RetinalGenix Reports No Revenue and Significant Net Losses in Q2 2025

RetinalGenix Technologies Inc. reported its financial results for the second quarter and first half of 2025, revealing continued challenges in revenue generation and significant net losses. The company reported no revenue for both the three and six months ended June 30, 2025, consistent with the same periods in 2024. The net loss for the second quarter was $649,418, a decrease from the $663,633 loss reported in the same quarter of the previous year. For the first half of 2025, the net loss was $1,236,677, down from $2,809,509 in the first half of 2024, indicating a 56% reduction in losses year-over-year.

Operating expenses for the second quarter totaled $648,348, a decrease of 2% from $662,673 in the prior year. The reduction was primarily driven by a significant decline in research and development expenses, which fell by 83% to $14,430, attributed to decreased spending on engineering and technology consultants. General and administrative expenses increased slightly by 4% to $383,729, reflecting higher allocated costs from Sanovas, the company's majority owner. Stock-based compensation expenses rose by 18% to $250,189, largely due to the recognition of expenses for warrants issued earlier in the year.

In terms of strategic developments, RetinalGenix continues to focus on its product offerings, including the Retinal Imaging Screening Device and the RetinalCamTM, aimed at addressing ophthalmic disorders. The company is also engaged in a study with Pearl IRB to personalize medical evaluations for patients with wet macular degeneration, with plans for geographic expansion of the study to multiple states by September 2025. However, the company has not yet achieved any product sales and remains reliant on funding from related parties, primarily Sanovas, which has covered a significant portion of its operating expenses.

As of June 30, 2025, RetinalGenix reported cash of $839 and total liabilities of approximately $1.99 million, raising concerns about its liquidity and ability to continue operations. The company anticipates needing an additional $6 million to complete product development and secure regulatory approvals. Management has indicated that it is exploring various financing options, including equity and debt offerings, but acknowledges the uncertainty surrounding the availability of such funds. The company has expressed substantial doubt about its ability to continue as a going concern without securing additional financing.

Looking ahead, RetinalGenix's management remains cautious, emphasizing the need for significant capital to support ongoing operations and product development. The company has not generated any revenue to date and does not expect to do so until it successfully completes the development and regulatory approval of its products. The financial outlook remains uncertain, with management highlighting the risks associated with its current funding situation and the potential impact on its operational capabilities.