0001213900-26-034198
SEC filingPolyrizon Ltd., a clinical-stage biotech company developing nasal hydrogel technologies, reported a net loss of $3.3 million for FY 2025, up 116% from $1.5 million in FY 2024, driven by ramped-up R&D post-IPO. Operating loss widened to $6.2 million from $1.3 million YoY, with R&D expenses surging 299% to $2.1 million amid GMP batch production and usability studies for NASARIX™. G&A expenses rose 436% to $4.1 million, reflecting public company costs and a $0.5 million business email compromise loss. Financial income of $2.9 million, mainly from warrant revaluations, partially offset losses. Balance sheet strengthened with $21.4 million total assets, including $1.3 million cash and $16.2 million deposits; equity at $21.0 million. Cash burn from operations was $4.5 million, funded by $19.8 million financing inflows from PIPE ($15.1M) and IPO ($4.7M), netting a $1.2 million cash decline. No revenue generated as a development-stage firm. Management states cash suffices through March 2030, supporting NASARIX™ pivotal trials in Q3 2026 and PL-16 feasibility in Q3 2027, positioning for 510(k) clearance.
Polyrizon Ltd. reported FY2025 net loss of $3.3M, widening 116% YoY from $1.5M in 2024, reflecting accelerated R&D post-October 2024 IPO. Operating loss expanded to $6.2M (up 379% YoY from $1.3M), driven by $2.1M R&D (299% YoY increase) for NASARIX™ GMP production and PL-16 preclinicals, plus $4.1M G&A (436% YoY rise) including $0.5M fraud loss. $2.9M financial income from warrant fair value gains mitigated impact. No revenue as pre-commercial biotech. Cash used in ops $4.5M; total assets $21.4M with $21.0M equity.
N/A - Development-stage company with no revenue disclosed.
No gross margins applicable (zero revenue). Operating margin N/A. Expenses dominated by R&D (34% of op loss) and G&A (66%). PIPE/warrant financing income offset 47% of op loss.
Ops cash burn $4.5M (vs. $1.1M 2024). Investing outflow $16.5M (deposits). Financing inflow $19.8M (PIPE $15.1M, IPO $4.7M). Ending cash $1.3M, deposits $16.2M; liquidity supports ops to March 2030. Equity $21.0M; accumulated deficit -$8.4M.
Cash runway to March 2030 funds NASARIX™ pivotal trials Q3 2026 (510(k) pathway), PL-16 feasibility Q3 2027 (De Novo). T&T feasibility through Q4 2026. Risks: regulatory delays, funding needs.