Here are the 10-Q quarterly reports from OPGEN INC (OPGN) 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-Q covers the quarterly report filed between annual reports, so if you follow OPGN 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 OPGN filings page.
CapForce Inc. (CFOR) reported another early-stage quarter with no revenue and a wider loss as it pivots into financial services and fintech. For the three months ended March 31, 2026, the company posted a net loss of $710,571, compared with $408,133 a year earlier, driven mainly by higher general and administrative costs.
Cash and cash equivalents fell to $78,586, with total cash and restricted cash of $380,848, so operations are expected to rely heavily on a committed equity facility with controlling shareholder AEI Capital, under which $6.5 million of capacity remained as of March 31, 2026. CapForce also holds a sizeable non‑controlling equity stake in a private client valued at $35.0 million, received as consideration for advisory work and subject to a make‑whole if the client’s planned IPO values the stake below that amount.
During the period, CapForce completed its transition from its former OpGen diagnostics business, finalized the iCapX acquisition (paid with 2,028,867 shares of common stock), launched a new 2026 stock incentive plan, and continued developing a digital investment banking and cap table management platform. Following Nasdaq’s prior delisting decision, the stock now trades on the OTC Markets Expert Market while the company’s appeal remains under review by the SEC.
OpGen, Inc. has pivoted from infectious disease diagnostics to financial services and fintech through its CapForce subsidiary, which provides listing sponsorship and consulting services. For the nine months ended September 30, 2025, OpGen generated $4,000,000 of revenue from a single international listing sponsorship client, but reported no revenue in Q3 2025.
The company posted Q3 2025 net loss of $608,730, yet remained profitable year-to-date with $2,493,129 of net income, driven by the new business line and tight operating expenses. At September 30, 2025, OpGen held $414,211 in cash and cash equivalents, $302,262 of restricted cash, a $5,000,000 equity investment in the client, and $4,043,838 of accounts receivable tied to that same relationship, while stockholders’ equity increased to $10,157,965 from $7,380,628 at year-end 2024.
Liquidity relies heavily on a financing arrangement with controlling stockholder AEI Capital Ltd., under which OpGen may sell up to an additional $7,000,000 of common stock through December 31, 2025; management believes this, together with current cash, can fund operations for more than 12 months. The company’s common stock was delisted from Nasdaq following failure to meet the stockholders’ equity listing standard and now trades on the OTC Markets Pink Limited Market under the symbol OPGN, and the business is highly concentrated, with one customer representing 99% of accounts receivable and 100% of 2025 year-to-date revenue.