Oncotelic Therapeutics, Inc. Liquidation Value
Cash & Equivalents
Key Metrics
Cash Liquidation Value
- Operating Lease Liability: not reported in this period (annual-only)
- Finance Lease Liability: not reported
Liquid Liquidation Value
- Operating Lease Liability: not reported in this period (annual-only)
- Finance Lease Liability: not reported
Operating Liquidation Value
- Operating Lease Liability: not reported in this period (annual-only)
- Finance Lease Liability: not reported
- Inventory: not reported
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Liquidation Ladder
| Metric | Total | Per Share |
|---|---|---|
| Cash Liquidation Value | $-18.08M | $-0.04 |
| Liquid Liquidation Value | $-18.03M | $-0.04 |
| Operating Liquidation Value | $-18.03M | $-0.04 |
Key Components (as of 2025-12-31)
| Cash & Equivalents | $88,857 |
| Accounts Receivable | $51,324 |
| Inventory | N/A |
| Current Liabilities | $18.14M |
| Long-term Debt (?) | $154,100 |
| Op. Lease Liability (?) | N/A |
| Finance Lease (?) | N/A |
| Shares Outstanding | 442.6M |
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Historical
| Period | Cash | AR | Inventory | AP | Curr Liab | LT Debt | Op Lease | Fin Lease |
|---|---|---|---|---|---|---|---|---|
| 2025-12-31 | $88,857 | $51,324 | N/A | N/A | $18.14M | $154,100 | N/A | N/A |
| 2025-09-30 | $409,000 | $3,976 | N/A | N/A | $20.08M | $54,100 | N/A | N/A |
| 2025-06-30 | $88,022 | $18,976 | N/A | N/A | $19.29M | $37,000 | N/A | N/A |
| 2025-03-31 | $79,173 | $18,976 | N/A | N/A | $19.48M | $37,000 | N/A | N/A |
| 2024-12-31 | $86,128 | $18,976 | N/A | N/A | $19.20M | $200,000 | N/A | N/A |
| 2024-09-30 | $149,018 | $18,976 | N/A | N/A | $16.36M | N/A | N/A | N/A |
| 2024-06-30 | $72,216 | $18,976 | N/A | N/A | $16.20M | N/A | N/A | N/A |
| 2024-03-31 | $188,989 | $18,976 | N/A | N/A | $16.51M | N/A | N/A | N/A |
SEC Filings
| Period | Form | Filed | Link |
|---|---|---|---|
| 2025-12-31 | 10-K | 2026-04-15 | View |
| 2025-09-30 | 10-Q | 2025-11-17 | View |
| 2025-06-30 | 10-Q | 2025-08-13 | View |
| 2025-03-31 | 10-Q | 2025-05-15 | View |
| 2024-12-31 | 10-K | 2025-04-15 | View |
| 2024-09-30 | 10-Q | 2024-11-19 | View |
| 2024-06-30 | 10-Q | 2024-08-14 | View |
| 2024-03-31 | 10-Q | 2024-05-15 | View |
AI Insights
Oncotelic Therapeutics (OTLC) presents a balance sheet that is structurally insolvent on a liquidation basis, despite reporting GAAP net income of $249M for FY2025. MFFAIS calculates a cash liquidation value of approximately negative $18.1M, and the TAG_CONTEXT confirms why: tangible, liquid assets are minimal against a substantial current liability stack.
The dominant balance sheet event in 2025 is the recognition of $388M in fair value for OTLC's 45% equity interest in GMP Biotechnology Limited (GMP Bio), up from $22.7M at December 31, 2024. This $365.3M fair value gain, validated by a third-party ASC 825-10 assessment, is classified as EquitySecuritiesFvNiCurrentAndNoncurrent and drives 99% of total reported assets of $393M. Under the liquidation lens, this asset receives a 0% recovery haircut: it is an illiquid minority equity stake in a pre-revenue, pre-IPO joint venture with $25.4M in assets and $11.3M in liabilities at the JV level, funded by related-party loans from Golden Mountain Partners (an affiliate of Dragon Overseas) that are convertible at a 20% discount to any future financing. There is no observable market price, the IPO has not occurred, and the JV is burning approximately $14.8M per year in operating expenses. Liquidation recovery on this asset is not determinable but is almost certainly zero in any near-term distress scenario.
On the liability side, the balance sheet shows $131.4M in total liabilities, of which $111.6M is a deferred tax liability created by the same fair value gain. This DTL is a hard GAAP obligation at face value under the liquidation lens. Current liabilities of $18.1M include: $2.6M contingent consideration (PointR), $2.6M accrued payables, $3.5M short-term loans (including $3.0M owed to related party Autotelic Inc. and $175K to CEO Dr. Trieu), convertible notes under PPM-2 ($103K) and PPM-3 ($1.66M), and approximately $4.9M in GMP Notes (Forever Prosperity Notes) that were in default as of September 2025. Cash on hand is $89K. Operating cash burn was $1.4M for the year. The company is dependent on related-party bridge loans from Autotelic Inc. (controlled by CEO) and external convertible note issuances via JH Darbie and Mast Hill to fund operations.
Compared to the prior filing (10-Q for period ended September 30, 2025), the December 2025 annual filing introduces: (1) the large fair value step-up on the GMP Bio investment, (2) the corresponding $111.6M deferred tax liability, (3) PPM-3 debt restructuring converting $2.2M of PPM-2 notes into new 12% convertible notes due December 2027, and (4) 24,388 shares of new Series A Convertible Preferred Stock granted to CEO Trieu under a milestone-based RSA. The prior filing noted approximately $4.9M of Forever Prosperity Notes in default; the annual filing discusses these as GMP Notes but does not separately confirm resolution of the default status. Filing discusses the GMP Notes in MD&A but does not provide a separate XBRL-tagged balance for the Forever Prosperity/GMP Notes outstanding at December 31, 2025 in the TAG_CONTEXT list — that specific liability balance is noted in narrative only.
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