Executive Summary
Pluri Inc posted a modest quarterly revenue of $0.427 million in QQ3 2025, with a gross margin of 31.9% but a substantial operating loss of $5.59 million and a net loss of $6.33 million. The company continues to burn cash primarily driven by aggressive R&D and G&A expenditures (R&D $3.235 million; G&A $2.493 million), underscoring its early-stage biotech profile despite a low revenue base. Operating cash flow was negative at $4.30 million, while financing activities added $9.97 million, resulting in a working liquidity position that supports near-term runway but remains highly contingent on future clinical milestones and potential partnership or licensing deals.
Key near-term catalysts center on the PLXPAD program, including Phase III trials for muscle recovery after hip fracture surgery and steroid-refractory graft-versus-host disease (GVHD), in collaboration with Tel Aviv Sourasky Medical Center. The company also completed a Phase II trial for ARDS associated with COVID-19, and continues to develop PLXR18 and other exploratory assets. Given the embryonic commercial prospects and ongoing clinical risk, the QQ3 results reflect a classic early-stage biotech profile: meaningful scientific upside with execution risk and a fragile near-term profitability and balance sheet trajectory. Absent clear guidance or a material licensing/partnership agreement, investors face a high-variance outcome tied to pivotal clinical readouts and financing conditions.
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: $0.427 million for QQ3 2025, up from prior periods; YoY revenue growth reported at 501.41% and QoQ growth at 130.81% in the quarter.
Gross Profit: $0.136 million; Gross Margin 31.85%; YoY gross profit growth 1,260.00%; QoQ growth 22.52%.
Operating Income: −$5.592 million; Operating Margin −13.10%.
Net Income: −$6.335 million; Net Margin −14.84%; EPS −$0.94.
EBITDA: −$5.592 million; EBITDA Margin −13.10%.
Liquidity and Cash Flow: Net cash from operating activities −$4.30...
Financial Highlights
Revenue: $0.427 million for QQ3 2025, up from prior periods; YoY revenue growth reported at 501.41% and QoQ growth at 130.81% in the quarter.
Gross Profit: $0.136 million; Gross Margin 31.85%; YoY gross profit growth 1,260.00%; QoQ growth 22.52%.
Operating Income: −$5.592 million; Operating Margin −13.10%.
Net Income: −$6.335 million; Net Margin −14.84%; EPS −$0.94.
EBITDA: −$5.592 million; EBITDA Margin −13.10%.
Liquidity and Cash Flow: Net cash from operating activities −$4.303 million; Free cash flow −$4.88 million. Net cash provided by financing activities +$9.968 million; Net change in cash +$1.402 million; cash at end of period $9.692 million; cash at beginning of period $8.290 million.
Balance Sheet Indicators: Total liabilities $31.219 million; total debt $6.239 million; cash and equivalents not fully disclosed in all line items, but cash balance reported at $9.692 million; retained earnings negative at −$435.457 million; accumulated other comprehensive income (OCI) reported at $430.983 million; total stockholders’ equity negative at −$4.474 million, indicating complex equity presentation.
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
No earnings transcript was provided in the supplied data. As a result, there are no management quotes or thematic highlights available from an QQ3 2025 earnings call within the provided material.
No earnings transcript provided in the supplied data.
— N/A
No earnings transcript provided in the supplied data.
— N/A
Forward Guidance
Management did not publish explicit forward guidance in the provided QQ3 2025 data. Given the pipeline and development stage, the near-term catalysts are clinical milestones related to PLXPAD Phase III (hip fracture muscle recovery and GVHD) and the ongoing Phase II program for ARDS, along with potential partnership/licensing discussions. Our forward view recognizes several plausible paths: (1) Positive Phase III readouts or major partnering/financing events could materially de-risk the equity story and unlock valuation upside; (2) Continued R&D intensity with no near-term revenue inflection may keep the company-dependent on external funding; (3) Regulatory timelines and competitive dynamics in cell therapy influence probability of success. For investors, key factors to monitor include Phase III readouts, interim safety signals, collaboration updates with NIH/DoD or other institutions, and any changes to capital structure that affect liquidity and dilution risk.