Burzynski Research (BZYR) Q3 2026 Earnings Report

Burzynski Research Institute Inc (BZYR) reported a pre-revenue QQ3 2026 period with no reported revenue and a modest quarterly operating loss of $0.329 million. The company incurred R&D and SG&A expenses totaling $328,862, yielding an EBITDA of $(328,862) and a net loss of $(328,862) for the quarter. Earnings per share (EPS) stood at $(0.0025) based on 131.45 million weighted-average shares. There was negligible top-line activity, and management commentary (not provided in the supplied transcript) typically centers on pipeline progress, ongoing fundraising needs, and partnering/leasing alternatives given the lack of commercial revenue.

Liquidity remains the dominant near-term concern. Cash at period-end was $2,165, with total current liabilities of $69,608 and stockholders’ equity of $(67,343). The balance sheet indicates a highly leveraged liquidity profile for a biotechnology R&D company at this stage, relying on financing activities to sustain operations. Cash flow from operations was negative at $(823,106); however, financing activities contributed $824,340, leading to a minimal net cash increase of $1,234 for the period. The company also reported common stock issued of 230,441 shares during the period, signaling ongoing equity financing activity.

Given the absence of revenue and the need for ongoing funding, the investment thesis remains highly contingent on successful fundraising, potential licensing/partnership agreements, and clinical milestones. In the near term, investors should monitor the company’s ability to secure additional capital, progress in any clinical programs, and any strategic updates that could unlock value beyond the current pre-revenue state.