Cell Source, Inc. reported a net loss of $1,481,851 for the three months ended March 31, 2025, or $0.04 per share, with no revenue. Operating expenses totaled $998,587, including research and development of $515,183 and general and administrative costs of $483,404.
Interest expense and amortization of debt discounts added a further $513,874, partly offset by a $30,610 gain from changes in derivative and warrant liabilities, leading to a larger loss than a year earlier. Cash fell to $1,240 at March 31, 2025, and the company had a working capital deficit of about $20.1 million.
Management states that these conditions, including notes payable and convertible notes payable with principal amounts of approximately $6.33 million and $11.12 million past due as of March 31, 2025 and through the filing date, raise substantial doubt about Cell Source’s ability to continue as a going concern. The company is financing operations month-to-month and is pursuing additional debt and equity funding. Subsequent to quarter-end it raised about $2.84 million from notes, $310,000 from Series B preferred stock, and $100,000 from common stock.
Cell Source, Inc. files its annual report describing an early-stage cell therapy business focused on Veto Cell immunotherapy. The company is developing CD8 central memory Veto Cells and VETO CAR-T to make haploidentical stem cell transplants and off‑the‑shelf CAR‑T safer and more effective.
A Phase 1/2 trial at MD Anderson has shown reliable engraftment after reduced-intensity conditioning with low severe GvHD and no toxicity attributed to Veto Cells so far, but the company has no approved products, faces substantial clinical, regulatory and financing risks, and discloses substantial doubt about its ability to continue as a going concern.