Silo Pharma, Inc. reported a net loss of $1.65 million for the first quarter of 2026, compared to a net loss of $1.03 million for the same period in 2025, marking an increase of 59.7%. The company's revenue remained stable at $18,026 for both periods, primarily derived from a licensing agreement. However, the cost of revenues surged to $20,688 from $1,460, leading to a gross loss of $2,662, a significant decline from the gross profit of $16,566 reported in the previous year. This increase in costs was attributed to accelerated amortization of license fees following changes in the estimated useful lives of certain agreements.
Operating expenses for the quarter rose to $1.59 million, up from $1.11 million in the prior year, driven by higher research and development costs, which increased by 70.6% to $1.01 million. This rise was largely due to a $714,000 expense related to the acquisition of software assets from Many Ads Inc. Additionally, compensation expenses increased by 36% to $242,633, reflecting higher stock-based compensation and health insurance costs. The overall loss from operations also widened to $1.59 million from $1.09 million year-over-year.
On the operational front, Silo Pharma has been actively pursuing its development pipeline, focusing on novel therapeutics for conditions such as PTSD, fibromyalgia, and Alzheimer's disease. The company has entered into various agreements, including a recent asset purchase agreement with Many Ads Inc. for software related to AI technology, which it plans to integrate into its operations. Furthermore, Silo Pharma formed a new subsidiary, Qwikagentsai Inc., to expand its business into artificial intelligence technology.
As of March 31, 2026, Silo Pharma reported total assets of $7.02 million, down from $7.61 million at the end of 2025. The company had cash and cash equivalents of $3.90 million and working capital of $6.10 million, indicating a decrease in liquidity compared to the previous quarter. The company’s accumulated deficit increased to $21.14 million, reflecting ongoing investments in research and development and operational expenses. Looking ahead, Silo Pharma believes it has sufficient cash reserves to meet its obligations for at least the next twelve months, despite the challenges posed by its current financial performance.
About Silo Pharma, Inc.
Silo Pharma, Inc. is a biopharmaceutical company developing therapies for underserved neurological and psychiatric conditions, including PTSD, anxiety, fibromyalgia, and Alzheimer's disease. Its focus includes traditional drugs and psychedelic formulations like psilocybin and ketamine. The company collaborates with academic institutions, licenses proprietary technologies, and advances drug candidates through preclinical and clinical stages, aiming to address unmet medical needs with innovative delivery methods and targeted treatments.
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