NOMAD Power Solutions (NMAD) Q4 2025 earnings summary

Executive summary

• Focused on clinical-stage cancer drug development, primarily the protein phosphatase 2A inhibitor LB-100, and the acquisition of Liora Technologies Europe Ltd. for proton therapy technology.

• No revenue-generating operations; relies on equity financing and stock-based compensation.

• Significant risks include need for additional capital, early-stage clinical status, and going concern uncertainty.

Financial highlights

• Net loss for 2025 was $6.0 million, up from $3.6 million in 2024.

• Research and development costs decreased to $254,919 in 2025 from $726,232 in 2024.

• General and administrative costs rose to $4.85 million in 2025, primarily due to increased stock-based compensation and consulting fees.

• Cash at year-end 2025 was $5.1 million; working capital increased to $3.8 million.

• No revenues reported; accumulated deficit reached $58.1 million.

Outlook and guidance

• No expectation of revenue for several years; continued operating losses anticipated.

• Existing cash expected to fund operations through September 2026; significant additional capital needed by mid-2026.

• Management is evaluating financing alternatives and strategic transactions.