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PMGC Holdings Inc.
ELABCIK 0001840563NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthPharmaceutical PreparationsDelawareFY ends Dec 31
Period
FY 2025
Revenue
$590.1K
Net Income
$-7.75M
Total Assets
$12.87M
Equity
$7.84M
Shares Out
1.16M
Op. Cash Flow
$-5.93M
Business
PMGC Holdings Inc. is a holding company that manages a portfolio of subsidiaries in the biopharmaceutical and investment sectors. It develops engineered probiotic therapeutics targeting muscle preservation during weight-loss treatments and supports R&D and asset acquisitions. Its principal business units are Northstrive Biosciences (clinical and preclinical biotech assets EL-22 and EL-32), PMGC Research Inc. (research collaborations and grant-funded R&D in Canada), and PMGC Capital LLC (multi-strategy investing, lending and acquisitions). Operations span the United States and Canada, include clinical activity in South Korea, and rely on partnerships, licensing and strategic transactions for commercialization and distribution.
Summary from filing dated 2025-03-28
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Revenue | 590,084 | — | — | — | |
| Total revenue | 590,084 | — | 2 | 766,277 | |
| Cost of Goods Sold | 404,770 | — | 578,015 | 318,968 | |
| Gross margin | 185,314 | — | 1 | 447,309 | |
| Bad debt expense | 55,380 | — | — | — | |
| Depreciation and amortization | 96,145 | 546 | — | — | |
| Marketing and promotion | 200,940 | 292,522 | 256,450 | — | |
| Consulting fees | 2 | 1 | 279,767 | 324,395 | |
| Office and administrative | 2 | 1 | 347,653 | 1 | |
| Professional fees | 1 | 563,242 | 132,600 | 192,409 | |
| Investor relations | 253,333 | 208,326 | 91,009 | — | |
| Research and development | 147,010 | 104,654 | 7,410 | 228,747 | |
| Repairs and maintenance | 717,654 | — | — | — | |
| Foreign exchange (gain) loss | 5,238 | 5,846 | 6,130 | 2,749 | |
| Travel and entertainment | 160,376 | 28,581 | 19,385 | 198,442 | |
| Total operating expenses | 7 | 4 | 1 | 2 | |
| Finance cost on ELOC | −289,498 | — | — | — | |
| Change in fair value of derivative liabilities | 214,167 | 369,158 | −71,266 | −12,754 | |
| Gain on the termination of intangible assets | 129,613 | — | — | — | |
| Loss on disposal of PP&E | −32,432 | — | — | −1,546 | |
| Gain on extinguishment of related-party debt | 31,261 | — | — | — | |
| Interest income | 118,030 | 12,891 | 5,564 | — | |
| Interest expense | −257,630 | −735,197 | — | — | |
| Impairment on prepaid expense | −500,000 | — | — | — | |
| Dividend income | 15,550 | — | — | — | |
| Other Income | 33,079 | — | — | — | |
| Realized gain (loss) on investments | −113,917 | — | — | — | |
| Unrealized gain (loss) on investments | −216,043 | — | — | — | |
| Loss from continuing operations before tax | −8 | −4 | — | — | |
| Deferred tax expense | −30,972 | — | — | — | |
| Net loss from continuing operations | −8 | −4 | −2 | — | |
| Income (loss) from discontinued operations | 32,927 | −2 | −3 | — | |
| Total net loss | −8 | −6 | −4 | −2 | |
| Currency translation adjustment | −2,002 | −539 | 91 | −91 | |
| Total comprehensive loss | −8 | −6 | −4 | −2 | |
| Continuing operations (in Dollars per share) | −382.3 | −4,240 | −215.83 | — | |
| Continuing operations, diluted (in Dollars per share) | −382.3 | −4,240 | −215.83 | — | |
| Discontinued operations (in Dollars per share) | 1.62 | −2,353 | −344.55 | — | |
| Discontinued operations, diluted (in Dollars per share) | 1.62 | −2,353 | −344.55 | — | |
| Weighted average shares outstanding (in Shares) | 20,352 | 947 | 7,676 | 10 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash | 5 | 4 | 3 | 1 | 411,858 | |
| Receivables, net | 245,423 | — | 3,072 | 12,854 | — | |
| Prepaids and deposits | 461,239 | 868,464 | 902,053 | 153,422 | — | |
| Inventory | 95,098 | — | 495,667 | 230,145 | — | |
| Other receivables | 95,108 | 5,276 | — | — | — | |
| Investment in securities- current | 572,054 | — | — | — | — | |
| Assets held for sale | — | 1 | 687,468 | — | — | |
| Total Current Assets | 7 | 6 | 5 | 2 | — | |
| Operating lease right-of-use-assets | 1 | — | 206,582 | 276,553 | — | |
| Investment in securities-noncurrent | — | 139,084 | — | — | — | |
| Property and equipment, net | 885,520 | 1,087 | 1,741 | 53,535 | — | |
| Intangibles, net | 3 | 3 | — | — | — | |
| Goodwill | 977,774 | — | — | — | — | |
| TOTAL ASSETS | 13 | 9 | 5 | 2 | — | |
| Accounts payable and accrued liabilities | 697,633 | 481,001 | 134,014 | 244,704 | — | |
| Current portion of consideration payable | 206,250 | 350,000 | — | — | — | |
| Current portion of operating lease liability | 247,627 | — | 145,000 | 110,616 | — | |
| Derivative liabilities | 418,412 | — | 369,158 | 68,455 | — | |
| Current portion of promissory notes payable | 85,000 | — | — | — | — | |
| Convertible debt | 1 | — | — | — | — | |
| Liabilities held for sale | — | 548,916 | 717,054 | — | — | |
| Total Current Liabilities | 4 | 2 | 1 | 588,272 | — | |
| Promissory notes payable | 85,000 | — | — | — | — | |
| Operating lease liability | 972,843 | — | 65,489 | 172,601 | — | |
| Deferred tax liabilities | 30,972 | — | — | — | — | |
| Consideration payable | — | 534,467 | — | — | — | |
| TOTAL LIABILITIES | 5 | 2 | 1 | 760,873 | — | |
| Commitments and Contingencies | — | — | — | — | — | |
| Common stock, $0.0001 par value, 83,333,334 shares authorized; 80,699 and 5,226 shares issued and outstanding as of December 31, 2025, and December 31, 2024, respectively(1) | 8 | 1 | 1 | 37,500 | — | |
| Additional paid-in capital | 29 | 20 | 11 | 4 | — | |
| Accumulated other comprehensive income | −2,339 | −337 | 202 | 111 | — | |
| Accumulated deficit | −21 | −13 | −7 | −3 | — | |
| TOTAL EQUITY | 8 | 7 | 4 | 1 | 450,628 | |
| TOTAL LIABILITIES AND EQUITY | 13 | 9 | 5 | 2 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Depreciation and amortization | 96,663 | 12,950 | 11,649 | 6,512 | |
| Finance cost on ELOC | 289,498 | — | — | — | |
| Share-based compensation | −19,160 | 97,167 | 487,738 | 171,869 | |
| Straight-line rent expense | −22,848 | −2,758 | −2,757 | 6,664 | |
| Non-cash interest expense | 253,922 | 686,334 | — | — | |
| R&D costs for intangible assets | 14,358 | 82,556 | — | — | |
| Loss on sale of Skincare | 39,676 | — | — | — | |
| Realized loss on sale of investments | 113,917 | — | — | — | |
| Receivables | −100,594 | −12,969 | −23,218 | — | |
| Prepaid expenses and deposits | 1,311 | 65,096 | −907,343 | — | |
| Inventory | 147,868 | −403,295 | −265,522 | −69,328 | |
| Accounts payable and accrued liabilities | 957,759 | 207,497 | 466,891 | — | |
| Customer deposits | −20,496 | −2,391 | 26,521 | — | |
| Due to related parties | −397,728 | 397,728 | −120,519 | 120,000 | |
| Cash flows used in operating activities | −6 | −5 | −5 | −2 | |
| Purchase of equipment | −442,255 | −9,160 | −11,191 | — | |
| Purchase of intangible assets | −6,000 | −462,320 | — | — | |
| Purchase of investments | −2 | −139,084 | — | — | |
| Proceeds from sale of investments | 2 | — | — | — | |
| Issuance of promissory note | −127,300 | — | — | — | |
| Net cash paid in business combinations | −2 | — | — | — | |
| Cash flows used in investing activities1 | −3 | −610,564 | −11,191 | −32,027 | |
| Exercise of Series A warrants, net | 2 | — | — | — | |
| Proceeds from the registered direct offering, net | 1 | — | 5 | — | |
| Proceeds from issuance of common stock and warrants, net | — | 7 | 1 | — | |
| Proceeds from issuance of Notes, net | — | 914,442 | — | 183,970 | |
| Repayment of Notes | — | −1 | — | — | |
| Repurchase of shares and warrants | −179 | — | — | — | |
| Issuance of common stock under ATM agreement, net | 2 | — | — | — | |
| Exercise of replacement warrants, net | 2 | — | — | — | |
| Proceeds from the initial Pre-Paid Purchase of ELOC, net | 4 | — | — | — | |
| Cash flows provided by financing activities | 10 | 7 | 7 | 2 | |
| Effect of exchange rate changes on cash | 177 | −2,354 | 1,062 | −1,313 | |
| Increase in cash | 1 | 657,602 | 2 | 743,043 | |
| Cash paid for interest | 37,770 | 69,026 | 14,397 | — | |
| Cash paid for taxes | — | — | — | — | |
| Common stock issued and issuable on acquisition of intangible asset | 43,535 | 2 | — | — | |
| Shares received as proceeds for the sale of Skincare | 728,550 | — | — | — | |
| Series B preferred shares issues to settle accrued bonus liability | 150,000 | — | — | — | |
| Consideration payable settled through termination of the agreement | 894,151 | — | — | — | |
| Commitment shares on the ELOC | 306,180 | — | — | — | |
| Common stock issued to settle a portion of the ELOC | 2 | — | — | — | |
| Settled of outstanding promissory note in business combination | 128,294 | — | — | — |
Filings
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