SL Science Holding Limited Reports First Half 2026 Financial Results
Financing lifted cash while higher research and administrative spending widened the first-half net loss.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
SL Science Holding (SLBT) reported first-half 2026 revenue of approximately $1.39 million, up 23% from the prior-year period.
Gross margin rose to 40.2% from 34.5%, supported by lower purchase costs and favorable supplier terms. Net loss widened to approximately $2.16 million from $1.60 million as administrative and research expenses increased. Cash reached approximately $8.31 million at June 30, versus $1.26 million at December 31, 2025, supported by financing that included a $7.8 million private investment.
The company closed its business combination on June 12 and began Nasdaq trading on June 15. It secured exclusive global GDT cell therapy rights for pancreatic and brain cancers, submitted an FDA orphan-drug designation request for glioblastoma, and filed manufacturing documentation. An approved incentive plan authorizes up to 85,000,000 ordinary shares for awards. Results are unaudited.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointFirst-half 2026 revenue increased 23% year over year to approximately $1.39 million, supported by wholesale distribution growth.
- Moderate pointGross margin improved to 40.2% from 34.5%, supported by lower purchase costs and favorable supplier terms.
- Moderate point$7.8 million private investment secured financing alongside the listing. 1.2% of market cap
- Moderate pointBusiness combination closed June 12, 2026; ordinary shares began Nasdaq trading June 15.
- Moderate pointGDT exclusive global rights secured from JY BioMed for pancreatic and brain cancers, lasting 20 years following product launch.
- Moderate pointCD-19 Armed-T license provides perpetual, exclusive global rights from CytoArm for the blood cancer therapy.
7 minor points
- Minor pointFirst-half gross profit rose 43% year over year to $558,000.
- Minor pointJune 30 cash reached approximately $8.31 million, versus approximately $1.26 million at December 31, 2025.
- Minor pointWorking capital stood at approximately $6.67 million at June 30, 2026.
- Minor pointGDT preparation milestones completed by HeXun Biosciences covered institutional review board specimen preparation and quality documentation.
- Minor pointFDA orphan-drug designation request submitted for GDT therapy targeting glioblastoma; designation has not been reported as granted.
- Minor pointDrug Master Files, manufacturing documentation, filed for GDT cells and GDT cell-derived exosomes.
- Minor pointPreclinical GDT data presented in July and September 2026 showed brain-cancer-cell destruction, including chemotherapy-resistant glioblastoma cells.
Negative
- Moderate pointFirst-half 2026 net loss widened to $2,162,205 from $1,602,089 in the prior-year period.
- Moderate pointFirst-half operating cash use increased to $2,091,682 from $134,157 in the prior-year period.
- Moderate point. Forward-looking: it has not happened yet and may not happen.CD-19 Armed-T milestone payments could total up to NTD 133 million (~$4.10 million), following an initial $277,200 payment.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Share incentive plan authorizes up to 85,000,000 ordinary shares for awards, creating potential dilution.
- Minor pointFirst-half operating loss widened 34% year over year to $2,162,000.
7 minor points
- Minor pointFirst-half research and development expenses rose 72% year over year to $1,230,000.
- Minor pointFirst-half administrative expenses increased 16% year over year to $1,490,000.
- Minor pointFirst-half cost of revenue increased 12% year over year to $829,000 as sales volume grew.
- Minor pointDirector funding obligation totaled $1,600,000 at June 30, 2026, versus none at December 31, 2025.
- Minor pointOrdinary shares outstanding increased to 560,759,740 at June 30, 2026, from 556,800,001 at December 31, 2025.
- Minor pointSeries A preferred shares outstanding totaled 780,000 at June 30, 2026, versus none at December 31, 2025.
- Minor pointReverse recapitalization offering costs paid totaled $404,273 in the first half of 2026.
News Explained
At June 30, 2026, the company reported $8.31 million in cash and $1.6 million due to the director as a current liability.
SL Science reported unaudited results for the six months ended
Under the dilution definition, that increase reduces existing holders’ percentage ownership absent offsetting changes.
First-half financing activities provided
Key Figures
- Net revenue
- $1.39 million; up 23%
- Six months ended June 30, 2026
- Gross margin
- 40.2%, compared with 34.5%
- Six months ended June 30, 2026 vs. prior-year period
- Research and development expenses
- $1.23 million; up 71.5%
- Six months ended June 30, 2026 vs. prior-year period
- Net loss
- $2.16 million, compared with $1.60 million
- Six months ended June 30, 2026 vs. prior-year period
- Cash and cash equivalents
- $8.31 million, compared with $1.26 million
- June 30, 2026 vs. December 31, 2025
- PIPE financing
- $7.8 million
- Concurrent with the June 2026 listing
Key Terms
pipe financing financial
orphan drug designation regulatory
drug master files regulatory
institutional review board medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Net revenue rose
Taipei, TAIWAN, Oct. 26, 2026 (GLOBE NEWSWIRE) -- SL Science Holding Limited (“SL Science” or the “Company”) (NASDAQ: SLBT), a Taiwan-headquartered biomedical company specializing in developing innovative cellular and gene therapies, today announced its unaudited financial results for the six months ended June 30, 2026.
Management Commentary
"The first half of 2026 marked a period of profound structural execution and milestone achievement for SL Science. We successfully closed our business combination on June 12, and listed on the Nasdaq Global Market on June 15, supported by a concurrent
“Our strategic focus remains squarely on advancing our core oncology assets. We continuously increased research and development investments by
SL Science's First Half 2026 Financial Results
SL Bio is primarily engaged in sales of plant extract products and milk-derived exosome products to customers in Taiwan, while advancing its research and development in the biomedical industry, including with CD-19 Armed-T products and GDT cell therapy products for brain and pancreatic cancers. The following table presents selected summarized financial information derived from the Company's consolidated statements of operations for the six months ended June 30, 2026 and 2025:
| In thousands USD, except percentage data, differences due to rounding | For the six months ended June 30, 2026 | For the six months ended June 30, 2025 | Variance % | |||
| Net Revenue | 1,387 | 1,129 | 23 | % | ||
| Cost of Revenue | (829 | ) | (740 | ) | 12 | % |
| Gross Profit | 558 | 389 | 43 | % | ||
| General and Administrative Expenses | 1,490 | 1,282 | 16 | % | ||
| Research and Development Expenses | 1,230 | 717 | 72 | % | ||
| Total Operating Expenses | 2,720 | 1,999 | 36 | % | ||
| Loss from Operations | (2,162 | ) | (1,610 | ) | 34 | % |
| Net Loss | (2,162 | ) | (1,602 | ) | 35 | % |
Net Revenue
Net revenue increased by approximately
Cost of Revenue
Cost of revenue increased by approximately
Gross Profit
Gross profit increased by
Operating Expenses
Total operating expenses increased by approximately
Research and development expenses increased by
Net Loss
Net loss for the six months ended June 30, 2026 was approximately
Cash and Cash Equivalents
As of June 30, 2026, SL Science's cash and cash equivalents stood at approximately
SL Science Major Developments and Outlook
Gamma Delta T (GDT) Cell Therapy Platform
- Strategic Licensing & Milestones: Secured global exclusive rights from JY BioMed for GDT cell applications in pancreatic and brain cancers for a term of 20 years following product launch. The Company previously paid
$1.0 million for initial R&D under its GDT licensing agreement and recognized$825,000 in expenses in H1 2026 after HeXun Biosciences successfully completed IRB specimen preparation and quality documentation milestones. - FDA Regulatory Submissions: Advanced its regulatory footprint by submitting an Orphan Drug Designation (ODD) request (DRU-2026-11528) to the U.S. FDA for its GDT cell therapy targeting glioblastoma. The Company also filed Drug Master Files (DMF) for both its GDT cells and GDT cell-derived exosomes, establishing a standardized manufacturing foundation for future commercialization.
- Preclinical Validation: Demonstrated the platform's efficacy through multiple global presentations. In July 2026, SL Science exhibited data at the World Congress of Basic and Clinical Pharmacology showing potent destruction of brain cancer cells in preclinical models. In September 2026, data presented at the 85th Annual Meeting of the Japanese Cancer Association revealed that these GDT cells directly target and eliminate chemotherapy-resistant glioblastoma cells.
- Clinical Framework: Leadership co-authored a peer-reviewed framework in Biomedicines with Taipei Medical University, defining rigorous clinical development standards for GDT therapies in glioblastoma.
CD-19 Armed-T Therapy
- The Company holds a perpetual, exclusive global license from CytoArm Co., Ltd. for CD-19 Armed-T products. Following an initial payment of
$277,200 , SL Science is positioned to complete up to NTD 133 million (~$4.10 million ) in milestone payments to advance this blood cancer therapy through clinical development.
Recent Corporate Milestones
- Nasdaq Listing: Closed its business combination on June 12, 2026, with ordinary shares commencing trading under the ticker "SLBT" on June 15, 2026. Leadership rang the Nasdaq closing bell on September 2, 2026, to celebrate its first quarter as a public company.
- Capital Formation: Secured a concurrent
$7.8 million PIPE financing alongside the listing to accelerate growth and operational capabilities. - Share Incentive Plan: Approved the 2026 Share Incentive Plan to attract and retain top talent, authorizing up to 85,000,000 ordinary shares for awards.
About SL Science Holding Limited
SL Science Holding Limited is a biomedical company specializing in developing innovative cellular and gene therapies. Established with a commitment to advancing regenerative medicine and cancer treatment, the Company hopes to utilize immune cell technologies to target cancer, thus potentially offering expansive medical applications for its products. With technologies such as Gamma Delta T cells targeting solid tumor indications including pancreatic and brain cancers, SL Science aims to create cellular therapies that the Company believes have the potential to advance the cell therapy and immuno-oncology sector within the broader biopharmaceutical industry. For more information, please visit the Company's website at: https://www.slbtgroup.com/ and follow SLBT on X, LinkedIn, FB, IG and Threads.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the business of SL Science. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. The data described above are preclinical and do not establish the clinical safety or efficacy of any product; preclinical results are frequently not predictive of clinical outcomes. Many factors could cause actual future events to differ materially, including the ability to implement the Company's business plans and clinical trials; to obtain and maintain regulatory approvals and rights under its license arrangements; the potential for its products to reach commercialization; and the Company's need for additional capital. The Company assumes no obligation to update these forward-looking statements, except as required by applicable law.
Contact Details:
SL Science Holding Limited
Tel: +886-2-26516826
Email: ir@slbtgroup.com
WFS Investor Relations Inc.
Email: services@wfsir.com
+1 628 283 9214
SL SCIENCE HOLDING LIMITED AND SUBSIDIARIES
INTERIM CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2026 (UNAUDITED) AND DECEMBER 31, 2025
| June 30, 2026 | December 31, 2025 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents | $ | 8,306,692 | $ | 1,258,616 | ||||
| Inventories | 73,267 | - | ||||||
| Prepaid expenses and other current assets | 234,340 | 167,612 | ||||||
| Tax recoverable | - | 597 | ||||||
| TOTAL CURRENT ASSETS | 8,614,299 | 1,426,825 | ||||||
| Operating lease right-of-use assets, net | 136,913 | 212,324 | ||||||
| Plant and equipment, net | 159,926 | 248,894 | ||||||
| Deferred offering costs | - | 929,137 | ||||||
| TOTAL ASSETS | $ | 8,911,138 | $ | 2,817,180 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| CURRENT LIABILITIES | ||||||||
| Operating lease liabilities, current | $ | 137,598 | 148,663 | |||||
| Accrued expenses and other liabilities | 202,850 | 319,872 | ||||||
| Due to Director | 1,600,000 | - | ||||||
| TOTAL CURRENT LIABILITIES | 1,940,448 | 468,535 | ||||||
| Operating lease liabilities, non-current | - | 64,742 | ||||||
| TOTAL LIABILITIES | 1,940,448 | 533,277 | ||||||
| Ordinary shares, | $ | 5,608 | $ | 5,568 | ||||
| Series A preferred shares, | 8 | - | ||||||
| Additional paid-in-capital | 14,157,893 | 7,293,276 | ||||||
| Accumulated deficits | (7,646,583 | ) | (5,484,378 | ) | ||||
| Accumulated other comprehensive income | 453,764 | 469,437 | ||||||
| Total shareholders’ equity | 6,970,690 | 2,283,903 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 8,911,138 | $ | 2,817,180 | ||||
SL SCIENCE HOLDING LIMITED AND SUBSIDIARIES
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS)
| For the Six Months Ended June 30, | ||||||||
| 2026 | 2025 | |||||||
| Revenue | $ | 1,386,608 | $ | 1,129,238 | ||||
| Cost of revenue | (829,124 | ) | (740,172 | ) | ||||
| Gross profit | 557,484 | 389,066 | ||||||
| Operating expenses | ||||||||
| General and administrative expenses | 1,489,663 | 1,281,786 | ||||||
| Research and development expenses | 1,229,998 | 268,451 | ||||||
| Research and development expenses – related party | - | 448,571 | ||||||
| Total operating expenses | 2,719,661 | 1,998,808 | ||||||
| Loss from operations | (2,162,177 | ) | (1,609,742 | ) | ||||
| Other income (expenses) | ||||||||
| Other (expenses) income, net | (7,549 | ) | (21,358 | ) | ||||
| Interest income | 7,521 | 29,007 | ||||||
| Total other income (expenses), net | (28 | ) | 7,649 | |||||
| Loss before income tax | (2,162,205 | ) | (1,602,093 | ) | ||||
| Income tax credit (expense) | - | 4 | ||||||
| Net loss | $ | (2,162,205 | ) | $ | (1,602,089 | ) | ||
| Other comprehensive loss, net of tax: | ||||||||
| Change in cumulative foreign currency translation | (15,673 | ) | 469,815 | |||||
| Comprehensive loss | $ | (2,177,878 | ) | $ | (1,132,274 | ) | ||
| Basic net (loss) income per share* | (0.00 | ) | (0.00 | ) | ||||
| Basic weighted average number of shares outstanding* | 557,215,664 | 556,800,001 | ||||||
| Diluted net (loss) income per share* | (0.00 | ) | (0.00 | ) | ||||
| Diluted weighted average number of shares outstanding* | 557,215,664 | 556,800,001 | ||||||
SL SCIENCE HOLDING LIMITED AND SUBSIDIARIES
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025
| For the Six Months | ||||||||||||
| Ended June 30, | ||||||||||||
| Note | 2026 | 2025 | ||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||
| Net loss | $ | (2,162,205 | ) | $ | (1,602,089 | ) | ||||||
| Adjustments to reconcile net loss to net cash used in operating activities | ||||||||||||
| Depreciation expenses | 5 | 84,838 | 5,937 | |||||||||
| Lease expenses | 6 | — | 76,627 | |||||||||
| Changes in operating assets and liabilities | ||||||||||||
| Inventories | (73,267 | ) | 650,498 | |||||||||
| Prepaid expenses and other current assets | 175,773 | 195,674 | ||||||||||
| Accrued expenses and other liabilities | (117,022 | ) | 167,346 | |||||||||
| Deferred tax liabilities | — | (4,390 | ) | |||||||||
| Amount due to an affiliate | — | 444,477 | ||||||||||
| Operating lease liabilities | (396 | ) | (68,237 | ) | ||||||||
| Tax refund | 597 | — | ||||||||||
| Net cash (used in) operating activities | (2,091,682 | ) | (134,157 | ) | ||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||
| Acquisition of plant and equipment | 5 | — | (317,676 | ) | ||||||||
| Net cash (used in) investing activities | — | (317,676 | ) | |||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||
| Proceeds from Director | 1,600,000 | — | ||||||||||
| Proceeds from reverse recapitalization | 155,574 | — | ||||||||||
| Proceeds from PIPE units | 7,800,000 | — | ||||||||||
| Payment of offering cost related to reverse recapitalization | (404,273 | ) | (614,373 | ) | ||||||||
| Net cash provided by (used in) financing activities | 9,151,301 | (614,373 | ) | |||||||||
| Effect of change in exchange rate | (11,543 | ) | 473,972 | |||||||||
| NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS | 7,048,076 | (592,234 | ) | |||||||||
| Cash and cash equivalents, beginning of year | 1,258,616 | 4,137,526 | ||||||||||
| Cash and cash equivalents, end of year | $ | 8,306,692 | $ | 3,545,292 | ||||||||
| SUPPLEMENTAL CASH FLOW INFORMATION: | ||||||||||||
| Income taxes paid | $ | — | $ | — | ||||||||
| Interest paid | $ | — | $ | — | ||||||||
| SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTMENT AND FINANCIAL ACTIVITIES INFORMATION: | ||||||||||||
| Addition to operating lease right-of-use assets and lease liabilities | $ | — | $ | 344,702 | ||||||||
| Reclassification of deferred offering costs to additional paid-in capital upon business combination | $ | 1,333,410 | $ | — | ||||||||
| Assets acquired from reverse recapitalization | $ | 242,501 | $ | — | ||||||||
| Liabilities assumed from reverse recapitalization (settled by working capital loan) | $ | 1,001,134 | $ | — | ||||||||
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were SLBT's revenue and net loss for the first half of 2026?
SL Science Holding reported revenue of approximately $1.39 million and a net loss of approximately $2.16 million for the six months ended June 30, 2026. Revenue increased 23% year over year, while net loss widened from approximately $1.60 million. The results are unaudited.
How much cash did SLBT have at June 30, 2026?
SL Science Holding had approximately $8.31 million in cash and cash equivalents at June 30, 2026, compared with approximately $1.26 million at December 31, 2025. First-half financing activities generated approximately $9.15 million, while operating activities used approximately $2.09 million.
What payments are associated with SLBT's cell therapy licenses?
The CD-19 Armed-T license involved an initial $277,200 payment and up to NTD 133 million (~$4.10 million) in milestone payments. Under its GDT licensing agreement, SL Science previously paid $1.0 million for initial research and development and recognized $825,000 in first-half 2026 expenses after HeXun Biosciences completed preparation and documentation milestones.