Bio Green Med Solution Reports $778,000 Revenue in Q1 2026, Shifts Focus to Fire Safety Products

Bio Green Med Solution, Inc. (formerly Cyclacel Pharmaceuticals, Inc.) reported its financial results for the first quarter of 2026, revealing a revenue of $778,000, a significant increase from zero revenue in the same period of 2025. This revenue is attributed to the sales of fire safety equipment and services from its newly acquired subsidiary, Fitters Sdn. Bhd., which was integrated into the company following its acquisition in September 2025. The company’s operating expenses for the quarter were $1.0 million, down from $4.2 million in the prior year, primarily due to the absence of one-time costs associated with previous changes in control and a reduction in stock-based compensation expenses.

The company’s net loss for the quarter was $197,000, a notable improvement compared to a net loss of $81,000 in the first quarter of 2025. The decrease in losses was driven by lower general and administrative expenses, which fell by approximately $3.8 million year-over-year. The company reported a gross margin of approximately 18% on its fire safety product sales, with cost of sales amounting to $635,000 for the quarter. The company’s accumulated deficit stood at $454.6 million as of March 31, 2026.

In terms of operational changes, Bio Green Med Solution has shifted its focus from biopharmaceuticals to fire safety products, following the liquidation of its UK subsidiary, Cyclacel Limited, in January 2025. This strategic pivot has led to the deconsolidation of Cyclacel Limited's financial results, resulting in a gain of approximately $5.0 million recognized in the previous fiscal year. The company has also engaged in various financing activities, including the issuance of preferred stock, which has provided necessary liquidity to support its operations.

As of March 31, 2026, the company had cash and cash equivalents of $3.3 million, which it anticipates will sustain its operations into the fourth quarter of 2026. However, the company has expressed substantial doubt about its ability to continue as a going concern, citing the need for additional capital to fund its operations. The management is exploring various strategic alternatives, including potential mergers or acquisitions, to secure necessary funding. The company’s future revenue growth is expected to be driven by the expansion of its fire safety product offerings, particularly in the rapidly growing market in Southern Malaysia.