Pluri Inc reported a modest top-line of $427k in QQ3 2025, with gross profit of $136k and a gross margin of 31.85%. The quarter featured a sizable operating loss of $5.59 million and a net loss of $6.34 million, driven by intense R&D investment and ongoing early-stage development costs. R&D expenses totaled $3.235 million and general and administrative expenses were $2.493 million, yielding an overall operating expense footprint of roughly $6.02 million. Despite the small revenue base, YoY revenue growth is presented as 501.4% and QoQ growth 130.8%, reflecting a low base effect from prior periods rather than sustained quarterly scalability.
From a liquidity and leverage perspective, Pluri’s balance sheet shows continued cash burn but a measurable cash buffer. Net cash provided by financing activities was $9.97 million, contributing to a net increase in cash of about $1.40 million for the period, bringing cash at period end to roughly $9.69 million. However, liabilities remain substantial (total liabilities $31.22 million) with retained earnings deeply negative at approximately $435.46 million and stockholders’ equity nearly flat at a negative $4.47 million. Net debt sits around $6.24 million, signaling stretched balance sheet resources for an early-stage clinical company without commercial products.
Given the pipeline-driven profile (PLXPAD with Phase III in hip fracture muscle recovery and Phase II/III candidates in ARDS and other indications; PLXR18 for incomplete hematopoietic recovery), the stock remains highly sensitive to clinical milestones and partnering activity. Absent explicit forward guidance, the near-term investment case hinges on successful trial readouts, strategic collaborations, and the ability to convert R&D momentum into potential near-term value catalysts. Investors should weigh the potential upside from plateauing R&D spend as programs advance against the ongoing cash burn and financing needs.