Change Agents (CHGA) Q3 2025 earnings summary

Executive summary

• Focused on commercializing the KetoAir breathalyzer and advancing IP in diagnostics; ceased laboratory services in Q1 2025 after redeeming its Lab Services MSO investment.

• Owns and operates income-producing real estate in New Jersey, with occupancy at 98.5%.

• Suspended all R&D in cellular therapy to preserve cash and redirected funding to core business.

Financial highlights

• Real property rental revenue rose 1.4% year-over-year to $350,099 for Q3 2025 and 6.3% to $1,050,305 for the nine months.

• Net loss for Q3 2025 was $254,268, down 84.9% from Q3 2024; net loss for the nine months was $16,194,977, up 212.7% year-over-year.

• Operating loss for Q3 2025 was $76,193, a 94% improvement from Q3 2024; nine-month operating loss increased 59.5% to $5,770,955.

• Cash balance at September 30, 2025 was $333,931, down from $2,856,309 at year-end 2024.

• Working capital deficit increased to $11,514,642 from $10,646,057 at year-end 2024.

Outlook and guidance

• Expects real property rental revenue and operating income to remain stable with minimal increases.

• Plans to raise additional capital through equity sales; current cash is insufficient for the next 12 months.

• No assurance of successful capital raising or profitability; substantial doubt exists about ability to continue as a going concern.