As of Q1'26, Novo Nordisk's cash and short-term investments stood at $21.6B USD, reflecting a decline from the previous quarter's $27.0B USD, while total debt reached a record high of $146.4B USD, up from $131.0B USD in Q4'25. This positions the company's net cash position at a significant deficit of approximately -$124.8B USD, highlighting increased financial leverage amid ongoing operations. Over the period from Q2'23 to Q1'26, cash and short-term investments exhibited high volatility, fluctuating between a low of $9.3B USD in Q1'24 and a peak of $74.9B USD in Q3'24, with an overall downward trend averaging around $32.8B USD annually but showing no sustained growth pattern. In contrast, debt displayed a clear upward trajectory, rising steadily from $25.7B USD in Q2'23 to $146.4B USD in Q1'26, with notable accelerations post-Q1'24—including a sharp jump to $102.8B USD by Q4'24—driven by apparent expansions in borrowing, resulting in a deteriorating net debt position that could signal heightened risk for financial analysts monitoring liquidity ratios.