Aditxt's Revenue Plummets 98%, Net Loss Narrows Amid Cash Burn

TL;DR

**ADTX is burning cash with no revenue, making it a high-risk bet despite a narrower loss; avoid until they show a path to sales.**

AI Summary

Aditxt, Inc. reported a net loss of $13,348,123 for the six months ended June 30, 2025, a significant improvement from the $22,492,573 net loss in the prior-year period, representing a 40.65% reduction. Revenue plummeted by 98.37% to just $2,022 for the six months ended June 30, 2025, compared to $123,956 in the same period of 2024, indicating a near-complete halt in commercial sales. The company's cash position drastically decreased by 61.16% from $833,031 at December 31, 2024, to $323,679 by June 30, 2025. Total current assets fell by 78.31% from $1,999,841 to $433,655, primarily due to the absence of a subscription receivable of $1,108,751. Operating expenses decreased by 33.09% to $11,760,793 from $17,546,650, largely driven by a substantial reduction in research and development expenses from $9,698,626 to $1,973,532. The company's accumulated deficit widened to $181,061,686 as of June 30, 2025, from $168,094,569 at December 31, 2024, highlighting ongoing financial challenges and a going concern risk. Strategic moves include an investment in Evofem Biosciences, Inc. valued at $27,542,071 and the potential for significant dilution from equity line and at-the-market offerings totaling up to $185 million.

Why It Matters

Aditxt's near-zero revenue generation and dwindling cash reserves signal a critical juncture for investors, raising serious questions about its long-term viability and ability to fund ongoing operations and product development. The substantial reduction in R&D spending, while contributing to a narrower net loss, could hinder future innovation and competitive positioning in the biotech sector. Employees face uncertainty given the company's 'going concern' doubt, and customers may question the stability of a company with such limited commercial sales. The broader market will watch if Aditxt can successfully leverage its Evofem investment or if further dilutive financing will be necessary, impacting shareholder value and potentially setting a precedent for other early-stage biotech firms struggling with commercialization.

Risk Assessment

Risk Level: high — Aditxt's risk level is high due to its 'going concern' doubt, a cash balance of only $323,679 as of June 30, 2025, and a drastic 98.37% drop in revenue to $2,022 for the six months ended June 30, 2025. The company explicitly states it has 'generated no significant revenue from commercial sales to date and our future profitability is uncertain,' and warns that 'if we fail to obtain the capital necessary to fund our operations, we will be unable to continue or complete our product development and you will likely lose your entire investment.'

Analyst Insight

Investors should exercise extreme caution and consider divesting any existing positions in ADTX. The company's severe lack of revenue, rapid cash burn, and explicit 'going concern' warning indicate a high probability of further dilution or potential bankruptcy. Do not invest until a clear, sustainable revenue stream and a robust financing plan are demonstrated.

Financial Highlights

debt To Equity

N/A

revenue

$2,022

operating Margin

N/A

total Assets

$32,691,232

total Debt

$20,696,368

net Income

-$13,348,123

eps

N/A

gross Margin

N/A

cash Position

$323,679

revenue Growth

-98.37%

Revenue Breakdown

Key Numbers

• $2,022 — Revenue (for the six months ended June 30, 2025, down 98.37% from $123,956 in 2024)
• $(13,348,123) — Net Loss (for the six months ended June 30, 2025, an improvement from $(22,492,573) in 2024)
• $323,679 — Cash (as of June 30, 2025, down from $833,031 at December 31, 2024)
• $181,061,686 — Accumulated Deficit (as of June 30, 2025, indicating significant historical losses)
• $27,542,071 — Investment in Evofem (as of June 30, 2025, a key asset on the balance sheet)
• $150,000,000 — Common Stock Purchase Agreement (potential dilution from equity line investor)
• $35,000,000 — At The Market Offering Agreement (potential dilution from ATM offering)
• 4,976,556 — Shares of Common Stock Outstanding (as of August 13, 2025)

Key Players & Entities

• Aditxt, Inc. (company) — registrant in 10-Q filing
• Evofem Biosciences, Inc. (company) — company with which Aditxt has a Merger Agreement and investment
• The Nasdaq Stock Market, LLC (regulator) — exchange where ADTX is listed and regained compliance
• H.C. Wainwright & Co., LLC (company) — underwriter for At The Market Offering Agreement
• LLU (company) — licensor of certain technologies
• Stanford (company) — licensor of certain technologies
• U.S. Securities and Exchange Commission (regulator) — recipient of the 10-Q filing

FAQ

Risk Factors

• Deteriorating Cash Position and Liquidity Concerns [high — financial]: The company's cash position decreased by 61.16% from $833,031 to $323,679 between December 31, 2024, and June 30, 2025. Total current assets also fell by 78.31% due to the absence of a significant subscription receivable. This sharp decline in liquidity, coupled with a substantial accumulated deficit of $181,061,686, raises significant concerns about the company's ability to meet its short-term obligations.
• Extreme Revenue Contraction [high — financial]: Revenue for the six months ended June 30, 2025, was a mere $2,022, a drastic 98.37% decrease from $123,956 in the same period of 2024. This near-complete halt in commercial sales suggests a fundamental issue with the company's revenue-generating capabilities or a strategic pivot away from commercialization.
• Significant Accumulated Deficit [high — financial]: The accumulated deficit has grown to $181,061,686 as of June 30, 2025, from $168,094,569 at the end of 2024. This indicates a long history of unprofitability and substantial cumulative losses, underscoring the ongoing financial challenges the company faces.
• Potential for Substantial Dilution [high — financial]: The company has entered into agreements that allow for potential equity offerings totaling up to $185 million ($150 million common stock purchase agreement and $35 million at-the-market offering agreement). These offerings carry a significant risk of substantial dilution for existing shareholders, impacting the value of their holdings.
• Dependence on Investment in Evofem Biosciences [medium — operational]: The company holds a significant investment in Evofem Biosciences, Inc., valued at $27,542,071 as of June 30, 2025. The performance and valuation of this single investment represent a substantial portion of the company's assets, making its financial health heavily reliant on the success of this external entity.
• Reduction in Research and Development Spending [medium — operational]: Operating expenses decreased by 33.09%, largely driven by a substantial reduction in R&D expenses from $9,698,626 to $1,973,532 for the six months ended June 30, 2025. While this contributes to short-term cost savings, a significant cut in R&D could impact future innovation and product development pipelines.
• Reverse Stock Splits [low — regulatory]: The company has undergone multiple reverse stock splits (1-for-40 in October 2024 and 1-for-250 in March 2025). While intended to increase share price, frequent and significant reverse splits can sometimes signal underlying financial distress or attempts to meet exchange listing requirements, which may concern investors.

Industry Context

Aditxt operates within the innovation platform and biotechnology sectors. This industry is characterized by high research and development costs, long product development cycles, and significant regulatory hurdles. Companies often rely on external funding and strategic partnerships to advance their technologies. The competitive landscape is dynamic, with a constant influx of new technologies and a high rate of attrition for early-stage companies.

Regulatory Implications

The company's financial reporting is subject to SEC regulations, requiring adherence to GAAP. The significant accumulated deficit and recent drastic revenue decline may attract scrutiny regarding the company's going concern status. Furthermore, any future equity offerings must comply with securities laws and disclosure requirements.

What Investors Should Do

1. Monitor cash burn rate closely given the significant decrease in cash reserves and the substantial operating expenses.
2. Evaluate the long-term viability of the company's business model given the near-complete cessation of commercial sales and extreme revenue decline.
3. Assess the potential impact of dilution from the $185 million in potential equity offerings on existing share value.
4. Analyze the performance and strategic importance of the $27.5 million investment in Evofem Biosciences, as it represents a significant portion of the company's assets.
5. Understand the rationale behind the substantial reduction in R&D spending and its potential implications for future innovation.

Key Dates

• 2025-06-30: Six Months Ended — Reporting period for the 10-Q, showing a significant net loss of $13,348,123 and a drastic revenue drop to $2,022.
• 2025-03-17: 2025 Reverse Stock Split Effective — Company executed a 1-for-250 reverse stock split, adjusting share counts and potentially impacting per-share metrics.
• 2024-10-03: 2024 Reverse Stock Split Effective — Company executed a 1-for-40 reverse stock split, adjusting share counts and potentially impacting per-share metrics.
• 2024-05-06: May 2024 Private Placement Closed — Company raised approximately $4.2 million in gross proceeds from the issuance of Series C-1 and D-1 Preferred Stock and warrants.

Glossary

Accumulated Deficit

The total net losses of a company since its inception that have not been offset by net income. (Indicates the company's historical unprofitability, which has reached $181,061,686 as of June 30, 2025.)

Subscription Receivable

An amount due from a subscriber for goods or services that have been ordered but not yet delivered or rendered. (The absence of a $1,108,751 subscription receivable significantly impacted the company's current assets, contributing to a sharp decline in liquidity.)

Equity Line / At-the-Market (ATM) Offering

A method for a company to sell shares of its stock over time into the existing market at prevailing market prices, often through an agreement with an investor or underwriter. (Aditxt has agreements for up to $185 million in such offerings, posing a significant risk of dilution to existing shareholders.)

Reverse Stock Split

A corporate action to reduce the number of outstanding shares of a company's stock, typically to increase the stock's market price. (Aditxt has implemented multiple reverse stock splits, which can affect share count and per-share metrics.)

Mezzanine Equity

A hybrid form of financing that blends debt and equity features, often subordinate to senior debt but senior to common equity. (The balance sheet shows a significant amount related to Series C-1 Convertible Preferred Stock under Mezzanine Equity, which was $8,373,000 at December 31, 2024, and is now zero.)

Year-Over-Year Comparison

Compared to the prior-year period, Aditxt, Inc. has experienced a dramatic 98.37% decrease in revenue, falling to $2,022 for the six months ended June 30, 2025. While net losses have improved by 40.65% to $13,348,123, this is largely due to a significant reduction in operating expenses, particularly R&D. The company's cash position has also deteriorated significantly, dropping by 61.16% to $323,679, and current assets have been severely impacted by the absence of a large subscription receivable. New risks related to potential dilution from large equity offerings have emerged.

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share ADTX The Nasdaq Stock Market
• $150 million — nt to which we may issue and sell up to $150 million of our common stock, which could result
• $35 million — nt to which we may issue and sell up to $35 million of our common stock, which could result

Filing Documents

• ea0252595-10q_aditxt.htm (10-Q) — 1474KB
• ea025259501ex31-1_aditxt.htm (EX-31.1) — 10KB
• ea025259501ex31-2_aditxt.htm (EX-31.2) — 10KB
• ea025259501ex32-1_aditxt.htm (EX-32.1) — 5KB
• 0001213900-25-076710.txt ( ) — 8045KB
• adtx-20250630.xsd (EX-101.SCH) — 74KB
• adtx-20250630_cal.xml (EX-101.CAL) — 42KB
• adtx-20250630_def.xml (EX-101.DEF) — 399KB
• adtx-20250630_lab.xml (EX-101.LAB) — 678KB
• adtx-20250630_pre.xml (EX-101.PRE) — 415KB
• ea0252595-10q_aditxt_htm.xml (XML) — 895KB

FINANCIAL

PART I FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024 1 Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 2 Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended June 30, 2025 and 2024 3 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 5 Notes to Condensed Consolidated Financial Statements 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 3. Quantitative and Qualitative Disclosures About Market Risk 39 Item 4. Controls and Procedures 39 PART II OTHER INFORMATION Item 1. Legal Proceedings 40 Item 1A.

Risk Factors

Risk Factors 40 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 3. Defaults Upon Senior Securities 42 Item 4. Mine Safety Disclosures 42 Item 5. Other Information 42 Item 6. Exhibits 42

Signatures

Signatures 43 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA This Quarterly Report on Form 10-Q contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements may be identified by such forward-looking terminology as "may," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue" or the negative of these terms or other comparable terminology. Our forward-looking statements are based on a series of expectations, assumptions, estimates and projections about our company, are not guarantees of future results or performance and involve substantial risks and uncertainty. We may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements. Our business and our forward-looking statements involve substantial known and unknown risks and uncertainties, including the risks and uncertainties inherent in our statements regarding: we have generated no significant revenue from commercial sales to date and our future profitability is uncertain; if we fail to obtain the capital necessary to fund our operations, we will be unable to continue or complete our product development and you will likely lose your entire investment; our financial situation creates doubt whether we will continue as a going concern; we may need to raise additional funding, which may not be available on acceptable terms, or at all; even if we can raise additional funding, we may be required to do so on terms that are dilutive to you.; the regulatory approval process is expensive, time-consuming and uncertain and may prev

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements ADITXT, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, December 31, 2025 2024 ASSETS CURRENT ASSETS: Cash $ 323,679 $ 833,031 Accounts receivable, net 39,743 43,435 Inventory 7,617 11,245 Prepaid expenses 62,616 3,379 Subscription receivable - 1,108,751 TOTAL CURRENT ASSETS 433,655 1,999,841 Fixed assets, net 1,412,276 1,547,774 Intangible assets, net 4,444 6,111 Deposits 215,946 87,672 Right of use asset 886,014 1,225,781 Notes receivable, related party, net of discount 2,196,826 - Investment in Evofem 27,542,071 27,277,211 TOTAL ASSETS $ 32,691,232 $ 32,144,390 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable and accrued expenses $ 10,660,226 $ 13,212,239 Mandatorily Redeemable A-1 Preferred Stock ( 450 and 0 shares) 517,445 - Mandatorily Redeemable C-1 Preferred Stock ( 2,263 and 1,178 shares) 3,956,819 1,354,774 Stock payable - 2,250,000 Notes payable, related party - 115,000 Notes payable, net of discount 4,527,649 5,537,860 Financing on fixed assets 147,823 147,823 Deferred rent 79,044 106,075 Lease liability, current 693,613 683,352 TOTAL CURRENT LIABILITIES 20,582,619 23,407,123 Lease liability, long term 113,357 436,354 Derivative liability 392 14,517 TOTAL LIABILITIES 20,696,368 23,857,994 COMMITMENTS AND CONTINGENCIES MEZZANINE EQUITY Series C-1 Convertible Preferred stock, $ 0.001 par value, 10,853 shares authorized, zero and 8,373 shares issued and outstanding, respectively - 8,373,000 TOTAL MEZZANINE EQUITY - 8,373,000 STOCKHOLDERS' EQUITY Preferred stock, $ 0.001 par value, 3,000,000 shares authorized, zero shares issued and outstanding, respectively - - Series A-1 Convertible Preferred stock, $ 0.001 par value, 22,280 shares authorized, 21,353 and 22,071 shares issued and outstanding, respectively 21 22 Series B Preferred stock, $ 0.001 par value,

financial statements

financial statements. 3 ADITXT, INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) SIX MONTHS ENDED JUNE 30, 2025 AND 2024 (Unaudited) Preferred A-1 Shares Preferred A-1 Shares Par Preferred B-1 Shares Preferred B-1 Shares Par Preferred B-2 Shares Preferred B-2 Shares Par Preferred C-1 Shares Preferred C-1 Shares Par Preferred D-1 Shares Preferred D-1 Shares Par Common Shares Outstanding Common Shares Par Treasury Stock Additional Paid-in Capital Accumulated Deficit Non- Controlling Interest Total Stockholders' Equity Balance December 31, 2023 22,280 $ 22 - $ - - $ - - $ - - $ - 165 $ 11 $ ( 201,605 ) $ 143,999,018 $ ( 127,741,072 ) $ ( 9,608 ) $ 16,046,769 Stock option compensation - - - - - - - - - - - - - 24,573 - - 24,573 MDNA asset purchase - - - - - - - - - - 5 1 - 1,008,668 - - 1,008,669 Brain asset purchase - - 6,000 6 6,000 6 - - - - - - - 5,970,437 - - 5,970,443 Issuance of shares for settlement - - - - - - - - - - 30 1 - 1,599,999 - - 1,600,000 Net loss - - - - - - - - - - - - - - ( 14,729,727 ) ( 138,967 ) ( 14,868,694 ) Balance March 31, 2024 22,280 $ 22 6,000 $ 6 6,000 $ 6 - $ - - $ - 200 $ 13 $ ( 201,605 ) $ 152,602,695 $ ( 142,470,799 ) $ ( 148,575 ) $ 9,781,760 Stock option compensation - - - - - - - - - - - - - 4,095 - - 4,095 Restricted stock unit compensation - - - - - - - - - - 1 - - 2 - - 2 Issuance of shares for offering, net of issuance costs - - - - - - 4,186 4 4,186 4 - - - 3,518,559 - - 3,518,567 Issuance of shares for debt issuance costs - - - - - - - - - - 33 1 - 662,717 - - 662,718 Modification of warrants - - - - - - - - - - - - - 4,137 ( 4,137 ) - - Net loss - - - - - - - - - - - - - ( 7,549,619 ) ( 74,260 ) ( 7,623,879 ) Balance June 3

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS Company Background Overview Aditxt, Inc. is an innovation platform dedicated to discovering, developing, and deploying promising innovations. Aditxt's ecosystem of research institutions, industry partners, and shareholders collaboratively drives their mission to "Make Promising Innovations Possible Together." The innovation platform is the cornerstone of Aditxt's strategy, where multiple disciplines drive disruptive growth and address significant societal challenges. Aditxt operates a unique model that democratizes innovation, ensures every stakeholder's voice is heard and valued, and empowers collective progress. Reverse Stock Splits On October 2, 2024, the Company effectuated a 1-for-40 reverse stock split (the "2024 Reverse Split"). The Company's stock began trading on a split-adjusted basis effective on the Nasdaq Stock Market on October 3, 2024. There was no change to the number of authorized shares of the Company's common stock. All share amounts referenced in this report are adjusted to reflect the 2024 Reverse Split. On March 14, 2025, the Company effectuated a 1-for-250 reverse stock split (the "2025 Reverse Split"). The Company's stock began trading on a split-adjusted basis effective on the Nasdaq Stock Market on March 17, 2025. There was no change to the number of authorized shares of the Company's common stock. All share amounts referenced in this report are adjusted to reflect the 2025 Reverse Split. On March 14, 2025, Pearsanta effectuated a 1-for-60 reverse stock split (the "2025 Pearsanta Reverse Split"). There was no change to the number of authorized shares of Pearsanta's common stock. All Pearsanta share amounts referenced in this report are adjusted to reflect the 2025 Pearsanta Reverse Split. Offerings On May 2, 2024, the Company entered into a Securities Purchase Agreement (the "May PIPE Purchase Agreement") with certain a

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