Pluri Inc posted a modest quarterly revenue of $0.427 million in QQ3 2025, with a gross margin of 31.9% but a substantial operating loss of $5.59 million and a net loss of $6.33 million. The company continues to burn cash primarily driven by aggressive R&D and G&A expenditures (R&D $3.235 million; G&A $2.493 million), underscoring its early-stage biotech profile despite a low revenue base. Operating cash flow was negative at $4.30 million, while financing activities added $9.97 million, resulting in a working liquidity position that supports near-term runway but remains highly contingent on future clinical milestones and potential partnership or licensing deals.
Key near-term catalysts center on the PLXPAD program, including Phase III trials for muscle recovery after hip fracture surgery and steroid-refractory graft-versus-host disease (GVHD), in collaboration with Tel Aviv Sourasky Medical Center. The company also completed a Phase II trial for ARDS associated with COVID-19, and continues to develop PLXR18 and other exploratory assets. Given the embryonic commercial prospects and ongoing clinical risk, the QQ3 results reflect a classic early-stage biotech profile: meaningful scientific upside with execution risk and a fragile near-term profitability and balance sheet trajectory. Absent clear guidance or a material licensing/partnership agreement, investors face a high-variance outcome tied to pivotal clinical readouts and financing conditions.