Co-Diagnostics, Inc. (CODX) presents a precarious liquidation posture as of March 31, 2026. The balance sheet is dominated by cash and a large in-process R&D intangible, with negligible operating assets. Under liquidation lens: cash of $8.2M recovers at par; net AR of $82K recovers at approximately $74K-$78K (90-95% haircut); net inventory of $846K recovers at approximately $508K (60% haircut); the $7.2M in-process R&D intangible carried at cost with indefinite life recovers at $0 under standard liquidation assumptions (no amortization, no market, pre-revenue). PP&E and ROU assets are not separately quantifiable from the truncated XBRL tag set but the filing discloses $2.0M in operating lease liabilities (present value) that must be settled at face value on windup. Total operating lease payments due are $2.18M through 2028. Reported total stockholders' equity of $16.0M is substantially overstated relative to liquidation recovery because it includes $7.2M of intangibles that zero out. Adjusted liquidation equity is roughly $8.8M minus operating lease liabilities ($2.0M) minus other current liabilities (the filing references total current liabilities of $4.3M) minus the $7.2M intangible write-off, implying negative to marginally positive recovery to equity depending on the composition of current liabilities and any unlisted accruals. The company has disclosed substantial doubt about going concern for 12 months from filing date, consistent with $9.1M net loss in Q1 2026, cash burn of $7.8M from operations in the quarter, and the ATM facility effectively shut down after the S-3 registration statement expired April 6, 2026. Cash dropped from $11.9M at December 31, 2025 to $8.2M at March 31, 2026 — a $3.7M net decline in one quarter despite $4.6M in ATM proceeds. No debt instruments are disclosed. Contingent consideration liability (Level 3, common stock) stands at $43.8K and is de minimis. Inventory reserves increased materially QoQ ($155K recognized in Q1 2026 vs. $41K in Q1 2025), signaling accelerating obsolescence of raw materials and finished goods. The filing discusses operating lease right-of-use assets obtained of $1.03M in Q1 2026 (new lease entered during quarter per cash flow disclosure), which adds to the ASC 842 liability stack — this is discussed in the notes but the specific ROU asset balance is not separately tagged in XBRL. PP&E is not separately tagged. The prior filing (10-K for FY2025) shows stockholders' equity of $20.6M at December 31, 2025, which declined to $16.0M by March 31, 2026 — a $4.6M deterioration in one quarter driven by the $9.1M net loss partially offset by $4.3M in ATM equity issuance. The $89.5M accumulated deficit at period end confirms the entity has consumed equity at scale historically.
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