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Greenland Mines Ltd
GRMLCIK 0001907223NasdaqEmerging GrowthBiological Products, (No Diagnostic Substances)FY ends Dec 31
Period
FY 2025
Revenue
—
Net Income
$-10.55M
Total Assets
$9.59M
Equity
$9.46M
Shares Out
121.24M
Op. Cash Flow
$-5.89M
Business
Greenland Mines Ltd develops essential medicines for chronic diseases including cancer, cardiovascular, and neurodegenerative disorders through in-licensed gene therapy, biosimilar, and generic drug platforms. The company's lead programs include KLTO-101 and KLTO-202 gene therapies using the Klotho protein to treat Alzheimer's disease and amyotrophic lateral sclerosis, respectively, derived from exclusive licenses with Universitat Autònoma de Barcelona. The company also holds licenses for off-patent biosimilar biologics targeting cancer and approved anti-cancer drugs in Germany. In March 2026, the company acquired Greenland Mines Corp., expanding into critical and precious minerals development and mining.
Summary from 10-K filed 2026-04-01
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 |
|---|---|---|---|---|---|
| Professional fees | 3 | 3 | 600,776 | — | |
| General and administrative | 2 | 129,418 | 30,546 | 533,992 | |
| Research and development | 634,187 | — | — | — | |
| Share-based compensation | 2 | 3 | — | — | |
| Total operating expenses | 7 | 6 | 631,322 | — | |
| Net operating loss | −7 | −6 | −631,322 | −657,018 | |
| Interest expense | −2 | −356,603 | −76,214 | — | |
| Change in fair value of warrant liability | −28,514 | −1,961 | — | 555,917 | |
| Settlement expense | 1 | — | — | — | |
| Other income (expense) | 115,066 | −251,572 | 78 | — | |
| Total other income (expense) | −3 | −610,136 | −76,136 | — | |
| Net loss before income taxes | −11 | −6 | −707,458 | 2 | |
| Income taxes | — | — | — | −322,025 | |
| Net loss | −11 | −6 | −707,458 | 1 | |
| Net loss per share: Basic (in Dollars per share) | −0.22 | −0.32 | −0.05 | — | |
| Net loss per share: Diluted (in Dollars per share) | −0.22 | −0.32 | −0.05 | — | |
| Weighted average common shares outstanding (in Shares) | 48 | 19 | 15 | — |
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 2022 2022-08-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 7 | 100,000 | 2,808 | 340,962 | — | |
| Prepaid expenses | 117,071 | 94,070 | 3,840 | 99,196 | — | |
| Total current assets | 7 | 157,811 | 6,648 | 440,158 | — | |
| Licenses | 2 | 2 | 2 | — | — | |
| Patents | 48,420 | 48,420 | 48,420 | — | — | |
| Total other assets | 2 | 2 | 2 | — | — | |
| Total assets | 10 | 2 | 2 | 118 | — | |
| Accounts payable | 44,607 | 63,686 | 151,259 | — | — | |
| Accrued expenses | 32,157 | 912,095 | 2,460 | 140,370 | — | |
| Notes payable | — | 240,753 | 1 | — | 1 | |
| Total current liabilities | 76,764 | 1 | 2 | 506,241 | — | |
| Warrant liability | 53,000 | 24,486 | — | 31,800 | — | |
| Total liabilities | 129,764 | 1 | 2 | 5 | — | |
| Commitments and contingencies (Note 10) | — | — | — | — | — | |
| Preferred stock, par value $0.0001, 100,000,000 shares authorized; 0 issued and outstanding as of December 31, 2025 and December 31, 2024 | — | — | — | — | — | |
| Common stock, par value $0.0001, 1,000,000,000 shares authorized; 72,536,722 and 27,080,915 shares issued and outstanding as of December 31, 2025 and 2024, respectively | 7,254 | 2,708 | 1,513 | 340 | — | |
| Common stock to be issued | 516,000 | — | — | — | — | |
| Additional paid-in capital | 30 | 12 | 4 | — | — | |
| Accumulated deficit | −21 | −11 | −4 | −4 | — | |
| Total stockholders equity | 9 | 1 | −442,701 | −4 | — | |
| Total liabilities and stockholders equity | 10 | 2 | 2 | 118 | — |
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 |
|---|---|---|---|---|---|
| Commitment fee | — | 250,000 | — | — | |
| Impairment on intangible assets | — | 10,000 | — | — | |
| Interest expense | 2 | 141,753 | — | — | |
| Settlement on note payable | 1 | — | — | — | |
| Conversion of debt to equity | 448,802 | — | — | — | |
| Consulting fees | 516,000 | — | — | — | |
| Prepaid expenses | −23,001 | −90,230 | −173 | −99,196 | |
| Accounts payable | −19,079 | −187,573 | 103,997 | — | |
| Accrued expenses | −879,938 | 1 | −2,282 | 140,370 | |
| Tax payable | — | −568,111 | — | — | |
| Related party payable | −31,000 | −128,000 | — | — | |
| Other Liabilities | — | 60,022 | — | — | |
| Net cash used in operating activities | −6 | −3 | −446,916 | −493,043 | |
| Acquisition of drug license | — | −123,497 | −13,888 | −116 | |
| Net cash used in investing activities | — | −123,497 | 23,852 | −116 | |
| Proceeds from convertible promissory note, net of issuance cost | 2 | 2 | — | — | |
| Proceeds from sales of stocks and warrants, net | 11 | 175,000 | — | — | |
| Proceeds from stock subscriptions | 500,000 | — | — | — | |
| Proceeds from sale of preferred B shares | 500,000 | — | — | — | |
| Payments on notes payable | −3 | — | — | −200,000 | |
| Payments for deferred financing costs | −25,000 | — | — | — | |
| Proceeds from FPA settlement | 140,572 | — | — | — | |
| Payments on financed director and officer insurance | −40,225 | — | — | — | |
| Proceeds from At-the-Market sales of common shares | 1 | — | 100,000 | 25,000 | |
| Proceeds from related party loans | — | 100,000 | — | 200,000 | |
| Proceeds from shareholders | — | 120,000 | — | — | |
| Payments to shareholders | — | −120,000 | — | — | |
| Merger proceeds net of transaction cost | — | 778,942 | — | — | |
| Net cash provided by financing activities | 13 | 3 | 350,000 | 117 | |
| NET CHANGE IN CASH | 7 | 60,933 | −73,064 | 336,010 | |
| Note payable settled with issuance of common stock | 1 | 5 | — | — | |
| Interest payable settled with issuance of common stock | 57,641 | 60,022 | — | — | |
| Reversal of OID | 681,506 | — | — | — | |
| Repurchase of warrants | 679,577 | — | — | — | |
| Issuance of warrants | −679,577 | — | — | — | |
| Discretionary non-cash payment to creditor with issuance of common stock | 202 | 154,830 | — | — | |
| Conversion of Preferred B Shares to common stock | −625 | — | — | — | |
| Deemed dividend - warrant modification | −2 | — | — | — | |
| Non-cash equity payment for inducement fee on note payable | — | 978,000 | — | — | |
| Non-cash directors and officers insurance | — | 154,500 | — | — | |
| Non-cash PIPE Funds used for merger transaction close | — | 3 | — | — | |
| Commitment fee paid in stock | — | 250,000 | — | — | |
| Assumed income tax payable from merger | — | 568,111 | — | — | |
| Assumed warrant liability from merger | — | 22,525 | — | — | |
| Warrant conversion | — | 96,200 | — | — | |
| Interest Paid | 79,153 | 2,460 | 78,496 | — | |
| Taxes Paid | — | 551,593 | — | — |
Filings
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Frequently asked questions
What is Greenland Mines Ltd's CIK number?
Greenland Mines Ltd's SEC CIK number is 0001907223 (1907223). 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 Greenland Mines Ltd's SEC filings?
All of Greenland Mines Ltd'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.