SILO · Silo Pharma, Inc.

Silo Pharma reported Q1 FY2026 results reflecting the challenges of a clinical-stage biopharma with minimal revenue generation. Revenue held steady at $18.0K, matching Q1 FY2025 levels, as the company maintains a low baseline from limited commercial activity while prioritizing development of its lead program, SPC-15, an intranasal drug targeting PTSD and stress-induced anxiety disorders.

Gross profit swung to a loss of -$2.7K from a $16.6K profit last year, yielding a -14.8% margin. This erosion stems from cost of revenues outpacing the flat revenue, highlighting the thin margins inherent in early-stage pharma operations where development costs dominate.

Operating expenses drove the widened operating loss to -$1.6M, a 45.7% deterioration from -$1.1M in the prior period. Research and development costs increased, attributable to acquired software applications and elevated research-related consulting fees, offset partially by reduced expenses on various studies. This reflects management's focus on advancing pipeline assets like SPC-15, even as it involves investments in supporting technologies. General and administrative expenses also rose, primarily from higher stock-based compensation, increased health insurance costs, and net other G&A items, partially offset by lower filing fees and payroll. These changes explain the operating income decline, as the company invests in personnel and administrative infrastructure to support growth.

The operating loss expansion flowed through to net income, which deepened 59.7% to -$1.6M from -$1.0M, with diluted EPS of -$0.12 showing improvement over -$0.23 due to reduced per-share loss impact. Management's allocation of resources to a cryptocurrency strategy contributed to other income volatility, though specific unrealized impacts were not quantified here.