SL Science (Nasdaq: SLBT) reported full-year 2025 net revenue of approximately $2.20 million, down 35% year over year, with gross profit of $0.78 million and a net loss of $3.82 million.
Cash fell to $1.26 million. The company later completed a Nasdaq listing, a $7.8 million PIPE financing, and advanced its Gamma Delta T cell and CD-19 programs toward planned IND submissions in 2027.
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Positive
Closed business combination and began trading on Nasdaq Global Market under ticker SLBT on June 12, 2026
Completed concurrent $7.8 million PIPE financing to support growth and R&D
Maintains active U.S. FDA Drug Master File 041080 for Unmodified Vδ2+ Gamma Delta T cell framework
Completed tech-transfer to FDA-compliant CDMO in July 2025, enabling GDT manufacturing scale-up
Installed closed-system alpha-beta T-cell depletion infrastructure at CDMO in February 2026
Targets Pre-IND meeting and IND submission for CD-19 Armed-T program in Q1 2027 and GDT IND filing in Q3 2027
Negative
Net revenue declined 35% to approximately $2.20 million in 2025
Gross profit fell 60% to approximately $0.78 million in 2025
Total operating expenses rose 47% to approximately $4.61 million
Net loss increased to approximately $3.82 million from $1.19 million year over year
Cash, cash equivalents and restricted cash decreased to $1.26 million from $4.14 million by year-end 2025
News Market Reaction – SLBT
-21.93%
8 alerts
-21.93%News Effect
+12.0%Peak Tracked
-4.1%Trough Tracked
-$11MValuation Impact
$37.39MMarket Cap
27.85KVolume
On the day this news was published, SLBT declined 21.93%, reflecting a significant negative market reaction.
Argus tracked a peak move of +12.0% during that session.
Argus tracked a trough of -4.1% from its starting point during tracking.
Our momentum scanner triggered 8 alerts that day, indicating moderate trading interest and price volatility.
This price movement removed approximately $11M from the company's valuation, bringing the market cap to $37.39M at that time.
The stock dropped -21.9% in the session following this news. A negative reaction despite positive pi...
Analysis
The stock dropped -21.9% in the session following this news. A negative reaction despite positive pipeline commentary fits concerns about declining revenue, a wider $3.82M net loss, and year-end $1.26M cash before the $7.8M PIPE. With no trading history around prior news, durability of such moves remains uncertain.
Key Figures
Net revenue 2025:$2.20 million (vs. $3.36 million 2024, down 35%)Net loss 2025:$3.82 million (vs. $1.19 million 2024)R&D expenses 2025:$2.07 million+5 more
8 metrics
Net revenue 2025$2.20 million (vs. $3.36 million 2024, down 35%)Full year 2025 net revenue from exosome products
Net loss 2025$3.82 million (vs. $1.19 million 2024)Full year 2025 net loss expansion
R&D expenses 2025$2.07 millionFull year 2025 research and development expenses
Cash balance 12/31/2025$1.26 million (vs. $4.14 million 12/31/2024)Restricted and unrestricted cash as of year-end 2025
PIPE financing$7.8 millionConcurrent PIPE closed with Nasdaq listing and business combination
DMF numberDrug Master File 041080Active U.S. FDA DMF for Unmodified Vδ2+ Gamma Delta T Cell technology
Pro forma cash$9.0 millionPro forma cash as of December 31, 2025 per Form 20-F
CEO beneficial ownership333,832,129 ordinary shares (≈59.53% of company)Stake held via SL Link entities disclosed in Schedule 13D
Key Terms
pipe financing, drug master file, cdmo, glp toxicology, +1 more
5 terms
pipe financingfinancial
"This milestone, combined with our concurrent $7.8 million PIPE financing, provides the enhanced financial flexibility"
Pipe financing is a way for companies to raise money quickly by selling new shares or bonds directly to investors, often before their stock is publicly traded or in the early stages of a project. It’s similar to a company securing a loan from investors, providing quick capital needed for growth or operations. For investors, it can offer opportunities for early involvement and potentially higher returns, but it may also carry increased risk due to the immediate nature of the deal.
drug master fileregulatory
"Maintains an active U.S. FDA Drug Master File (DMF Number: 041080) for its Unmodified Vδ2+ Gamma Delta T Cell technology"
A drug master file (DMF) is a confidential technical dossier submitted to regulators that describes the detailed chemistry, manufacturing and quality controls for an active drug ingredient or key component. Think of it as a supplier’s locked recipe and factory blueprint that regulators can inspect without the buyer revealing trade secrets. For investors, a DMF matters because it supports product approvals, protects supply-chain know‑how, and can speed regulatory review or signal manufacturing readiness.
cdmotechnical
"Completed manufacturing tech-transfer to an FDA-compliant CDMO in July 2025"
A contract development and manufacturing organization (CDMO) is a company that provides specialized services to help develop and produce pharmaceutical products for other businesses. Think of it as a contract factory that takes a company's recipe and makes the product on their behalf. For investors, CDMOs are important because they support the growth of pharmaceutical companies and can be key partners in bringing new medicines to market.
glp toxicologymedical
"GLP toxicology evaluations are scheduled to initiate following Q1 2027 reagent delivery"
GLP toxicology are safety studies conducted under Good Laboratory Practice, a set of quality rules that make sure experiments on a drug, chemical, or product are carried out, recorded and reported reliably. For investors, GLP toxicology is important because it provides trusted evidence about potential harms that regulators use to decide whether a product can proceed, much like audited crash tests that signal whether a product is safe enough to sell.
gamma delta t cellmedical
"vision of establishing one of the leading allogeneic Gamma Delta T cell platforms in Asia"
A gamma delta T cell is a type of white blood cell that acts like a specialized security guard in the immune system, detecting and responding to infected or damaged cells in ways that differ from the more common immune cells. Investors track them because they are targets for experimental therapies, diagnostics and biomarkers in cancer and infectious disease: advances or setbacks in this area can affect the value of biotech companies and drug pipelines.
Taipei, TAIWAN, June 18, 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 financial results for the full year ended December 31, 2025.
Management Commentary
"2025 was a highly transformative and foundational year for SL Science as we aggressively advanced our core cell therapy pipeline and executed our long-term strategic shift toward next-generation immunotherapies. Throughout the past year, we strategically prioritized our resources on high-value clinical research and development, committing over $2.07 million to expand our proprietary cell platforms. This includes advancing our off-the-shelf Gamma Delta T (GDT) cell culture platforms, which is ready-to-use treatments to target significant unmet medical needs in blood, pancreatic, and brain cancers with scalable manufacturing and reduced cost. As part of this transition, we restructured our commercial model, shifting from direct retail sales to corporate distribution channels in Asia. While this structural pivot temporarily impacted our top-line revenue, it effectively freed up operational bandwidth to drive our therapeutic programs forward," said Mr. William Wang, Chairman and Chief Executive Officer of SL Science.
“We entered 2026 with tremendous momentum, culminating in the recently announced completion of our business combination and successful listing on the Nasdaq Global Market. This milestone, combined with our concurrent $7.8 million PIPE financing, provides the enhanced financial flexibility necessary to accelerate our growth strategy. It positions us to attract top-tier global scientific talent, facilitate potential future strategic acquisitions, and firmly support our near-term clinical operating requirements.”
“Looking ahead, with the vision of establishing one of the leading allogeneic Gamma Delta T cell platforms in Asia with global commercialization potential, our focus is squarely on regulatory preparedness and preclinical execution. For our CD-19 Armed-T blood cancer program, we are actively addressing the FDA’s initial feedback by conducting additional nonclinical validation and manufacturing scale-ups, aiming for a Pre-Investigational New Drug (IND) meeting and formal IND submission in the first quarter of 2027. Concurrently, our Unmodified GDT cell platform is progressing through technical transfers to an FDA-compliant contract development and manufacturing organization (CDMO). Unlike traditional autologous therapies, our GDT cell approach is designed to create scalable, ready-to-use treatments, aiming to address the high costs and production delays currently facing the oncology market. Our ultimate vision is to establish SL Science as a global clinical leader, optimizing patient outcomes through breakthrough cellular innovations.”
SL Science's Full Year 2025 Financial Results
Through the Company’s proprietary cell expansion, bispecific antibody engineering platforms, and legacy exosome commercial operations, SL Science is building a clinically driven oncology model designed to capture expansion within the multi-billion-dollar solid tumor therapeutics market. The following table presents selected summarized financial information derived from the Company's consolidated statements of operations for the years ended December 31, 2025 and 2024.
In thousands USD, except percentage data, differences due to rounding
For the years ended December 31,
2025
2024
Variance %
Net Revenue
$
2,197
$
3,364
(35
%)
Cost of Revenue
(1,422
)
(1,431
)
(1
%)
Gross Profit
775
1,933
(60
%)
General and Administrative Expenses
2,544
1,107
130
%
Selling and Marketing Expenses
—
1
(100
%)
Research and Development Expenses
2,069
2,021
2
%
Total Operating Expenses
4,613
3,129
47
%
Loss from Operations
(3,838
)
(1,196
)
221
%
Net Loss
(3,821
)
(1,191
)
221
%
Net Revenue
Net revenue decreased by approximately $1.17 million, or 35%, to approximately $2.20 million for the year ended December 31, 2025, compared to approximately $3.36 million for the year ended December 31, 2024. The decrease was primarily driven by the planned business transformation of the Company's Taiwan operations, which transitioned from high-frequency direct individual end-users and corporate customers retail sales of exosome concentrate products toward a wholesale model with corporate distributors. This strategic shift allowed the Company to focus more on research and development programs and redeploy infrastructure to its clinical assets, resulting in lower margin from wholesales as well as a lower volume frequency during the interim adjustment period. The Company operates in three segments: Exosome products, CD-19 Armed-T products and GDT Cell Therapy products. The net revenue represented the sales of Exosome products only. There was no revenue generated and assets allocated for the CD-19 Armed-T products and GDT cell therapy products segments for the year ended December 31, 2025.
Cost of Revenue
Cost of revenue decreased slightly by approximately $0.01 million, or 1%, to approximately $1.42 million for the year ended December 31, 2025, compared to approximately $1.43 million for the year ended December 31, 2024. Cost of revenue consists primarily of product procurement for resale. The variance relative to the revenue decline reflects an increased share of lower-margin corporate wholesale volumes during the year ended December 31, 2025.
Gross Profit
Gross profit decreased by 60% to approximately $0.78 million for the year ended December 31, 2025, compared to approximately $1.93 million for the prior year period, impacted by the structural wholesale transition and product mix revisions.
Operating Expenses
Total operating expenses increased by approximately $1.48 million, or 47%, to approximately $4.61 million for the year ended December 31, 2025, compared to approximately $3.13 million for the year ended December 31, 2024. The increase was primarily driven by a 123% expansion in general and administrative expenses due to management team expansion and approximately a $1.16 million, or 529%, increase in office salaries.
Research and development expenses remained robust at approximately $2.07 million, supporting parallel asset validation for the Company’s CD-19 Armed-T products and GDT cell therapy products during the year ended December 31, 2025.
Net Loss
Net loss for the year ended December 31, 2025 was approximately $3.82 million, compared to a net loss of approximately $1.19 million for the year ended December 31, 2024, resulting from the combination of adjusted wholesale revenues and expanded administrative infrastructure costs.
Cash, Cash Equivalents and Restricted Cash
As of December 31, 2025, SL Science's restricted and unrestricted cash balances stood at approximately $1.26 million compared to approximately $4.14 million as of December 31, 2024. The change was driven primarily by approximately $1.91 million utilized in operating activities and approximately $0.88 million in deferred offering costs related to the public listing process.
SL Science Major Developments and Outlook
Gamma Delta T Cell (GDT) Innovation Platform
DMF Status: Maintains an active U.S. FDA Drug Master File (DMF Number: 041080) for its Unmodified Vδ2+ Gamma Delta T Cell technology framework, which supports future regulatory interactions.
CDMO Scale-Up: Completed manufacturing tech-transfer to an FDA-compliant CDMO in July 2025, followed by successful installation of a closed-system alpha-beta T-cell depletion infrastructure in February 2026.
Preclinical Status: Submitted import review documentation to the Taiwan FDA (TFDA) in May 2026 for clinical-grade manufacturing reagents. GLP toxicology evaluations are scheduled to initiate following Q1 2027 reagent delivery, supporting a targeted IND filing in Q3 2027.
Recent Corporate Milestones
Nasdaq Listing & Business Combination: On June 12, 2026, the Company successfully closed its business combination with Horizon Space Acquisition II Corp. SL Science's ordinary shares subsequently commenced trading on the Nasdaq Global Market under the ticker symbol “SLBT.”
Capital Formation: Concurrently closed a $7.8 million PIPE financing alongside the business combination to accelerate its growth strategy and fund ongoing clinical research and development initiatives.
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 proprietary technologies such as Gamma Delta T cells targeting solid tumor indications including pancreatic and brain cancers, SL Science aims to create cellular therapies that we believe have the potential to revolutionize 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/.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the completed business combination and 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. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: the ability of the combined company to successfully implement its business plans and clinical trials; the ability to obtain and maintain necessary regulatory approvals for its product candidates; the potential for its regenerative medicine products to reach commercialization; and the ability to recognize the anticipated benefits of the business combination. The combined company assumes no obligation to update these forward-looking statements, except as required by applicable law.
How did SL Science (NASDAQ: SLBT) perform financially for full year 2025?
SL Science reported 2025 net revenue of about $2.20 million and a net loss of about $3.82 million, according to SL Science. Revenue declined 35% year over year, while gross profit fell 60% to roughly $0.78 million, reflecting the shift toward wholesale distribution.
Why did SL Science’s 2025 revenue decline compared with 2024?
SL Science’s 2025 net revenue fell 35% to approximately $2.20 million, according to SL Science. The company attributes the decline to its planned transition in Taiwan from high-frequency direct retail exosome sales to lower-margin wholesale distribution, which reduced volume during the interim adjustment period.
What were SL Science’s 2025 operating expenses and net loss?
SL Science reported 2025 total operating expenses of about $4.61 million and a net loss of roughly $3.82 million, according to SL Science. Operating expenses increased 47% year over year, driven mainly by higher general and administrative costs and sustained research and development spending.
How much cash did SL Science have at the end of 2025?
SL Science ended 2025 with approximately $1.26 million in cash, cash equivalents and restricted cash, according to SL Science. This compared with about $4.14 million a year earlier, reflecting roughly $1.91 million used in operations and $0.88 million in deferred offering costs.
What recent capital raising and Nasdaq listing milestones has SL Science (SLBT) achieved?
On June 12, 2026 SL Science closed a business combination and began trading on Nasdaq as SLBT, according to SL Science. Concurrently, the company completed a $7.8 million PIPE financing intended to support its growth strategy and ongoing clinical research and development programs.
What is SL Science’s Gamma Delta T cell platform and regulatory timeline?
SL Science maintains an active FDA Drug Master File for its Unmodified Vδ2+ Gamma Delta T cell technology, according to SL Science. Tech-transfer to an FDA-compliant CDMO is completed, with GLP toxicology planned after Q1 2027 reagent delivery and a targeted IND filing in Q3 2027.
When does SL Science plan IND submissions for its CD-19 Armed-T cancer program?
SL Science is addressing initial FDA feedback on its CD-19 Armed-T program and aims for a Pre-IND meeting and formal IND submission in Q1 2027, according to SL Science. The work includes additional nonclinical validation and manufacturing scale-up activities to support regulatory readiness.
