BioRestorative Therapies (BRTX) Q4 2025 earnings summary

Executive summary

• Focused on developing cell-based therapies for disc/spine disease (BRTX-100), metabolic disorders (ThermoStem), and commercial biocosmeceuticals.

• Completed enrollment of 99 patients in Phase 2 BRTX-100 trial for chronic lumbar disc disease; initiated Phase 3 enabling activities.

• Received multiple new patents for ThermoStem in Europe, Israel, Japan, and Australia; expanded commercial and R&D teams.

• Raised $2M via ATM, $1.1M in October 2025 direct offering, and $5M in February 2026 public offering.

Financial highlights

• Net loss of $14.2M for 2025, compared to $9.0M in 2024; working capital deficit of $0.6M at year-end 2025.

• Revenues of $359,700 in 2025, down from $401,000 in 2024; $300,000 from cosmetic product sales, $59,700 from royalties.

• Research and development expenses increased 51% to $10.1M; general and administrative expenses up 13% to $5.9M.

• Cash and cash equivalents of $1.5M at year-end 2025; negative cash flows from operations of $10.8M.

• Accumulated deficit of $169.9M as of December 31, 2025.

Outlook and guidance

• Substantial doubt exists about ability to continue as a going concern for at least 12 months after financial statement issuance.

• Significant additional funding required to complete clinical trials and implement business plan; current funds insufficient for next 12 months.

• Plans to submit Phase 3 IND for BRTX-100 in 2026; expects continued net losses and negative cash flows.