Streamex Corp. 10-K Summary: Fiscal Year Ended December 31, 2025
Business Context and Reporting Period
This Annual Report covers the fiscal year ended December 31, 2025. Streamex Corp. (formerly BioSig Technologies, Inc.) underwent a strategic transformation in 2025, pivoting from a legacy biomedical technology company to a digital asset infrastructure firm. On May 28, 2025, the Company acquired Streamex Exchange Corporation, a developer of blockchain-based financial technology. Consequently, the Company changed its name to Streamex Corp. and its ticker symbol to "STEX" on September 12, 2025. The Company now operates two principal lines of business: (i) Tokenized Asset Finance via the Streamex Exchange platform, focusing on real-world asset (RWA) tokenization (initially gold via the GLDY token), and (ii) a legacy Biomedical Technology business (PURE EP™ platform), which is currently being evaluated for strategic alternatives.
Key Financial Metrics
| Metric | 2025 | 2024 |
|---|---|---|
| Revenue | $0 | $40,000 |
| Net Loss (Attributable to Common Stockholders) | $(462.8) million | $(10.5) million |
| Operating Expenses | $71.1 million | $12.9 million |
| Cash and Cash Equivalents (Year End) | $20.3 million | $0.1 million |
| Working Capital | $29.1 million | $(1.9) million |
| Total Assets | $187.5 million | $0.8 million |
| Convertible Debt (Principal) | $50.0 million | $0 |
Note: The 2025 Net Loss includes a non-cash loss of approximately $389.7 million related to the change in fair value of a derivative liability associated with Exchangeable Shares prior to their reclassification to equity.
Material Changes vs. Prior Period
- Acquisition and Restructuring: The acquisition of Streamex Exchange resulted in the recognition of $70.4 million in goodwill and $47.5 million in intangible assets. This drove a significant increase in depreciation and amortization expenses ($3.5 million in 2025 vs. $0.2 million in 2024).
- Stock-Based Compensation: General and Administrative expenses surged to $67.5 million (from $11.6 million in 2024), primarily driven by $57.1 million in non-cash stock-based compensation related to equity awards issued to employees, directors, and advisors.
- Derivative Liability Volatility: A non-cash loss of $389.7 million was recorded due to the fair value adjustment of Exchangeable Shares before they were reclassified to permanent equity following shareholder approval in November 2025.
- Financing Activity: The Company issued $50.0 million in secured convertible debentures in late 2025. Subsequent to year-end (January 2026), the Company completed an underwritten public offering raising $40.25 million and settled the debentures.
Guidance, Outlook, and Risks
Outlook and Strategy: Management expects to continue incurring operating losses until the Streamex Exchange platform achieves sustained commercial success. The Company launched its gold-backed token, GLDY, in February 2026 and is actively accepting subscriptions. Revenue generation is expected to come from tokenization fees, trading fees, and yield spreads. The legacy biomedical business (PURE EP) remains commercially available but is not a strategic priority; subsidiaries ViralClear and BioSig AI are currently dormant or on hold.
Material Risks:
- Regulatory Uncertainty: The tokenization business faces an evolving regulatory landscape regarding securities, commodities, and money transmission laws. The Company has not received no-action relief from the SEC.
- Liquidity and Going Concern: While the Company strengthened liquidity in early 2026, it historically operated with negative cash flows. The 2024 audit included a "going concern" explanatory paragraph.
- Internal Controls: Management identified material weaknesses in internal control over financial reporting, including inadequate identification of stock-based compensation and ineffective review processes.
- Gold Custody and Yield: The GLDY product relies on third-party custodians and gold leasing programs. Risks include unallocated custody, lack of live proof-of-reserves dashboards, and counterparty risk in gold leasing.
- Legal Proceedings: A civil claim was filed in November 2025 by a former advisor alleging breach of contract and unjust enrichment regarding the Streamex Exchange acquisition. The Company disputes the claims.
Investor Verification Checklist
- Derivative Accounting: Verify the reclassification of the $105.5 million Exchangeable Shares from derivative liability to equity and the impact of the $389.7 million non-cash loss on the 2025 bottom line.
- GLDY Launch Status: Confirm the volume of subscriptions accepted for the GLDY token post-launch (February 2026) and the actual yield generated from gold leasing.
- Debt Settlement: Verify the full repayment of the $50 million Yorkville debentures and the release of security interests on the gold collateral in early 2026.
- Internal Control Remediation: Review the progress of remediation plans for the identified material weaknesses in internal controls over financial reporting.
- Regulatory Compliance: Monitor for any SEC or CFTC enforcement actions or guidance regarding the classification of GLDY as a security or commodity.