Bioxytran, Inc.

What they do

Bioxytran develops platform technologies in glycovirology, hypoxia and degenerative disease, built on galectin inhibitors and an acellular oxygen carrier. Operations run through four wholly owned subsidiaries: Pharmalectin (antiviral drugs), NDPD Pharma (pharmaceutical manufacturing equipment and carbohydrate molecules from partially hydrolyzed guar gum), Pharmalectin BVI (IP holding) and Pharmalectin India (local clinical trials and India commercialization rights). The lead candidate ProLectin-M is a PHGG-based molecule tested in COVID-19; BXT-25 is an injectable anti-necrosis oxygen carrier for ischemic stroke.

Revenue drivers

• ProLectin-M (antiviral) — Lead clinical candidate (PHGG-based galectin antagonist) in COVID-19; no product revenue recorded and no commercial sales disclosed.
• BXT-25 (acellular oxygen carrier) — Preclinical injectable anti-necrosis drug for ischemic stroke; tested in Swiss Albino mice, no human trials or revenue.
• ProLectin-I / ProLectin-F — Earlier-stage candidates under CDSCO INDs for hospitalized COVID-19, Long Covid and ventilator-related lung fibrosis; no revenue.
• Historical legacy revenue — Reported annual revenue fell from $417,336 in 2013 to $191,077 in 2017; the latest quarterly revenue shown is $20,310 for 2018-06-30.

Recent performance

The company remains pre-revenue and loss-making, with annual net losses of $4.0M (2021), $2.5M (2022), $4.5M (2023), $2.4M (2024) and $2.1M (2025) and diluted EPS of -$0.02 in 2025. Operating cash flow has been negative throughout, at -$1.7M (2021), -$1.8M (2022), -$775,375 (2023), -$381,316 (2024) and -$526,455 (2025). As of June 30, 2026, total assets were $333,393, total liabilities $5.3M and shareholder equity was negative $4.9M. The accumulated deficit rose from $21,044,246 at December 31, 2025 to $23,733,164 at June 30, 2026.

Strategy

Management states it does not currently have sufficient capital to fund operations and needs to raise approximately $3,700,000 to fund roughly 15 months of business. Planned milestones include a Phase 3 ProLectin-M trial with India's CDSCO, the FDA-approved PROTECT trial (IND #153742) expected to start in Q3 2026, and a 14-day repeat-dose toxicity study of BXT-25 in New Zealand Rabbits and Wistar Rats. The company plans to pursue private placements and public offerings of common stock, and may seek strategic relationships with established pharmaceutical companies. Any delays in funding would delay development of its technology and business.

Risks

• Going-concern doubt — The company had an accumulated deficit of $23,733,164 at June 30, 2026 and negative shareholder equity of $4.9M, and states it may be required to cease operations without new capital.
• Financing dependence — Management says it needs about $3,700,000 for roughly 15 months of operations, and there is no assurance it can raise that through private placements or public offerings.
• Clinical and regulatory risk — ProLectin-M, BXT-25, ProLectin-I and ProLectin-F remain in clinical or preclinical stages, and the Phase 3 and PROTECT trials are contingent on adequate funding.
• No current product revenue — The company reports no approved products and no meaningful recent revenue, with historical revenue declining to $191,077 by 2017 and the latest quarterly figure at $20,310.

Outlook

Management anticipates reporting ProLectin-M Phase 1b/2a results to the CDSCO within 90 days of trial recruitment completion on May 1, 2026, and, if positive, scheduling a Phase 3 trial. The FDA-approved PROTECT trial of ProLectin-M and the CDSCO ProLectin-I and ProLectin-F trials are expected to start in the third quarter of 2026, provided adequate funding is obtained. BXT-25 development continues toward a 14-day repeat-dose toxicity study as funding permits. All timelines are conditioned on the company raising additional capital.