Management Commentary
"2025 was a highly transformative and foundational year for SL Science as we aggressively advanced our core cell therapy pipeline and executed our long-term strategic shift toward next-generation immunotherapies. Throughout the past year, we strategically prioritized our resources on high-value clinical research and development, committing over $2.07 million to expand our proprietary cell platforms. This includes advancing our off-the-shelf Gamma Delta T (GDT) cell culture platforms, which is ready-to-use treatments to target significant unmet medical needs in blood, pancreatic, and brain cancers with scalable manufacturing and reduced cost. As part of this transition, we restructured our commercial model, shifting from direct retail sales to corporate distribution channels in Asia. While this structural pivot temporarily impacted our top-line revenue, it effectively freed up operational bandwidth to drive our therapeutic programs forward," said Mr. William Wang, Chairman and Chief Executive Officer of SL Science.
"We entered 2026 with tremendous momentum, culminating in the recently announced completion of our business combination and successful listing on the Nasdaq Global Market. This milestone, combined with our concurrent $7.8 million PIPE financing, provides the enhanced financial flexibility necessary to accelerate our growth strategy. It positions us to attract top-tier global scientific talent, facilitate potential future strategic acquisitions, and firmly support our near-term clinical operating requirements."
"Looking ahead, with the vision of establishing one of the leading allogeneic Gamma Delta T cell platforms in Asia with global commercialization potential, our focus is squarely on regulatory preparedness and preclinical execution. For our CD-19 Armed-T blood cancer program, we are actively addressing the FDA's initial feedback by conducting additional nonclinical validation and manufacturing scale-ups, aiming for a Pre-Investigational New Drug (IND) meeting and formal IND submission in the first quarter of 2027. Concurrently, our Unmodified GDT cell platform is progressing through technical transfers to an FDA-compliant contract development and manufacturing organization (CDMO). Unlike traditional autologous therapies, our GDT cell approach is designed to create scalable, ready-to-use treatments, aiming to address the high costs and production delays currently facing the oncology market. Our ultimate vision is to establish SL Science as a global clinical leader, optimizing patient outcomes through breakthrough cellular innovations."
SL Science's Full Year 2025 Financial Results
Through the Company's proprietary cell expansion, bispecific antibody engineering platforms, and legacy exosome commercial operations, SL Science is building a clinically driven oncology model designed to capture expansion within the multi-billion-dollar solid tumor therapeutics market. The following table presents selected summarized financial information derived from the Company's consolidated statements of operations for the years ended December 31, 2025 and 2024.
In thousands USD, except percentage data, differences due to rounding
For the years ended December 31,
2025
2024
Variance %
Net Revenue
$
2,197
$
3,364
