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Burzynski Research Institute, Inc. reported another loss-making quarter as it continues operating as a pure research and development company with no significant revenue. For the three months ended November 30, 2025, the company recorded a net loss of about $329,000, and for the nine months year-to-date the net loss was about $994,000, slightly better than the prior year mainly due to lower research and development and administrative costs.
The balance sheet remains very weak, with cash of $2,165, a working capital deficit of $67,343 and an accumulated deficit of $130.5 million as of November 30, 2025. Operations are funded entirely by related-party support from Dr. S.R. Burzynski, who contributed $968,474 in cash and directly paid FDA clinical trial expenses during the first nine months of the fiscal year. Management states that these conditions raise substantial doubt about the company’s ability to continue as a going concern.
The business centers on Antineoplaston cancer drugs, but the key investigational new drug application IND 43742 is under full clinical hold, preventing enrollment of new patients until the FDA lifts the hold. The company holds an exclusive license to several U.S. patents from Dr. Burzynski, but it cannot exploit these rights unless Antineoplastons are approved by the FDA, and there is no assurance such approval will be granted.
Burzynski Research Institute (BZYR) filed its Q2 2025 10‑Q, showing continued operating losses and heavy reliance on related‑party funding. The company reported a net loss of $333,867 for the quarter and $665,318 for the six months ended August 31, 2025. R&D expense was $255,117 and G&A was $78,750 for the quarter.
Liquidity remains strained: cash was $931, current liabilities were $70,902, and stockholders’ equity (deficit) was $(69,571) as of August 31, 2025. Additional paid‑in capital rose to $129,940,711, reflecting contributions and clinical trial costs paid directly by Dr. S.R. Burzynski during the period. Shares outstanding were 131,448,444 as of October 14, 2025.
The company’s IND 43742 is under a full clinical hold, and management discloses substantial doubt about the ability to continue as a going concern within one year. Operations and clinical activities are funded under a Research Funding Agreement with Dr. Burzynski; the 10‑Q notes the company may need additional capital even with ongoing related‑party support.
Burzynski Research Institute, Inc. filed an amended current report to update investors on a change in its independent auditors. The company’s prior auditor, Pannell Kerr Forster of Texas, P.C. resigned effective July 21, 2025 after being acquired by another accounting firm, and there were no disagreements or reportable events on accounting or auditing matters for the past two fiscal years and interim period.
The board of directors approved the engagement of M&K CPA’s PLLC as the new independent registered public accounting firm for the fiscal year ending February 28, 2026. The company states it did not previously consult M&K on accounting principles, audit opinions, disagreements, or reportable events before this appointment.