Rising R&D loss as CytoMed (NASDAQ: GDTC) advances γδ T cell therapies

Rhea-AI Filing Summary

CytoMed Therapeutics reported full-year 2025 revenue and other operating income of US$780,857, up from US$663,786 in 2024, but its audited net loss widened to US$3.11 million from US$1.96 million. Excluding non-cash share-based payments and NASDAQ listing-related costs, the loss would have been US$2.12 million.

Cash and bank balances fell to US$1.63 million as of December 31, 2025, from US$3.87 million a year earlier. Research expenses rose to US$1.72 million, driven by higher consumables, employee benefits and clinical trial spending. Employee benefits expanded to US$723,667, reflecting the first post-IPO share awards.

The company highlighted progress in its allogeneic gamma delta T cell programs. Its ANGELICA CAR-T Phase I trial in Singapore has treated six patients and is moving to the highest dose level, with completion targeted this year. CytoMed also signed an MOU for a Phase I trial in Malaysia using unmodified γδ T cells, co-authored preclinical AML research with MD Anderson Cancer Center, and acquired Malaysian cord blood banking assets to support future cell-based therapies.

Key Figures

2025 revenue and other operating income: US$780,857 2025 audited net loss: US$3.11 million Adjusted 2025 loss (excluding specific costs): US$2.12 million +5 more

8 metrics

2025 revenue and other operating income US$780,857 Full-year 2025 vs US$663,786 in 2024

2025 audited net loss US$3.11 million Full-year 2025 vs US$1.96 million in 2024

Adjusted 2025 loss (excluding specific costs) US$2.12 million Excludes US$539,855 share-based and US$452,092 listing costs

Cash and bank balances US$1.63 million As of December 31, 2025 vs US$3.87 million in 2024

Research expenses 2025 US$1.72 million Year ended December 31, 2025 vs US$1.48 million in 2024

Employee benefits expenses 2025 US$723,667 Includes US$240,491 non-cash share awards; 2024 was US$481,629

Other expenses 2025 US$1.30 million Full-year 2025 vs US$776,152 in 2024

Borrowings for production properties US$318,456 Funding five properties across Singapore and Malaysia as of December 31, 2025

Key Terms

non-cash share-based payment expenses, Investigational New Drug, Phase I clinical trial, allogeneic unmodified Gamma Delta (γδ) T cells, +2 more

6 terms

non-cash share-based payment expenses financial

"Excluding non-cash share-based payment expenses of US$539,855 and costs associated..."

Investigational New Drug regulatory

"our first-in-human ANGELICA CAR-T Phase I Investigational New Drug clinical trial in Singapore..."

An investigational new drug is a medication that is still being tested in clinical trials to determine if it is safe and effective for treating a specific condition. For investors, it represents a potential breakthrough that could lead to a new treatment and significant financial gains if successful, but also carries risks since it has not yet been approved for widespread use.

Phase I clinical trial medical

"a multi-site, first-in-human Phase I clinical trial to investigate the safety and efficacy..."

A phase I clinical trial is the first stage of testing a new drug or medical treatment in humans, typically involving a small group to evaluate safety, side effects, and appropriate dosing. For investors, it’s the initial proof point that a therapy can be tolerated and behaves as expected in people — like a first test drive — and its results strongly influence whether a development program advances, the timeline, and the investment risk.

allogeneic unmodified Gamma Delta (γδ) T cells medical

"to investigate the safety and efficacy of CytoMed’s patented allogeneic unmodified Gamma Delta (γδ) T cells (CTM-GDT)..."

CAR T cell clinical trial medical

"ongoing first-in-human ANGELICA Phase I chimeric antigen receptor T (CAR T) cell clinical trial..."

Clinical Trial Grant Industry Collaborative Trials scheme regulatory

"co-funding support for the ANGELICA Trial from the Ministry of Health Singapore through the NMRC Clinical Trial Grant Industry Collaborative Trials scheme..."

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Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2026

Commission File Number: 001-41677

CytoMed Therapeutics Limited

(Exact name of registrant as specified in its charter)

1 Commonwealth Lane

#08-22

Singapore 149544

(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

On March 31, 2026, the Company announced its full-year ended December 31, 2025 financial results and provided clinical and corporate updates.

Total revenue and other operating income amounted to US$780,857 in 2025 compared to US$663,786 in 2024. Cash and bank balances amounted to US$1.63 million as of December 31, 2025.

Financial Results for the full-year ended December 31, 2025

Net Loss: Excluding non-cash share-based payment expenses of US$539,855 and costs associated with being a public listed company on the NASDAQ Capital Market of US$452,092, our loss for the financial year ended December 31, 2025 would have been reduced to US$2.12 million. Including these costs, the audited net loss was US$3.11 million, compared to the net loss of US$1.96 million in 2024.

Cash and Bank Balances: As of December 31, 2025, the Company reported cash and bank balances of US$1.63 million, compared to US$3.87 million as of December 31, 2024. The Company owned a total of 5 properties across Singapore and Malaysia for production purposes funded with borrowings amounting to US$318,456 as of December 31, 2025. As of December 31, 2025, there was no new warrant issue other than those underwriter’s warrants in relation to our initial public offering (“IPO”).

Research Expenses: The Company’s research expenses were US$1.72 million for the financial year ended December 31, 2025, compared to US$1.48 million in 2024. The increase of US$239,502 was mainly attributable by higher consumable expenses, increased employee benefits and higher clinical trial expenses. This increase was partially offset by lower depreciation expenses and reduced professional fees. The rise in clinical trial costs was moderated by co-funding support for the ANGELICA Trial from the Ministry of Health Singapore through the NMRC Clinical Trial Grant Industry Collaborative Trials scheme (MOH-001646).

Employee Benefits Expenses: The Company’s employee benefits expenses were US$723,667 for the financial year ended December 31, 2025, compared to US$481,629 in 2024, mainly driven by the non-cash share-based compensation of US$240,491 to certain employees in recognition of the contributions made to the development and growth of the Group’s business. This was the first share award issued since the Company’s IPO in April 2023.

Other Expenses: The Company’s other expenses were US$1.30 million for the financial year ended December 31, 2025, compared to US$776,152 in 2024. This increase was mainly due to higher investor relations expenses and the recognition of non-cash share-based payment expenses in 2025. This increase was partially offset by the absence of company insurance expenses in 2025 and lower professional fees.

We will need to navigate 2026 with caution, given the heightened volatility in global economic conditions. At this time, we do not currently expect any significant impact from tariffs and Middle East conflict for now.

Clinical and Corporate Updates

We remained focused on our mission to develop affordable anti-cancer cell therapies based on our allogeneic off-the-shelf Gamma Delta T cell proprietary technology platform. In this respect, our first-in-human ANGELICA CAR-T Phase I Investigational New Drug clinical trial in Singapore with the National University Hospital has proceeded with patients at dose level 2 and soon escalating to the final dose level 3. We target to complete this phase 1 trial by this year.

As announced on December 8, 2025, CytoMed has entered into a Memorandum of Understanding with Universiti Malaya (“UM”) to establish a multi-site, first-in-human Phase I clinical trial to investigate the safety and efficacy of CytoMed’s patented allogeneic unmodified Gamma Delta (γδ) T cells (CTM-GDT) (without genetically modifying the cells to express any receptor) for no-option cancer patients in Malaysia. We target to submit an Investigational New Drug application to the Malaysian authorities before June this year. This initiative complements CytoMed’s ongoing first-in-human ANGELICA Phase I chimeric antigen receptor T (CAR T) cell clinical trial at National University Hospital Singapore, which uses γδ T cells modified to express a CAR (CTM-N2D) targeting various cancer types, including advanced colorectal cancer, lymphoma, multiple myeloma, lung cancer, ovarian cancer, hepatocellular carcinoma. To date, six patients had been treated at two dosage levels in Singapore.

Unmodified gamma delta T cells have been demonstrated in international clinical trials to have potential to kill cancer cells including brain cancers. CytoMed is co-author in a recent September/ October 2025 publication of a preclinical study, in a research article entitled “Donor-Derived Vγ9Vδ2 T Cells for Acute Myeloid Leukemia: A Promising “off-the-shelf” Immunotherapy Approach”. The study results from this collaborative research with The University of Texas, MD Anderson Cancer Center (MDACC), are suggesting the great potential of CytoMed’s allogeneic γδ T cell therapy (CTM-GDT) for treating acute myeloid leukemia (AML). This collaboration with MDACC is under a previously announced research agreement in May 2023. The research article is now publicly and freely online at Donor-Derived Vγ9Vδ2 T Cells for Acute Myeloid Leukemia: A Promising “Off-the-Shelf” Immunotherapy Approach.

Through its subsidiary, LongevityBank Pte. Ltd., the Company has acquired certain assets of a Malaysian cord blood bank, including a private blood bank licence issued by the Ministry of Health Malaysia, which is held by its subsidiary, IPSC Depository Sdn. Bhd., for the provision of umbilical cord blood stem cell banking services.

IPSC Depository focuses on cord blood-derived therapeutics and immune cell-based therapies, including natural killer (NK) cells, with potential applications in anti-tumour and anti-aging treatments. We are currently in the process of setting up an ISO-standard laboratory to further enhance its capabilities.

In addition, the Company has made an equity investment in a Malaysian entity providing general medical clinic services.

The Company believes it has sufficient internal resources to continue funding its operations, supported by its low-cost infrastructure in Southeast Asia and sales of research products. We are actively exploring opportunities with sustainable benefits as we explore with long-term strategic partners including synergistic biotechnology companies and hospitals which can strengthen the business and income potential.

A copy of the Form 20-F is furnished as Exhibit 99.1 to this report on Form 6-K.

Exhibit

Exhibit No.		Description
99.1		Form 20-F

SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	CytoMed Therapeutics Limited
	By:	/s/ CHOO Chee Kong
	Name:	CHOO Chee Kong
Date: March 31, 2026	Title:	Director and Chairman

FAQ

How did CytoMed Therapeutics (GDTC) perform financially in 2025?

CytoMed generated US$780,857 of revenue and other operating income in 2025, up from US$663,786 in 2024. Its audited net loss widened to US$3.11 million from US$1.96 million as research, employee and other operating expenses increased alongside public company costs.

What is CytoMed Therapeutics’ cash position as of December 31, 2025?

CytoMed reported cash and bank balances of US$1.63 million at December 31, 2025, down from US$3.87 million a year earlier. The company also owns five production properties in Singapore and Malaysia funded with borrowings totaling US$318,456 as of the same date.

How much did CytoMed Therapeutics spend on research in 2025?

Research expenses were US$1.72 million for 2025, compared with US$1.48 million in 2024. The increase of US$239,502 mainly reflected higher consumable usage, increased employee benefits and higher clinical trial costs, partially offset by lower depreciation and reduced professional fees.

What clinical progress did CytoMed Therapeutics report for its ANGELICA CAR-T trial?

The ANGELICA CAR-T Phase I trial in Singapore has treated six patients across two dose levels and is progressing toward the final dose level three. CytoMed targets completing this Phase I study within 2026, focusing on multiple advanced cancers using its allogeneic γδ T cell platform.

What is CytoMed Therapeutics planning in Malaysia for its γδ T cell therapy?

CytoMed signed a Memorandum of Understanding with Universiti Malaya for a multi-site, first-in-human Phase I trial in Malaysia using patented unmodified γδ T cells (CTM-GDT). It targets submitting an Investigational New Drug application to Malaysian authorities before June 2026 for no-option cancer patients.

What strategic assets did CytoMed Therapeutics acquire in cord blood banking?

Through subsidiary LongevityBank Pte. Ltd., CytoMed acquired assets of a Malaysian cord blood bank, including a private blood bank licence held by IPSC Depository Sdn. Bhd. The unit focuses on cord blood-derived therapeutics and immune cell-based therapies, such as NK cells, for anti-tumour and anti-aging applications.

How is CytoMed Therapeutics using share-based compensation in 2025?

CytoMed recorded non-cash share-based payment expenses of US$539,855 in 2025, including US$240,491 granted to certain employees. This marked the first share award since its April 2023 IPO and contributed to higher employee benefits and other operating expenses during the year.