<span item_type="fundamental" item_id="46a4c815b2a28634a57ec05b0e226e00" counter_id="ST/US/PLYX" env="prod"></span><span item_type="announcement" item_id="629993335034355201" env="prod"></span><p>Revenue: As of FY2025, the actual value is USD 0.</p><p>EPS: As of FY2025, the actual value is USD -0.2.</p><p>EBIT: As of FY2025, the actual value is USD -7.821 M.</p><p></p><p>Polaryx Therapeutics, Inc. operates with a singular business focus on rare, pediatric lysosomal storage disorders, and all reported financial metrics reflect this focus <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/2075320/000121390026033064/ea0281719-10k_polaryx.htm"></span>.</p><h4>Net Loss and Accumulated Deficit</h4><p>Net loss was - $8,985 thousand for the year ended December 31, 2025, showing an improvement compared to - $30,356 thousand for the year ended December 31, 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/2075320/000121390026033064/ea0281719-10k_polaryx.htm"></span>. As of December 31, 2025, the accumulated deficit was approximately - $99.6 million <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/2075320/000121390026033064/ea0281719-10k_polaryx.htm"></span>.</p><h4>Operating Expenses</h4><p>Research and Development (R&amp;D) expenses increased to $6,266 thousand for the year ended December 31, 2025, from $2,811 thousand for the year ended December 31, 2024, representing a $3,455 thousand increase primarily due to consulting expenses, Rush Master Services Agreement (MSA) expenses, CRO services, and stock-based compensation <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/2075320/000121390026033064/ea0281719-10k_polaryx.htm"></span>. General and Administrative (G&amp;A) expenses slightly increased to $1,555 thousand for the year ended December 31, 2025, from $1,541 thousand for the year ended December 31, 2024, a $14 thousand increase mainly due to increased audit and consulting expenses, partially offset by decreased stock-based compensation <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/2075320/000121390026033064/ea0281719-10k_polaryx.htm"></span>. Total operating expenses increased to $7,821 thousand for the year ended December 31, 2025, from $4,352 thousand for the year ended December 31, 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/2075320/000121390026033064/ea0281719-10k_polaryx.htm"></span>. The operating loss was - $7,821 thousand for the year ended December 31, 2025, compared to - $4,352 thousand for the year ended December 31, 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/2075320/000121390026033064/ea0281719-10k_polaryx.htm"></span>.</p><h4>Other Expenses</h4><p>Direct Listing Offering Costs of $1,164 thousand were incurred for the year ended December 31, 2025, with no comparable costs in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/2075320/000121390026033064/ea0281719-10k_polaryx.htm"></span>. No expense was recorded for the recapitalization of common stock in 2025, compared to - $26,004 thousand in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/2075320/000121390026033064/ea0281719-10k_polaryx.htm"></span>.</p><h4>Cash Flow</h4><p>Net cash used in operating activities increased to - $3,944 thousand for the year ended December 31, 2025, from - $2,573 thousand for the year ended December 31, 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/2075320/000121390026033064/ea0281719-10k_polaryx.htm"></span>. Net cash provided by financing activities decreased to $4,466 thousand for the year ended December 31, 2025, from $7,192 thousand for the year ended December 31, 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/2075320/000121390026033064/ea0281719-10k_polaryx.htm"></span>. The ending balance of cash and cash equivalents was $5,143 thousand as of December 31, 2025, an increase from $4,621 thousand as of December 31, 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/2075320/000121390026033064/ea0281719-10k_polaryx.htm"></span>.</p><h4>Working Capital</h4><p>As of December 31, 2025, working capital was $4.6 million <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/2075320/000121390026033064/ea0281719-10k_polaryx.htm"></span>.</p><h4>Unique Operational Metrics</h4><p>Polaryx Therapeutics, Inc.’s pipeline includes PLX-200 (clinical-stage oral small molecule), PLX-300 (novel oral small molecule in IND-enabling studies), PLX-100 (preclinical orally administrable combination therapy), and PLX-400 (preclinical novel gene therapy) <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/2075320/000121390026033064/ea0281719-10k_polaryx.htm"></span>. Since its inception, the company has raised $21.7 million, primarily through equity securities sales <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/2075320/000121390026033064/ea0281719-10k_polaryx.htm"></span>. PLX-200 has received three Orphan Drug Designations (ODD) and Fast Track designation for CLN2 and CLN3, while PLX-300 has received three ODDs and Rare Pediatric Drug designation (RPD), and PLX-100 has received one ODD <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/2075320/000121390026033064/ea0281719-10k_polaryx.htm"></span>.</p><h4>Outlook / Guidance</h4><p>Polaryx Therapeutics, Inc. expects R&amp;D and G&amp;A expenses to increase significantly as it advances its lead product candidates through clinical development and expands its administrative headcount as a public company <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/2075320/000121390026033064/ea0281719-10k_polaryx.htm"></span>. The company anticipates initiating the SOTERIA (PLX-200-600) Phase 2 basket trial in the second half of 2026, with initial enrollment for CLN2 and CLN3 cohorts expected to begin at that time <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/2075320/000121390026033064/ea0281719-10k_polaryx.htm"></span>. Current cash and cash equivalents are projected to fund operations through the third quarter of 2026, after which substantial additional funding will be required <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/2075320/000121390026033064/ea0281719-10k_polaryx.htm"></span>.</p>

Polaryx Therapeutics | 10-K: FY2025 Revenue: USD 0