Pluri Inc. reported a net loss of $6.1 million for the three-month period ending September 30, 2025, slightly higher than the $6.0 million loss recorded in the same period of the previous year. Revenue for the quarter was $316,000, a decrease from $326,000 year-over-year, primarily generated from services provided to Contract Development and Manufacturing Organization (CDMO) clients and fees in the AgTech sector. The company's cost of revenues increased to $201,000 from $126,000, attributed to higher personnel costs associated with specific projects. Research and development expenses rose by 36% to $3.9 million, driven by increased salaries and new hires following the acquisition of Kokomodo, alongside higher lease payments.
In terms of operational metrics, Pluri's weighted average common shares outstanding increased to 8,995,635 from 5,459,236, reflecting the issuance of additional shares due to the vesting of restricted stock units (RSUs) and pre-funded warrants. The loss per share improved to $(0.65) from $(1.08) in the prior year, indicating a reduction in the loss relative to the increased share count. The company’s total current assets stood at $16.9 million against total current liabilities of $32.2 million, resulting in a working capital deficit of $15.2 million.
Strategically, Pluri has made significant moves, including the acquisition of approximately 79% of Kokomodo, an innovative agfood startup focused on sustainable cacao production. The company also launched a new subsidiary, Cellav, aimed at developing regenerative skin and hair solutions. Additionally, PluriCDMO™, a new business division for cell therapy manufacturing services, was introduced in January 2024, and the company has signed several agreements with clients, generating revenue from this segment.
The company’s Board of Directors approved a grant of equity awards to the CEO, consisting of 39,050 fully vested RSUs and stock options, in recognition of performance objectives achieved during fiscal year 2025. Future grants contingent upon meeting specific objectives by December 31, 2025, were also approved. Despite these developments, Pluri's management expressed concerns regarding liquidity, indicating that they do not anticipate generating significant revenues from product sales in the next twelve months and may need to secure additional funding to support ongoing operations and R&D activities.
Looking ahead, Pluri Inc. faces substantial challenges, including a significant accumulated deficit of $448.9 million since its inception. The company is actively pursuing various initiatives to address liquidity issues, including cost-reduction plans and potential restructuring of its EIB loan. However, management cautioned that there are no assurances regarding the successful acquisition of necessary financing, which could impact the company's ability to continue operations.
About Pluri Inc.
Pluri Inc. is a biotechnology company specializing in proprietary 3D cell expansion technology for scalable solutions across healthcare, food, and agriculture. Its core activities include developing cell therapies, regenerative medicine, cultivated food products, and contract manufacturing services. The company leverages its innovative platform for cell-based therapeutics, food tech, and AgTech, serving global markets with a focus on sustainability, cost-efficiency, and advanced bioprocessing.
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