0M€180.2M−€301.79B
Shares outstanding60.6M57.9M56.3M56.1M54.8M50.6M46.5M41.1M33.6M26.6M
Current ratio1.041.170.951.298.0314.0212.747.538.6113.67
Quick ratio0.720.800.591.046.8213.6212.487.148.2313.42
Debt / equity———2.350.240.110.060.000.000.00
Equity / assets−12.5%−9.0%−17.6%24.2%81.4%85.6%88.2%87.8%88.7%92.9%

Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported (latest annual report filed February 11, 2026); data from EODHD.

ASND financial position

At the end of fiscal 2025 (December 31, 2025), Ascendis Pharma A/S had total assets of €1.3 billion (up 10.4% from a year earlier), total liabilities of €1.5 billion and shareholders' equity of -€162.8 million. It held €615.8 million in cash and short-term investments against €871.4 million of debt, net debt of €255.6 million. Its current ratio was 1.04. In the latest quarter (ended June 30, 2026) total assets were €2.3 billion and equity €1.4 billion.

Related: ASND income statement, ASND cash flow statement, ASND key metrics. See the ASND stock overview for the latest quote and news.

ASND balance sheet FAQ

What are Ascendis Pharma A/S's total assets?

Ascendis Pharma A/S reported total assets of €1.3 billion at the end of fiscal 2025 (December 31, 2025), compared with €1.2 billion a year earlier.

How much debt does Ascendis Pharma A/S have?

Ascendis Pharma A/S had €871.4 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was —.

How much cash does Ascendis Pharma A/S have?

Ascendis Pharma A/S held €615.8 million in cash and short-term investments at the end of fiscal 2025; with €871.4 million of debt that is net debt of €255.6 million.

What is Ascendis Pharma A/S's book value?

Ascendis Pharma A/S's shareholders' equity (book value) was -€162.8 million at the end of fiscal 2025.

What is Ascendis Pharma A/S's current ratio?

Ascendis Pharma A/S had current assets of €1.1 billion and current liabilities of €1.1 billion, a current ratio of 1.04 (it can cover its short-term obligations).

How much goodwill does Ascendis Pharma A/S have?

Ascendis Pharma A/S carried €3.7 million of goodwill and intangible assets, 0.3% of total assets, at the end of fiscal 2025.

Biotechnology: balance sheet