Pluri Inc reported QQ1 2025 results showing a modest top-line progress at USD 326k with a gross margin of approximately 61.3%, but the quarter remained deeply unprofitable as R&D and SG&A investments continued to drive a substantial operating and net loss. Despite a strong gross margin, the company logged an EBITDA of –5.754 million and a net income of –5.882 million, reflecting a robust burn typical for early-stage biotech platforms prioritizing platform development and large-scale Phase III programs. On the balance sheet, Pluri maintains a sizable cash position and liquid investments (USD 25.66 million in cash and short-term investments) but carries a heavy long-term debt burden (USD 30.30 million) and negative stockholders’ equity (USD –5.28 million), resulting in leveraged financials and a relatively tight cash runway absent new financing or milestone-driven inflows.
Key takeaways for investors include: (1) revenue growth on a YoY basis appears strong in percentage terms due to a low base prior year, yet absolute quarterly revenue remains very small, underscoring the company’s status as a development-stage biotech with no meaningful product sales yet; (2) operating and net losses persist, driven by R&D intensity and G&A, limiting near-term profitability but potentially improving if PLXPAD phase III readouts or collaborations accelerate; (3) liquidity metrics show solid coverage of near-term liabilities (current ratio ~5.9) but leverage remains high, with a debt-to-capitalization exposure that warrants monitoring for future funding needs; and (4) the absence of formal forward guidance and a lack of disclosed transcript-derived management color necessitate reliance on pipeline milestones, trial progress, and capital markets access as primary near-term catalysts.