Revenue: As of FY2025 Q2, the actual value is USD 0.

EPS: As of FY2025 Q2, the actual value is USD -0.61.

Segment Revenue

• Revenue was $0 for the three and six months ended June 30, 2025, compared to $47,000 and $94,000 for the same periods in 2024.

Operational Metrics

• Net loss was $3.1 million for the three months ended June 30, 2025, compared to $5.5 million for the same period in 2024. For the six months ended June 30, 2025, net loss was $11.3 million compared to $12.2 million for the same period in 2024.
• Gross loss was $0 for the three and six months ended June 30, 2025, compared to $48,000 and $62,000 for the same periods in 2024.
• Operating expenses were $2.5 million for the three months ended June 30, 2025, compared to $4.9 million for the same period in 2024. For the six months ended June 30, 2025, operating expenses were $5.2 million compared to $10.7 million for the same period in 2024.
• Research and development expenses were $1.1 million for the three months ended June 30, 2025, compared to $987,000 for the same period in 2024. For the six months ended June 30, 2025, research and development expenses were $2.4 million, the same as the previous year.
• General and administrative expenses were $1.4 million for the three months ended June 30, 2025, compared to $3.9 million for the same period in 2024. For the six months ended June 30, 2025, general and administrative expenses were $2.8 million compared to $8.2 million for the same period in 2024.

Cash Flow

• Operating cash flow: Net cash used in operating activities was $4.6 million for the six months ended June 30, 2025, compared to $6.0 million for the same period in 2024.
• Investing cash flow: No cash used in investing activities for the six months ended June 30, 2025, compared to $346,000 used in the same period in 2024.
• Financing cash flow: Net cash provided by financing activities was $7.2 million for the six months ended June 30, 2025, compared to $1.4 million for the same period in 2024.

Unique Metrics

• Forward sales contract expense was $512,000 for the three months ended June 30, 2025, and $5.8 million for the six months ended June 30, 2025.
• Change in fair value of warrant liabilities was $0 for the three and six months ended June 30, 2025, compared to $136,000 and $66,000 for the same periods in 2024.
• Interest expense was $0 for the three months ended June 30, 2025, compared to $797,000 for the same period in 2024. For the six months ended June 30, 2025, interest expense was $5,000 compared to $1.6 million for the same period in 2024.
• Other expense was $123,000 for the three months ended June 30, 2025, compared to $0 for the same period in 2024. For the six months ended June 30, 2025, other expense was $258,000 compared to $0 for the same period in 2024.

Future Outlook and Strategy

• Core Business Focus: The company plans to complete the Investigational New Drug (IND) enabling studies and IND submission by 2026 and subsequently enter a Phase I investigator-sponsored clinical trial in the second half of 2026.
• Non-Core Business: The company is actively seeking strategic partnerships to co-develop or out-license therapeutic assets and engage with potential collaborators to expand developmental opportunities.
• Priority: Emphasis on developing scalable, affordable, off-the-shelf cell therapies for cancer and autoimmune diseases, with a focus on ERNA-101 and ERNA-201 product candidates.