Galmed Pharmaceuticals Ltd. (GLMD) Balance Sheet
GLMD balance sheet, 2025
December 31, 2025 · U.S. dollars$18.6M assets = $2.8M liabilities + $15.8M equity
Both columns are drawn to the same scale: what GLMD owns equals what it owes plus shareholders’ equity. Hover a block for its value.
GLMD financial health
Current ratio6.55
Comfortable · current assets cover current liabilities 6.55×
Equity / assets84.7%
Equity-funded · of assets funded by shareholders
Goodwill & intangibles0.0%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
GLMD balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $16.4M2016 | $18.6M2025 | +1.4%/yr | |
| Total liabilities | $5.4M2016 | $2.8M2025 | −6.8%/yr | |
| Shareholders’ equity | $11.1M2016 | $15.8M2025 | +4.0%/yr | |
| Cash & short-term investments | $15.4M2016 | $18.2M2025 | +1.8%/yr | |
| Total debt | $352,0002019 | $41,0002023 | −41.6%/yr | |
| Net cash (debt) | $75.1M2019 | $12.6M2023 | −$62.5M | |
| Working capital | $11.2M2016 | $15.8M2025 | +$4.6M | |
| Current ratio | 3.442016 | 6.552025 | +3.11 | |
| Debt / equity | 0.012019 | 0.002023 | 0.00 |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GLMD assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
GLMD liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
GLMD debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
GLMD balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $18.2M | $15.3M | $12.6M | $13.8M | $34.8M | $50.9M | $75.5M | $90.2M | $19.0M | $15.4M |
| Cash & equivalents | $4.0M | $4.7M | $2.9M | $2.0M | $2.9M | $6.9M | $15.9M | $24.2M | $13.0M | $3.1M |
| Short-term investments | $14.2M | $10.7M | $9.8M | $11.8M | $31.9M | $43.9M | $59.6M | $66.0M | $6.0M | $12.4M |
| Receivables | $80,000 | $209,000 | $165,000 | $157,000 | $79,000 | $66,000 | $226,000 | $51,000 | $155,000 | $284,000 |
| Inventory | $0 | $0 | $0 | $114,000 | −$932,000 | −$3.8M | −$27.9M | $0 | −$100,000 | −$254,000 |
| Other current assets | $391,000 | $584,000 | $432,000 | $668,000 | $2.1M | $4.7M | $28.7M | $167,000 | $100,000 | $254,000 |
| Total current assets | $18.6M | $16.1M | $13.2M | $14.7M | $36.1M | $51.8M | $76.4M | $90.4M | $19.2M | $15.7M |
| Property, plant & equipment (net) | $0 | $0 | $125,000 | $337,000 | $551,000 | $570,000 | $709,000 | $194,000 | $491,000 | $718,000 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $2.1M | $3.3M | $1.5M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $0 | $257,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total assets | $18.6M | $18.5M | $16.6M | $16.6M | $36.6M | $52.4M | $77.1M | $90.6M | $19.6M | $16.4M |
| Liabilities | ||||||||||
| Accounts payable | $2.0M | $1.3M | $1.9M | $2.6M | $4.9M | $7.0M | $6.0M | $1.8M | $2.3M | $3.1M |
| Short-term debt | — | — | $41,000 | $171,000 | — | — | — | — | — | — |
| Deferred revenue | — | — | — | −$171,000 | — | — | — | — | $538,000 | $1.1M |
| Total current liabilities | $2.8M | $2.2M | $2.8M | $3.1M | $5.9M | $8.0M | $6.9M | $2.7M | $3.8M | $4.6M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | — | $0 | $41,000 | $44,000 | $229,000 | $216,000 | $352,000 | — | — | — |
| Other long-term liabilities | $0 | $0 | $0 | $44,000 | $229,000 | $216,000 | $352,000 | $0 | $0 | $796,000 |
| Total liabilities | $2.8M | $2.2M | $2.8M | $3.1M | $6.1M | $8.2M | $7.3M | $2.7M | $3.8M | $5.4M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $3.4M | $742,000 | $209,000 | $70,000 | $70,000 | $58,000 | $58,000 | $58,000 | $40,000 | $34,000 |
| Retained earnings (deficit) | −$210.8M | −$200.5M | −$193.0M | −$186.0M | −$168.2M | −$135.7M | −$106.9M | −$86.5M | −$76.6M | −$64.3M |
| Accumulated other comprehensive income | −$303,000 | −$416,000 | −$454,000 | −$745,000 | −$171,000 | $272,000 | $35,000 | −$11,000 | −$7,000 | −$85,000 |
| Total shareholders' equity | $15.8M | $16.3M | $13.9M | $13.4M | $30.5M | $44.2M | $69.9M | $87.9M | $15.8M | $11.1M |
| Key figures | ||||||||||
| Total debt | — | — | $41,000 | $215,000 | $229,000 | $216,000 | $352,000 | — | — | — |
| Net cash (debt) | — | — | $12.6M | $13.6M | $34.6M | $50.7M | $75.1M | — | — | — |
| Working capital | $15.8M | $14.0M | $10.5M | $11.6M | $30.2M | $43.8M | $69.5M | $87.7M | $15.3M | $11.2M |
| Tangible book value | $15.8M | $16.3M | $13.9M | $13.4M | $30.5M | $44.2M | $69.9M | $87.9M | $15.8M | $11.1M |
| Book value per share | $29.28 | — | — | — | — | — | — | — | — | — |
| Shares outstanding | 539K | — | — | — | — | — | — | — | — | — |
| Current ratio | 6.55 | 7.42 | 4.81 | 4.76 | 6.13 | 6.47 | 11.02 | 33.41 | 4.98 | 3.44 |
| Quick ratio | 6.41 | 7.15 | 4.66 | 4.51 | 5.94 | 6.36 | 10.92 | 33.35 | 4.98 | 3.44 |
| Debt / equity | — | — | 0.00 | 0.02 | 0.01 | 0.00 | 0.01 | — | — | — |
| Equity / assets | 84.7% | 88.3% | 83.5% | 81.1% | 83.3% | 84.3% | 90.6% | 97.0% | 80.4% | 67.3% |
| 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 | $11.4M | $18.2M | $18.2M | $19.1M | $20.5M | $15.7M | $15.3M | $17.1M | $9.8M | $10.9M | $12.6M | $13.3M |
| Cash & equivalents | $3.0M | $4.0M | $4.0M | $3.3M | $5.0M | $4.8M | $4.7M | $9.7M | $1.8M | $1.6M | $2.9M | $1.5M |
| Short-term investments | $8.3M | $14.2M | $14.2M | $15.7M | $15.6M | $11.0M | $10.7M | $7.4M | $8.0M | $9.3M | $9.8M | $11.8M |
| Receivables | $323,000 | $80,000 | $80,000 | $549,000 | $433,000 | $447,000 | $0 | $426,000 | $135,000 | $254,000 | $0 | $770,000 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$253,000 | −$371,000 | $0 | −$1.8M |
| Other current assets | $0 | $391,000 | $391,000 | $124,000 | $123,000 | $122,000 | $793,000 | $119,000 | $371,000 | $371,000 | $597,000 | $1.9M |
| Total current assets | $11.7M | $18.6M | $18.6M | $19.7M | $21.1M | $16.3M | $16.1M | $17.7M | $10.1M | $11.2M | $13.2M | $14.2M |
| Property, plant & equipment (net) | $164,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $74,000 | $125,000 | $175,000 |
| Goodwill & intangible assets | $6.4M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $1.6M | $1.6M | $2.1M | $2.1M | $3.3M | $3.3M | $3.3M | $3.3M | $3.3M |
| Other non-current assets | $0 | $0 | $0 | $267,000 | $267,000 | $267,000 | $257,000 | $0 | $0 | $0 | $0 | $0 |
| Total assets | $18.3M | $18.6M | $18.6M | $21.6M | $22.9M | $18.7M | $18.5M | $20.9M | $13.3M | $14.5M | $16.6M | $17.6M |
| Liabilities | ||||||||||||
| Accounts payable | $1.9M | $2.0M | $2.0M | $1.7M | $1.4M | $1.3M | $1.3M | $1.3M | $1.2M | $1.4M | $1.9M | $1.5M |
| Short-term debt | $83,000 | — | — | — | — | — | — | — | — | $41,000 | — | — |
| Total current liabilities | $2.8M | $2.8M | $2.8M | $2.5M | $2.4M | $1.8M | $2.2M | $2.5M | $1.6M | $1.8M | $2.8M | $2.1M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $129,000 | — | — | — | — | — | $0 | — | — | — | $41,000 | $0 |
| Other long-term liabilities | $2.7M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total liabilities | $5.5M | $2.8M | $2.8M | $2.5M | $2.4M | $1.8M | $2.2M | $2.5M | $1.6M | $1.8M | $2.8M | $2.1M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $4.3M | $3.4M | $3.4M | $2.8M | $2.7M | $1.0M | — | $665,000 | $263,000 | $249,000 | — | $166,000 |
| Retained earnings (deficit) | −$215.4M | −$210.8M | −$210.8M | −$206.0M | −$204.1M | −$201.6M | −$200.5M | −$197.3M | −$195.3M | −$194.2M | −$193.0M | −$190.9M |
| Accumulated other comprehensive income | −$331,000 | −$303,000 | −$303,000 | −$316,000 | −$403,000 | −$397,000 | — | −$342,000 | −$435,000 | −$455,000 | — | −$607,000 |
| Total shareholders' equity | $12.7M | $15.8M | $15.8M | $19.1M | $20.5M | $16.9M | $16.3M | $18.4M | $11.8M | $12.8M | $13.9M | $15.5M |
| Key figures | ||||||||||||
| Total debt | $129,000 | — | — | — | — | — | — | — | — | $41,000 | — | — |
| Net cash (debt) | $11.3M | — | — | — | — | — | — | — | — | $10.9M | — | — |
| Working capital | $8.9M | $15.8M | $15.8M | $17.3M | $18.7M | $14.5M | $14.0M | $15.2M | $8.5M | $9.4M | $10.5M | $12.1M |
| Tangible book value | $6.3M | $15.8M | $15.8M | $19.1M | $20.5M | $16.9M | $16.3M | $18.4M | $11.8M | $12.8M | $13.9M | $15.5M |
| Book value per share | $13.38 | $19.18 | — | $28.00 | $41.58 | $34.20 | $9.81 | $37.36 | $23.88 | $18.69 | $33.01 | $19.91 |
| Shares outstanding | 952K | 823K | — | 683K | 494K | 494K | 1.7M | 494K | 494K | 683K | 420K | 781K |
| Current ratio | 4.16 | 6.55 | 6.55 | 7.98 | 8.71 | 9.02 | 7.42 | 7.03 | 6.48 | 6.34 | 4.81 | 6.79 |
| Quick ratio | 4.16 | 6.41 | 6.41 | 7.93 | 8.66 | 8.95 | 7.06 | 6.99 | 6.41 | 6.34 | 4.60 | 6.74 |
| Debt / equity | 0.01 | — | — | — | — | — | — | — | — | 0.00 | — | — |
| Equity / assets | 69.7% | 84.7% | 84.7% | 88.5% | 89.4% | 90.3% | 88.3% | 88.0% | 88.4% | 87.8% | 83.5% | 88.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 31, 2026); data from EODHD.
GLMD financial position
At the end of fiscal 2025 (December 31, 2025), Galmed Pharmaceuticals had total assets of $18.6 million (up 0.7% from a year earlier), total liabilities of $2.8 million and shareholders' equity of $15.8 million. Its current ratio was 6.55. In the latest quarter (ended June 30, 2026) total assets were $18.3 million and equity $12.7 million.
Related: GLMD income statement, GLMD cash flow statement, GLMD key metrics. See the GLMD stock overview for the latest quote and news.
GLMD balance sheet FAQ
What are Galmed Pharmaceuticals's total assets?
Galmed Pharmaceuticals reported total assets of $18.6 million at the end of fiscal 2025 (December 31, 2025), compared with $18.5 million a year earlier.
How much cash does Galmed Pharmaceuticals have?
Galmed Pharmaceuticals held $18.2 million in cash and short-term investments at the end of fiscal 2025.
What is Galmed Pharmaceuticals's book value?
Galmed Pharmaceuticals's shareholders' equity (book value) was $15.8 million at the end of fiscal 2025, or $29.28 per share.
What is Galmed Pharmaceuticals's current ratio?
Galmed Pharmaceuticals had current assets of $18.6 million and current liabilities of $2.8 million, a current ratio of 6.55 (it can cover its short-term obligations).