YD Bio Limited Reports Full Year 2025 Financial Results
Rhea-AI Summary
YD Bio (Nasdaq: YDES) reported full-year 2025 results: net revenue $596.8K (+17%), gross profit $167.4K, and a net loss $8.31M. Cash and cash equivalents were $6.0M at year-end after an equity raise. The company advanced therapeutics (DMFs filed) and diagnostics (OkaiDx™ validation, EG Telehealth launch).
Management highlighted a completed SPAC business combination, PIPE financing, R&D investment, planned 2026 IND submissions, and ongoing M&A activity.
AI-generated analysis. Not financial advice.
Positive
- Net revenue +17% to $596,817 for FY2025
- Year-end cash $6.0M after $13.9M equity raise
- DMFs filed with FDA for LSC and derived exosomes
- Launched EG Telehealth platform across 44 U.S. jurisdictions
- Progress on OkaiDx™ pancreatic program toward FDA Q-Submission
Negative
- Net loss widened to $8.31M in FY2025 from $1.41M in FY2024
- Operating expenses rose to $5.4M, driven by G&A, R&D, and staff costs
- Gross margin pressured by sales mix shift to lower-margin drugs
- Deferred offering costs $3.2M and increased professional fees reduced cash
News Market Reaction – YDES
On the day this news was published, YDES declined 5.88%, reflecting a notable negative market reaction. This price movement removed approximately $21M from the company's valuation, bringing the market cap to $338.50M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
While YDES was marginally lower (-0.2%) on very light volume, sector peers like ABCL, BHVN, JANX and PHVS showed gains of roughly 1–7%, and SNDX appeared in momentum scans to the downside. This points to stock-specific dynamics rather than a broad biotech move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Sep 30 | Half-year results | Negative | -8.0% | H1 2025 revenue decline and higher expenses drove a larger net loss. |
Past earnings news for YDES coincided with a clearly negative share-price reaction.
Recent history shows YDES using capital markets and M&A to build an integrated oncology and diagnostics platform. A prior earnings release on Sep 30, 2025 highlighted revenue pressure and rising operating expenses, leading to a net loss and a -7.96% one-day move. Since then, the company has advanced telehealth, AI-driven diagnostics, and cell-therapy acquisitions. Today’s full-year 2025 results extend that narrative: higher revenues but significantly higher expenses and net loss.
Historical Comparison
In the past, YDES’s earnings update on Sep 30, 2025 led to a -7.96% move as investors reacted to revenue pressure and higher expenses. The current full-year 2025 release again mixes revenue growth with substantially higher operating costs and net loss, fitting a pattern where financial headwinds around earnings have drawn negative market responses.
Earnings have progressed from H1 2025 revenue decline and rising costs to FY 2025 showing 17% revenue growth but a sharply higher net loss and operating expenses, alongside expanded R&D and strategic investments in diagnostics, telehealth, and cell-therapy platforms.
Market Pulse Summary
The stock moved -5.9% in the session following this news. A negative reaction despite revenue growth fits the pattern seen in prior earnings, where the last such update coincided with a -7.96% move. Full-year 2025 results combined a 17% revenue increase with a significantly wider net loss of $8.3 million and operating expenses of about $5.4 million. Persistent losses, higher costs, and existing warrant overhang disclosed in recent prospectus filings could all reinforce downside pressure if investors focus on dilution risk and the path to profitability.
Key Terms
chemistry, manufacturing, and controls (CMC) regulatory
drug master files (DMFs) regulatory
u.s. food and drug administration (fda) regulatory
investigational new drug (ind) regulatory
q-submission regulatory
breakthrough device regulatory
clia- and cap-certified regulatory
limbal stem cell medical
AI-generated analysis. Not financial advice.
TAIPEI, Taiwan, April 30, 2026 (GLOBE NEWSWIRE) -- YD Bio Limited (“YD Bio” or the “Company”) (Nasdaq: YDES), a biotechnology company advancing DNA methylation-based cancer detection technology and ophthalmologic innovations, today announced its financial results for the full year ended December 31, 2025.
Management Commentary
“2025 was a highly transformative and foundational year for YD Bio, characterized by the successful capitalization of our long-term strategic vision. The successful completion of our business combination with Breeze Holdings Acquisition Corp. in August 2025, alongside a
“During the past year, we consciously increased our research and development expenditures by approximately
“Looking ahead, our strategic focus for 2026 is to aggressively advance our proprietary assets from validation toward expanded regulatory and commercial execution. We have already achieved certain milestones in our therapeutics pipeline by completing comprehensive Chemistry, Manufacturing, and Controls (CMC) development and filing Drug Master Files (DMFs) with the U.S. Food and Drug Administration (FDA) for our Limbal Stem Cell (LSC) platform and derived exosome products. This paves the way for us to submit Investigational New Drug (IND) applications to the FDA for both Dry Eye Disease and Age-Related Macular Degeneration in 2026. Concurrently, we are advancing our OkaiDx™ Pancreatic Cancer Early Detection Program toward an FDA Q-Submission to discuss potential Breakthrough Device eligibility and building upon our EG Telehealth Platform, which was recently launched in March 2026 to support diagnostic service delivery across the United States.”
“Finally, our vision to become an integrated, multi-vertical healthcare platform is being aggressively pursued through strategic M&A activity. For example, the previously announced merger with EG BioMed aims to seamlessly integrate DNA methylation-driven artificial intelligence platforms into our oncology programs,” said Dr. Shen.
YD Bio's Full Year 2025 Financial Results
Through the Company’s combined diagnostics platform, clinical service infrastructure, and healthcare commercialization capabilities, YD Bio seeks to develop a scalable operating model designed to support growth across multiple regulated healthcare segments. The following table presents selected summarized financial information taken from YD Bio’s consolidated statements of operations for the year 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 | $ | 597 | 510 | 17 | % | ||
| Cost of Revenue | (429 | ) | (355 | ) | 21 | % | |
| Gross Profit | 168 | 155 | 8 | % | |||
| General and Administrative Expenses | 3,663 | 1,125 | 226 | % | |||
| Selling and Marketing Expenses | 171 | 2 | 8,450 | % | |||
| Research and Development Expenses | 1,602 | 491 | 226 | % | |||
| Impairment of expected credit loss | 3 | (1 | ) | 400 | % | ||
| Total Operating Expenses | 5,439 | 1,617 | 236 | % | |||
| Loss from Operations | (5,271 | ) | (1,462 | ) | 261 | % | |
| Net Loss | (8,310 | ) | (1,412 | ) | 489 | % | |
Net Revenue
Net revenue increased by
Top five individual products by revenue for the year ended December 31, 2025:
| Product | Revenue | |
| Keytruda Injection (Drugs) | $ | 133,138 |
| HQ Revitalizing and Renewing Tencel Mask (Beauty Products) | 36,749 | |
| Exolens Hioxifilcon (Contact lenses) | 35,000 | |
| Mounjaro Pen (Drugs) | 22,025 | |
| 12-Lead Electrocardiograph (Medical and related products) | 20,416 | |
| Subtotal | $ | 247,328 |
Top five individual products by revenue for the year ended December 31, 2024:
| Product | Revenue | |
| PVA Eye Cleansing Wipes (Medical and related products) | $ | 97,512 |
| Keytruda injection (Drugs) | 84,540 | |
| Immune Defense Proteins (Nutritional products) | 33,613 | |
| Fluorescence Cell Counter and Viability Analyzer (Medical and related products) | 23,177 | |
| Faslodex solution for injection (Drugs) | 21,127 | |
| Subtotal | $ | 259,969 |
Cost of Revenue
Cost of revenue increased by
Gross Profit
Gross profit increased by
Operating Expenses
For the year ended December 31, 2025, the Company’s total operating expenses were approximately
Net Loss
As a result of the foregoing, net loss for the year ended December 31, 2025 was
Cash and Cash Equivalents
As of December 31, 2025, YD Bio’s cash was
YD Bio Major Developments and 2026 Outlook
Therapeutics and Limbal Stem Cell Platform
- Completed comprehensive Chemistry, Manufacturing, and Controls development for the Limbal Stem Cell platform and its derived exosome products.
- Filed Drug Master Files with the FDA for both Limbal Stem Cells and derived exosomes.
- Planning to establish a clinical-grade Limbal Stem Cell bank and submit an Investigational New Drug application for Dry Eye Disease in 2026.
- Expecting to complete preclinical, efficacy, and toxicity studies for Age-Related Macular Degeneration, followed by an Investigational New Drug submission in 2026.
Diagnostics and Telehealth
- Operating the online EG Telehealth Platform offering CLIA- and CAP-certified laboratory services across 44 U.S. states, Washington D.C., and Guam.
- Advancing the OkaiDx™ Pancreatic Cancer Early Detection Program through a clinical validation pathway aligned with the FDA.
- Aiming to complete patient enrollment, data cleaning, quality control, and preliminary statistical analysis for the OkaiDx™ program in 2026.
- Planning a Q-Submission to the FDA to discuss potential Breakthrough Device eligibility for the pancreatic cancer program.
Strategic Expansions and Acquisitions
- Announced a non-binding Memorandum of Understanding on January 6, 2026, to merge with EG BioMed.
- Announced a binding Letter of Intent on January 20, 2026, to acquire Safe Save Medical Cell Sciences & Technology Co., Ltd.
- Announced a Master Strategic Alliance Agreement by and between YD Bio USA, Inc. and YC Biotech Co., Ltd. On February 25, 2026.
About YD Bio Limited
YD Bio is a U.S.-anchored public biotechnology company building an integrated healthcare platform across regulated diagnostics, clinical services, and commercial healthcare markets. The Company operates DNA methylation–based oncology testing programs in the United States under an LDT-first strategy and provides compliant life science distribution and clinical trial supply chain services to pharmaceutical and biotechnology partners. In addition, the Company maintains regulated ocular health commercialization operations and a consumer health distribution platform in Asia. Through strategic partnerships and scalable execution capabilities, the Company aims to advance biomedical innovation with real-world clinical and commercial impact. For more information, visit ir.ydesgroup.com and follow the Company on Facebook, X, Threads, Instagram and LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements, including, among others, statements about the Company’s strategy, ongoing transactions, and expected commercialization and regulatory timelines. Forward-looking statements are based on current expectations, estimates, forecasts, and projections and are not guarantees of future performance. Investors can identify these forward-looking statements by words or phrases such as “aim,” “target,” “approximates,” “believes,” “designed to,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. Actual results may differ materially due to a variety of factors, including regulatory decisions and feedback, the ability to consummate certain transactions and achieve their anticipated benefits, and other risks and uncertainties described in YD Bio’s filings with the U.S. Securities and Exchange Commission (the “SEC”). The Company undertakes no obligation to update any forward-looking statements, except as required by law. The Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s Annual Report on Form 20-F, registration statement and other filings with the SEC.
For investor and media inquiries, please contact:
YD Bio Limited
Investor Relations
Email: investor@ydesgroup.com
WFS Investor Relations Inc.
Email: services@wfsir.com
Phone: +1 628 283 9214
| YD BIO LIMITED CONSOLIDATED BALANCE SHEETS | ||||||
| As of December 31, 2025 | As of December 31, 2024 | |||||
| US$ | US$ | |||||
| ASSETS | ||||||
| CURRENT ASSETS | ||||||
| Cash and cash equivalents | 6,007,615 | 3,132,298 | ||||
| Accounts receivable, net | 167,477 | 86,582 | ||||
| Other receivables from an affiliate, net | 291,540 | 16,927 | ||||
| Inventories | 1,879,542 | 37,335 | ||||
| Prepaid expenses and other current assets | 1,324,016 | 194,740 | ||||
| TOTAL CURRENT ASSETS | 9,670,190 | 3,467,882 | ||||
| Operating lease right-of-use assets, net | 8,470 | 23,698 | ||||
| Property, plant and equipment, net | 59,340 | 64,379 | ||||
| Intangible assets | 2,609,739 | 2,680,035 | ||||
| Deferred offering costs | - | 628,232 | ||||
| Prepaid expenses, non-current | 1,431,658 | - | ||||
| TOTAL ASSETS | 13,779,397 | 6,864,226 | ||||
| LIABILITIES | ||||||
| CURRENT LIABILITIES | ||||||
| Due to affiliates | 785,665 | 37,253 | ||||
| Operating lease liabilities, current | 6,764 | 16,581 | ||||
| Accounts payable | 413,290 | 26,866 | ||||
| Accrued expenses and other liabilities | 437,859 | 182,360 | ||||
| TOTAL CURRENT LIABILITIES | 1,643,578 | 263,060 | ||||
| Deferred tax liabilities | — | 1,463 | ||||
| Operating lease liabilities, non-current | — | 5,684 | ||||
| Accrued expenses and other liabilities, non-current | — | 3,773 | ||||
| Warrant Liabilities | 14,991,482 | — | ||||
| TOTAL LIABILITIES | 16,635,060 | 273,980 | ||||
| Commitments and contingencies | ||||||
| SHAREHOLDERS’ EQUITY (DEFICIT) | ||||||
| Common shares ( | 7,079 | 6,473 | ||||
| Additional paid-in capital* | 7,161,681 | 8,465,744 | ||||
| Accumulated deficits | (10,238,359 | ) | (1,927,043 | ) | ||
| Accumulated other comprehensive income | 213,936 | 45,072 | ||||
| Total shareholders’ equity (deficit) | (2,855,663 | ) | 6,590,246 | |||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT) | 13,779,397 | 6,864,226 | ||||
| YD BIO LIMITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS) | ||||||||||||
| Years ended December 31, | ||||||||||||
| 2025 | 2024 | 2023 | ||||||||||
| US$ | US$ | US$ | ||||||||||
| Revenue | 596,817 | 510,360 | 350,131 | |||||||||
| Cost of revenue | (429,407 | ) | (355,004 | ) | (196,686 | ) | ||||||
| Gross profit | 167,410 | 155,356 | 153,445 | |||||||||
| Operating expenses | ||||||||||||
| General and administrative expenses | 3,663,141 | 1,124,469 | 153,069 | |||||||||
| Selling and marketing expenses | 170,523 | 1,957 | 7,492 | |||||||||
| Research and development expenses | 1,602,064 | 491,353 | — | |||||||||
| Impairment (Recovery) of expected credit loss | 3,403 | (493 | ) | 2,731 | ||||||||
| Total operating expenses | 5,439,131 | 1,617,286 | 163,292 | |||||||||
| Loss from operations | (5,271,721 | ) | (1,461,930 | ) | (9,847 | ) | ||||||
| Other income (expense) | ||||||||||||
| Other income, net | 46,803 | 64,415 | 29,351 | |||||||||
| Interest income | 80,162 | 11,808 | 290 | |||||||||
| Interest expenses | — | (772 | ) | (2,144 | ) | |||||||
| Change in fair value of warrant liabilities | (3,168,091 | ) | — | — | ||||||||
| Total other income (expense), net | (3,041,126 | ) | 75,451 | 27,497 | ||||||||
| (Loss) Income before income tax | (8,312,847 | ) | (1,386,479 | ) | 17,650 | |||||||
| Income tax | 1,531 | (25,080 | ) | (4,090 | ) | |||||||
| Net (loss) income | (8,311,316 | ) | (1,411,559 | ) | 13,560 | |||||||
| Other comprehensive (loss) income, net of tax: | ||||||||||||
| Change in foreign currency translation adjustments | 168,864 | (2,139 | ) | 99 | ||||||||
| Other Comprehensive (loss) income | (8,142,452 | ) | (1,413,698 | ) | 13,659 | |||||||
| Basic and diluted net (loss) income per share | (0.12 | ) | (0.02 | ) | 0.0002 | |||||||
| Basic and diluted weighted average number of shares outstanding | 66,719,177 | 64,730,411 | 64,730,411 | |||||||||
