Balance Sheet & Liquidity: Mainz Biomed (MYNZ) improved equity from -€4.14B in mid-2024 to +€6.05B by year-end, driven by capital raises. However, the current ratio (1.32) and quick ratio (1.11) remain fragile, with €6.24B cash reserves offset by negative operating cash flow (-€17.09B TTM). The debt-to-equity ratio (0.37) is moderate, but the company’s reliance on financing (€4M follow-on in July 2025) highlights liquidity risks.
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