Atomera (ATOM) is a pre-revenue semiconductor IP licensing company with no tangible product assets, no inventory, and no debt. Under a liquidation lens, recovery to equity is determined almost entirely by the liquidation value of cash, cash equivalents, and short-term investments, offset against a lean but real liability stack. At March 31, 2026, total assets were $43.6M, of which $43.3M is current: $14.2M cash/cash equivalents, $26.9M short-term investments (U.S. Treasury bills and agency bonds classified as available-for-sale, Level 1), $0.8M prepaid and other current, $0.1M AR, and $0.1M interest receivable. Non-current assets are immaterial: $1.2M operating lease ROU, $0.3M finance lease ROU, $51K net PP&E, and $14K deposits. Applying liquidation haircuts: cash at 100% ($14.2M), short-term investments at 100% given Level 1 liquid government securities ($26.9M), AR at 90% ($37K), prepaid at 0% (non-recoverable in wind-down), ROU assets at 0% (intangible under liquidation lens), PP&E at 60% ($31K), deposits at 100% ($14K). Gross liquidation asset value approximates $41.2M. Total liabilities at face value are $3.1M, consisting of $2.2M current liabilities (AP $677K, accrued payroll $782K, accrued expenses $213K, deferred revenue $96K, current finance lease $106K, current operating lease $301K) and $0.9M non-current operating lease. Net liquidation recovery to equity approximates $38.1M, versus book equity of $40.6M. The gap reflects the write-off of non-recoverable prepaid, ROU assets, and PP&E. The MFFAIS-reported CLV/LLV/OLV of $11.1M appears to apply more aggressive haircuts or may reflect an older calculation; the current balance sheet, with $41.1M in cash and liquid government securities following Q1 2026 capital raises, supports a materially higher liquidation value. The key change versus December 31, 2025 (book equity $18.4M) is a $26.7M increase in stockholders' equity driven by a February 2026 registered direct offering of 5M shares at $5.00/share (~$23.6M net) and ATM sales of 1.3M shares (~$3.1M net), partially offset by Q1 net loss of $6.1M and ~$27M redeployment of cash into short-term Treasury/agency securities. The liability stack is unchanged in structure. The short-term lease for the Tempe epitaxial deposition tool ($95K/month, 12-month term, not on balance sheet per ASC 842 exemption) represents an off-balance-sheet commitment of up to $855K annualized that does not extinguish immediately on wind-down; the filing does not separately tag this exposure in XBRL. Operating cash burn was $4.6M in Q1 2026, implying roughly 8-9 quarters of runway at current burn against the $41.1M liquid pool.
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