Pluri Inc. (PLUR) 10-K Summary: Fiscal Year Ended June 30, 2026
Business Context and Reporting Period
This Annual Report covers the fiscal year ended June 30, 2026. Pluri Inc. is a biotechnology company leveraging a proprietary 3D cell expansion platform to develop cell-based products across two primary sectors: Human Health and Longevity (cell therapies, immunotherapies, and aesthetics via Cellav) and Foodtech and Bio-Farming (cultivated meat via Ever After Foods, coffee via Coffeesai, and cacao via Kokomodo). The company operates primarily from Haifa, Israel, with subsidiaries in Germany and the U.S.
Key Financial Metrics
| Metric | Fiscal 2026 | Fiscal 2025 |
|---|---|---|
| Revenue | $1.02 million | $1.34 million |
| Net Loss | $(25.37) million | $(23.25) million |
| Net Loss Per Share (Basic/Diluted) | $(2.44) | $(3.56) |
| Research & Development (Net) | $(15.09) million | $(12.85) million |
| General & Administrative | $(10.30) million | $(9.98) million |
| Cash and Cash Equivalents (Total Liquidity) | $8.85 million | $21.04 million |
| Working Capital Deficit | $(23.99) million | $(10.23) million |
| Accumulated Deficit | $(466.88) million | $(443.06) million |
Debt and Liquidity: The company holds a €20 million loan from the European Investment Bank (EIB), which matured on June 1, 2026. As of June 30, 2026, the principal and accrued interest totaled approximately $27.43 million. The company reported a cash burn of $19.59 million from operating activities.
Material Changes vs. Prior Period
- Revenue Decline: Revenue decreased by 24% to $1.02 million, driven by lower project volumes in the CDMO and Foodtech sectors compared to the prior year.
- Increased Loss: Net loss increased by 9% to $25.37 million, primarily due to a 17% rise in net R&D expenses (partially offset by grants) and a 3% increase in G&A expenses.
- Cash Position: Total cash and deposits decreased by approximately $13.2 million year-over-year due to operating losses and reduced grant funding from NIAID.
- Acquisitions: Completed the acquisition of 79% of Kokomodo (cell-cultured cacao) in April 2025 and Fishway BV (aquatic cell biology) in August 2026 (subsequent event).
Guidance, Outlook, Risks, and Contingencies
Going Concern Warning: The independent auditor has included an explanatory paragraph regarding substantial doubt about the company's ability to continue as a going concern. Management estimates sufficient resources to meet obligations for less than three months from the report issuance date (September 10, 2026).
EIB Loan Resolution: The EIB loan is in default status. On August 17, 2026, the EIB approved a proposed sale of the loan to a third-party purchaser (potentially a related party). The company intends to negotiate a settlement, which may include converting the debt to equity. No definitive agreement has been executed.
Nasdaq Compliance: On July 7, 2026, the company received a deficiency letter from Nasdaq for failing to meet the Market Value of Listed Securities (MVLS) requirement of $35 million. The company has 180 days (until January 4, 2027) to regain compliance or face delisting.
Operational Risks: Significant risks include ongoing hostilities in the Middle East affecting operations in Israel, the need for additional capital to fund R&D and commercialization, and the uncertainty of regulatory approvals for cell therapies and cultivated foods.
Investor Verification Checklist
- Liquidity Runway: Verify the company's ability to secure financing within the next 90 days to avoid insolvency, given the "less than three months" cash runway estimate.
- EIB Loan Status: Monitor the progress of the EIB loan sale and the terms of any potential debt-to-equity conversion, which could significantly dilute existing shareholders.
- Nasdaq Delisting Risk: Track the company's MVLS and alternative compliance metrics (stockholders' equity or net income) to assess the risk of delisting by January 2027.
- Grant Funding: Confirm the status of non-dilutive grants from the Israel Innovation Authority (IIA) and Horizon Europe, as these are critical to offsetting R&D costs.
- Geopolitical Impact: Assess the current operational status of facilities in Haifa, Israel, amidst regional conflicts.