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Ernexa Therapeutics Inc.
ERNACIK 0000748592NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31
Period
FY 2025
Revenue
—
Net Income
$-14.10M
Total Assets
$5.83M
Equity
$2.40M
Shares Out
1.17M
Op. Cash Flow
$-7.00M
Business
Ernexa Therapeutics is a preclinical-stage synthetic allogeneic induced pluripotent stem cell (iPSC)-derived mesenchymal stem cell (iMSC) therapy company. Its lead product candidate ERNA-101 is an allogeneic IL-7 and IL-15-secreting iMSC therapy designed to treat platinum-resistant ovarian cancer by homing to tumors and delivering pro-inflammatory factors to the tumor microenvironment. The company is also developing ERNA-201, an anti-inflammatory cytokine-secreting iMSC candidate for autoimmune disorders such as rheumatoid arthritis. Ernexa operates through an exclusive license from Factor Bioscience covering cancer, autoimmune disorders, and rare diseases, and relies on contract manufacturing partnerships for development and production.
Summary from 10-K filed 2026-03-13
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 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Revenue | — | 600,000 | 100,000 | 0 | — | |
| Cost of revenues | — | 96,000 | 236,000 | 0 | — | |
| Gross profit | — | 486,000 | −168,000 | 0 | — | |
| Research and development | 4 | 5 | 6 | 10 | 13 | |
| General and administrative | 5 | 13 | 15 | 17 | 15 | |
| Gain on lease termination | — | −2 | — | — | — | |
| Total operating expenses | 9 | 16 | 21 | 33 | 114 | |
| Loss from operations | −9 | −16 | −21 | −33 | −114 | |
| Forward sales contract expense | −6 | — | — | — | — | |
| Gain (loss) on extinguishment of debt | 800,000 | −22 | — | — | — | |
| Change in fair value of convertible notes | — | 1 | — | — | — | |
| Change in fair value to bridge notes derivative liability | — | −1 | — | — | — | |
| Change in fair value of warrant liabilities | 1,000 | 414,000 | 215,000 | — | — | |
| Change in fair value of contingent consideration | — | 66,000 | 118,000 | 0 | — | |
| Interest income | 83,000 | 249,000 | 138,000 | 0 | — | |
| Interest expense | −27,000 | −7 | −614,000 | — | — | |
| Other income, net | 215,000 | 70,000 | −334,000 | −1 | 899,000 | |
| Total other expense, net | −5 | −29 | −536,000 | 9 | −9 | |
| Loss before income taxes | −14 | −45 | −22 | −25 | −122 | |
| Benefit (provision) for income taxes | 45,000 | −30,000 | 3,000 | −45,000 | −64,000 | |
| Net loss | −14 | −45 | −22 | −25 | −123 | |
| Series A preferred stock dividend | −16,000 | −16,000 | −16,000 | −16,000 | −16,000 | |
| Net loss attributable to common stockholders | −14 | −45 | −22 | −25 | −123 | |
| Net loss per common share - basic | −2.24 | −48.96 | −4.08 | −8.06 | −56.61 | |
| Net loss per common share - diluted | −2.24 | −48.96 | −4.08 | −8.06 | −56.61 | |
| Weighted average shares outstanding - basic | 6 | 910,000 | 5 | 3 | 2 | |
| Weighted average shares outstanding - diluted | 6 | 910,000 | 5 | 3 | 2 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2024 2024-09-30 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|---|
| Cash | 2 | 2 | — | 8 | 11 | |
| Other receivables | 95,000 | 437,000 | — | 425,000 | 951,000 | |
| Prepaid expenses and other current assets | 404,000 | 186,000 | — | 2 | 1 | |
| Total current assets | 3 | 2 | — | 10 | 14 | |
| Property and equipment, net | 94,000 | 85,000 | — | 493,000 | 236,000 | |
| Right-of-use assets - operating leases, net | 453,000 | 670,000 | — | 33 | 1 | |
| Goodwill | 2 | 2 | — | 2 | 2 | |
| Other assets | 110,000 | 118,000 | — | 120,000 | 1 | |
| Total assets | 6 | 5 | — | 49 | 22 | |
| Accounts payable | 1 | 2 | — | 1 | 2 | |
| Accrued expenses | 898,000 | 1 | — | 2 | 4 | |
| Income taxes payable | 3,000 | 3,000 | — | 2,000 | 0 | |
| Due to related party | 750,000 | — | — | 1 | — | |
| Operating lease liabilities, current | 213,000 | 207,000 | — | 2 | 295,000 | |
| Contingent consideration liability, current | 41,000 | — | — | — | — | |
| Other current liabilities | 83,000 | — | — | — | 363,000 | |
| Total current liabilities | 3 | 3 | — | 7 | 8 | |
| Warrant liabilities | — | 1,000 | — | 116,000 | 331,000 | |
| Operating lease liabilities, non-current | 277,000 | 477,000 | — | 33 | 887,000 | |
| Contingent consideration liability, non-current | — | 41,000 | — | 107,000 | 0 | |
| Other liabilities | 43,000 | 111,000 | — | 84,000 | 94,000 | |
| Total liabilities | 3 | 4 | — | 47 | 10 | |
| Preferred stock, $0.005 par value, 1,000 shares authorized, 156 designated and outstanding of Series A convertible preferred stock at December 31, 2025 and 2024, $156 liquidation preference | 1,000 | 1,000 | — | 1,000 | — | |
| Common stock, $0.005 par value, 150,000 and 100,000 shares authorized at December 31, 2025 and 2024, respectively, 7,854 and 3,426 issued and outstanding at December 31, 2025 and 2024, respectively | 39,000 | 17,000 | — | 27,000 | 26,000 | |
| Additional paid-in capital | 248 | 233 | 600,000 | 189 | 177 | |
| Accumulated deficit | −246 | −232 | — | −187 | −165 | |
| Total stockholders equity | 2 | 2 | — | 2 | 12 | |
| Total liabilities and stockholders equity | 6 | 5 | — | 49 | 22 |
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 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Depreciation and amortization | 65,000 | 139,000 | 84,000 | 161,000 | 117,000 | |
| Stock-based compensation | 1 | 2 | 1 | 3 | 5 | |
| Amortization of right-of-use asset | 198,000 | 1 | 1 | 336,000 | 342,000 | |
| Impairment of right-of-use asset | 33,000 | — | — | — | — | |
| Gain on lease termination | — | −2 | — | −85,000 | 0 | |
| Loss on disposal of fixed assets | 13,000 | — | — | — | — | |
| Accrued interest expense | 22,000 | 174,000 | 176,000 | 0 | — | |
| Paid-in-kind interest expense | — | 1 | 113,000 | 0 | — | |
| Amortization of debt discount and debt issuance costs | — | 5 | 303,000 | 0 | — | |
| Issuance of common stock in connection with settlement | 69,000 | — | — | — | — | |
| Issuance of common stock to consultant for services | 141,000 | — | — | — | — | |
| Change in fair value of contingent consideration liability | — | −66,000 | −118,000 | 0 | — | |
| Other receivables | 342,000 | −12,000 | 527,000 | −262,000 | −659,000 | |
| Prepaid expenses and other current assets | −268,000 | 1 | −556,000 | −187,000 | −850,000 | |
| Other non-current assets | 8,000 | 2,000 | 1 | −646,000 | 0 | |
| Accounts payable and accrued expenses | 60,000 | 183,000 | −3 | 2 | −485,000 | |
| Operating lease liability | −208,000 | −2 | 1 | — | — | |
| Due from related party | −750,000 | — | — | — | — | |
| Due to related party | 750,000 | −1 | −2 | 3 | 0 | |
| Deferred revenue | — | −582,000 | 582,000 | 0 | — | |
| Other liabilities | 15,000 | 27,000 | −374,000 | 155,000 | 25,000 | |
| Net cash used in operating activities | −7 | −16 | −20 | −21 | −23 | |
| Purchase of property and equipment | −37,000 | −369,000 | −19,000 | −297,000 | −154,000 | |
| Proceeds received from the sale of fixed assets | — | 4,000 | — | 300,000 | 0 | |
| Net cash used in investing activities | −37,000 | −365,000 | −19,000 | −47,000 | −23 | |
| Proceeds received from notes payable | 2 | — | 2 | 0 | 0 | |
| Proceeds received from issuance of common stock and prefunded warrants | 5 | 1 | — | 20 | 0 | |
| Fees paid related to the common stock and prefunded warrant offering | — | −135,000 | — | — | — | |
| Proceeds received from exercise of prefunded warrants | 30,000 | — | — | — | — | |
| Proceeds received from the convertible notes financing | — | 1 | 17 | 0 | — | |
| Fees paid related to the convertible notes financing | — | −34,000 | −251,000 | 0 | — | |
| Proceeds received from bridge notes financing | — | 4 | — | — | — | |
| Net cash provided by financing activities | 7 | 6 | 17 | 20 | 62 | |
| Net increase (decrease) in cash | 155,000 | −10 | −4 | −1 | 15 | |
| Interest | 6,000 | 48,000 | 20,000 | 30,000 | 225,000 | |
| Income taxes | 3,000 | 3,000 | 4,000 | 15,000 | 1,000 | |
| Offset of related party notes payable principal with related party receivable related to issuance of common stock and prefunded warrants | 2 | — | — | — | — | |
| Reclassification of forward sales contract to equity upon issuance of common stock | 6 | — | — | — | — | |
| Issuance of common stock to Series A preferred stockholders in lieu of cash dividends | 16,000 | 16,000 | — | — | — | |
| Adjustment to lease liability and ROU asset due to remeasurement | 14,000 | 4 | — | — | — | |
| Leasehold improvements funded by tenant improvement allowance | 50,000 | — | — | — | — | |
| Note warrants issued | — | 755,000 | 9 | — | — | |
| Unpaid fees incurred in connection with the convertible note financing | — | 32,000 | 116,000 | — | — | |
| Paid in-kind interest added to convertible notes principal | — | 1 | 113,000 | — | — | |
| Reclassification of warrants to liability | — | 11 | — | — | — | |
| Exchange of warrants for common stock | — | 11 | — | — | — | |
| Exchange of convertible notes for common stock | — | 31 | — | — | — | |
| Conversion of bridge notes for common stock | — | 9 | — | — | — |
Filings
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Frequently asked questions
What is Ernexa Therapeutics Inc.'s CIK number?
Ernexa Therapeutics Inc.'s SEC CIK number is 0000748592 (748592). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Ernexa Therapeutics Inc.'s SEC filings?
All of Ernexa Therapeutics Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.