Bioxytran (BIXT) Q4 2025 earnings summary

Executive summary

• Clinical-stage pharmaceutical company focused on glycovirology, hypoxia, and degenerative diseases, with lead programs targeting COVID-19 and stroke using proprietary galectin antagonists and acellular oxygen carriers.

• No revenue generated; operations funded through equity, convertible notes, and short-term loans, with a negative working capital of $2.7 million and accumulated deficit of $21 million as of December 31, 2025.

• Management highlights substantial doubt about the company's ability to continue as a going concern without additional capital.

Financial highlights

• Net loss for 2025 was $2.12 million, compared to $2.37 million in 2024.

• R&D expenses increased to $454,000 in 2025 from $112,337 in 2024, reflecting ramped-up clinical activities.

• General and administrative expenses decreased to $1.39 million in 2025 from $2.11 million in 2024, mainly due to reduced payroll and promotional costs.

• Cash at year-end 2025 was $509,914, up from $5,154 at year-end 2024, driven by $1.05 million in net financing activities.

• Total liabilities rose to $3.25 million at year-end 2025 from $1.93 million in 2024, including $805,000 in convertible notes and $395,668 in affiliate loans.

Outlook and guidance

• Company requires at least $3.7 million to fund operations for the next 15 months and estimates $30–35 million needed to complete key clinical trials.

• Plans to advance lead drug candidates (ProLectin-M, ProLectin-I/F, BXT-25) through Phase 3 trials, contingent on securing adequate funding.

• Without additional capital, development timelines may be delayed or operations curtailed.