BioRestorative Therapies (BRTX) Registration Filing summary

Company overview and business model

• Develops therapeutic products using adult stem cells, focusing on disc/spine disease and metabolic disorders, with a commercial biocosmeceutical platform.

• Lead product BRTX-100 targets non-surgical treatment of lumbosacral disc disorders; currently in Phase 2 clinical trials.

• Metabolic program (ThermoStem) develops cell-based therapies for obesity and metabolic disorders using brown adipose-derived stem cells.

• Commercial biocosmeceutical platform markets a cell-based secretome serum for cosmetic applications, with plans to expand product offerings.

• Holds multiple patents in the U.S. and internationally for its core technologies.

Financial performance and metrics

• As of September 30, 2025, accumulated deficit was $166.7 million; net loss for the nine months ended September 30, 2025 was $11.0 million.

• Working capital as of September 30, 2025 was $1.3 million; negative cash flows from operations of $8.4 million for the same period.

• Revenue for the nine months ended September 30, 2025 was $340,100, primarily from royalties and cosmetic product sales.

• Research and development expenses increased 49.2% year-over-year for the nine months ended September 30, 2025, mainly due to clinical trial costs.

• Audit opinion includes substantial doubt about ability to continue as a going concern.

Use of proceeds and capital allocation

• Net proceeds of approximately $9.0 million (assuming full sale) intended for BRTX-100 clinical trials, ThermoStem preclinical R&D, biocosmeceutical platform development, and general corporate purposes.

• May use a portion of proceeds for acquisitions or investments in complementary businesses or technologies.

• Management has broad discretion in allocation of proceeds.