Pluri Inc. (PLUR) - Q3 2026 10-Q Summary
Business Context and Reporting Period
This filing covers the quarterly period ended March 31, 2026 (Q3 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, immunotherapy, food technology (AgTech), and Contract Development and Manufacturing Organization (CDMO) services. The company is incorporated in Nevada with principal operations in Israel.
Key Financial Metrics
| Metric | Q3 2026 (3 Months) | Q3 2025 (3 Months) | YTD 2026 (9 Months) | YTD 2025 (9 Months) |
|---|---|---|---|---|
| Revenue | $167,000 | $427,000 | $681,000 | $938,000 |
| Gross Profit | $56,000 | $136,000 | $257,000 | $447,000 |
| Net Loss (Total) | $(6,172,000) | $(6,335,000) | $(19,176,000) | $(15,481,000) |
| Net Loss (Shareholders) | $(5,548,000) | $(6,147,000) | $(17,941,000) | $(14,985,000) |
| Loss Per Share (Basic/Diluted) | $(0.55) | $(0.94) | $(1.90) | $(2.56) |
| Cash & Equivalents | $3,419,000 (as of Mar 31, 2026) | |||
| Total Cash Resources | ||||
| Working Capital Deficit | $(21,543,000) | |||
| Accumulated Deficit | $(460,996,000) |
Note: All figures in thousands unless otherwise noted. Cash resources include cash, cash equivalents, restricted cash, and short-term/long-term bank deposits totaling $10,495,000.
Material Changes vs. Prior Period
- Revenue Decline: Revenue decreased 61% in Q3 and 27% YTD compared to the prior year, driven by lower project volumes in CDMO and AgTech sectors.
- Expense Increases:
- R&D Expenses: Increased 30% in Q3 and 32% YTD. Drivers include salary increases (FX impact and new hires from Kokomodo acquisition), higher lease costs for Ever After Foods, and increased share-based compensation, partially offset by reduced grant participation.
- G&A Expenses: Increased 6% in Q3 and 11% YTD, primarily due to share-based compensation for consultants and executives, partially offset by CEO salary reductions and headcount cuts.
- Financial Income: Net financial income improved significantly in Q3 ($593k income vs. $723k expense prior year) due to hedging gains and FX differences on the EIB loan, offset by lower interest income from reduced deposit balances.
- Liquidity: Cash and short-term deposits decreased from $26.7M (Mar 2025) to $9.5M (Mar 2026) due to operating burn and capital expenditures.
Outlook, Risks, and Contingencies
- Going Concern Warning: Management estimates sufficient resources for less than three months from the filing date (May 14, 2026). This raises substantial doubt about the company's ability to continue as a going concern without additional financing.
- EIB Loan Restructuring: A €20 million loan from the European Investment Bank (EIB) is due June 1, 2026. The EIB has reserved its rights, and discussions regarding restructuring or extension are ongoing with no assurance of success.
- Capital Raising: The company recently completed a "First Offering" ($2.5M) and a "Second Offering" ($2.5M total, partially closed) with Chutzpah Holdings LP. It also maintains an At-The-Market (ATM) sales agreement with A.G.P.
- Cost Reductions: Implemented salary reductions for the CEO (25-30%), CFO (20%), and directors (20%) to extend runway.
- Nasdaq Compliance: The company temporarily lost compliance with Nasdaq listing rules regarding Market Value of Listed Securities (MVLS) in January 2026 but regained compliance in February 2026.
- Grant Termination: A contract with the NIAID (U.S. NIH) was terminated for convenience in April 2025, ending a source of non-dilutive funding.
Investor Verification Checklist
- Liquidity Runway: Verify the timeline for securing additional capital given the <3-month runway warning.
- EIB Loan Status: Monitor the outcome of restructuring negotiations with the European Investment Bank due June 1, 2026.
- Revenue Trajectory: Assess the sustainability of revenue declines in CDMO and AgTech segments.
- Dilution Risk: Review the terms of recent private placements and the potential for further dilution via the ATM facility or warrant exercises.
- Subsidiary Performance: Evaluate the financial contribution and burn rate of new subsidiaries (Kokomodo, Ever After Foods, Coffeesai).