STIMCELL ENERGETICS INC.

What they do

Stimcell Energetics (formerly Cell MedX Corp.) is focused on the discovery, development and commercialization of therapeutic and non-therapeutic products that use microcurrent electrical therapy, including the eBalance Pro System for clinical use and the eBalance Home System for home use. The company suspended further research of eBalance Technology, including the FDA 510(k) process, during the year ended May 31, 2023, and defaulted on its Health Canada Class II Medical Device System Certification licenses, which were suspended on June 5, 2023. It operates through a wholly owned subsidiary, Cell MedX (Canada) Corp., and trades under the ticker STME.

Revenue drivers

• eBalance Pro System — A clinical microcurrent device intended for temporary relief of pain associated with sore-aching muscles; no revenue has been generated from this system, and its Health Canada certification was suspended in June 2023.
• eBalance Home System — A consumer microcurrent device for home use, currently being redesigned by ADM Tronics Unlimited, Inc. into a compact, affordable unit with diagnostic features; no revenue has been generated from this system.
• eBalance Technology licensing — The company has not reported any licensing revenue from its eBalance Technology, and its annual report states it does not have any revenue-generating activities associated with eBalance Systems.

Recent performance

For the fiscal year ended May 31, 2026, Stimcell reported no revenue and a net loss of $895,375, compared to a net loss of $566,293 for fiscal 2025. Total operating expenses rose 58.2% to $826,027, driven by a 79.2% increase in general and administrative expenses to $382,560 (largely from a $142,787 increase in corporate communications) and a 226.8% increase in research and development costs to $209,176. Interest expense increased 81.3% to $69,348. For the nine months ended February 28, 2026, total operating expenses were $617,308, up 92.1% from the prior-year period, with research and development costs of $144,905 versus $493 a year earlier.

Strategy

The company's stated priority is the redesign of its eBalance Home device into a smaller, more cost-effective consumer unit with added diagnostic features, including real-time assessment of cellular energy capacity, treatment tracking, and personalized user profiles. In February 2025, it engaged ADM Tronics Unlimited, Inc. for this redesign and expects elevated research and development spending to continue in the near term. In December 2025, it entered a service agreement with the St. Boniface Hospital Albrechtsen Research Centre to study the effects of eBalance stimulation on mitochondrial function in cultured sensory neurons. Management has not announced a timeline or pathway for regulatory clearance or commercialization of the redesigned device.

Risks

• No revenue and no revenue-generating activities — The company has generated no revenue in fiscal 2026 and 2025 and states it does not have any revenue-generating activities associated with its eBalance Systems.
• Going concern and working capital deficit — As of May 31, 2026, current liabilities of $1,892,774 exceeded current assets of $81,454, producing a working capital deficit, and shareholder equity was negative $1.8 million as of May 31, 2026.
• Regulatory and certification setbacks — The company defaulted on its Health Canada Class II Medical Device System Certification licenses, which were suspended on June 5, 2023, and it suspended the FDA 510(k) pre-market clearance process for eBalance Technology in fiscal 2023.
• Dependence on external financing — With cash and equivalents of $3,057 as of May 31, 2026, and recurring net losses, the company will require additional financing to fund its ongoing redesign and research activities.

Outlook

Management expects elevated research and development expenditures to continue in the near term as the redesign of the eBalance Home device progresses with ADM Tronics Unlimited, Inc. The company also plans to complete the mitochondrial function study with the St. Boniface Hospital Albrechtsen Research Centre, expected to span approximately three months. No revenue guidance or regulatory submission timeline has been provided.