Change Agents (CHGA) Q1 2025 earnings summary

Executive summary

• Focused on commercializing the KetoAir breathalyzer and advancing diagnostic IP; real estate rental remains a core revenue stream.

• Suspended all R&D in cellular therapy to preserve cash and focus on core business.

• Exited laboratory services segment after redeeming 40% stake in Lab Services MSO in February 2025.

Financial highlights

• Real property rental revenue rose 11.2% year-over-year to $349,800 for Q1 2025.

• Net loss increased 81.5% year-over-year to $2,482,111 for Q1 2025.

• Net loss per share (basic and diluted) was $1.43, compared to $1.86 in Q1 2024.

• Cash balance at March 31, 2025 was $1.37 million, down from $2.86 million at year-end 2024.

• Working capital deficit widened to $11.66 million from $10.65 million at year-end.

Outlook and guidance

• Revenue from real property rent expected to remain stable with minimal increase.

• Advertising and marketing expenses likely to remain steady; professional fees expected to decrease.

• Company plans to raise additional capital through equity sales; substantial doubt exists about ability to continue as a going concern.