PLUR

Pluri is a pre-commercial cell-expansion platform company whose FY2025 numbers describe a business that cannot self-fund. Revenue tripled to $1.34M, but off a trivial base and against a -$22.6M net loss and -$18.2M of operating cash burn — the top line is a rounding error next to the losses. Gross profit was $654K while R&D alone ran $12.9M, so operating margin is -1,660%. The five-year history (FY2021 to FY2025 revenue: —, $234K, $287K, $326K, $1.34M against annual losses of $20M-$50M) shows a decade-plus of the same pattern with a -$443M accumulated deficit and no line of sight to profitability.

The balance sheet is the disqualifier. Stockholders' equity is negative (-$6.84M), cash is just $5.89M against $18.2M annual operating burn — under four months of runway — and current liabilities of $32.3M (up 626% YoY) now dwarf current assets of $22.1M, a 0.68 current ratio and deeply negative working capital. Management's own auditor has issued a going-concern explanatory paragraph, and the risk factors concede the company 'do[es] not foresee generating significant or steady revenues in the immediate future' and 'may need to raise additional capital' that 'could dilute our shareholders.' Shares already grew 49.1% in a year; further raises at a $17M market cap are near-certain and highly dilutive.