Pluri Inc.

What they do

Pluri expands human, plant and animal cells on a synthetic 3D scaffold at an in-house, industrial-scale GMP facility (self-declared compliance) and has developed the PluriMatrix manufacturing system. It operates across two areas: Human Health and Longevity (PLX-PAD and PLX-R18 cell therapy candidates, an allogeneic placental MAIT program, PluriCDMO services, and regenerative aesthetics/wellness via subsidiary Cellav) and Foodtech and Bio-Farming. Subsidiaries include Pluri Biotech (Israel), Pluristem GmbH (Germany), Ever After Foods (~69% owned), Coffeesai, Kokomodo (~79% acquired April 2025) and Cellav.

Revenue drivers

• PluriCDMO services — Process and product development services for CDMO clients are the primary revenue source cited in the fiscal 2026 MD&A; revenue fell to $1,016,000 in FY2026 from $1,336,000 in FY2025 on lower project activity.
• Foodtech POC collaborations — Proof-of-concept collaborations in the FoodTech field (including through Ever After Foods and Kokomodo) provide additional revenue; the 10-K describes these as supplementary to CDMO revenue.
• Cell therapy pipeline — PLX-PAD and PLX-R18 are the lead product candidates; no product revenue is reported and they remain in clinical/pre-clinical development.

Recent performance

FY2026 (year ended June 30, 2026) revenue was $1,016,000, down from $1,336,000 in FY2025, which the company attributed to lower project activity volume. Cost of revenues fell to $563,000 from $682,000 on that lower volume. R&D, net rose 17% to $15,092,000 from $12,851,000, driven by salaries, Ever After Foods' new facility lease and share-based compensation, partly offset by NIAID participation and headcount cuts. G&A rose 3% to $10,299,000. Net loss was $25.4M for the year and operating cash flow was negative $19.6M; cash and equivalents stood at $3.5M at June 30, 2026, with shareholder equity of negative $23.0M and total assets of $24.9M. Quarterly revenue ranged from $167,000 (March 2026) to $335,000 (June 2026).

Strategy

Management is pushing the 3D platform into commercial service work through PluriCDMO and food-tech proof-of-concept collaborations rather than relying on near-term product sales. Clinical efforts continue on PLX-PAD, including knee osteoarthritis under the Charité-led PROTO program approved by Germany's PEI in June 2025, and on PLX-R18. The company has been building subsidiaries around the platform — Ever After Foods (69% owned), Coffeesai (2024), the ~79% Kokomodo acquisition (April 2025) and Cellav (November 2025) for regenerative aesthetics and longevity. It implemented a cost-reduction plan with headcount reductions, and the CEO waived 25% of salary from July to December 2025 and 30% between January and February 2026. Ongoing discussions with the European Investment Bank concern restructuring the EIB Loan.

Risks

• Going-concern and losses — The auditor included an explanatory paragraph on ability to continue as a going concern, and the company has a history of losses with no significant or steady revenue expected in the immediate future.
• Capital need and dilution — The company may need to raise additional capital that could be costly or difficult to obtain and dilutive; it reported an unregistered equity sale in an August 2026 8-K and a March 2026 8-K.
• Nasdaq listing compliance — The company cites its ability to maintain compliance with Nasdaq Listing Rule 5550(b)(2), which requires a minimum $35 million market value of listed securities; a delisting-rule failure notice was disclosed on July 13, 2026.
• Clinical, regulatory and IP risk — PLX-PAD and PLX-R18 remain unapproved product candidates, the company may face IP claims or invalidation attempts from larger, better-funded competitors, and R&D and trial outcomes are uncertain.

Outlook

Management cites forward-looking expectations for its pipeline and ventures but reports no significant or steady revenue in the immediate future. It is pursuing EIB Loan restructuring discussions and continues to fund PLX-PAD/PLX-R18 development and subsidiaries. Nasdaq minimum MVLS compliance is an open item following the July 2026 delisting-rule notice. With $3.5M in cash at June 30, 2026, funding remains the binding constraint.