Ludwig Enterprises, Inc.

Ludwig Enterprises, Inc. (LUDG) is an early-stage genomics company developing non-invasive cheek swab tests using mRNA biomarkers to assess inflammation-related chronic diseases, including cancers. Its lead product, Revealia™ Breast test, aims to identify breast cancer through a 48-gene inflammatory panel analyzed via machine learning, with preliminary validation showing 92% sensitivity and 86% negative predictive value in 249 samples. The Company has no products sold to date, minimal revenue ($217 in 2024), and significant losses ($3.0M in 2024, $2.5M in 2023), with $8.4M accumulated deficit and $3.3M working capital deficit as of September 30, 2025. Auditors raised going concern doubts. Ludwig is offering 3,750,002 Common Units at $4.00 each (up to $15M gross, $13.6M net), each consisting of one share of Common Stock and one Warrant exercisable at $5.00 (125% of offering price) for five years. Net proceeds will fund sales/marketing ($4.3M), research/clinical studies ($6.4M), G&A ($1.0M), debt repayment ($1.1M), and working capital ($0.75M). Pre-offering shares: 4,192,585 (post 1:100 reverse split); post-offering: 8,155,215. Listing targeted on NYSE American as RVLA/RVLAW. Investment thesis centers on pioneering mRNA cheek swab tech for early cancer detection amid $4.5B U.S. breast cancer diagnostics market, but execution risks are high given pre-revenue status, regulatory uncertainties, and competition.

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