Revenue and Profitability:
- Revenue: not disclosed for QQ1 2025 (reported as null). Effectively zero in the quarter as the company advances development rather than recognized product sales.
- Operating income: -1,036,427; QoQ change: -14.40%; YoY change: -3.75%.
- Net income: -2,046,838; QoQ change: +14.07%; YoY change: -356.88%.
- EBITDA: -2,036,945 (no margin provided).
- EPS: -0.0004; QoQ change: +20.0%; YoY change: -300.0%.
Cash Flow and Balance Sheet:
- Net cash from operating activities: -704,064.
- Free cash flow: -704,064 (approximate, based on operating cash flow).
- Net cash provided by financing activities: +2,165,303; Net change in cash: +1,461,239.
- Cash at end of period: 40,506,034; Cash at beginning: 39,044,795.
- Total assets: 43,360,259; Total liabilities: 586,889; Total stockholders’ equity: 41,888,270.
- Cash and cash equivalents: 40,506,034; Short-term investments: 2,613,117; Cash and short-term investments: 43,119,151.
- Retained earnings: -93,899,081; Net debt: -40,496,827 (negative net debt driven by substantial cash holdings vs minimal debt).
- Liquidity ratios: Current ratio 73.52; Quick ratio 73.52; Cash ratio 69.02.
- Key efficiency/valuation signals: price-to-book 3.40; price-earnings negative (not meaningful in a loss-making period); enterprise value multiple: -50.01 (reflecting cash-rich balance sheet and negative earnings).
Notes on trend and health:
- The company remains in a pre-revenue, R&D-intensive phase with substantial cash on hand, enabling ongoing development without immediate liquidity concerns from financing. However, profitability remains elusive as the core business has not generated revenue in QQ1 2025, and the quarterly earnings show continued losses. The negative net income and EBITDA signal a burn-down of resources that must be offset by successful commercialization or strategic partnerships to achieve sustainable profitability.