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NovelStem International Corp. reported a Q1 2026 net loss of about $55,000, a significant improvement from roughly $207,000 a year earlier, as general and administrative costs fell sharply. Cash increased to $89,850 at March 31, 2026, mainly from a private sale of 2,450,980 shares for $250,000.
Despite this, the company remains highly leveraged, with current liabilities of about $2.05M and a shareholders’ deficit of roughly $1.95M, alongside an accumulated deficit near $294M. Management again states there is substantial doubt about its ability to continue as a going concern, and it depends on new financing and potential monetization of NewStem-related license rights, from which it may receive up to $3.75M.
The business is now essentially a development-stage holding company focused on those licensing rights after NewStem’s liquidation and the sale of its NetCo joint venture interest, which was used in 2025 to settle a large litigation funding liability. Material weaknesses in internal controls, particularly limited segregation of duties, remain unresolved.
NovelStem International Corp. turned a 2025 profit largely through balance-sheet transactions while its operating base shrank dramatically. The company reported net income of about $2.38M for 2025, reversing a prior-year loss, mainly from a $1.17M gain on the sale of its NetCo stake and $1.70M of debt relief income.
NovelStem sold its 50% interest in the Net Force publishing joint venture in May 2025 for $1.3M, which was paid directly to settle a litigation funding liability of roughly $2.96M. Its core biotech affiliate, NewStem, ceased operations in 2024 and was liquidated in October 2025, with the underlying license reverting to Yissum. NovelStem now mainly holds rights to up to $3.75M of potential future license proceeds from that technology.
The business has minimal cash of $333 against current liabilities of about $2.16M, relies on insider and third‑party debt that was extended to mid‑2026, and has no employees, using consultants instead. Auditors highlighted substantial doubt about the company’s ability to continue as a going concern, and management disclosed material weaknesses in internal controls.
NovelStem International Corp. filed its Q3 2025 report, showing a swing to profitability driven by non-operating items and significant liability reduction. For the nine months ended September 30, 2025, the company reported net income of $2,469,177 versus a loss a year ago, primarily from relief of indebtedness income of $1,697,024 and a $1,171,760 gain on disposal of its 50% interest in NetCo, which was used to settle a litigation funding liability.
Operating activity remains minimal: administrative fee income was zero and G&A fell to $198,007 from $893,887. Liquidity is tight with cash of $627 and current liabilities of $2,067,209 at September 30, 2025, though these liabilities declined from $5,304,486 after the NetCo transaction. The company disclosed substantial doubt about its ability to continue as a going concern and is pursuing fundraising and potential monetization of former NewStem licenses (up to $3,750,000). It also reported material weaknesses in internal control. Common shares outstanding were 46,881,475 as of November 12, 2025.