GeoVax Labs, Inc. (GOVX) Balance Sheet
GOVX balance sheet, 2025
December 31, 2025 · U.S. dollars$6.3M assets = $2.5M liabilities + $3.8M equity
Both columns are drawn to the same scale: what GOVX owns equals what it owes plus shareholders’ equity. Hover a block for its value.
GOVX financial health
Descriptive bands, not a rating. Fiscal 2025.
GOVX balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $610,2172016 | $6.3M2025 | +29.7%/yr | |
| Total liabilities | $369,8472016 | $2.5M2025 | +23.7%/yr | |
| Shareholders’ equity | $240,3702016 | $3.8M2025 | +36.0%/yr | |
| Cash & short-term investments | $454,0302016 | $3.1M2025 | +23.7%/yr | |
| Total debt | $300,0002018 | $843,1702025 | +15.9%/yr | |
| Net cash (debt) | −$40,0002018 | $2.2M2025 | +$2.3M | |
| Working capital | $174,5322016 | $3.4M2025 | +$3.2M | |
| Current ratio | 1.472016 | 2.742025 | +1.27 | |
| Debt / equity | 0.022020 | 0.222025 | +0.20 |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GOVX assets
GOVX liabilities and equity
GOVX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
GOVX balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $3.1M | $5.5M | $6.5M | $27.6M | $11.4M | $9.9M | $283,341 | $260,000 | $312,727 | $454,030 |
| Cash & equivalents | $3.1M | $5.5M | $6.5M | $27.6M | $11.4M | $9.9M | $283,341 | $260,000 | $312,727 | $454,030 |
| Short-term investments | — | $5.51T | — | — | — | — | — | — | — | — |
| Receivables | $0 | $659,409 | $0 | $0 | $49,006 | $182,663 | $68,603 | $121,814 | $59,758 | $28,074 |
| Inventory | $0 | $0 | $0 | $0 | −$49,006 | −$182,663 | $0 | −$121,814 | $0 | $0 |
| Other current assets | $2.2M | $1.8M | $1.4M | $1.3M | $205,000 | $351,000 | $95,320 | $360,000 | $75,589 | $62,275 |
| Total current assets | $5.3M | $7.9M | $7.9M | $28.9M | $11.6M | $10.2M | $447,264 | $620,000 | $448,074 | $544,379 |
| Property, plant & equipment (net) | $940,270 | $149,974 | $209,689 | $2.4M | $168,000 | $159,000 | $10,606 | $22,000 | $31,151 | $54,828 |
| Goodwill & intangible assets | $50,000 | $60,000 | $70,000 | $80,000 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $36,947 | $11,010 | $1.1M | $0 | $0 | $0 | $11,010 | $0 | $11,010 | $11,010 |
| Total assets | $6.3M | $8.2M | $9.3M | $31.3M | $11.8M | $10.4M | $468,880 | $642,000 | $490,235 | $610,217 |
| Liabilities | ||||||||||
| Accounts payable | $790,750 | $1.8M | $2.8M | $1.7M | $2.1M | $267,702 | $152,653 | $125,859 | $77,581 | $75,607 |
| Short-term debt | $263,135 | — | — | — | — | $183,326 | $12,500 | $260,420 | — | — |
| Total current liabilities | $1.9M | $3.1M | $3.5M | $4.7M | $5.4M | $810,309 | $2.0M | $1.6M | $811,292 | $369,847 |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $14,738 | $27,243 | $39,580 | $0 | $0 |
| Lease obligations | $843,170 | $0 | — | — | — | — | — | — | — | — |
| Other long-term liabilities | $580,035 | $0 | $0 | $1.7M | $2.0M | $0 | $0 | $0 | $0 | $0 |
| Total liabilities | $2.5M | $3.1M | $3.5M | $4.7M | $7.4M | $825,000 | $2.0M | $1.7M | $811,292 | $369,847 |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1,732 | $10,537 | $1,977 | $26,335 | $6,382 | $3,834 | $300 | $218,903 | $106,737 | $55,235 |
| Retained earnings (deficit) | −$150.8M | −$129.36T | −$104.4M | −$78.4M | −$64.4M | −$45.8M | −$42.8M | −$40.5M | −$37.9M | −$35.7M |
| Accumulated other comprehensive income | — | — | $0 | $0 | $0 | $0 | — | −$663,250 | — | — |
| Total shareholders' equity | $3.8M | $5.0M | $5.8M | $26.6M | $4.4M | $9.6M | −$1.6M | −$1.0M | −$321,057 | $240,370 |
| Key figures | ||||||||||
| Total debt | $843,170 | — | — | — | — | $198,064 | $39,743 | $300,000 | — | — |
| Net cash (debt) | $2.2M | — | — | — | — | $9.7M | $243,598 | −$40,000 | — | — |
| Working capital | $3.4M | $4.8M | $4.4M | $24.2M | $6.2M | $9.4M | −$1.6M | −$1.0M | −$363,218 | $174,532 |
| Tangible book value | $3.8M | $5.0M | $5.7M | $26.5M | $4.4M | $9.6M | −$1.6M | −$1.0M | −$321,057 | $240,370 |
| Book value per share | — | $0.97 | — | — | — | — | — | — | — | — |
| Shares outstanding | — | 5.2M | — | — | — | — | — | — | — | — |
| Current ratio | 2.74 | 2.55 | 2.24 | 6.10 | 2.14 | 12.63 | 0.22 | 0.38 | 0.55 | 1.47 |
| Quick ratio | 1.59 | 1.98 | 1.83 | 5.82 | 2.11 | 12.42 | 0.17 | 0.23 | 0.46 | 1.30 |
| Debt / equity | 0.22 | — | — | — | — | 0.02 | — | — | — | — |
| Equity / assets | 60.3% | 61.9% | 62.1% | 84.9% | 37.0% | 92.1% | −335.8% | −159.2% | −65.5% | 39.4% |
| 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 | $3.1M | $1.3M | $3.1M | $5.0M | $3.1M | $7.4M | $5.5M | $8.6M | $1.6M | $768,859 | $6.5M | $12.7M |
| Cash & equivalents | $3.1M | $1.3M | $3.1M | $5.0M | $3.1M | $7.4M | $5.5M | $8.6M | $1.6M | $768,859 | $6.5M | $12.7M |
| Receivables | $0 | $0 | $0 | $0 | $532,771 | $1.5M | $659,409 | $547,574 | $300,677 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $1.0M | $1.2M | $2.2M | $1.5M | $1.5M | $1.7M | $1.8M | $1.7M | $2.0M | $2.1M | $1.4M | $2.1M |
| Total current assets | $4.2M | $2.4M | $5.3M | $6.5M | $5.1M | $10.6M | $7.9M | $10.9M | $3.8M | $2.9M | $7.9M | $14.8M |
| Property, plant & equipment (net) | $397,511 | $481,143 | $940,270 | $127,060 | $143,862 | $149,947 | $149,974 | $171,615 | $170,537 | $190,113 | $209,689 | $212,953 |
| Goodwill & intangible assets | $50,000 | $50,000 | $50,000 | $50,000 | $60,000 | $60,000 | $60,000 | $60,000 | $70,000 | $70,000 | $70,000 | $70,000 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $19,947 | $19,947 | $36,947 | $36,947 | $11,010 | $11,010 | $11,010 | $11,010 | $11,009 | $235,691 | $1.1M | $1.1M |
| Total assets | $4.6M | $3.0M | $6.3M | $6.7M | $5.4M | $10.8M | $8.2M | $11.1M | $4.1M | $3.4M | $9.3M | $16.2M |
| Liabilities | ||||||||||||
| Accounts payable | $1.8M | $1.4M | $790,750 | $976,411 | $1.8M | $2.4M | $1.8M | $2.1M | $4.0M | $1.9M | $2.8M | $4.2M |
| Short-term debt | $153,573 | $197,468 | — | — | — | — | — | — | $142,292 | — | — | — |
| Total current liabilities | $2.7M | $2.3M | $1.9M | $1.8M | $2.5M | $2.9M | $3.1M | $2.6M | $6.4M | $3.3M | $3.5M | $7.1M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $323,141 | $394,571 | $843,170 | — | — | — | $0 | — | — | — | — | — |
| Other long-term liabilities | $169,568 | $197,103 | $580,035 | $0 | $0 | $2,934 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total liabilities | $2.9M | $2.5M | $2.5M | $1.8M | $2.5M | $2.9M | $3.1M | $2.6M | $6.4M | $3.3M | $3.5M | $7.1M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $7,369 | $2,819 | — | $29,705 | $15,925 | $13,839 | $10,537 | $8,609 | $4,179 | $2,308 | $1,977 | $26,695 |
| Retained earnings (deficit) | −$160.5M | −$156.1M | −$150.8M | −$146.4M | −$140.1M | −$134.7M | −$129.36T | −$121.1M | −$115.3M | −$110.2M | −$104.4M | −$96.8M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | $0 | — | $0 | — |
| Total shareholders' equity | $1.8M | $493,770 | $3.8M | $4.9M | $2.8M | $7.9M | $5.0M | $8.5M | −$2.3M | $54,275 | $5.8M | $9.1M |
| Key figures | ||||||||||||
| Total debt | $323,141 | $394,571 | — | — | — | — | — | — | $142,292 | — | — | — |
| Net cash (debt) | $2.8M | $877,191 | — | — | — | — | — | — | $1.4M | — | — | — |
| Working capital | $1.5M | $139,783 | $3.4M | $4.7M | $2.6M | $7.7M | $4.8M | $8.3M | −$2.6M | −$441,529 | $4.4M | $7.7M |
| Tangible book value | $1.7M | $443,770 | $3.8M | $4.9M | $2.8M | $7.8M | $5.0M | $8.4M | −$2.4M | −$15,725 | $5.7M | $9.0M |
| Book value per share | $0.39 | — | — | — | — | $0.66 | $0.48 | $1.33 | −$0.91 | $0.02 | — | — |
| Shares outstanding | 4.6M | — | — | — | — | 12.0M | 10.5M | 6.4M | 2.5M | 2.4M | — | — |
| Current ratio | 1.54 | 1.06 | 2.74 | 3.57 | 2.03 | 3.62 | 2.55 | 4.17 | 0.60 | 0.87 | 2.24 | 2.09 |
| Quick ratio | 1.16 | 0.55 | 1.59 | 2.75 | 1.43 | 3.04 | 1.98 | 3.50 | 0.29 | 0.23 | 1.83 | 1.79 |
| Debt / equity | 0.18 | 0.80 | — | — | — | — | — | — | — | — | — | — |
| Equity / assets | 37.9% | 16.6% | 60.3% | 72.9% | 52.7% | 72.9% | 61.9% | 76.5% | −56.4% | 1.6% | 62.1% | 56.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed April 15, 2026); data from EODHD.
GOVX financial position
At the end of fiscal 2025 (December 31, 2025), GeoVax Labs had total assets of $6.3 million (down 22.2% from a year earlier), total liabilities of $2.5 million and shareholders' equity of $3.8 million. It held $3.1 million in cash and short-term investments against $0.8 million of debt, a net cash position of $2.2 million. Its current ratio was 2.74. In the latest quarter (ended June 30, 2026) total assets were $4.6 million and equity $1.8 million.
Related: GOVX income statement, GOVX cash flow statement, GOVX key metrics. See the GOVX stock overview for the latest quote and news.
GOVX balance sheet FAQ
What are GeoVax Labs's total assets?
GeoVax Labs reported total assets of $6.3 million at the end of fiscal 2025 (December 31, 2025), compared with $8.2 million a year earlier.
How much debt does GeoVax Labs have?
GeoVax Labs had $0.8 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.22.
How much cash does GeoVax Labs have?
GeoVax Labs held $3.1 million in cash and short-term investments at the end of fiscal 2025; with $0.8 million of debt that is net cash of $2.2 million.
What is GeoVax Labs's book value?
GeoVax Labs's shareholders' equity (book value) was $3.8 million at the end of fiscal 2025.
What is GeoVax Labs's current ratio?
GeoVax Labs had current assets of $5.3 million and current liabilities of $1.9 million, a current ratio of 2.74 (it can cover its short-term obligations).
How much goodwill does GeoVax Labs have?
GeoVax Labs carried $0.1 million of goodwill and intangible assets, 0.8% of total assets, at the end of fiscal 2025.