RetinalGenix Reports Continued Net Losses and Lack of Revenue in Q3 2025

RetinalGenix Technologies Inc. reported its financial results for the third quarter and the first nine months of 2025, revealing a continued lack of revenue generation and significant net losses. For the three months ended September 30, 2025, the company recorded a net loss of $568,791, a 73% improvement compared to a net loss of $644,291 in the same period of 2024. For the nine months ended September 30, 2025, the net loss was $1,805,468, down from $3,453,800 in the prior year, reflecting a 73% reduction in losses. The company has not generated any revenue during these periods, maintaining a consistent trend since its inception.

Operating expenses for the third quarter totaled $567,833, a decrease of 12% from $643,331 in the prior year. This decline was primarily driven by an 80% reduction in research and development expenses, which fell to $20,454 from $102,977, attributed to decreased spending on engineering and technology consultants. General and administrative expenses increased by 11% to $270,153, largely due to higher allocated costs from Sanovas, the company’s majority owner, which increased as more time was spent on company activities. Stock-based compensation expenses also decreased slightly by 6% to $277,226.

In terms of strategic developments, RetinalGenix continues to focus on its product offerings, including the RetinalCam™ device, designed for home screening and monitoring of ophthalmic conditions. The company is also engaged in a study with Pearl IRB to personalize medical evaluations for patients receiving intraocular injections for wet macular degeneration. The company anticipates expanding its IRB to multistate physicians by winter 2026, with initial analysis expected in the first half of 2026. Additionally, RetinalGenix is planning clinical studies for two products targeting dry age-related macular degeneration and Alzheimer’s syndrome dementia.

As of September 30, 2025, RetinalGenix reported cash of only $92 and total liabilities of approximately $2.18 million, raising substantial doubt about its ability to continue as a going concern. The company has indicated that it will require approximately $6 million in additional funding to complete product development and support its operations. RetinalGenix has been reliant on financing from related parties, including Sanovas, which has covered a significant portion of its operating expenses. The company is currently exploring options for raising additional capital, including potential public or private equity offerings.

Looking ahead, RetinalGenix acknowledges the uncertainty surrounding its financial future, emphasizing the need for substantial additional funding to support ongoing operations and product development. The company has not generated any revenue from product sales and does not expect to do so until it successfully completes the development of its products and obtains necessary regulatory approvals. The management's outlook remains cautious, as the ability to secure additional financing is critical to the company's survival and growth strategy.