EPS of $-0.53 increased by 44.8% from previous year
Gross margin of 60.0%
Net income of -2.96M
"N/A" - N/A
Pluri Inc (PLUR) QQ2 2025 Results Analysis — Revenue Up on a Tiny Base but Heavy R&D Burn Keeps Net Loss Elevated; Strong Liquidity Backed by Cash and Investments
Executive Summary
Pluri Inc reported a modest top-line rebound in QQ2 2025 with revenue of $0.185 million, up 76.2% year over year from a very small base, but QoQ revenue declined 43.3% to $0.326 million from Q1 2025. The company posted a gross margin of 60.0% on $0.111 million gross profit, reflecting a favorable product mix at a very early stage, yet profitability remained deeply negative due to heavy operating spends. R&D outlays of $2.925 million and G&A of $2.143 million drove operating expenses to $5.068 million and an operating loss of $4.957 million. After other income, net loss narrowed slightly to $2.956 million (EPS -$0.53) for the quarter. EBITDA stood at approximately -$2.831 million, with an EBITDAR of -15.30%.
From a liquidity and balance-sheet perspective, PLUR carried cash and cash equivalents of about $7.23 million and short-term investments of $14.08 million (total cash and short-term investments of $21.31 million) at the quarter end, offset by long-term debt of $28.70 million and total liabilities of $33.78 million. Net debt stood around $22.07 million, and stockholders’ equity was negative at approximately -$8.03 million. The company generated negative operating cash flow of about -$4.63 million, with free cash flow of -$4.74 million for QQ2 2025, reflecting continued burn under a capex- and R&D-heavy development program. Management did not issue explicit quarterly forward guidance in the reported materials, highlighting the importance of upcoming catalysts (notably placental expanded PLX-based therapies such as PLXPAD in later-stage trials) for reinvigorating investor confidence and potential strategic partnerships or financing deals.
Overall, the QQ2 2025 results underscore Pluri’s positioning as a late-stage research-focused biotech with a substantial R&D runway and a meaningful balance-sheet liquidity cushion. The investment thesis hinges on successful execution of pivotal studies, potential licensing or collaboration agreements, and the company’s ability to secure additional funding to support its Phase III programs. Investors should monitor clinical milestones, partnerships, and capital-raising activities that could meaningfully alter the risk-reward profile.
Net income and earnings: Net income -$2.956 million; net income margin -15.98%; EPS -$0.53 (diluted -$0.53).
Cash flow and liquidity: Net cash from operating activities -$4.628 million; capex -$0.112 million; free cash flow -$4.740 million; cash at end of period $8.29 million; total cash & short-term investments $21.31 million; net change in cash +$4.074 million; operating cash flow per share -$0.833; cash per share $3.84.
Balance sheet health: Total assets $30.86 million; total liabilities $33.78 million; stockholders’ equity -$8.03 million; current ratio 5.04; long-term debt $28.70 million; total debt $29.30 million; net debt ~$22.07 million; cash and investments provide near-term liquidity headroom but the company remains levered with negative equity.
Valuation context (select benchmarks): Price-to-sales around 128.47x; peers in biotech exhibit wide dispersion (e.g., CANF ~100x, CGEN ~23x, CLGN ~230x, ICCC ~6x). PLUR’s modest revenue base and ongoing losses imply a high-risk, high-variance valuation that is highly sensitive to clinical readouts and strategic financing activity.
Key takeaway: QQ2 2025 demonstrates revenue growth from a tiny base but persistent cash burn and leverage. The upside catalyst rests on successful Phase III/late-stage program outcomes, potential strategic partnerships, and capital-raising actions to sustain runway while advancing core programs.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
185.00K
76.19%
-43.25%
Gross Profit
111.00K
102.17%
-44.50%
Operating Income
-4.96M
4.91%
13.05%
Net Income
-2.96M
39.73%
49.74%
EPS
-0.53
44.79%
52.68%
Key Financial Ratios
currentRatio
5.04
grossProfitMargin
60%
operatingProfitMargin
-2679%
netProfitMargin
-1598%
returnOnAssets
-9.58%
returnOnEquity
36.8%
debtEquityRatio
-3.65
operatingCashFlowPerShare
$-0.83
freeCashFlowPerShare
$-0.85
priceToBookRatio
-2.96
priceEarningsRatio
-2.01
Net Income vs. Revenue
Expense Breakdown
Management Commentary
Note: The earnings transcript provided with the dataset is empty. As a result, specific management quotes or themes from an QQ2 2025 earnings call could not be extracted. Investors should refer to the company’s 10-Q as filed and any subsequent investor communications for direct management commentary. Suggested themes to monitor in future calls include: - Strategy and pipeline prioritization around PLXPAD programs (especially Phase III timing and endpoints).
- Capital strategy and potential partnerships or licensing deals to reduce cash burn.
- Regulatory timelines, potential readouts, and funding requirements to support ongoing trials.
- Cost-control measures and efficiency initiatives in R&D and G&A to extend runway.
N/A
— N/A
N/A
— N/A
Forward Guidance
No formal forward guidance was provided in the QQ2 2025 release. Given the company’s cash runway and pipeline dynamics, investors should watch for: 1) Clinical milestones for PLXPAD (Phase III endpoints and timing), 2) Any strategic partnering discussions or licensing deals that could unlock non-dilutive or dilutive funding, 3) Updated operating expense targets or efficiency initiatives to slow burn, and 4) Financing actions (debt or equity offerings) that could affect share count and liquidity. Assessing achievability will hinge on upcoming trial results, regulatory milestones, and the company’s ability to tighten operating expenses while protecting the pipeline’s integrity.
Competitive Position
Company
Gross Margin
Operating Margin
Return on Equity
P/E Ratio
PLUR Focus
60.00%
-26.79%
36.80%
-2.01%
CANF
1.00%
-12.96%
-79.80%
-2.00%
CGEN
76.80%
-50.90%
-3.64%
-18.45%
CLGN
-1.15%
-17.69%
-20.30%
-3.40%
COEP
0.00%
0.00%
-42.70%
-17.58%
Gross Profit Margin
Operating Profit Margin
Return on Equity
P/E Ratio Comparison
Investment Outlook
Pluri remains a high-risk, high-reward biotech investment. The QQ2 2025 results show a credible top-line uptick on a very small base but underline a persistent operating burn and leverage-heavy balance sheet. The key to a more favorable investor stance will be tangible progress on PLXPAD Phase III data, a clear financing plan to extend runway without excessive dilution, and potential partnerships that monetize PLUR’s placental-derived platform. Short-term momentum will hinge on upcoming trial milestones and any strategic announcements related to collaborations or licensing deals. If developers deliver meaningful readouts or strategic partnerships within the next 12–18 months, the company could transition from a physician-led R&D focus to a more financially manageable, value-creating growth story. In the interim, investors should weigh liquidity risk, the potential for further dilution, and the dependence on a small revenue base when evaluating PLUR versus biotech peers.
Key Investment Factors
Growth Potential
Potential upside if PLXPAD achieves Phase III endpoints and secures regulatory clearance or strategic partnerships. PLUR’s PLXR18 and related placental-derived therapies offer a diversified pipeline that could generate multiple revenue streams upon successful commercialization or licensing.
Profitability Risk
High execution risk typical of early-stage biotech with negative earnings; substantial R&D burn; leverage and negative equity position; reliance on successful trial outcomes and timely capital raises; potential dilution from equity financing; regulatory and competitive risks in niche inflammatory and hematologic indications.
Financial Position
Liquidity supports near-term operations with $21.31 million in cash and investments vs. $29.30 million in total debt; net debt around $22.07 million; negative stockholders’ equity (~$8.03 million); strong current ratio (5.04) but a fragile balance due to equity impairment and ongoing losses.
SWOT Analysis
Strengths
Strong liquidity cushion from cash and short-term investments (~$21.31 million) providing runway for pipeline development.
Gross margin at 60% indicates product mix and cost structure alignment despite minimal revenue.
Strategic focus on placental-derived PLX therapies with potential multi-program upside (PLXPAD, PLXR18).
Weaknesses
Continue negative profitability with EBITDA and net income losses in QQ2 2025.
Significant long-term debt and negative equity raise concerns about balance-sheet durability.
Tiny revenue base creates high sensitivity to any adverse trial results or delays.
Opportunities
Advancement of PLXPAD into Phase III for muscle recovery and other indications (e.g., ARDS, GVHD) could unlock licensing or co-development deals.
Potential strategic partnerships capitalizing on PLX cell therapy platform; licensing revenue could reduce burn.
Opportunity to extend runway through collaborations, non-dilutive funding, or selective equity financing tied to milestones.
Threats
Clinical trial failures or delays could erode valuation and increase dilution risk.
Biotech sector competition and regulatory hurdles could impact timelines and costs.
Macro market volatility and capital markets conditions could limit access to affordable financing.
Pluri Inc (PLUR) QQ4 2024 Results: Revenue Lag in a Pre-Commercial Biotech Portfolio with Significant R&D Investment and Elevated Long-Term Leverage...