IMAC Holdings, Inc.

What they do

The company provides services related to proteomic products that identify and support oncology clinical treatment decisions and biopharmaceutical drug development through its subsidiary Ignite Proteomics LLC. Ignite operates a medical laboratory acquired from Theralink Technologies in May 2024 and delivers services under exclusive licenses from Vanderbilt University and George Mason University covering immunotherapy response prediction and proteomics biomarker technology. Ignite has obtained credentials to bill Medicare for its proteomics test and is pursuing reimbursement credentials from certain other third-party payors and private insurers. Previously, IMAC was a holding company for IMAC Regeneration Centers, The BackSpace retail stores and an Investigational New Drug division, but as of December 31, 2023 it had sold or discontinued patient care at all of those locations.

Revenue drivers

• Ignite Proteomics lab services — Fees for proteomic testing services under the Vanderbilt and GMU licenses, the company's primary continuing operation; net revenue was only $0.02 million for the nine months ended September 30, 2025 and $72,050 for full-year 2024.
• Medicare and third-party payor reimbursement — Ignite has obtained credentials to bill Medicare for its proteomics test and is in the process of obtaining credentials for certain other third-party payors, while also accepting private insurer payment.
• Legacy clinic operations (discontinued) — IMAC Regeneration Centers, The BackSpace retail stores and the Investigational New Drug division generated revenue through movement and orthopedic therapies and minimally invasive procedures until patient care was sold or discontinued at all locations as of December 31, 2023.

Recent performance

For the three months ended September 30, 2025, IMAC reported $0.02 million in net revenue and a net loss of $3.1 million, comprising $3.1 million from continuing operations and $0.01 million from discontinued operations. For the nine months ended September 30, 2025, net revenue was also $0.02 million with a net loss of $7.4 million from continuing operations and $0.01 million from discontinued operations. The nine-month period included a one-time $0.75 million impairment loss on the write-off of property and equipment and $0.6 million in legal fees. Full-year 2024 revenue was $72,050 while net loss was $9.0 million, and the company reported negative operating cash flow of $3.2 million for 2024. The latest balance sheet showed total assets of $310,055 and shareholder equity of negative $13.0 million as of September 30, 2025.

Strategy

The company's stated direction is to grow its recently acquired Ignite Proteomics laboratory and monetize the exclusive Vanderbilt and GMU proteomics licenses through clinical and biopharmaceutical services. Management has identified the need to obtain additional financing for the projected costs associated with growing the laboratory as a key factor for future success. The company is working to expand reimbursement credentials beyond Medicare to certain other third-party payors. IMAC also reported a series of material agreements and direct financial obligations in 8-K filings from December 2025 through March 2026, including unregistered sales of equity in December 2025 and March 2026.

Risks

• Going concern doubt — The company recorded recurring losses and net cash used in operations, has a net capital deficiency and has discontinued operations, which together raise substantial doubt about its ability to continue as a going concern.
• Revenue scale and profitability — Net revenue was only $0.02 million for the nine months ended September 30, 2025 and $72,050 for all of 2024, with no assurance that future operations will result in net income.
• Financing needs for lab growth — The company states that its ability to obtain additional financing for the projected costs associated with growth of its recently acquired laboratory is a key factor affecting its business.
• License dependency and reimbursement — Ignite's operations depend on the assigned exclusive licenses from Vanderbilt University and George Mason University, and it is still in the process of obtaining reimbursement credentials from certain third-party payors beyond Medicare.

Outlook

Management states that future success depends on various opportunities and challenges, including the ability to obtain additional financing for projected costs associated with the growth of the recently acquired laboratory. The company expects to incur losses and may never achieve or maintain profitability, and it notes that it cannot assure future operations will result in net income. Recent 8-K filings through March 2026 show the company entering material agreements, taking on direct financial obligations and selling unregistered equity, indicating ongoing financing activity.