Here are the 10-K annual reports from NovelStem Intl Corp (NSTM) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow NSTM and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full NSTM filings page.
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.