Executive Summary
Pluri Inc reported a modest top-line of $427k in QQ3 2025, with gross profit of $136k and a gross margin of 31.85%. The quarter featured a sizable operating loss of $5.59 million and a net loss of $6.34 million, driven by intense R&D investment and ongoing early-stage development costs. R&D expenses totaled $3.235 million and general and administrative expenses were $2.493 million, yielding an overall operating expense footprint of roughly $6.02 million. Despite the small revenue base, YoY revenue growth is presented as 501.4% and QoQ growth 130.8%, reflecting a low base effect from prior periods rather than sustained quarterly scalability.
From a liquidity and leverage perspective, Pluri’s balance sheet shows continued cash burn but a measurable cash buffer. Net cash provided by financing activities was $9.97 million, contributing to a net increase in cash of about $1.40 million for the period, bringing cash at period end to roughly $9.69 million. However, liabilities remain substantial (total liabilities $31.22 million) with retained earnings deeply negative at approximately $435.46 million and stockholders’ equity nearly flat at a negative $4.47 million. Net debt sits around $6.24 million, signaling stretched balance sheet resources for an early-stage clinical company without commercial products.
Given the pipeline-driven profile (PLXPAD with Phase III in hip fracture muscle recovery and Phase II/III candidates in ARDS and other indications; PLXR18 for incomplete hematopoietic recovery), the stock remains highly sensitive to clinical milestones and partnering activity. Absent explicit forward guidance, the near-term investment case hinges on successful trial readouts, strategic collaborations, and the ability to convert R&D momentum into potential near-term value catalysts. Investors should weigh the potential upside from plateauing R&D spend as programs advance against the ongoing cash burn and financing needs.
Key Performance Indicators
QoQ: 130.81% | YoY:501.41%
QoQ: 22.52% | YoY:1 260.00%
QoQ: -12.81% | YoY:-1.05%
QoQ: -114.31% | YoY:-19.69%
Key Insights
Revenue: $427k in QQ3 2025, up YoY 501.4% and QoQ 130.8%. Gross profit: $136k with gross margin 31.85%.
Operating income: -$5.59 million; EBITDA: -$5.59 million; EBITDA margin: -13.10%.
Net income: -$6.33 million; Net income margin: -14.84%; EPS: -$0.94.
R&D expenses: $3.235 million; G&A: $2.493 million; total operating expenses: $6.02 million (costs and expenses: $6.02 million).
Cash flow: net cash from operating activities -$4.30 million; capex -$0.58 million; free cash flow -$4.88 mil...
Financial Highlights
Revenue: $427k in QQ3 2025, up YoY 501.4% and QoQ 130.8%. Gross profit: $136k with gross margin 31.85%.
Operating income: -$5.59 million; EBITDA: -$5.59 million; EBITDA margin: -13.10%.
Net income: -$6.33 million; Net income margin: -14.84%; EPS: -$0.94.
R&D expenses: $3.235 million; G&A: $2.493 million; total operating expenses: $6.02 million (costs and expenses: $6.02 million).
Cash flow: net cash from operating activities -$4.30 million; capex -$0.58 million; free cash flow -$4.88 million.
Liquidity: cash at end of period $9.69 million; net debt: $6.24 million; total liabilities: $31.22 million; retained earnings: -$435.46 million; total stockholders’ equity: -$4.47 million.
Valuation context (from ratios snapshot): price-to-sales around elevated levels (paralleled by sector peers) and enterprise value multiple negative, underscoring a high-risk, early-stage profile.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
427.00K |
501.41% |
130.81% |
| Gross Profit |
136.00K |
1 260.00% |
22.52% |
| Operating Income |
-5.59M |
-1.05% |
-12.81% |
| Net Income |
-6.34M |
-19.69% |
-114.31% |
| EPS |
-0.94 |
6.93% |
-77.36% |
Key Financial Ratios
operatingProfitMargin
-1310%
operatingCashFlowPerShare
$-0.07
freeCashFlowPerShare
$-0.07
priceEarningsRatio
-11.14
Management Commentary
Transcript data for QQ3 2025 were not provided in the input dataset. As a result, no management quotes or call-specific highlights can be extracted. If you supply the earnings call transcript, I can extract themes (strategy, operations, market conditions) and provide verbatim quotes with context and significance.
Transcript data not provided in dataset.
—
Transcript data not provided in dataset.
—
Forward Guidance
No explicit forward-looking targets or quantitative guidance were disclosed in the provided data. Given the clinical development trajectory, the forward-looking outlook will hinge on: 1) Phase III readouts for PLXPAD in hip fracture-related muscle recovery and interim results from ARDS programs; 2) progress on PLXR18 and other platform programs; 3) potential strategic collaborations or licensing deals that could de-risk development and provide non-dilutive or dilutive funding.
Catalysts to monitor include upcoming trial milestones, regulatory communications, and any announced partnerships. In the absence of guidance, the base-case view is that sustained clinical progress and potential collaborations could improve visibility on the long-run value of the portfolio, while continued cash burn and the need for additional financing remain key downside risks. Key factors for investors to monitor: (i) trial endpoints and data-readout timelines, (ii) any partnering or milestone payments, (iii) updates to the capital plan and potential equity financing, (iv) changes in competitive dynamics within placenta-based cell therapies.