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NovelStem International Corp. reported a small net loss of $140,816 for the six months ended June 30, 2026, with no operating revenue and general and administrative expenses reduced to $39,888 from $158,537 a year earlier. Cash increased to $56,235, but total assets remained minimal at $64,687 against total liabilities of $2,097,158, leaving a shareholders’ deficit of $2,032,471.
The company continues to face substantial doubt about its ability to continue as a going concern, citing an accumulated deficit of about $294 million and dependence on external financing and potential monetization of rights tied to former NewStem licenses, from which it may receive up to $3,750,000 if successfully re-licensed. Funding is currently supported by related-party and third-party notes, a bridge loan, and $250,000 of common stock issued in March 2026.
All significant notes payable, including related-party, third-party and $100,000 of convertible debt, have been extended to March 30, 2027. Management disclosed a continuing material weakness in internal control over financial reporting due to insufficient segregation of duties, and no income tax expense was recorded because losses and valuation allowances offset taxable income.
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.