0001178913-26-001782
SEC filingPRF Technologies Ltd. (PRFX) reported a net loss of $5.0 million for fiscal year 2025, driven by an operating loss of $5.1 million. Revenues were minimal at $17 thousand, while operating expenses were dominated by general and administrative costs of $3.0 million and research and development expenses of $1.1 million. The company's cash position decreased by $1.1 million during the year, ending with $4.1 million in total cash, cash equivalents, and restricted cash. Financing activities provided $3.8 million primarily from an at-the-market offering, which helped offset cash used in operations of $4.0 million. The company's balance sheet shows total assets of $12.0 million, with significant intangible assets of $7.4 million, and shareholders' equity of $8.5 million. The material weakness in internal control over financial reporting remains a concern for future compliance and accurate financial reporting.
PRF Technologies Ltd. reported a comprehensive loss of $5.0 million for fiscal year 2025, with an operating loss of $5.1 million. The company generated minimal revenue of $17 thousand while incurring significant operating expenses totaling $5.1 million. The loss per share was -$7 for both basic and diluted calculations. The company's financial performance reflects its early-stage development status with substantial investments in operations exceeding revenue generation. No prior period comparisons are provided in the available data to assess year-over-year trends.
Revenue generation remains minimal at $17 thousand for the fiscal year. The document does not provide segment breakdowns, geographic mix, or specific growth drivers for revenue. The cost of sales was $70 thousand, resulting in negative gross margin. The company's primary focus appears to be on research and development and general administrative functions rather than commercial revenue generation at this stage.
The company reported negative gross margin due to revenues of $17 thousand against cost of sales of $70 thousand. Operating margin was deeply negative at -$5.1 million, driven by general and administrative expenses of $3.0 million, research and development expenses of $1.1 million, amortization of intangible assets of $759 thousand, and selling and marketing expenses of $163 thousand. The cost structure is dominated by fixed operating expenses with minimal revenue offset.
Net cash used in operating activities was $4.0 million, primarily from the net loss of $5.0 million adjusted for non-cash items including amortization of $759 thousand and share-based compensation of $447 thousand. Investing activities used $982 thousand mainly for purchase of short-term deposits. Financing activities provided $3.8 million from equity issuance. The balance sheet shows total assets of $12.0 million, with $4.4 million in current assets including $3.1 million cash. Total liabilities are $2.7 million, resulting in shareholders' equity of $8.5 million. The company's liquidity position shows $4.1 million in total cash, cash equivalents, and restricted cash.
The filing identifies a material weakness in internal control over financial reporting as a significant risk factor. The company notes it is exempt from including an attestation report from its independent registered public accounting firm regarding internal control over financial reporting due to JOBS Act provisions for non-accelerated filers. No changes in internal control over financial reporting were reported during the year. The document does not provide specific management guidance, strategic priorities, or forward-looking statements beyond the identified risk factors related to financial reporting controls.