Vaccinex, Inc. (VCNX) Balance Sheet
VCNX balance sheet, 2025
December 31, 2025 · U.S. dollars$1.8M assets = $9.4M liabilities + −$7.6M equity
Liabilities exceed assets: shareholders’ equity is negative (−$7.6M).
Both columns are drawn to the same scale: what VCNX owns equals what it owes plus shareholders’ equity. Hover a block for its value.
VCNX financial health
Descriptive bands, not a rating. Fiscal 2025.
VCNX balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.8M2016 | $1.8M2025 | −5.0%/yr | |
| Total liabilities | $6.2M2016 | $9.4M2025 | +4.8%/yr | |
| Shareholders’ equity | −$3.3M2016 | −$7.6M2025 | — | |
| Cash & short-term investments | $1.7M2016 | $140,0002025 | −24.0%/yr | |
| Total debt | $1.0M2016 | $5.5M2025 | +20.4%/yr | |
| Net cash (debt) | $624,0002016 | −$5.4M2025 | −$6.0M | |
| Working capital | −$2.3M2016 | −$2.1M2025 | +$215,000 | |
| Book value per share | −$1.192024 | −$2.842025 | — | |
| Current ratio | 0.482016 | 0.452025 | −0.02 | |
| Debt / equity | 0.052021 | 0.092022 | +0.04 | |
| Shares outstanding | 2.1M2024 | 2.7M2025 | +27.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
VCNX assets
VCNX liabilities and equity
VCNX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
VCNX balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $140,000 | $1.1M | $1.5M | $6.4M | $8.6M | $10.6M | $2.8M | $19.7M | $4.2M | $1.7M |
| Cash & equivalents | $140,000 | $1.1M | $1.5M | $6.4M | $8.6M | $10.6M | $2.8M | $5.6M | $4.2M | $1.7M |
| Short-term investments | — | — | — | — | — | — | $0 | $14.1M | — | — |
| Receivables | $1.2M | $838,000 | $961,000 | $175,000 | $0 | $157,000 | $898,000 | $639,000 | $117,000 | $104,000 |
| Inventory | $0 | $0 | $0 | $1 | $0 | $1 | $1 | $1 | $1 | $0 |
| Other current assets | $465,000 | $586,000 | $853,000 | $911,999 | $816,000 | $532,999 | $335,999 | $1.1M | $676,999 | $347,000 |
| Total current assets | $1.8M | $2.5M | $3.3M | $7.5M | $9.4M | $11.3M | $4.0M | $21.4M | $5.0M | $2.1M |
| Property, plant & equipment (net) | $39,000 | $65,000 | $282,000 | $499,000 | $438,000 | $416,000 | $594,000 | $604,000 | $601,000 | $730,000 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total assets | $1.8M | $2.6M | $3.6M | $8.0M | $9.8M | $11.7M | $4.6M | $22.0M | $5.6M | $2.8M |
| Liabilities | ||||||||||
| Accounts payable | $3.5M | $4.0M | $2.0M | $1.5M | $1.1M | $3.2M | $3.2M | $2.3M | $1.9M | $2.5M |
| Short-term debt | — | $25,000 | $221,000 | $238,000 | $215,000 | $8.1M | — | — | $2.8M | $1.0M |
| Deferred revenue | $96,000 | — | $63,000 | — | — | — | — | — | $298,000 | — |
| Total current liabilities | $3.9M | $5.1M | $5.9M | $2.5M | $2.3M | $13.2M | $6.9M | $6.7M | $4.2M | $4.4M |
| Long-term debt | $0 | $0 | $26,000 | $101,000 | $175,000 | $1.1M | $0 | $0 | $2.8M | $1.0M |
| Lease obligations | — | $0 | $146,000 | $310,000 | $141,000 | $0 | — | — | — | — |
| Other long-term liabilities | $5.5M | $0 | $0 | $146,000 | $0 | $0 | $3.7M | $0 | $369,000 | $694,000 |
| Total liabilities | $9.4M | $5.1M | $5.9M | $2.8M | $2.4M | $14.3M | $6.9M | $6.7M | $7.3M | $6.2M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1,000 | $1,000 | — | $5,000 | $3,000 | $3,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| Retained earnings (deficit) | −$363.8M | −$358.6M | −$339.9M | −$319.7M | −$299.9M | −$277.5M | −$248.6M | −$216.8M | −$187.2M | −$168.5M |
| Treasury stock | — | — | — | — | — | — | −$11,000 | −$11,000 | −$11,000 | −$11,000 |
| Accumulated other comprehensive income | — | — | $0 | $0 | $0 | $0 | −$4.6M | −$6.3M | −$6.1M | −$5.9M |
| Minority interest | — | — | — | — | $0 | — | — | — | — | — |
| Total shareholders' equity | −$7.6M | −$2.5M | −$2.3M | $5.2M | $7.4M | −$26.6M | −$26.2M | −$8.6M | −$1.8M | −$3.3M |
| Key figures | ||||||||||
| Total debt | $5.5M | $25,000 | $247,000 | $485,000 | $390,000 | $9.2M | — | — | $2.8M | $1.0M |
| Net cash (debt) | −$5.4M | $1.1M | $1.3M | $5.9M | $8.2M | $1.4M | — | — | $1.4M | $624,000 |
| Working capital | −$2.1M | −$2.6M | −$2.6M | $4.9M | $7.1M | −$1.9M | −$2.9M | $14.7M | $809,000 | −$2.3M |
| Tangible book value | −$7.6M | −$2.5M | −$2.3M | $5.2M | $7.4M | −$26.6M | −$26.2M | −$8.6M | −$1.8M | −$3.3M |
| Book value per share | −$2.84 | −$1.19 | — | — | — | — | — | — | — | — |
| Shares outstanding | 2.7M | 2.1M | — | — | — | — | — | — | — | — |
| Current ratio | 0.45 | 0.50 | 0.57 | 2.95 | 4.17 | 0.86 | 0.58 | 3.20 | 1.19 | 0.48 |
| Quick ratio | 0.33 | 0.38 | 0.42 | 2.59 | 3.81 | 0.82 | 0.53 | 3.05 | 1.03 | 0.40 |
| Debt / equity | — | — | — | 0.09 | 0.05 | — | — | — | — | — |
| Equity / assets | −422.0% | −95.8% | −63.6% | 65.1% | 75.3% | −227.1% | −569.9% | −39.1% | −31.8% | −117.1% |
| Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | Dec '22 | Sep '22 | Jun '22 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.1M | $1.1M | $2.9M | $233,000 | $3.0M | $1.5M | $127,000 | $1.9M | $3.3M | $6.4M | $7.2M | $11.4M |
| Cash & equivalents | $1.1M | $1.1M | $2.9M | $233,000 | $3.0M | $1.5M | $127,000 | $1.9M | $3.3M | $6.4M | $7.2M | $11.4M |
| Receivables | $838,000 | $838,000 | $985,000 | $1.0M | $2.8M | $961,000 | $933,000 | $11,000 | $0 | $175,000 | $50,000 | $0 |
| Inventory | $0 | $0 | $0 | $1 | $0 | $0 | $1 | $1 | $0 | $1 | $0 | $0 |
| Other current assets | $586,000 | $586,000 | $866,000 | $923,999 | $1.4M | $853,000 | $1.1M | $759,999 | $1.1M | $911,999 | $789,000 | $861,000 |
| Total current assets | $2.5M | $2.5M | $4.8M | $2.2M | $7.2M | $3.3M | $2.2M | $2.7M | $4.4M | $7.5M | $8.0M | $12.3M |
| Property, plant & equipment (net) | $65,000 | $65,000 | $97,000 | $165,000 | $213,000 | $283,000 | $352,000 | $406,000 | $477,000 | $499,000 | $587,000 | $311,000 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total assets | $2.6M | $2.6M | $4.9M | $2.4M | $7.4M | $3.6M | $2.6M | $3.1M | $4.9M | $8.0M | $8.6M | $12.6M |
| Liabilities | ||||||||||||
| Accounts payable | $4.0M | $4.0M | $4.9M | $3.2M | $2.3M | $2.0M | $4.2M | $1.6M | $1.1M | $1.5M | $494,000 | $265,000 |
| Short-term debt | $25,000 | — | $59,000 | $122,000 | $179,000 | — | $409,000 | $409,000 | $242,000 | $238,000 | $400,000 | $188,000 |
| Deferred revenue | — | — | $51,000 | $12,000 | $59,000 | — | — | — | — | — | −$163,000 | — |
| Total current liabilities | $5.1M | $5.1M | $6.2M | $5.2M | $4.7M | $5.9M | $6.4M | $3.4M | $2.3M | $2.5M | $2.0M | $1.5M |
| Long-term debt | $0 | $0 | $0 | $0 | $6,000 | $26,000 | $44,000 | $63,000 | $82,000 | $101,000 | $119,000 | $138,000 |
| Lease obligations | — | $0 | $15,000 | $59,000 | $103,000 | $146,000 | $188,000 | $229,000 | $270,000 | $310,000 | $351,000 | $57,000 |
| Other long-term liabilities | $0 | $0 | $0 | $1,000 | $0 | $0 | $21,000 | $62,000 | $103,000 | $146,000 | $188,000 | $0 |
| Total liabilities | $5.1M | $5.1M | $6.2M | $5.2M | $4.7M | $5.9M | $6.4M | $3.5M | $2.5M | $2.8M | $2.3M | $1.6M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1,000 | — | $1,000 | $1,000 | $1,000 | — | — | $7,000 | $5,000 | $5,000 | $4,000 | $4,000 |
| Retained earnings (deficit) | −$358.6M | −$358.6M | −$355.2M | −$349.5M | −$343.8M | −$339.9M | −$336.6M | −$331.7M | −$324.6M | −$319.7M | −$314.6M | −$309.8M |
| Accumulated other comprehensive income | — | — | — | −$1.4M | $0 | — | $0 | $0 | $0 | $0 | $0 | $0 |
| Total shareholders' equity | −$2.5M | −$2.5M | −$1.3M | −$2.9M | $2.7M | −$2.3M | −$3.9M | −$423,000 | $2.4M | $5.2M | $6.3M | $10.9M |
| Key figures | ||||||||||||
| Total debt | $25,000 | — | $59,000 | $122,000 | $185,000 | $26,000 | $474,000 | $534,000 | $427,000 | $485,000 | $544,000 | $269,000 |
| Net cash (debt) | $1.1M | — | $2.8M | $111,000 | $2.8M | $1.5M | −$347,000 | $1.4M | $2.9M | $5.9M | $6.6M | $11.1M |
| Working capital | −$2.6M | −$2.6M | −$1.4M | −$3.0M | $2.4M | −$2.6M | −$4.2M | −$704,000 | $2.1M | $4.9M | $6.0M | $10.8M |
| Tangible book value | −$2.5M | −$2.5M | −$1.3M | −$2.9M | $2.7M | −$2.3M | −$3.9M | −$423,000 | $2.4M | $5.2M | $6.3M | $10.9M |
| Book value per share | −$1.19 | −$0.93 | −$0.65 | −$1.58 | $2.00 | −$2.59 | — | — | — | — | — | — |
| Shares outstanding | 2.1M | 2.7M | 2.0M | 1.8M | 1.3M | 893K | — | — | — | — | — | — |
| Current ratio | 0.50 | 0.50 | 0.77 | 0.42 | 1.52 | 0.57 | 0.35 | 0.79 | 1.91 | 2.95 | 4.04 | 8.22 |
| Quick ratio | 0.38 | 0.38 | 0.63 | 0.24 | 1.22 | 0.42 | 0.17 | 0.57 | 1.44 | 2.59 | 3.64 | 7.65 |
| Debt / equity | — | — | — | — | 0.07 | — | — | — | 0.18 | 0.09 | 0.09 | 0.02 |
| Equity / assets | −95.8% | −95.8% | −27.2% | −121.0% | 36.0% | −63.6% | −151.3% | −13.7% | 49.0% | 65.1% | 73.4% | 87.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed December 31, 2025); data from EODHD.
VCNX financial position
At the end of fiscal 2025 (December 31, 2025), Vaccinex had total assets of $1.8 million (down 30.7% from a year earlier), total liabilities of $9.4 million and shareholders' equity of -$7.6 million. It held $0.1 million in cash and short-term investments against $5.5 million of debt, net debt of $5.4 million. Its current ratio was 0.45.
Related: VCNX income statement, VCNX cash flow statement, VCNX key metrics. See the VCNX stock overview for the latest quote and news.
VCNX balance sheet FAQ
What are Vaccinex's total assets?
Vaccinex reported total assets of $1.8 million at the end of fiscal 2025 (December 31, 2025), compared with $2.6 million a year earlier.
How much debt does Vaccinex have?
Vaccinex had $5.5 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was —.
How much cash does Vaccinex have?
Vaccinex held $0.1 million in cash and short-term investments at the end of fiscal 2025; with $5.5 million of debt that is net debt of $5.4 million.
What is Vaccinex's book value?
Vaccinex's shareholders' equity (book value) was -$7.6 million at the end of fiscal 2025, or −$2.84 per share.
What is Vaccinex's current ratio?
Vaccinex had current assets of $1.8 million and current liabilities of $3.9 million, a current ratio of 0.45 (current liabilities exceed current assets).