Bio Green Med Solution Reports Third Quarter Financial Results and Provides Business Update
Rhea-AI Summary
Bio Green Med Solution (NASDAQ: BGMS) reported Q3 results for the period ended September 30, 2025 and provided a business update.
Key facts: cash and cash equivalents of $3.8M (up from $3.1M at 12/31/24); estimated cash runway into the first quarter of 2026; net loss of $1.0M for Q3 2025 versus $2.0M a year earlier; product revenue from fire safety sales of $81k and cost of sales of $64k following the September acquisition of Fitters Sdn. Bhd.; R&D expense of $0 in Q3 2025 after liquidation of the UK subsidiary.
Corporate actions: a 1-for-15 reverse stock split effective July 7, 2025; sale of Plogosertib-related patents for $300k plus up to $170k in potential milestone payments; Fitters exchange resulted in Fitters owning approximately 19.99% of BGMS; two warrant exchange transactions converted warrants into an aggregate of 1,962,000 new shares.
Positive
- Cash increased to $3.8M from $3.1M
- Acquired Fitters Sdn. Bhd., adding fire safety sales of $81k
- Sold Plogosertib patents for $300k plus up to $170k milestone
- R&D expense cut to $0, reducing quarterly cash burn
Negative
- Estimated cash runway only into Q1 2026
- Net loss of $1.0M for Q3 2025
- Fitters received ~19.99% of outstanding shares (significant dilution)
- Implemented a 1-for-15 reverse stock split on July 7, 2025
News Market Reaction
On the day this news was published, BGMS declined 6.94%, reflecting a notable negative market reaction. This price movement removed approximately $479K from the company's valuation, bringing the market cap to $6M at that time.
Data tracked by StockTitan Argus on the day of publication.
KUALA LUMPUR, Malaysia, Nov. 13, 2025 (GLOBE NEWSWIRE) -- Bio Green Med Solution, Inc. (NASDAQ: BGMS, NASDAQ: BGMSP; "BGMS" or the "Company" (formerly Cyclacel Pharmaceuticals, Inc.)), a diversified company engaged primarily in the provision of fire safety protection and distribution activities, today announced third quarter financial results and provided a business update.
Highlights of the third quarter ended September 30, 2025, or in some cases shortly thereafter, include:
- In July, the Company implemented a one-for-fifteen reverse stock split effective on July 7, 2025 on which day the Company’s common stock began trading on a split-adjusted basis in an effort to meet the share bid price requirements of The Nasdaq Capital Market.
- In September, the Company entered into a Warrant Exchange Agreement (the “Exchange Agreement”) with certain accredited investors (the “Holders”) of certain existing warrants (the “Exchanged Warrants”) to purchase an aggregate of 559,395 shares of the Company’s common stock, par value
$0.00 1 per share (the “Common Stock”). The Exchanged Warrants were originally issued pursuant to a securities purchase agreement, dated as of June 20, 2025 by and between the Company and each Holder. Pursuant to the Exchange Agreement, the Company agreed to exchange with the Holders, respectively, the Exchanged Warrants for an aggregate of 559,395 shares of Common Stock (the “New Shares”). - In September, the Company completed its previously announced share exchange agreement with FITTERS Diversified Berhad, a Malaysian publicly listed company (“Fitters Parent”) and FITTERS Sdn. Bhd., a Malaysia based private limited company and wholly-owned subsidiary of Fitters Parent to effect a voluntary share exchange transaction whereby Fitters Parent exchanged all of its ownership interest in FITTERS Sdn. Bhd. representing
100% of all of the issued and outstanding capital shares of FITTERS Sdn. Bhd, for approximately19.99% of all of the issued and outstanding shares of common stock of the Company on the closing date of the transaction. Following the closing of the transaction, FITTERS Sdn. Bhd. became a wholly-owned subsidiary of the Company and Datuk Dr. Doris Wong Sing Ee, the Chief Executive Officer and Executive Director of the Company, was appointed as a director of Fitters and all of its subsidiaries; - In early October, the Company entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Tethra Biosciences Inc., a Delaware corporation (the “Buyer”). Under the terms of the Purchase Agreement, the Company agreed to sell, and the Buyer agreed to purchase, certain assets, including all patent rights of the Company related to Plogosertib, a polo-like kinase 1 (PLK 1) inhibitor for treatment of advanced cancers and hematological malignancies (“Plogo”), for a purchase price of
$300,000 , plus a further potential Milestone payment (as defined in the Purchase Agreement) of$170,000. - Also in October, the Board of Directors of the Company declared a quarterly cash dividend of
$0.15 per share on the Company’s6% Convertible Exchangeable Preferred Stock, which cash dividend was paid on November 1, 2025, to holders of record as of the close of business on October 20, 2025; - In early November, the Company entered into a Warrant Exchange Agreement (the “Exchange Agreement”) with certain accredited investors (the “Holders”) of certain existing warrants (the “Exchanged Warrants”) to purchase an aggregate of 1,402,605 shares of the Company’s common stock, par value
$0.00 1 per share (the “Common Stock”). The Exchanged Warrants were originally issued pursuant to a securities purchase agreement, dated as of June 20, 2025 by and between the Company and each Holder. Pursuant to the Exchange Agreement, the Company agreed to exchange with the Holders, respectively, the Exchanged Warrants for an aggregate of 1,402,605 shares of Common Stock (the “New Shares”).
Financial Highlights
As of September 30, 2025, cash and cash equivalents totaled
Net cash used in operating activities was
Following the acquisition of Fitters Sdn. Bhd. on September 12, 2025, product revenue from sales and distribution of fire safety equipment was
Cost of sales related to sales and distribution of fire safety equipment was
Research and development expenses were
General and administrative expenses decreased by approximately
Total other income, net, for the three months ended September 30, 2025, was broadly flat year on year.
United Kingdom research & development tax credits for the three months ended September 30, 2024, were
Net loss for the three months ended September 30, 2025, was
About Bio Green Med Solution, Inc.
BGMS is a diversified company that was formerly engaged in the biopharmaceutical industry but as of September 2025 has shifted its operations to focus on provision of fire safety protection and distribution activities. Specifically, on September 12, 2025, the Company completed its acquisition of Fitters Sdn. Bhd., a Malaysia-based group specializing in fire protection products and services. Headquartered in Malaysia, the Company is now focused on advancing opportunities across these distinct sectors whilst maintaining its commitment to driving long-term value creation for shareholders. For additional information, please visit www.bgmsglobal.com.
Forward-looking Statements
Except for historical information, certain matters discussed in this press release may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future financial performance and involve various assumptions, known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by words such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or other comparable words. Actual results, performance or outcomes may differ materially from those expressed or implied by these forward-looking statements and may not align with historical performance and events due to a number of factors, including those discussed in the sections of our annual report on Form 10-K entitled “Cautionary Statement Regarding Forward-Looking Statements” and “Risk Factors,” and those discussed in our Form 10-Q quarterly reports filed after such annual report. BGMS’s SEC filings are readily obtainable at no charge at www.sec.gov, as well as on its own investor relations website at https://investor.bgmsglobal.com/sec-filings. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements, and caution should be exercised against placing undue reliance upon such statements, which are based only on information currently available to us and speak only as of the date hereof. We are under no duty to update publicly any of the forward-looking statements after the date of this earnings press release, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE:
Bio Green Med Solution, Inc.
info@bgmsglobal.com
| BIO GREEN MED SOLUTION, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (LOSS) (In | |||||||
| Three Months Ended | |||||||
| September 30, | |||||||
| 2025 | 2024 | ||||||
| Revenues: | |||||||
| Product revenue - fire safety | $ | 81 | $ | - | |||
| Clinical trial supply | - | 10 | |||||
| Revenues | $ | 81 | $ | 10 | |||
| Operating expenses: | |||||||
| Cost of sales | 64 | - | |||||
| Research and development | 5 | 950 | |||||
| General and administrative | 1,004 | 1,237 | |||||
| Total operating expenses | 1,073 | 2,187 | |||||
| Operating loss | (992 | ) | (2,177 | ) | |||
| Other income (expense): | |||||||
| Foreign exchange gains (losses) | (14 | ) | 2 | ||||
| Interest income | 9 | 8 | |||||
| Other income, net | 9 | - | |||||
| Total other income, net | 4 | 10 | |||||
| Loss before taxes | (988 | ) | (2,167 | ) | |||
| Income tax benefit | - | 210 | |||||
| Net loss | (988 | ) | (1,957 | ) | |||
| Dividend on convertible exchangeable preferred shares | (21 | ) | - | ||||
| Deemed dividend on warrant exchange | (1,494 | ) | - | ||||
| Net loss applicable to common shareholders | $ | (2,503 | ) | $ | (1,957 | ) | |
| Basic and diluted earnings per common share: | |||||||
| Net loss per share – basic and diluted (common shareholders) | $ | (1.31 | ) | $ | (43.80 | ) | |
| Weighted average common shares outstanding | 1,912,495 | 44,681 | |||||
| BIO GREEN MED SOLUTION, INC. CONSOLIDATED BALANCE SHEET (In | ||||||
| September 30, | December 31, | |||||
| 2025 | 2024 | |||||
| ASSETS | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 3,838 | $ | 3,137 | ||
| Inventory | 1,368 | - | ||||
| Accounts receivable | 725 | - | ||||
| Prepaid expenses and other current assets | 513 | 537 | ||||
| Total current assets | 6,444 | 3,674 | ||||
| Property and equipment, net | 129 | 3 | ||||
| Right-of-use lease asset | 15 | 5 | ||||
| Goodwill | 1,570 | - | ||||
| Non-current deposits | - | 412 | ||||
| Total assets | $ | 8,158 | $ | 4,094 | ||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 468 | $ | 4,599 | ||
| Accrued and other current liabilities | 534 | 1,669 | ||||
| Total current liabilities | 1,002 | 6,268 | ||||
| Lease liability | 5 | - | ||||
| Other liabilities | 55 | - | ||||
| Total liabilities | 1,062 | 6,268 | ||||
| Stockholders’ equity | 7,096 | (2,174 | ) | |||
| Total liabilities and stockholders’ equity | $ | 8,158 | $ | 4,094 | ||
FAQ
What cash balance did Bio Green Med Solution (BGMS) report for Q3 2025?
How long will BGMS's cash resources fund planned expenditures?
What was BGMS's net loss for the three months ended September 30, 2025?
What were BGMS product revenues from Fitters after the September 12, 2025 acquisition?
What corporate actions did BGMS take in 2025 that affect shareholders?
What did BGMS receive for Plogosertib intellectual property in October 2025?
