Nutriband Inc.

What they do

NutriBand operates through subsidiaries including 4P Therapeutics LLC, which is party to a Commercial Development and Clinical Supply Agreement with Kindeva Drug Delivery L.P. for development and clinical supply work. The company holds licensing and distribution arrangements, including a December 2020 license agreement with Rambam Med-Tech Ltd., a March 2021 distribution agreement with BPM Inno Ltd., and an April 2018 exclusive master distribution agreement with EMI-Korea (Best Choice), Inc. It also has a 2018 acquisition agreement with 4P Therapeutics LLC and a 2020 purchase agreement with Pocono Coated Products, LLC. Revenue is generated from product sales and related agreements across these transdermal and coated-product operations.

Revenue drivers

• Product revenue (consolidated) — Total annual revenue was $2.0 million in fiscal 2026, down from $2.1 million in each of fiscal 2023, 2024 and 2025; quarterly revenue in the latest reported periods was $346,058 (Oct 2025), $400,709 (Jan 2026), $433,399 (Apr 2026) and $437,514 (Jul 2026).
• Transdermal/coated product development activities — The company has a Commercial Development and Clinical Supply Agreement dated January 4, 2023 with Kindeva Drug Delivery, L.P. covering 4P Therapeutics, LLC, amended February 4, 2025, indicating development-stage supply work tied to its pipeline.
• Licensing and distribution arrangements — NutriBand holds a December 9, 2020 license agreement with Rambam Med-Tech Ltd., a March 26, 2021 distribution agreement with BPM Inno Ltd., and an April 13, 2018 exclusive master distribution agreement with EMI-Korea (Best Choice), Inc., which support commercialization of its products.
• Deferred revenue from customer arrangements — The company reported deferred revenue of $100,121 at July 31, 2026, down from $120,303 at January 31, 2026, reflecting amounts collected before revenue recognition on its contracts.

Recent performance

For the three months ended July 31, 2026, revenue was $437,514 versus $622,452 in the prior-year quarter, and the loss from operations was $890,637 compared with $2,003,213 a year earlier. For the six months ended July 31, 2026, revenue was $870,913 versus $1,289,884 a year earlier, with a loss from operations of $2,144,988 compared with $3,416,710. Cost of revenues was $255,640 and $492,238 for the three and six months ended July 31, 2026, while research and development expense was $322,194 and $569,455 and selling, general and administrative expense was $750,317 and $1,954,208 over the same periods. The company reported a loss before income taxes of $880,561 for the quarter and $2,122,517 for the six months, with no income tax provision recorded. Cash and cash equivalents stood at $3,421,615 at July 31, 2026, down from $4,574,857 at January 31, 2026.

Strategy

The company continues to fund development and clinical supply work under its January 4, 2023 agreement with Kindeva Drug Delivery, L.P., which was amended on February 4, 2025, as its primary disclosed development relationship. It maintains licensing and distribution arrangements with Rambam Med-Tech Ltd., BPM Inno Ltd. and EMI-Korea (Best Choice), Inc. to support commercialization of its products. On January 24, 2026, the company adopted an Executive Compensation Clawback Policy in compliance with Nasdaq listing standards and SEC Rule 10D-1, filed as Exhibit 97.1 to the amended 2026 10-K. In August 2025 the company amended its charter or bylaws and completed an unregistered sale of equity, and in June 2026 it entered a material agreement.

Risks

• Persistent operating losses — The company recorded a loss from operations of $890,637 for the quarter ended July 31, 2026 and $2,144,988 for the six months then ended, and annual net income has been negative each year from 2022 through 2026.
• Declining revenue — Revenue fell to $437,514 in the quarter ended July 31, 2026 from $622,452 in the prior-year quarter, and fiscal 2026 annual revenue of $2.0 million was below fiscal 2023-2025 levels of $2.1 million.
• Cash consumption — Operating cash flow has been negative and worsening, from -$2.8 million in 2022 to -$5.1 million in 2026, while cash and cash equivalents fell to $3,421,615 at July 31, 2026 from $4,574,857 at January 31, 2026.
• Dependency on development and licensing partners — The company relies on third-party agreements such as the Kindeva Drug Delivery L.P. commercial development and clinical supply agreement and the Rambam Med-Tech and BPM Inno arrangements, and disruption or non-renewal of these relationships could halt pipeline and commercialization activity.

Outlook

The filings do not include forward revenue or earnings guidance in the excerpts provided. Management's disclosed activity centers on continuing development and clinical supply work with Kindeva Drug Delivery, L.P. and maintaining its licensing and distribution arrangements. The company has funded operations partly through equity activity, including an unregistered sale of equity in August 2025 and a Series of Regulation FD disclosures during 2025 and 2026. No specific future targets are stated in the provided source material.