Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
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| Lipella Pharmaceuticals Inc.LIPO · healthcare | |
|---|---|
| Grade | Nonecomputable_factors_below_threshold: 4 of 14 inputs computable; 7 are required |
| Reliability | 0.76 AUCfailure model, filers with under $12.5M assets; 95% interval 0.65 to 0.86; 63 events, 2020 to 2025 |
| Peer failure rate | 0.60% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | under $12.5M assetstotal assets $2.7M[1] |
| Standard universe | outsiderevenue above $1M and assets above $10M[1-2] |
| Warnings | dilution, short runway, thin datanot computable: distress, fortress balance sheet |
| Inputs computable | 4 of 14 |
| Graded from | filings received through Mar 28, 2025560 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $2.302025-06-18; market equity $10.6M; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||
|---|---|---|---|---|---|---|---|---|
Percentile at every rescan on file, Aug 21, 2025 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Mar 28, 2025; the document on sec.gov.
that was incorporated under the laws of the State of Delaware in February 2005. We are focused on developing new drugs by reformulating the active agents in existing generic drugs and optimizing these reformulations for new applications. of the cost efficiencies and risk abatements derived from using existing generic drugs with potential patent protections for our proprietary formulations; this strategy allows us to expedite, protect, and monetize our product candidates. Additionally, we maintain a therapeutic focus on diseases with significant, unaddressed morbidity and mortality where no approved drug therapy currently exists.
7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 12.8 | |||||||
| Gross profitability | not computable | 32.2% | |||||
| one or more required annual facts are missing | |||||||
| Return on invested capital | not computable | 9.3% | |||||
| one or more required annual facts are missing | |||||||
| Accruals ratio | (34.1%) | [1,6-8] | (6.6%) | 12.8 | 811 | 2024-12-31 | |
| Gross margin stability, five years | not computable | 2.8 pts | |||||
| five annual gross margins are required; found 0 | |||||||
| Solvency, sleeve percentile 64.5 | |||||||
| Twelve-month failure probability | not computable | 0.07% | |||||
| latest liabilities, cash plus short-term investments, book equity, and shares are required | |||||||
| Altman Z double-prime | (24.23) | [1,9-14] | (0.31) | 76.8 | 756 | 2024-12-31 | |
| Net debt to EBITDA | not computable | 1.82x | |||||
| one or more required annual facts are missing | |||||||
| Interest coverage | not computable | (4.51x) | |||||
| interest expense must exceed $100,000 | |||||||
| Current ratio | 3.47x | [9-10] | 2.96x | 52.3 | 839 | 2024-12-31 | |
| Growth and financing, sleeve percentile 89.9 | |||||||
| Revenue growth, three-year compound | not computable | 10.0% | |||||
| four annual observations are required; found 3 | |||||||
| Free cash flow growth, three-year compound | not computable | 10.9% | |||||
| four consecutive annual FCF observations are required; found 1 | |||||||
| Reinvestment rate | not computable | 37.1% | |||||
| one or more required annual facts are missing | |||||||
| Asset growth, three years | not computable | 2.1% | |||||
| four annual observations are required; found 3 | |||||||
| Net share issuance, one year | 226.2% | [3-4] | 2.5% | 89.9 | 634 | 2025-03-26 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Market measures at the 2025-06-18 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | not computable | 8.0% | missing required 12-1 monthly returns: 2026-08, 2026-07 | |
| Distance from 52-week high | (12.8%) | (31.4%) | 77 | closer to its high than 77 of 100 peers |
| EBIT to enterprise value | not computable | (1.5%) | required accounting or market input is missing | |
| Free cash flow yield | (29.0%) | (1.0%) | 19 | pricier than 81 of 100 peers |
| Book value to price | 0.14 | 0.28 | 33 | pricier than 67 of 100 peers |
| Sales to price | 0.05 | 0.31 | 16 | pricier than 84 of 100 peers |
| Composite equity issuance, five years | not computable | 20.3% | a share count from five years earlier is required | |
| Relative strength against the sector, log excess return | not computable | (0.14) | missing required 12-1 monthly returns: 2026-08, 2026-07 |
Inputs: market equity $10.9M; EBIT -$5.1M; free cash flow -$3.2M; book equity $1.5M; sales $536,357; cash $1.9M[15].
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2024-12-31 | ||
|---|---|---|
| Return on assets above zero | (140.2%) | ✗ fail[6,8] |
| Operating cash flow above zero | -$4.0M | ✗ fail[7] |
| Return on assets improved | (62.6 pts) | ✗ fail[6,8,16-17] |
| Operating cash flow exceeds net income | $1.1M | ✓ pass[6-7] |
| Long-term leverage fell | n/a[1,8,17] | |
| Current ratio improved | (543.0 pts) | ✗ fail[9-10,18-19] |
| No new shares issued | 226.2% | ✗ fail[3-4] |
| Gross margin improved | n/a | |
| Asset turnover improved | 7.4 pts | ✓ pass[2,8,17,20] |
|
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $2.7M | 2024-12-31 | 2025-03-28 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:Revenues | $536,357 | 2024-12-31 | 2025-03-28 | 10-K | filing · viewer · series |
| 3 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 2,548,811 | 2025-03-26 | 2025-03-28 | 10-K | filing · viewer · series |
| 4 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 6,250,034 | 2024-02-23 | 2024-02-27 | 10-K | filing · viewer · series |
| 5 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $1.9M | 2025-09-30 | 2025-11-14 | 10-Q | filing · viewer · series |
| 6 | net income | us-gaap:NetIncomeLoss | -$5.0M | 2024-12-31 | 2025-03-28 | 10-K | filing · viewer · series |
| 7 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$4.0M | 2024-12-31 | 2025-03-28 | 10-K | filing · viewer · series |
| 8 | assets | us-gaap:Assets | $3.6M | 2023-12-31 | 2025-03-28 | 10-K | filing · viewer · series |
| 9 | current assets | us-gaap:AssetsCurrent | $2.6M | 2024-12-31 | 2025-03-28 | 10-K | filing · viewer · series |
| 10 | current liabilities | us-gaap:LiabilitiesCurrent | $754,417 | 2024-12-31 | 2025-03-28 | 10-K | filing · viewer · series |
| 11 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | -$15.3M | 2024-12-31 | 2025-03-28 | 10-K | filing · viewer · series |
| 12 | operating income | us-gaap:OperatingIncomeLoss | -$5.1M | 2024-12-31 | 2025-03-28 | 10-K | filing · viewer · series |
| 13 | book equity | us-gaap:StockholdersEquity | $1.9M | 2024-12-31 | 2025-03-28 | 10-K | filing · viewer · series |
| 14 | liabilities | us-gaap:Liabilities | $754,417 | 2024-12-31 | 2025-03-28 | 10-K | filing · viewer · series |
| 15 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 4,620,837 | 2025-11-13 | 2025-11-14 | 10-Q | filing · viewer · series |
| 16 | net income | us-gaap:NetIncomeLoss | -$4.6M | 2023-12-31 | 2025-03-28 | 10-K | filing · viewer · series |
| 17 | assets | us-gaap:Assets | $6.0M | 2022-12-31 | 2024-02-27 | 10-K | filing · viewer · series |
| 18 | current assets | us-gaap:AssetsCurrent | $3.4M | 2023-12-31 | 2025-03-28 | 10-K | filing · viewer · series |
| 19 | current liabilities | us-gaap:LiabilitiesCurrent | $385,355 | 2023-12-31 | 2025-03-28 | 10-K | filing · viewer · series |
| 20 | revenue | us-gaap:Revenues | $449,617 | 2023-12-31 | 2025-03-28 | 10-K | filing · viewer · series |
| 21 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$3.8M | 2025-09-30 | 2025-11-14 | 10-Q | filing · viewer · series |
| 22 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$2.9M | 2025-06-30 | 2025-08-14 | 10-Q | filing · viewer · series |
| 23 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$1.4M | 2025-03-31 | 2025-05-14 | 10-Q | filing · viewer · series |
| 24 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$3.0M | 2024-09-30 | 2025-11-14 | 10-Q | filing · viewer · series |
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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