Tiziana Life Sciences Ltd (TLSA) Balance Sheet
TLSA balance sheet, 2025
December 31, 2025 · U.S. dollars$11.5M assets = $11.4M liabilities + $52,000 equity
Both columns are drawn to the same scale: what TLSA owns equals what it owes plus shareholders’ equity. Hover a block for its value.
TLSA financial health
Descriptive bands, not a rating. Fiscal 2025.
TLSA balance sheet trends, 2023–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $12.2M2023 | $11.5M2025 | −2.9%/yr | |
| Total liabilities | $6.6M2023 | $11.4M2025 | +31.2%/yr | |
| Shareholders’ equity | $5.5M2023 | $52,0002025 | −90.3%/yr | |
| Cash & short-term investments | $1.2M2023 | $4.0M2025 | +84.1%/yr | |
| Total debt | $247,0002023 | $456,0002025 | +35.9%/yr | |
| Net cash (debt) | $936,0002023 | $3.6M2025 | +$2.6M | |
| Working capital | $798,0002023 | −$2.7M2025 | −$3.5M | |
| Book value per share | $0.112023 | $0.002025 | −91.0%/yr | |
| Current ratio | 1.122023 | 0.762025 | −0.36 | |
| Debt / equity | 0.042023 | 8.772025 | +8.72 | |
| Shares outstanding | 50.8M2023 | 59.1M2025 | +7.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TLSA assets
TLSA liabilities and equity
TLSA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
TLSA balance sheet
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Assets | |||
| Cash & short-term investments | $4.0M | $3.7M | $1.2M |
| Cash & equivalents | $4.0M | $3.7M | $1.2M |
| Receivables | $4.3M | $3.7M | $6.1M |
| Inventory | $0 | $0 | $0 |
| Other current assets | $285,000 | $92,000 | $102,000 |
| Total current assets | $8.6M | $7.5M | $7.3M |
| Property, plant & equipment (net) | $499,000 | $187,000 | $293,000 |
| Goodwill & intangible assets | $0 | $0 | $0 |
| Long-term investments | $2.4M | $3.6M | $4.6M |
| Other non-current assets | $0 | $0 | $0 |
| Total assets | $11.5M | $11.3M | $12.2M |
| Liabilities | |||
| Accounts payable | $7.2M | $5.6M | $4.1M |
| Short-term debt | $222,000 | $106,000 | $138,000 |
| Deferred revenue | $530,000 | — | $2.2M |
| Total current liabilities | $11.2M | $7.3M | $6.5M |
| Long-term debt | $0 | $0 | $0 |
| Lease obligations | $456,000 | $106,000 | $247,000 |
| Other long-term liabilities | $234,000 | $0 | $109,000 |
| Total liabilities | $11.4M | $7.3M | $6.6M |
| Shareholders' equity | |||
| Common stock & paid-in capital | $121,000 | $111,000 | $103,000 |
| Retained earnings (deficit) | −$44.4M | −$144.8M | −$133.7M |
| Accumulated other comprehensive income | $9.7M | $117.0M | $117.1M |
| Total shareholders' equity | $52,000 | $3.9M | $5.5M |
| Key figures | |||
| Total debt | $456,000 | $106,000 | $247,000 |
| Net cash (debt) | $3.6M | $3.6M | $936,000 |
| Working capital | −$2.7M | $160,000 | $798,000 |
| Tangible book value | $52,000 | $3.9M | $5.5M |
| Book value per share | $0.00 | $0.07 | $0.11 |
| Shares outstanding | 59.1M | 53.3M | 50.8M |
| Current ratio | 0.76 | 1.02 | 1.12 |
| Quick ratio | 0.74 | 1.01 | 1.11 |
| Debt / equity | 8.77 | 0.03 | 0.04 |
| Equity / assets | 0.5% | 34.9% | 45.4% |
| Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $4.0M | $4.0M | $7.3M | $7.3M | $3.7M | $3.7M | $1.1M | $1.1M | $1.2M | $1.2M | $6.6M | $6.6M |
| Cash & equivalents | $4.0M | $4.0M | $7.3M | $7.3M | $3.7M | $3.7M | $1.1M | $1.1M | $1.2M | $1.2M | $6.6M | $6.6M |
| Receivables | $4.3M | $0 | $4.9M | $4.9M | $3.7M | $3.7M | $6.3M | $6.6M | $6.1M | $6.1M | $7.9M | $8.6M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $285,000 | $4.5M | $517,000 | $517,000 | $92,000 | $92,000 | $355,000 | $0 | $102,000 | $102,000 | $691,000 | $0 |
| Total current assets | $8.6M | $8.6M | $12.7M | $12.7M | $7.5M | $7.5M | $7.8M | $7.8M | $7.3M | $7.3M | $15.2M | $15.2M |
| Property, plant & equipment (net) | $499,000 | $499,000 | $150,000 | $150,000 | $187,000 | $187,000 | $245,000 | $245,000 | $293,000 | $293,000 | $351,000 | $351,000 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $2.4M | $0 | $0 | $0 | $3.6M | $0 | $3.0M | $0 | $4.6M | $0 | $1.9M |
| Other non-current assets | $2.4M | $0 | $3.7M | $3.7M | $3.6M | $0 | $3.0M | $0 | $4.6M | $0 | $1.9M | $0 |
| Total assets | $11.5M | $11.5M | $16.6M | $16.6M | $11.3M | $11.3M | $11.0M | $11.0M | $12.2M | $12.2M | $17.4M | $17.4M |
| Liabilities | ||||||||||||
| Accounts payable | $7.2M | $7.2M | $5.2M | — | $5.6M | $5.6M | $7.5M | $7.5M | $4.1M | $4.1M | $2.9M | $2.9M |
| Short-term debt | $222,000 | — | $107,000 | $107,000 | $212,000 | $106,000 | $142,000 | $284,000 | $276,000 | $138,000 | $170,000 | $170,000 |
| Deferred revenue | $530,000 | — | — | — | — | — | — | — | — | — | $2.2M | $816,000 |
| Total current liabilities | $11.2M | $11.2M | $7.4M | $7.4M | $7.3M | $7.3M | $9.1M | $9.1M | $6.5M | $6.5M | $3.9M | $3.9M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | — | $456,000 | — | — | — | $106,000 | — | $179,000 | — | $247,000 | — | $353,000 |
| Other long-term liabilities | $234,000 | $234,000 | $0 | $0 | $0 | $0 | $37,000 | $37,000 | $109,000 | $109,000 | $183,000 | $183,000 |
| Total liabilities | $11.4M | $11.4M | $7.4M | $7.4M | $7.3M | $7.3M | $9.1M | $9.1M | $6.6M | $6.6M | $4.1M | $4.1M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $121,000 | — | $119,000 | $119,000 | $111,000 | $111,000 | $104,000 | $104,000 | $103,000 | $103,000 | $102,000 | $102,000 |
| Retained earnings (deficit) | −$44.4M | −$163.1M | −$31.8M | −$31.8M | −$144.8M | −$144.8M | −$138.3M | −$138.3M | −$133.7M | −$133.7M | −$124.9M | −$124.9M |
| Accumulated other comprehensive income | $9.7M | — | $9.1M | $9.1M | $117.0M | $117.0M | $117.0M | $117.0M | $117.1M | $117.1M | $117.3M | $117.3M |
| Total shareholders' equity | $52,000 | $52,000 | $9.2M | $9.2M | $3.9M | $3.9M | $1.9M | $1.9M | $5.5M | $5.5M | $13.3M | $13.3M |
| Key figures | ||||||||||||
| Total debt | $456,000 | — | $107,000 | $107,000 | $106,000 | $106,000 | $179,000 | $179,000 | $247,000 | $247,000 | $353,000 | $353,000 |
| Net cash (debt) | $3.6M | — | $7.1M | $7.1M | $3.6M | $3.6M | $951,000 | $951,000 | $936,000 | $936,000 | $6.2M | $6.2M |
| Working capital | −$2.7M | −$2.7M | $5.3M | $5.3M | $160,000 | $160,000 | −$1.3M | −$1.3M | $798,000 | $798,000 | $11.2M | $11.2M |
| Tangible book value | $52,000 | $52,000 | $9.2M | $9.2M | $3.9M | $3.9M | $1.9M | $1.9M | $5.5M | $5.5M | $13.3M | $13.3M |
| Book value per share | $0.00 | $0.00 | $0.16 | $0.16 | $0.07 | $0.04 | $0.04 | $0.04 | $0.11 | $0.11 | $0.26 | $0.26 |
| Shares outstanding | 59.5M | 120.5M | 58.4M | 58.4M | 54.6M | 111.5M | 51.5M | 51.5M | 51.3M | 51.3M | 50.8M | 50.8M |
| Current ratio | 0.76 | 0.76 | 1.72 | 1.72 | 1.02 | 1.02 | 0.85 | 0.85 | 1.12 | 1.12 | 3.85 | 3.85 |
| Quick ratio | 0.74 | 0.36 | 1.65 | 1.65 | 1.01 | 1.01 | 0.82 | 0.85 | 1.11 | 1.11 | 3.68 | 3.85 |
| Debt / equity | 8.77 | — | 0.01 | 0.01 | 0.03 | 0.03 | 0.10 | 0.10 | 0.04 | 0.04 | 0.03 | 0.03 |
| Equity / assets | 0.5% | 0.5% | 55.4% | 55.4% | 34.9% | 34.9% | 16.9% | 16.9% | 45.4% | 45.4% | 76.3% | 76.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed May 1, 2026); data from EODHD.
TLSA financial position
At the end of fiscal 2025 (December 31, 2025), Tiziana Life Sciences had total assets of $11.5 million (up 1.9% from a year earlier), total liabilities of $11.4 million and shareholders' equity of $0.1 million. It held $4.0 million in cash and short-term investments against $0.5 million of debt, a net cash position of $3.6 million. Its current ratio was 0.76. In the latest quarter (ended March 31, 2026) total assets were $11.5 million and equity $0.1 million.
Related: TLSA income statement, TLSA cash flow statement, TLSA key metrics. See the TLSA stock overview for the latest quote and news.
TLSA balance sheet FAQ
What are Tiziana Life Sciences's total assets?
Tiziana Life Sciences reported total assets of $11.5 million at the end of fiscal 2025 (December 31, 2025), compared with $11.3 million a year earlier.
How much debt does Tiziana Life Sciences have?
Tiziana Life Sciences had $0.5 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 8.77.
How much cash does Tiziana Life Sciences have?
Tiziana Life Sciences held $4.0 million in cash and short-term investments at the end of fiscal 2025; with $0.5 million of debt that is net cash of $3.6 million.
What is Tiziana Life Sciences's book value?
Tiziana Life Sciences's shareholders' equity (book value) was $0.1 million at the end of fiscal 2025, or $0.00 per share.
What is Tiziana Life Sciences's current ratio?
Tiziana Life Sciences had current assets of $8.6 million and current liabilities of $11.2 million, a current ratio of 0.76 (current liabilities exceed current assets).