Onconetix, Inc.

Listed Company

ONCOCIK 0001782107NasdaqEmerging GrowthPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$800.0K

Net Income

$-14.03M

Total Assets

$24.93M

Equity

$15.76M

Shares Out

3.58M

Op. Cash Flow

$-9.70M

Business

Onconetix, Inc. develops and commercializes diagnostic tests, focusing on prostate cancer diagnostics. Its primary product is Proclarix, a prostate cancer diagnostic assay that the company seeks to manufacture through third-party providers and distribute via medical and laboratory channels. The company operates principally as a single-product diagnostics business and references strategic activities including acquisitions (ENTADFI, Proteomedix) and potential business combinations. Onconetix targets European and United States markets and relies on transportation and distribution channels to reach clinical customers and laboratories.

Summary from filing dated 2025-06-02

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	800,000	3	58,465	—	—
Cost of revenue	182,458	1	1	—	—
Gross profit	632,913	1	−1	—	—
Selling, general and administrative	7	11	15	9	—
Research and development	−66,133	154,359	—	—	—
Impairment of ENTADFI assets	—	4	—	—	—
Impairment of intangibles	—	10	—	—	—
Impairment of goodwill	12	32	—	—	—
Total operating expenses	18	58	35	13	3
Loss from operations	−18	−56	−36	−13	−3
Loss on extinguishment of note payable	−5	—	−490,000	—	—
Loss on issuance of preferred stock and warrants	−4	—	—	—	—
Loss on extinguishment of preferred stock	−196,244	—	—	—	—
Interest expense related party	—	−534,245	—	—	—
Interest expense	−751,005	−873,433	−671,625	—	—
Interest income	2	18	—	—	—
Change in fair value of subscription agreement liability	3	−3	−134,100	—	—
Change in fair value of contingent warrant liabilities	16,499	1	—	—	—
Change in fair value of Series D Warrant Liability	10	—	—	—	—
Change in fair value of Series D Derivative Liability	−4	—	—	—	—
Change in fair value of Series E Warrant Liability	4	—	—	—	—
Change in fair value of Series E Derivative Liability	−2	—	—	—	—
Gain on forgiveness of accounts payable	944,694	—	—	—	—
Other income	226,041	168,746	—	61,410	—
Total other income (expense)	4	−3	−1	—	—
Loss before income taxes	−14	−60	−37	—	—
Income tax (expense) benefit	−525	1	12,593	—	—
Net loss	−14	−59	−37	−13	−3
Deemed dividend Series C preferred stock	−1	−206,404	—	—	—
Net loss applicable to common stockholders	−16	−59	−37	−14	−4
Net loss per share, basic and diluted (in Dollars per share)	−16.56	−1,823	−87.45	−1.1	−1.26
Net loss per share, diluted (in Dollars per share)	−16.56	−1,823	−87.45	−1.1	−1.26
Weighted average number of common shares outstanding, basic and diluted (in Shares)	937,690	32,301	427,784	12	3
Weighted average number of common shares outstanding, diluted (in Shares)	937,690	32,301	427,784	12	3
Foreign currency translation	3	−5	2	—	—
Change in pension benefit obligation	—	238,010	—	—	—
Total comprehensive loss	−11	−64	−35	−13	—

Consolidated Balance Sheet

As of · 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
Cash	5	646,500	5	26	—
Accounts receivable, net	300,000	25,717	149,731	—	—
Inventories	149,961	64,079	364,052	—	—
Investor receivable, net	50,000	—	—	—	—
Prepaid expenses and other current assets	349,293	213,971	770,153	469,232	—
Total current assets	6	950,267	6	26	3
Property and equipment, net	37,085	62,896	60,654	14,089	11,502
Deferred offering costs	225,000	—	366,113	—	—
Operating right of use asset	48,774	119,427	148,542	—	—
Goodwill	19	27	56	—	—
Total assets	25	28	88	26	3
Accounts payable	2	4	5	1	582,605
Accrued expenses	341,881	888,988	2	2	1
Notes payable, net of debt discount of $0 and $4,966 at December 31, 2025 and 2024, respectively	—	9	10	—	—
Operating lease liability, current	24,412	119,427	74,252	—	—
Subscription agreement liability Related Party	—	4	864,000	—	—
Contingent warrant liabilities	26,590	43,089	—	—	—
Derivative liabilities	7	—	2,641	14,021	—
Total current liabilities	9	18	17	4	2
Pension benefit obligation	—	280,879	556,296	—	—
Operating lease liability, net of current portion	24,362	—	74,290	—	—
Total liabilities	9	19	22	4	2
Commitments and Contingencies	—	—	—	—	—
Common stock, $0.00001 par value, 250,000,000 shares authorized at December 31, 2025 and 2024; 1,560,153 and 138,422 the shares issued at December 31, 2025 and 2024, respectively; 1,560,001 and 138,270 shares outstanding at December 31, 2025 and 2024, respectively	15	1	6	157	32
Additional paid-in capital	148	128	49	42	7
Treasury stock, at cost; 152 shares of common stock at December 31, 2025 and 2024	−625,791	−625,791	—	—	—
Due from shareholders	—	−250,308	—	—	—
Accumulated deficit	−131	−116	−57	−19	−6
Accumulated other comprehensive loss	−231,028	−3	2	—	—
Total stockholders equity	16	9	1	22	1
Total liabilities, convertible preferred stock, and stockholders equity	25	28	88	26	3

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
Loss on impairment of ENTADFI	—	4	267,019	—	—
Amortization of debt discount	124,084	376,660	671,373	—	—
Amortization of debt discount - related party	—	400,000	—	—	—
Loss on extinguishment of note payable	5	—	—	—	—
Loss on issuance of preferred stock and warrants	4	—	—	—	—
Depreciation and amortization	15,170	731,345	43,937	—	—
Net periodic pension benefit cost	−619,399	−48,423	—	—	—
Stock-based compensation	74,267	438,653	329,760	2	130,141
Loss on impairment of inventory of ENTADFI	—	356,637	—	—	—
Change in fair value of contingent warrant liabilities	−16,499	−1	91,967	−61,410	—
Loss on disposal of property and equipment	17,283	—	—	—	1,199
Gain on forgiveness of accounts payable	−944,694	—	—	—	—
Deferred tax benefit	—	−1	−12,593	—	—
Amortization of deferred offering costs	—	366,113	—	—	—
Gain on settlement of contingent warrant liabilities	—	−5,282	—	—	—
Accounts receivable	−268,685	116,676	−62,286	—	—
Inventory	−73,720	−62,273	−315,828	—	—
Investor receivable	−50,000	—	—	—	—
Prepaid expenses and other assets	−128,360	1	−412,601	−234,681	8,302
Prepaid expenses, long-term	—	−7,749	−16,883	−38,617	184,934
Deferred offering costs	−225,000	—	—	—	−9,642
Accounts payable	−1	−1	3	1	336,715
Accrued expenses	−580,032	−1	−942,075	2	809,279
Net cash used in operating activities	−10	−10	−14	−9	−2
Purchase of property and equipment	—	−28,471	−3,300	−9,339	−1,924
Net cash used in investing activities	—	−28,471	−9	−32,665	−1,924
Proceeds from issuance of notes payable - related party	—	5	—	—	—
Proceeds from issuance of notes payable	1	—	—	—	—
Payment of financing costs	—	−400,000	—	—	—
Payment on note payables	−7	−1	−1	—	—
Payment of redemption of Series C Preferred Stock	−2	—	—	—	—
Proceeds from exercise of preferred investment options, net	—	922,749	2	—	—
Proceeds from exercise of stock options	—	163	459	1,655	—
Proceeds from exercise of warrants	—	6,155	—	1,436	—
Proceeds from issuance of Series D Preferred Stock and warrants	9	—	—	—	—
Proceeds from issuance of Series E Preferred Stock and warrants	6	—	—	—	—
Proceeds from issuance of Series C Preferred Stock and warrants	—	2	—	—	—
Proceeds from issuance or sale of common stock	6	685,282	—	—	—
Cash in lieu of shares	−926	−718	—	—	—
Net cash provided by financing activities	14	7	1	33	−334,188
Effect of exchange rate changes on cash	−200,142	−126,658	−3,331	—	—
Net increase (decrease) in cash	5	−4	−21	24	—
Cash paid for interest	766,330	379,409	—	—	—
Recognition of contingent warrant liability	—	157,720	25,837	—	—
Conversion of Series B Preferred Stock to common stock	—	64	—	—	—
Conversion of Series C preferred stock to common stock	801,241	—	—	—	—
Recognition of Series D warrant liabilities	15	—	—	—	—
Recognition of Series D derivative liabilities	772,000	—	—	—	—
Recognition of Series D preferred stock	6	—	—	—	—
Recognition of Series E warrant liabilities	7	—	—	—	—
Recognition of Series E derivative liabilities	865,000	—	—	—	—
Reclassification of Series D warrant liabilities to equity	4	—	—	—	—
Reclassification of Series E warrant liabilities to equity	2	—	—	—	—
Series C preferred stock exchanged for Series D preferred stock	246,227	—	—	—	—
Settlement of note payable through issuance of Series D preferred stock	3	—	—	—	—
Settlement of related party note payable and accrued interest through issuance of common stock	—	5	—	—	—
Establishment of operating right-of-use asset	—	87,864	—	—	—
Conversion to equity of non-controlling interest	—	7	—	—	—
D&O insurance premium financed	—	678,548	—	—	—
Receivable from shareholders for shares issued	—	250,308	—	—	—
Measurement Period Adjustments from Proteomedix acquisition	—	10	—	—	—
Adjustment to redeemable Series C preferred stock	—	125,000	—	—	—
Deemed dividend Series C preferred stock	409,510	206,404	—	—	—

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