Pluri Inc. Reports Revenue Growth to $511,000 Amid Ongoing Financial Challenges

Pluri Inc. reported its financial results for the six months ending December 31, 2024, revealing a revenue increase to $511,000, up from $159,000 during the same period in 2023. The company also saw a rise in quarterly revenues, reaching $185,000 compared to $105,000 in the previous year. This growth is attributed primarily to the launch of new business verticals, particularly in Contract Development and Manufacturing Organization (CDMO) services and collaborations in the agricultural technology sector.

Despite the revenue growth, Pluri Inc. continues to face significant financial challenges, posting a net loss of $9.146 million for the six-month period, a decrease from a loss of $10.092 million in the same period last year. The company’s operating loss was reported at $10.155 million, slightly improved from $10.590 million in the prior year. The reduction in losses is linked to decreased general and administrative expenses and research and development costs, which were part of a broader cost reduction strategy.

Operationally, Pluri Inc. has made notable changes, including a reduction in its research and development workforce from 100 to 90 employees, which contributed to a 2% decrease in net R&D expenses. The company also reported a working capital surplus of $17.93 million as of December 31, 2024, with total current assets amounting to $22.37 million. However, the company’s total shareholders’ equity showed a deficit of $2.917 million, reflecting ongoing financial pressures.

In terms of strategic developments, Pluri Inc. has expanded its business model by launching the PluriCDMO division, which offers cell therapy manufacturing services. The company has also entered into a Securities Purchase Agreement to raise $6.5 million through a private placement, which is expected to support its working capital needs. Additionally, Pluri is pursuing a transaction to acquire a significant stake in Kokomodo Ltd., an agtech company, for $4.5 million, subject to shareholder approval.

Looking ahead, Pluri Inc. anticipates continued reliance on its CDMO services and collaborations to generate revenue, although it does not expect significant product sales in the near term. The company is actively seeking additional funding sources to support its operations and R&D activities, while management believes that current resources will be sufficient to meet obligations for at least the next twelve months. However, the company remains under scrutiny from Nasdaq for not meeting the minimum shareholders' equity requirement, which could impact its listing status if not resolved by May 2025.