As of Q3'25, Eli Lilly (LLY) reported Cash & Short-term Investments of USD 9.91B and Debt of USD 42.51B. This marks a significant increase in both cash reserves and debt compared to previous quarters, with cash reaching its highest level in the observed period. From Q1'23 to Q3'25, the chart shows a generally upward trend in both Cash & Short-term Investments and Debt, with particularly sharp increases beginning in Q4'23. Debt levels have more than doubled from USD 18.88B in Q1'23 to USD 42.51B in Q3'25, while cash holdings, after fluctuating around USD 2.5B–3.5B, surged to USD 9.91B in Q3'25. This suggests aggressive capital raising or financing activities, possibly to support expansion or strategic investments.