Is Acumen Pharmaceuticals (NASDAQ:ABOS) Using Debt In A Risky Way?
Is Acumen Pharmaceuticals (NASDAQ:ABOS) Using Debt In A Risky Way?
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. Importantly, Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) does carry debt. But the real question is whether this debt is making the company risky.
霍華德·馬克斯說得好,與其擔心股價波動,“我擔心的是永久性損失的可能性...我認識的每個實際投資者都擔心”。看來明智的投資者知道債務 - 通常與破產有關 - 是評估公司風險的一個非常重要的因素。重要的是,Acumen Pharmaceuticals,Inc.(納斯達克:ABOS)確實有負債。但真正的問題是這些債務是否使公司陷入風險。
When Is Debt A Problem?
什麼時候負債才是一個問題?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we think about a company's use of debt, we first look at cash and debt together.
債務是幫助企業增長的工具,但如果一個企業無力償還債權人,那麼它就處於債權人的處置下。在最壞的情況下,如果企業無法支付其債權人,將導致企業破產。然而,一個更頻繁(但仍然代價高昂)的情況是,一個公司必須以極低的價格發行股票,以永久性地稀釋股東,只爲支持其資產負債表。當然,債務可以是企業的一種重要工具,尤其是對資本密集型企業來說。當我們思考企業的債務使用時,首先要考慮現金和債務。
What Is Acumen Pharmaceuticals's Debt?
Acumen Pharmaceuticals的債務是什麼?
The image below, which you can click on for greater detail, shows that at March 2024 Acumen Pharmaceuticals had debt of US$30.2m, up from none in one year. But on the other hand it also has US$252.5m in cash, leading to a US$222.3m net cash position.
下面的圖表顯示,截至2024年3月,Acumen Pharmaceuticals負債爲3020萬美元,而一年前還沒有。但另一方面,它也有25250萬美元的現金,形成22230萬美元的淨現金頭寸。
![big](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240718/0-58c5b7ba458a1d897bdf8a44cbf15e47-0-920101e91360a5016feed148a708a878.png/big)
How Strong Is Acumen Pharmaceuticals' Balance Sheet?
Acumen Pharmaceuticals的資產負債表有多強?
Zooming in on the latest balance sheet data, we can see that Acumen Pharmaceuticals had liabilities of US$8.47m due within 12 months and liabilities of US$30.5m due beyond that. On the other hand, it had cash of US$252.5m and US$189.0k worth of receivables due within a year. So it actually has US$213.8m more liquid assets than total liabilities.
放大最新的資產負債表數據,我們可以看到Acumen Pharmaceuticals有847萬美元的負債應於12個月內到期,以及3050萬美元的負債應於超過12個月到期。另一方面,它有25250萬美元的現金和18.9萬美元的應收賬款到期。因此,它實際上比總負債有21380萬美元的更多流動資產。
This excess liquidity is a great indication that Acumen Pharmaceuticals' balance sheet is almost as strong as Fort Knox. With this in mind one could posit that its balance sheet means the company is able to handle some adversity. Simply put, the fact that Acumen Pharmaceuticals has more cash than debt is arguably a good indication that it can manage its debt safely. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Acumen Pharmaceuticals's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
這種多餘的流動資金是Acumen Pharmaceuticals資產負債表幾乎和Fort Knox一樣強大的一個很好的跡象。有了這個想法,人們可以認爲它的資產負債表意味着該公司能夠處理一些逆境。簡而言之,Acumen Pharmaceuticals擁有的現金比負債多是一個良好的跡象,認爲它可以安全地管理其債務。毫無疑問,我們從資產負債表中學到的大多數是有關債務的。但最終,決定Acumen Pharmaceuticals能否保持健康的資產負債表的,是未來的收益,而不是任何其他因素。因此,如果您想了解專業人士的看法,您可能會發現分析師利潤預測的這份免費報告非常有趣。
Given its lack of meaningful operating revenue, Acumen Pharmaceuticals shareholders no doubt hope it can fund itself until it has a profitable product.
考慮到Acumen Pharmaceuticals缺乏實質性的運營收入,股東無疑希望它能夠自行籌資,直到擁有盈利能力的產品。
So How Risky Is Acumen Pharmaceuticals?
Acumen Pharmaceuticals有多大風險?
We have no doubt that loss making companies are, in general, riskier than profitable ones. And in the last year Acumen Pharmaceuticals had an earnings before interest and tax (EBIT) loss, truth be told. And over the same period it saw negative free cash outflow of US$51m and booked a US$56m accounting loss. While this does make the company a bit risky, it's important to remember it has net cash of US$222.3m. That means it could keep spending at its current rate for more than two years. Overall, its balance sheet doesn't seem overly risky, at the moment, but we're always cautious until we see the positive free cash flow. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. Be aware that Acumen Pharmaceuticals is showing 5 warning signs in our investment analysis , and 2 of those are potentially serious...
我們毫不懷疑,虧損的公司一般來說比盈利的公司更加有風險。說實話,去年Acumen Pharmaceuticals的利息和稅前利潤(EBIT)虧損。在同一時期,其負面自由現金流爲5100萬美元,計提5600萬美元的會計虧損。雖然這確實使公司有些風險,但重要的是要記住它擁有22230萬美元的淨現金。也就是說,它可以按照當前的速度繼續支出兩年以上。總體而言,它的資產負債表在當前時刻似乎並不過於冒險,但在看到正的自由現金流之前,我們總是保持謹慎。並非所有的投資風險都存在於資產負債表中。要知道Acumen Pharmaceuticals在我們的投資分析中展示了五個警示信號,並且其中兩個可能非常嚴重。
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
如果您在所有這些工作之後,更感興趣於擁有堅實資產負債表的快速發展公司,請立即查看我們的淨現金成長股列表。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
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