TFA Therapeutics, Inc.

What they do

The company grows and deep-processes Cordyceps, including Cordyceps militaris and the Taiwan-native cattle camphor mushroom (Antrodia Cinnamomum), into Chinese medicinal materials and consumer products. Operations are conducted through a Taiwan branch in NTD, while consolidated financial statements are reported in U.S. dollars. The most recent annual report shows 111,120,000 ordinary shares outstanding as of December 31, 2025.

Revenue drivers

• Cordyceps products — Sale of Cordyceps-based medicinal materials and finished consumer products; the core reported revenue line, although the filing excerpt does not break out product-level figures.
• Deep processing — Converting harvested Cordyceps raw material into finished Chinese medicinal material products and other Cordyceps products for customers, generating higher-value revenue than raw fungus.
• Cattle camphor mushroom (Antrodia Cinnamomum) — A second medicinal fungus line native to Taiwan that grows on Cinnamomum kanehirae and is sold as a botanical product, complementing the Cordyceps portfolio.

Recent performance

Revenue was $1.2 million in 2025, down from $1.3 million in 2024, following $882,533 in 2023. Net loss was $154,822 in 2025, narrower than the $226,258 loss in 2024. Operating cash flow swung to negative $35,845 in 2025 from positive $312,006 in 2024. At December 31, 2025, total assets were $4.7 million, total liabilities $5.2 million, and shareholder equity was negative $534,551, with cash and equivalents of only $3,199.

Strategy

The filing describes the business as Cordyceps cultivation and deep processing in Taiwan, without quantified growth targets in the excerpt. The company operates through a Taiwan branch and reports in U.S. dollars, exposing results to NTD/USD translation. No specific investment or expansion commitments are disclosed in the provided source material. The 20-F notes that financial statements were prepared under either U.S. GAAP or IFRS as issued by the IASB, but the excerpt does not confirm which basis was elected. Management's forward-looking language is generic and focused on growth strategy and product development.

Risks

• Liquidity — Cash and equivalents of $3,199 at December 31, 2025 against $5.2 million of liabilities creates substantial doubt about near-term liquidity.
• Negative equity — Shareholder equity was negative $534,551 at December 31, 2025, meaning liabilities exceed assets.
• Currency exposure — Revenue is generated in NTD through the Taiwan branch while financial statements are presented in U.S. dollars, so exchange-rate moves affect reported results.
• Volatile revenue — Annual revenue swung from $879,318 in 2021 to $53,304 in 2022 to $882,533 in 2023, showing no stable top-line trend.

Outlook

The excerpt does not contain quantified financial guidance for fiscal 2026. Management's forward-looking statements address growth strategy, financial results, and product development programs but caution that actual results may differ materially. The primary observable constraint is the minimal cash balance relative to liabilities as of December 31, 2025.