Assay

Financial-condition grades for SEC filers

Company Report · as of Oct 9, 2026

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MethodCoverageAbout
Valion Bio, Inc.VBIO · healthcare
GradeNonecomputable_factors_below_threshold: 5 of 14 inputs computable; 7 are required
Reliability0.83 AUCfailure model, filers with $12.5M to $120M assets; 95% interval 0.79 to 0.86; 201 events, 2020 to 2025
Peer failure rate1.07% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025
Size band$12.5M to $120M assetstotal assets $31.6M[1]
Standard universeoutsiderevenue above $1M and assets above $10M[1-2]
Warningsdilution, short runway, thin datanot computable: distress, fortress balance sheet
Inputs computable5 of 14
Graded fromfilings received through Mar 30, 2026193 days before the rescan; every figure keyed to the SEC receipt date
Last close$2.252026-10-08; market equity $49.9M; iex feed
Price used in gradeNone
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
$2$4NovDecJanFebMarAprMayJunJulAugSepOct$2.21
ABCDE20132014201520162017201820192020202120222023202420252026

Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date.

Open this report as it stood on

Letter setLetterPercentileBand
Jan 21, 2012nonen/a
Apr 21, 2023nonen/aQ1
Apr 21, 2026nonen/aQ2

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 30, 2026; the document on sec.gov.

As used in this Report, unless the context otherwise requires, references to “we,” “us,” “our,” “Company,” “Tivic,” and “Tivic Health” refer to Tivic Health Systems, Inc, collectively with its subsidiary, on a consolidated basis. Tivic™ Health Systems, Inc. is a late-stage biopharmaceutical company whose lead program is Entolimod™. Entolimod is a recombinant TLR5 agonist with an extensive preclinical and clinical data package supporting development as a medical countermeasure (MCM) for Acute Radiation Syndrome (ARS) and it subsyndromes, as well as for adjunct therapy for oncology indications, such as neutropenia.

Warnings [top]

Dilution. split-adjusted year-over-year share growth is 364.1%[3-4]
Short runway. cash runway is 1.7 months[5]
Thin data. 5 of 14 grade factors are computable; minimum is 7

7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.

The Fourteen Inputs [top]

Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.

InputPercentile, 0 to 100ValueSourcePeer medianPercentilePeersPeriod end
Profitability, sleeve percentile 38.9
Gross profitabilitynot computable32.2%
latest aligned inputs end 2024-12-31; latest annual assets end 2025-12-31
Return on invested capitalnot computable9.3%
one or more required annual facts are missing
Accruals ratio(10.9%)[1,6-8](6.6%)38.98112025-12-31
Gross margin stability, five yearsnot computable2.8 pts
five annual gross margins are required; found 3
Solvency, sleeve percentile 24.9
Twelve-month failure probabilitynot computable0.07%
latest liabilities, cash plus short-term investments, book equity, and shares are required
Altman Z double-prime(2.17)[1,9-14](0.31)45.67562025-12-31
Net debt to EBITDAnot computable1.82x
one or more required annual facts are missing
Interest coveragenot computable(4.51x)
one or more required annual facts are missing
Current ratio20.13x[9-10]2.96x4.28392025-12-31
Growth and financing, sleeve percentile 48.8
Revenue growth, three-year compoundnot computable10.0%
four annual observations are required; found 3
Free cash flow growth, three-year compoundnot computable10.9%
four consecutive annual FCF observations are required; found 3
Reinvestment ratenot computable37.1%
required facts have no common fiscal period end
Asset growth, three years75.2%[1,8,15-16]2.1%4.67042025-12-31
Net share issuance, one year364.1%[3-4]2.5%93.06342026-03-17

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.

Among 371 Peers [top]

What the Price Implies [top]

Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.

MeasureValuePeer medianPercentileReading
Twelve-month price change, skipping the latest month23.5%8.0%61hotter than 61 of 100 peers
Distance from 52-week high(53.6%)(31.4%)24closer to its high than 24 of 100 peers
EBIT to enterprise valuenot computable(1.5%)required accounting or market input is missing
Free cash flow yield(14.3%)(1.0%)27pricier than 73 of 100 peers
Book value to price0.090.2824pricier than 76 of 100 peers
Sales to price0.020.317pricier than 93 of 100 peers
Composite equity issuance, five yearsnot computable20.3%a share count from five years earlier is required
Relative strength against the sector, log excess return(0.00)(0.14)61ahead of 61 of 100 peers

Inputs: market equity $49.0M; EBIT -$7.9M; free cash flow -$7.0M; book equity $4.2M; sales $780,000; cash $2.1M[17].

Diagnostics [top]

Diagnostics do not feed the grade.

Piotroski F-score: None of 9, period end 2025-12-31
Return on assets above zero(316.3%)✗ fail[6,8]
Operating cash flow above zero-$7.0M✗ fail[7]
Return on assets improved(206.6 pts)✗ fail[6,8,15,18]
Operating cash flow exceeds net income$1.9M✓ pass[6-7]
Long-term leverage felln/a[1,8,15]
Current ratio improved1,043.1 pts✓ pass[9-10,19-20]
No new shares issued364.1%✗ fail[3-4]
Gross margin improvedn/a[2,21]
Asset turnover improvedn/a[2,8,15]
Cash, filings, liquidity
Cash and equivalents$2.1M[5]
Operating cash flow, four quarters-$14.6M[5,7,22-25]
Months of runway1.7
Late filings, two years0
NT 10-K or NT 10-Q
Days since last periodic filing56
10-Q received Aug 14, 2026
Median daily dollar volume$428,070
63 sessions
Days since newest grade input193

Downloads [top]

Sources [top]

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.

#ConceptXBRL tagValuePeriod endReceivedFormLinks
1assetsus-gaap:Assets$31.6M2025-12-312026-03-3010-Kfiling · viewer · series
2revenueus-gaap:Revenues$780,0002024-12-312025-03-2110-Kfiling · viewer · series
3shares outstandingdei:EntityCommonStockSharesOutstanding2,877,9262026-03-172026-03-3010-Kfiling · viewer · series
4shares outstandingdei:EntityCommonStockSharesOutstanding620,1372025-03-172025-03-2110-Kfiling · viewer · series
5cashus-gaap:CashAndCashEquivalentsAtCarryingValue$2.1M2026-06-302026-08-1410-Qfiling · viewer · series
6net incomeus-gaap:NetIncomeLoss-$8.9M2025-12-312026-03-3010-Kfiling · viewer · series
7operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$7.0M2025-12-312026-03-3010-Kfiling · viewer · series
8assetsus-gaap:Assets$2.8M2024-12-312026-03-3010-Kfiling · viewer · series
9current assetsus-gaap:AssetsCurrent$13.0M2025-12-312026-03-3010-Kfiling · viewer · series
10current liabilitiesus-gaap:LiabilitiesCurrent$646,0002025-12-312026-03-3010-Kfiling · viewer · series
11retained earningsus-gaap:RetainedEarningsAccumulatedDeficit-$52.6M2025-12-312026-03-3010-Kfiling · viewer · series
12operating incomeus-gaap:OperatingIncomeLoss-$7.9M2025-12-312026-03-3010-Kfiling · viewer · series
13book equityus-gaap:StockholdersEquity$16.8M2025-12-312026-03-3010-Kfiling · viewer · series
14liabilitiesus-gaap:Liabilities$7.4M2025-12-312026-03-3010-Kfiling · viewer · series
15assetsus-gaap:Assets$5.2M2023-12-312025-03-2110-Kfiling · viewer · series
16assetsus-gaap:Assets$5.9M2022-12-312024-03-2510-Kfiling · viewer · series
17shares outstandingdei:EntityCommonStockSharesOutstanding22,189,7392026-08-132026-08-1410-Qfiling · viewer · series
18net incomeus-gaap:NetIncomeLoss-$5.7M2024-12-312026-03-3010-Kfiling · viewer · series
19current assetsus-gaap:AssetsCurrent$2.6M2024-12-312026-03-3010-Kfiling · viewer · series
20current liabilitiesus-gaap:LiabilitiesCurrent$272,0002024-12-312026-03-3010-Kfiling · viewer · series
21gross profitus-gaap:GrossProfit$2,0002024-12-312025-03-2110-Kfiling · viewer · series
22operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$10.3M2026-06-302026-08-1410-Qfiling · viewer · series
23operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$5.0M2026-03-312026-05-1410-Qfiling · viewer · series
24operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$4.7M2025-09-302025-11-1410-Qfiling · viewer · series
25operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$2.7M2025-06-302026-08-1410-Qfiling · viewer · series

Limitations [top]

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.

Informational and educational only. Not investment advice. SEC and market data may contain errors.

If you have any comments about this page, the methodology and every line of code that produced it are in the public repository. However, due to the limited number of personnel, we are unable to provide a direct response.

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Source
GitHub · ezrakruger.cc
Photographs from Wikimedia Commons

bull: Raphael Schön from Vienna, Austria, CC BY 2.0; bear: U. S. Fish and Wildlife Service - Northeast Region, Public domain; elk: Oregon Department of Fish & Wildlife, Public domain; tortoise: NPS, Public domain; sloth: Charles J. Sharp, CC BY-SA 3.0; fox: Cp9asngf, CC BY-SA 4.0; sector-business_equipment: Sangitiana Fararano, CC BY-SA 2.0; sector-healthcare: User:Squidonius, myself, and User:Beliason (assumed)., CC BY-SA 4.0; sector-manufacturing: unknown, CC BY-SA 2.0; sector-shops: Wilfredor, CC BY-SA 4.0; sector-consumer_nondurables: Nielsoncaetanosalmeron, CC BY 4.0; sector-utilities: Lijovklm, CC BY-SA 4.0; sector-consumer_durables: Stilfehler, CC BY-SA 4.0; sector-chemicals: PEO ACWA, CC BY 2.0; sector-energy: Arne Hückelheim, CC BY-SA 3.0; sector-telecom: Wikideas1, CC0; sector-other: Downtowngal, CC BY-SA 4.0.

Updated Oct 9, 2026