Ernexa Therapeutics Inc.

Listed Company

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

29.15M

Op. Cash Flow

$-7.00M

Business

Ernexa Therapeutics Inc. is a preclinical-stage biotherapeutics company developing synthetic allogeneic iPSC-derived mesenchymal stem cell (iMSC) therapies. It develops engineered iMSCs that secrete cytokines — including ERNA-101 (IL-7/IL-15-secreting iMSCs for solid tumors) and ERNA-102 (IL-10-secreting iMSCs for inflammatory/autoimmune diseases). Key business activities comprise research and development, patent licensing and collaborations, and reliance on contract manufacturing and strategic partnerships for development and scale-up. The company targets markets in the United States and other major global markets through academic collaborations and partner-driven development and commercialization channels.

Summary from filing dated 2025-03-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	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	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	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

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro