40 unchanged sentences
In addition to our development of regenerative medicine treatments, we also sell dietary supplements.
−Removed: In the second quarter of 2023, the Company’s subsidiary in Hong Kong, Consumer Health Products started focusing on consumer health products.
+Added: The Company’s subsidiary in Hong Kong, Consumer Health Products focuses on consumer health products.
Consumer Health Products plans to include a broad range of products focused on personal healthcare including dietary supplements.
−Removed: Consumer Health Products started selling consumer health supplements in the third quarter of 2023.
These products are commercially marketed to the general public and initially targeted at consumers in Asia through eCommerce (online sales).
25 unchanged sentences
During the year ended December 31, 2025, we completed the following financing activities:
+Added: On December 30, 2025, the Company entered into securities purchase agreements with certain investors each named therein (the “December Investor,” and collectively the “December Investors”) pursuant to which each of the December Investors agreed to purchase in a private placement an aggregate of 411,765 shares of Common Stock for the aggregate gross proceeds of approximately $0.7 million at a purchase price per share of $1.70.
+Added: On July 11, 2025, the Company entered into securities purchase agreements with certain investors each named therein (the “July Investor,” and collectively the “July Investors”) pursuant to which each of the July Investors agreed to purchase in a private placement an aggregate of 1,250,000 shares of Common Stock for the aggregate gross proceeds of approximately $2.0 million at a purchase price per share of $1.60.
+Added: 2024 Financing Activities
+Added: During the year ended December 31, 2024, we completed the following financing activities:
On August 19, 2024, the Company entered into a securities purchase agreement with an investor (the “August Investor”) pursuant to which the August Investor agreed to purchase in a private placement an aggregate of 1,388,888 shares of Common Stock for the aggregate purchase price of approximately $5.0 million and a purchase price per share of $3.60.
3 unchanged sentences
The principal balance and accrued interest of $22,889 on the Bridge Note were settled in full in cash on August 29, 2024.
−Removed: 2023 Financing Activities
−Removed: During the year ended December 31, 2023, we completed the following financing activities:
−Removed: On April 12, 2023 and on March 31, 2023, the Company entered into Securities Purchase Agreements, each a Purchase Agreement, with new and existing investors, the Investors, pursuant to which the Investors purchased in a private placement an aggregate of 1,000,967 shares of common stock for the aggregate purchase price of approximately $6 million with a purchase price per unit of $6.00.
As of December 31, 2025, our consolidated business employed 8 individuals.
1 unchanged sentence
Product revenue .
−Removed: Product revenue consists of consumer health product sales, launched in Asia in the third quarter of 2023.
−Removed: We had not generated any revenue prior to the launch of our consumer health products.
+Added: Product revenue consists of consumer health product sales in the Asia region.
Research and development expense .
34 unchanged sentences
Total operating expenses
−Removed: Other (expense) income, net
+Added: Other income (expense), net:
Interest income
Interest expense
−Removed: Other expense
−Removed: Total other (expense) income, net
+Added: Total other income (expense), net
Year Ended December 31, 2025 Compared to Year Ended December 31, 2024
1 unchanged sentence
Product revenue was $704,000 and $430,000 for the year ended December 31, 2025 and 2024, respectively.
−Removed: Product revenue consists of consumer health product sales launched in the Asia region in the third quarter of 2023.
−Removed: Sales grew as a result of broadening our distribution channels to access a larger consumer base.
+Added: The $274,000 increase, representing a 64% growth, was driven by expanded distribution and new product launches within our Consumer Health segment, including CoQ-10 and sleep aid gummies, alongside continued strong performance from our existing offerings such as Liver Guard.
Cost of Sales
1 unchanged sentence
Cost of sales consists of the purchase price of consumer products, taxes, inbound and outbound shipping costs.
−Removed: The gross profit margin on our products decreased in 2024 primarily due to discounted sales aimed at achieving market penetration for our newly introduced product.
+Added: The gross profit margin on our products decreased in 2025 primarily due to a change from direct sales to consumers to direct sales with our distributor.
Research and Development Expense
−Removed: Research and development expense decreased approximately $0.8 million, or 25%, to approximately $2.3 million for the year ended December 31, 2024 as compared to approximately $3.1 million for the year ended December 31, 2023.
−Removed: This decrease was due primarily to significant initial clinical trial activities in the prior period resulting in our first site activation in the third quarter of 2023.
+Added: Research and development expense increased approximately $0.3 million, or 15%, to approximately $2.7 million for the year ended December 31, 2025 as compared to approximately $2.3 million for the year ended December 31, 2024.
+Added: This increase was primarily reflecting higher clinical trial activity in China and the USA.
Sales and Marketing Expense
−Removed: The Consumer Health Products business was launched in the Asia region in the third quarter of 2023.
Selling and marketing expense was $0.07 million for the year ended December 31, 2025 as compared to $0.6 million for the comparable period.
−Removed: The Consumer Health Products business was launched in the Asia region in the third quarter of 2023.
+Added: The reduction primarily reflects a strategic shift from direct in‑house sales to a distributor‑based model, which significantly lowered advertising and promotional costs, as well as a headcount reduction within the sales team implemented in the fourth quarter of 2024.
General and Administrative Expense
General and administrative expense decreased approximately $0.8 million, or 15%, to approximately $4.3 million for the year ended December 31, 2025 as compared to approximately $5.0 million for the year ended December 31, 2024.
−Removed: This decrease was primarily due to share-based compensation expense of $1.3 million from the vesting of performance based awards in the first half of 2023 offset by the recording of expense in the current period of one-time offering costs of $0.5 million relating to the initial registered offering that did not occur in the prior year.
+Added: This decrease was primarily due to the recognition in the prior period of one-time offering costs totaling $0.5 million related to an anticipated offering that was not completed.
Interest income
During the year ended December 31, 2025, we recorded interest income of approximately $37,000 earned from our money market account.
−Removed: During the year ended December 31, 2023, we recorded interest income of approximately $64,000 earned from our money market account and certificate of deposit.
+Added: During the year ended December 31, 2024, we recorded interest income of approximately $32,000 earned from our money market account.
Interest expense
−Removed: During the year ended December 31, 2024, we recorded interest expense of approximately $23,000 on convertible debt and approximately $15,000 on insurance installment payments.
During the year ended December 31, 2025, we recorded interest expense of approximately $8,000 on insurance installment payments.
+Added: During the year ended December 31, 2024, we recorded interest expense of approximately $23,000 on convertible debt and approximately $15,000 on insurance installment payments.
Liquidity and Capital Resources
4 unchanged sentences
Operating Activities.
+Added: Net cash used in operating activities of approximately $3.8 million for the year ended December 31, 2025 was due primarily to our net loss of approximately $6.9 million offset by adjustments for non-cash items of approximately $2.1 million due to non-cash expenses for share-based compensation, depreciation and amortization, and an approximately $0.9 million increase to cash from changes in working capital due to the timing of payments for accounts receivable, inventory, prepaid expenses, long-term prepaid contracts, accounts payable, deferred revenue and accrued expenses.
Net cash used in operating activities of approximately $4.9 million for the year ended December 31, 2024 was due primarily to our net loss of approximately $7.7 million offset by adjustments for non-cash items of approximately $2.6 million due to non-cash expenses for share-based compensation, depreciation and amortization, and an approximately $0.3 million increase to cash from changes in working capital due to the timing of payments for accounts receivable, inventory, prepaid expenses, deferred financing costs, long-term prepaid contracts, accounts payable and accrued expenses.
−Removed: Net cash used in operating activities of approximately $6.9 million for the year ended December 31, 2023 was due primarily to our net loss of approximately $8.9 million offset by adjustments for non-cash items of approximately $3.6 million due to non-cash expenses for share-based compensation, depreciation and amortization, and an approximately $1.6 million decrease to cash from changes in working capital due to the timing of payments for accounts receivable, inventory, prepaid expenses, deferred financing costs, long-term prepaid contracts, accounts payable and accrued expenses.
−Removed: Investing Activities.
−Removed: Net cash used in investing activities for the years ended December 31, 2024 and 2023 totaled zero and $11,000, respectively, and represented purchases of property, plant and equipment.
−Removed: During the year ended December 31, 2023, we invested in a certificate of deposit for $2.5 million.
−Removed: We withdrew $1.3 million from the certificate of deposit prior to the maturity date to pay clinical trial related deposits.
−Removed: The certificate of deposit matured in October 2023 with the remaining $1.2 million released from short-term investments into cash and cash equivalents.
Financing Activities.
+Added: Net cash generated from financing activities was approximately $2.7 million during the year ended December 31, 2025 and consisted of net proceeds from private placement transactions, which resulted in the issuance of 1,250,000 shares of our Common Stock to a group of investors.
Net cash generated from financing activities was approximately $6.9 million during the year ended December 31, 2024 and included net proceeds of $0.5 million from debt financing, $0.4 million from stock warrant exercises, and $6.5 million from private placement transactions, which resulted in the issuance of 1,756,655 shares of our Common Stock to a group of investors.
The $0.5 million in debt was repaid in August 2024.
−Removed: Net cash generated from financing activities was approximately $6.1 million during the year ended December 31, 2023 and consisted of net proceeds received from a private placement transaction for the issuance of common stock and stock option exercises.
We continue to pursue our esophageal program, including advancing to operate as a clinical stage company.
13 unchanged sentences
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
+Added: Not Applicable.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.