Agentix Corp. (AGTX) is a clinical-stage biotechnology company with zero revenue, zero productive assets, and a balance sheet that is entirely insolvent under any liquidation framework. As of December 31, 2025, total assets equal $6,396 — the entirety of which is cash. Under the liquidation lens, cash recovers at 100%, yielding gross recoverable assets of $6,396. Total liabilities at face value are $3,504,396, all current, resulting in a liquidation value to equity of approximately negative $3.50 million. This matches the reported MFFAIS CLV/LLV/OLV of -$3,498,000 exactly, as the sole asset is cash and the sole liability stack is current payables and notes. There are no PP&E, no inventory, no intangibles, and no long-term liabilities to haircut or unwind. The deficit position worsened from the prior period (September 30, 2025 stockholders' deficit of -$3,418,038) by approximately $80,000, driven by the Q3 net loss of $78,595. The liability stack is dominated by related-party accounts payable of $2,320,221 (owed to SBS Management LLC at $1,431k, Gray's Peak Capital at $518k, and management/board at $433k), a related-party secured note payable to Gray's Peak Private Credit LLC of $353,450 (bearing 2% per month interest after 30 days, extended to June 30, 2026, secured by all company assets), and third-party accounts payable of $707,215. Accrued interest on the Gray's Peak note of $121,322 is included in the $123,510 accrued liabilities balance. Critically, the Gray's Peak note is secured by a first-priority pledge over all company assets, placing it senior to all other creditors and equity in any wind-down. The prepaid clinical research balance of $95,797 that existed at March 31, 2025 has been fully consumed, leaving no prepaid assets. The filing carries a going concern qualification. No deferred revenue, no operating leases, no pension obligations, and no off-balance-sheet commitments are disclosed. The only financing activity YTD is $110,450 in new proceeds from debt issuance (additional draws on the Gray's Peak facility), which has funded operating cash burn of $123,305 for the nine months ended December 31, 2025. Filing discusses the Gray's Peak note's secured status and 2% per month interest in the notes but does not separately XBRL-tag the collateral pledge or effective annualized interest rate.
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