Pluri Inc. (PLUR) - 10-Q Filing Summary
Business Context and Reporting Period
This filing covers the quarterly period ended December 31, 2025 (Second Quarter of Fiscal Year 2026). Pluri Inc. is a biotechnology company operating in one segment, focused on a proprietary 3D cell expansion platform applied across regenerative medicine, aesthetics, food technology (AgTech/FoodTech), and Contract Development and Manufacturing Organization (CDMO) services. The company is incorporated in Nevada with principal operations in Israel.
Key Financial Metrics
| Metric | Six Months Ended Dec 31, 2025 | Three Months Ended Dec 31, 2025 |
|---|---|---|
| Revenue | $514,000 | $198,000 |
| Gross Profit | $201,000 (39% Margin) | $86,000 (43% Margin) |
| Net Loss (Total) | $(13,004,000) | $(6,872,000) |
| Net Loss (Attributable to Shareholders) | $(12,393,000) | $(6,543,000) |
| Loss Per Share (Basic & Diluted) | $(1.36) | $(0.71) |
| Cash & Cash Equivalents | $4,690,000 | N/A |
| Total Cash & Deposits (Liquid Assets) | $13,645,000 | N/A |
| Working Capital Deficit | $(18,542,000) | N/A |
| Accumulated Deficit | $(455,448,000) | N/A |
Debt & Liquidity: The company holds a loan from the European Investment Bank (EIB) with a principal and accrued interest balance of $27,782,000, classified as a current liability due June 1, 2026. Net cash used in operating activities was $10,633,000 for the six-month period.
Material Changes vs. Prior Period
- Revenue: Increased slightly to $514,000 (6 months) from $511,000 in the prior year period, driven by CDMO services and AgTech collaborations.
- Expenses: R&D expenses (net) increased 33% to $7,757,000, and G&A expenses increased 14% to $5,300,000. Increases were driven by personnel costs (including new employees from the Kokomodo acquisition), share-based compensation, and lease payments, partially offset by a CEO salary waiver and cost-reduction initiatives.
- Financial Income: Net financial income decreased significantly from $1,437,000 to $296,000 (6 months) due to foreign exchange losses on the EIB loan and reduced interest income from deposits.
- Capital Structure: The company raised approximately $2.84 million in financing activities during the period through a private placement offering and sales under an ATM agreement.
Outlook, Risks, and Contingencies
- Going Concern: Management estimates sufficient resources to meet obligations for less than six months from the filing date (February 12, 2026). This raises substantial doubt about the company's ability to continue as a going concern without additional financing.
- Nasdaq Compliance: On January 20, 2026, the company received notice of non-compliance with Nasdaq Listing Rule 5550(b)(2) regarding the minimum market value of listed securities ($35 million). The company has 180 days (until July 20, 2026) to regain compliance or face delisting.
- EIB Loan Restructuring: Discussions are ongoing regarding the restructuring and potential extension of the EIB loan due in June 2026. There is no certainty regarding the outcome.
- Grant Termination: A $4.2 million contract with the NIAID was terminated for the government's convenience in April 2025. The company received $2.3 million under this contract prior to termination.
- Cost Reductions: The Board approved salary reductions for the CEO, CFO, and directors effective late 2025/early 2026 to preserve cash.
Investor Verification Checklist
- Liquidity Runway: Verify the specific timeline of cash burn and the status of any new financing agreements post-filing.
- Nasdaq Status: Monitor the company's progress toward regaining compliance with the $35 million market value requirement by July 2026.
- EIB Loan Resolution: Confirm the outcome of restructuring negotiations with the European Investment Bank regarding the $27.8 million debt due in June 2026.
- Revenue Sustainability: Assess the scalability of current CDMO and AgTech revenue streams to offset the high operating burn rate.
- Subsidiary Performance: Review the financial contribution and burn rate of recent acquisitions (Kokomodo) and joint ventures (Ever After Foods).