VivoSim Labs, Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsVivoSim Labs is a pharmaceutical and biotechnology services company providing 3D human tissue model toxicology testing services, having pivoted from clinical-stage drug development to a services model after selling its FXR program.
What they do
VivoSim offers liver and intestinal toxicology testing services using 3D human tissue models (New Approach Methodologies, NAM) to pharmaceutical and biotech companies. The company provides predictive screening and research services for drug candidates, aiming to reduce the risk and cost of bringing therapeutics to market. It also expects to offer bespoke services in investigational toxicology and mechanism of drug action elucidation.
Revenue drivers
- Contract research services using NAM models — Revenue from liver toxicology predictive screening and intestinal side effect profiling services. Revenue is currently minimal, with quarterly revenue ranging from $18,000 to $40,000 in the last four reported quarters (2025-09-30 through 2026-06-30).
- Milestone payments from FXR program sale — Eli Lilly acquired the FXR program for $10.0 million (closing payment and escrow) plus up to $50.0 million in future milestones. In July 2026, a $5.0 million development milestone was received and the $1.0 million escrow was released.
Recent performance
For fiscal year 2026 (ended March 31, 2026), revenue was $131,000 and net loss was $13.8 million, with diluted EPS of -$5.35. Operating cash flow was -$10.8 million. In the June 30, 2026 quarter, revenue fell to $18,000. As of June 30, 2026, the company had $1.7 million in cash, total assets of $3.8 million, total liabilities of $6.2 million, and negative shareholder equity of -$2.3 million.
Strategy
After selling its FXR program in March 2025, the company pivoted to a services model, leveraging its 3D bioprinting IP and tissue models. Management anticipates accelerated adoption of NAM models following the FDA's April 2025 announcement to refine animal testing requirements. It is marketing contract research services to pharmaceutical companies and expects significant revenue growth in fiscal 2027. The company also raised $4.0 million gross in July 2026 via pre-funded and common warrants, and has regained compliance with Nasdaq's stockholders' equity requirement.
Risks
- Limited revenue base — Revenue is very low ($18,000 in the latest quarter) and services are nascent, with no evidence of meaningful customer traction yet.
- Going concern risk — The company has negative shareholder equity of -$2.3 million and persistent operating losses, raising doubt about its ability to continue as a going concern if future financing is not secured.
- Concentration on FXR milestones — The $5.0 million milestone and $1.0 million escrow release are significant to liquidity, but future milestones are contingent on Eli Lilly's development, and the company has no control over that timeline.
- Nasdaq compliance and dilution — The company previously received a delisting notice and had to raise funds; the July 2026 financing caused substantial dilution (common shares outstanding went from ~3.2 million to ~13.4 million).
Outlook
Management reiterated guidance for 500%+ revenue growth in fiscal year 2027, citing progress in marketing NAM contract services. As of August 3, 2026, cash on hand was approximately $10.1 million, boosted by the $5.0 million milestone, $1.0 million escrow release, and net proceeds of ~$3.6 million from the July financing. The company plans to continue offering liver and intestinal toxicology services and expects to expand into bespoke toxicology and mechanism-of-action services.