Z Squared (ZSQR) Q4 2025 earnings summary

Executive summary

• Focused on cell therapy technologies for cancer and other diseases, with a dual biopharmaceutical and technology segment structure.

• 2025 marked a transition to revenue generation from the technology segment, while the biotechnology segment remains pre-commercial.

• Significant licensing and partnership activity, including exclusive rights to the GEAR™ Cell Therapy Platform and Deverra's stem cell expansion technology.

• Entered into a pending merger agreement with Z Squared, with a planned spin-out of biotechnology operations.

Financial highlights

• 2025 revenue was $1.36 million, all from the technology segment's NexGenAI platform; no biotech segment revenue.

• Net loss for 2025 was $12.28 million, compared to a net loss of $10.88 million in 2024.

• Operating expenses increased to $14.23 million in 2025, up from $10.05 million in 2024, driven by professional services and stock-based compensation.

• Cash balance at year-end 2025 was $5.67 million, up from $0.53 million at year-end 2024, primarily due to equity financings.

• Accumulated deficit reached $109.95 million as of December 31, 2025.

Outlook and guidance

• Management does not expect significant revenue from the biotechnology segment in the next year; focus remains on product development and strategic partnerships.

• Company expects continued operating losses and negative cash flow through at least the end of 2025.

• Additional capital will be required to fully implement business plans and support growth.