Omada Health (OMDA) presents a positive but thin liquidation recovery posture as of March 31, 2026. Total assets are $302.8M against total liabilities of $68.7M, yielding book equity of $234.1M. Under liquidation haircuts, the recovery picture compresses materially but remains positive. Cash and cash equivalents of $211.8M recover at par. Net AR of $40.0M (gross $13.6M billed plus $27.8M unbilled) recovers at 90-95%, yielding approximately $36-38M; the unbilled component carries higher collection risk on windup given its dependence on member engagement milestones. Inventory of $3.8M (connected devices and supplies) recovers at 60%, or approximately $2.3M. PP&E net of $8.5M recovers at 50-70%, or approximately $4.3-5.9M. Goodwill of $13.2M and intangibles net of $2.0M are assigned zero recovery. Capitalized software embedded in PP&E or intangibles also zeroes out. Prepaid and other current assets of $9.8M are partially recoverable, perhaps 50-70%, yielding $4.9-6.9M. Contract assets (current $4.0M, noncurrent $9.5M) represent deferred revenue already recognized but not yet billed; recovery on windup is uncertain and likely minimal absent ongoing operations, assumed near zero. Total liquidation asset pool approximates $259-264M before liabilities. All liabilities remain at face value: current liabilities total $68.7M, comprising accounts payable $8.1M, accrued liabilities $31.2M, and deferred revenue $29.4M. There are no long-term liabilities tagged, consistent with the credit facility repayment completed with IPO proceeds in June 2025. Recorded unconditional purchase obligations total $9.9M ($4.4M remaining 2026, $3.7M in year one, $1.8M in year two), which do not extinguish on windup and represent an additional off-balance-sheet claim on recovery. Net liquidation recovery to equity is estimated at approximately $181-196M, broadly consistent with MFFAIS CLV of $143M and LLV of $183M. The accumulated deficit stands at $459.7M, reflecting sustained pre-profitability operations. The company IPO'd in June 2025 at $19.00/share raising $151.6M net; the cash balance reflects those proceeds partially offset by operating cash burn of $11.8M in Q1 2026. A remaining material weakness in internal controls over financial reporting (inadequate formalized close processes) was disclosed as of December 31, 2025 and remains unremediated as of this filing; this creates residual uncertainty around reported balance sheet figures. The filing discusses ongoing operating lease obligations and GLP-1 prescribing expansion in MD&A but does not separately tag operating lease ROU assets or liabilities in XBRL for this period, consistent with the zero-valued OperatingLeaseRightOfUseAssetAmortizationExpense and IncreaseDecreaseInOperatingLeaseLiability tags, suggesting minimal lease footprint.
▼ Community Notes