Polyrizon Ltd.

What they do

Polyrizon is a medical device company incorporated in Israel with principal offices at 8 HaPnina Street, Raanana, and a class of Ordinary Shares (no par value) registered on the Nasdaq Stock Market LLC under the symbol PLRZ. It is classified in the Surgical & Medical Instruments & Apparatus industry (SIC 3841) and files as a foreign private issuer using U.S. GAAP. The filing excerpt provided is a Form 20-F/A amendment covering controls and procedures, not a full description of products or commercial operations.

Revenue drivers

• Not disclosed in provided excerpt — The excerpt provided from the Form 20-F/A addresses only Items 13 through 16B (controls and procedures, audit committee, code of ethics) and does not describe any product line, segment, customer or revenue source.

Recent performance

Net loss widened from $779 thousand in 2022 to $1.5 million in 2024 and $3.3 million in 2025. Operating cash outflow was $4.5 million in 2025, versus $1.1 million in 2024 and $537 thousand in 2023. At December 31, 2025, total assets were $21.4 million and shareholder equity was $21.0 million, against cash and equivalents of only $1.3 million. Reported diluted EPS figures of $0.6 (2022), $494.4 (2023), $805.2 (2024) and $4.9 (2025) are not comparable across years and should be read alongside the share count.

Strategy

The Form 20-F/A states the amendment exists solely to revise management's conclusion on the effectiveness of disclosure controls and procedures under Exchange Act Rules 13a-15(e) and 15d-15(e); Item 15(a) had inadvertently not been updated in the original Form 20-F filed March 25, 2026. Management now concludes, as of the December 31, 2025 evaluation date, that disclosure controls and procedures are effective. Management also concluded internal control over financial reporting was effective as of December 31, 2025 under the COSO (2013) framework. The filing notes the Company took steps during 2025 to establish and maintain internal control over financial reporting. No product, pipeline, commercial or capital-allocation strategy is described in the excerpt provided.

Risks

• Thin cash relative to expenses — Cash and equivalents of $1.3 million at December 31, 2025 compare with 2025 operating cash outflow of $4.5 million, indicating a short funding runway absent new financing.
• Widening losses — Net loss grew from $1.5 million in 2024 to $3.3 million in 2025, while operating cash use more than quadrupled over the same period.
• Restated controls conclusion — The original Form 20-F filed March 25, 2026 failed to update Item 15(a) on disclosure controls, requiring this amendment—evidence of reporting-process shortcomings at a company that also reports no auditor attestation of internal controls.
• No auditor ICFR attestation — The filing states it does not include an independent registered public accounting firm's attestation report on internal control over financial reporting due to the emerging growth company exemption in the JOBS Act.

Outlook

The Form 20-F/A speaks only as of the original Form 20-F filing date of March 25, 2026, and the Company states it does not amend, update or restate any other information or reflect events occurring after that date. The document therefore provides no forward guidance on products, revenue, financing or operations. No management outlook on commercial or clinical milestones is included in the excerpt provided.