PMGC Holdings Inc.
For the period ended Jun 30, 2025. Filed Aug 13, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 13, 2025
ELAB$1.69+7.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. Financial Statements
Condensed Consolidated Financial Statements of
PMGC Holdings Inc. (formerly Elevai Labs Inc.)
For the quarterly periods ended June 30, 2025, and 2024
(Unaudited - Expressed in United States Dollars)
Condensed Consolidated Balance Sheets
(Unaudited - Expressed in United States dollar)
| As of: | June 30, 2025 | December 31, 2024 |
|---|---|---|
| ASSETS | ||
| Current Assets | ||
| Cash | $5,682,628 | $3,984,453 |
| Receivables, net | - | 5,276 |
| Prepaids and deposits | 791,055 | 868,464 |
| Short-term loan receivable | 128,111 | - |
| Other receivables | 76,212 | - |
| Investment in securities- current | 624,838 | - |
| Assets held for sale | - | 1,192,808 |
| Total Current Assets | 7,302,844 | 6,051,001 |
| Investment in securities-noncurrent | - | 139,084 |
| Equipment, net | - | 1,087 |
| Intangibles, net | 2,072,632 | 2,801,993 |
| TOTAL ASSETS | $9,375,476 | $8,993,165 |
| LIABILITIES | ||
| Current Liabilities | ||
| Accounts payable and accrued liabilities | $271,567 | $481,001 |
| Due to related parties | 54,734 | 419,217 |
| Current portion of consideration payable | - | 350,000 |
| Liabilities held for sale | - | 548,916 |
| Total Current Liabilities | 326,301 | 1,799,134 |
| Consideration payable | - | 534,467 |
| TOTAL LIABILIITES | $326,301 | $2,333,601 |
| Commitments and Contingencies | ||
| EQUITY | ||
| Preferred stock $0.0001 par value; 500,000,000 stock authorized: | ||
| Series B preferred stock, 6,372,874 and Nil shares issued and outstanding as of June 30, 2025, and December 31, 2024, respectively | 637 | - |
| Common stock, $0.0001 par value, 285,714,286 shares authorized; 1,477,575 and 438,987 shares issued and outstanding as of June 30, 2025, and December 31, 2024, respectively (1) | 148 | 44 |
| Additional paid-in capital | 24,490,049 | 19,929,484 |
| Accumulated other comprehensive income | (1,222) | (337) |
| Accumulated deficit | (15,440,437) | (13,269,627) |
| TOTAL EQUITY | 9,049,175 | 6,659,564 |
| TOTAL LIABILITIES AND EQUITY | $9,375,476 | $8,993,165 |
| (1) | Reflects retrospectively the 1-for-200 reverse stock split that became effective on November 27, 2024 and the subsequent 1-for-7 reverse stock split that became effective March 10, 2025. On a combined basis, this reflects, retrospectively, a reverse stock split of 1-for-1,400. Refer to Note 1, “Organization and nature of operations.” |
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited - Expressed in United States dollars)** **
| Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | |
|---|---|---|---|---|
| Operating expenses | ||||
| Depreciation and amortization | 20 | 140 | 1,105 | 276 |
| Marketing and promotion | 82,329 | 133,597 | 117,923 | 265,113 |
| Consulting fees | 198,345 | 179,843 | 745,902 | 558,316 |
| Office and administrative | 319,839 | 148,341 | 528,870 | 280,800 |
| Professional fees | 284,175 | 48,706 | 550,643 | 91,996 |
| Investor relations | 46,827 | 5,987 | 116,777 | 97,565 |
| Research and development | 66,675 | 34,824 | 99,108 | 55,553 |
| Foreign exchange (gain) loss | (883) | 188 | (497) | 1,981 |
| Travel and entertainment | 16,191 | 4,616 | 55,411 | 4,616 |
| Total operating expenses | $1,013,518 | 556,242 | 2,215,242 | 1,356,216 |
| Other income (expense) | ||||
| Change in fair value of derivative liabilities | - | 26,864 | - | 301,803 |
| Gain on the termination of intangible assets | - | - | 129,613 | - |
| Interest income | 36,527 | 64 | 65,383 | 150 |
| Interest expense | (2) | (23,597) | (10,476) | (42,769) |
| Dividend income | 3,016 | - | 3,016 | - |
| Other Income | - | - | - | - |
| Realized gain (loss) on investments | 95,184 | - | (371,494) | - |
| Unrealized gain (loss) on investments | 299,303 | - | 238,899 | - |
| Net loss from continuing operations | $(579,490) | (552,911) | (2,160,301) | (1,097,032) |
| Loss from discontinued operations (Note 4) | 17,135 | (859,580) | (10,509) | (1,712,709) |
| Total net loss | (562,355) | (1,412,491) | (2,170,810) | (2,809,741) |
| Other comprehensive income (loss) | ||||
| Currency translation adjustment | (406) | (141) | (885) | 1,040 |
| Total comprehensive loss | $(562,761) | (1,412,632) | (2,171,695) | (2,808,701) |
| Basic and diluted loss per share | ||||
| Continuing operations | $(0.466) | (42.303) | (2.411) | (86.215) |
| Discontinued operations | $0.014 | (65.765) | (0.012) | (134.601) |
| Weighted average shares outstanding(1) | 1,243,720 | 13,070 | 896,149 | 12,724 |
| (1) | Reflects retrospectively the 1-for-200 reverse stock split that became effective on November 27, 2024 and the subsequent 1-for-7 reverse stock split that became effective March 10, 2025. On a combined basis, this reflects retrospectively a reverse stock split of 1-for-1,400. Refer to Note 1, “Organization and nature of operations” |
Condensed Consolidated Statements of Changes in Stockholders’ Equity
| Common Stock · Series B Preferred Stock · Additional · Accumulated other | ||||||||
|---|---|---|---|---|---|---|---|---|
| Number of shares # | Amount $ | Number of shares # | Amount $ | paid-in capital $ | Accumulated deficit $ | comprehensive income $ | Total $ | |
| Balance, April 1, 2024(1) | 12,384 | 1 | - | - | 10,906,102 | (8,421,140) | 1,383 | 2,486,346 |
| Issued for acquisition of intangible assets | 1,117 | 1 | - | - | 772,402 | - | - | 772,403 |
| Obligation to issue stock for acquisition of intangible assets | - | - | - | - | 838,374 | - | - | 838,374 |
| Share-based compensation | - | - | - | - | (44,855) | - | - | (44,855) |
| Net loss for the period | - | - | - | - | - | (1,412,491) | - | (1,412,491) |
| Currency translation adjustment | - | - | (141) | (141) | ||||
| Balance, June 30, 2024(1) | 13,501 | 2 | - | - | 12,472,023 | (9,833,631) | 1,242 | 2,639,636 |
| Balance, April 1, 2025 | 707,076 | 71 | 6,372,874 | 637 | 23,006,702 | (14,878,082) | (816) | 8,128,512 |
| Issued and issuable shares for acquisition of intangible assets | 12,000 | 1 | - | - | (1) | - | - | - |
| Exercise of Pre-funded Warrants | 165,305 | 17 | - | - | (17) | - | - | - |
| Issuance of common shares under ATM program | 593,194 | 59 | - | - | 1,467,523 | - | - | 1,467,582 |
| Share-based compensation | - | - | - | - | 15,842 | - | - | 15,842 |
| Net loss for the period | - | - | - | - | - | (562,355) | - | (562,355) |
| Currency translation adjustment | - | - | - | - | - | - | (406) | (406) |
| Balance, June 30, 2025 | 1,477,575 | 148 | 6,372,874 | 637 | 24,490,049 | (15,440,437) | (1,222) | 9,049,175 |
| (1) | Reflects, retrospectively, the 1-for-200 reverse stock split that became effective on November 27, 2024 and the subsequent 1-for-7 reverse stock split that became effective March 10, 2025. On a combined basis, this reflects retrospectively a reverse stock split of 1-for-1,400. Refer to Note 1, “Organization and nature of operations.” |
Condensed Consolidated Statements of Changes in Stockholders’ Equity
| Common Stock · Series B Preferred Stock · Additional · Accumulated other | ||||||||
|---|---|---|---|---|---|---|---|---|
| Number of shares | Amount | Number of shares | Amount | paid-in capital | Accumulated deficit | comprehensive income | Total | |
| # | $ | $ | $ | $ | $ | $ | $ | |
| Balance, January 1, 2024(1) | 12,384 | 1 | - | - | 10,850,763 | (7,023,890) | 202 | 3,827,076 |
| Issued for acquisition of intangible assets | 1,117 | 1 | - | - | 772,402 | - | - | 772,403 |
| Obligation to issue stock for acquisition of intangible assets | - | - | - | - | 838,374 | - | - | 838,374 |
| Share-based compensation | - | - | - | - | 10,484 | - | - | 10,484 |
| Net loss for the period | - | - | - | - | - | (2,809,741) | - | (2,809,741) |
| Currency translation adjustment | - | - | - | 1,040 | 1,040 | |||
| Balance, June 30, 2024 | 13,501 | 2 | - | - | 12,472,023 | (9,833,631) | 1,242 | 2,639,636 |
| Balance, January 1, 2025 | 438,987 | 44 | - | - | 19,929,484 | (13,269,627) | (337) | 6,659,564 |
| Settlement of accrued bonus liability | - | - | 6,372,874 | 637 | 149,363 | - | - | 150,000 |
| Issued and issuable shares for acquisition of intangible assets | 12,438 | 1 | - | - | 43,534 | - | - | 43,535 |
| Exercise of Series A Warrants | 138,485 | 14 | - | - | 1,698,044 | - | - | 1,698,058 |
| Issued pursuant to the registered direct offering | 129,145 | 13 | - | - | 1,245,293 | - | - | 1,245,306 |
| Repurchase of shares | (40) | - | - | - | (179) | - | - | (179) |
| Round up shares due to reverse stock splits | 61 | - | - | - | - | - | - | - |
| Exercise of Pre-funded Warrants | 165,305 | 17 | - | - | (17) | - | - | - |
| Issuance of common shares under ATM program | 593,194 | 59 | - | - | 1,467,523 | - | - | 1,467,582 |
| Share-based compensation | - | - | - | - | (42,996) | - | - | (42,996) |
| Net loss for the period | - | - | - | - | - | (2,170,810) | - | (2,170,810) |
| Currency translation adjustment | - | - | - | - | - | - | (885) | (885) |
| Balance, June 30, 2025 | 1,477,575 | 148 | 6,372,874 | 637 | 24,490,049 | (15,440,437) | (1,222) | 9,049,175 |
Condensed Consolidated Statements of Cash Flows
For the six months ended June 30, 2025, and 2024
| June 30, 2025 · June 30, 2024 | |||
|---|---|---|---|
| Operating activities | |||
| Net loss | $(2,170,810) | $(2,809,741) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Depreciation and amortization | 1,622 | 6,477 | |
| Share-based compensation | (42,996) | 10,484 | |
| Rent expense | (230) | (1,379) | |
| Change in fair value of derivative liabilities | - | (301,803) | |
| Accretion interest expense | 9,684 | 42,312 | |
| Research and development costs for intangible assets | 14,358 | 39,483 | |
| Gain on termination of intangible asset | (129,613) | - | |
| Loss on the sale of Skincare | 39,676 | - | |
| Realized loss on sale of investments | 371,494 | - | |
| Unrealized gain on investments | (238,899) | - | |
| Changes in operating assets and liabilities: | |||
| Receivables | (104,473) | 6,958 | |
| Prepaid expenses and deposits | 120,999 | 137,295 | |
| Inventory | 22,966 | (482,881) | |
| Accounts payable and accrued liabilities | (169,268) | 210,111 | |
| Customer deposits | (20,496) | (12,379) | |
| Due to related parties | (397,728) | 50,306 | |
| Cash flows used in operating activities1 | $(2,693,714) | $(3,104,757) | |
| Investing activities | |||
| Purchase of equipment | (9,160) | ||
| Purchase of investments | (995,100) | - | |
| Proceeds from sale of investments | 1,109,921 | - | |
| Issuance of promissory note | (127,300) | - | |
| Purchase of intangible assets | (6,000) | (112,320) | |
| Cash flows used in investing activities1 | $(18,479) | $(121,480) | |
| Financing activities | |||
| Exercise of Series A warrants | 1,938,772 | - | |
| Proceeds from the issuance of common stock and warrants | 1,484,028 | - | |
| Share issuance costs | (531,290) | - | |
| Repurchase of shares and warrants | (179) | - | |
| Issuance of common shares under ATM agreement | 1,519,437 | - | |
| Cash flows provided by financing activities | $4,410,768 | $ | - |
| Effect of exchange rate changes on cash | (400) | (580) | |
| Increase(decrease) in cash | 1,698,175 | (3,226,817) | |
| Cash, beginning of period | 3,984,453 | 3,326,851 | |
| Cash, ending of period | $5,682,628 | $100,034 | |
Condensed Consolidated Statements of Cash Flows
For the three months ended March 31, 2025, and 2024
| Supplemental cash flow information: | ||
|---|---|---|
| Cash paid for interest | $791 | $11,104 |
| Cash paid for taxes | - | - |
| Non-cash Investing and Financing transactions: | ||
| Common stock issued and issuable on acquisition of intangible asset | 43,535 | 772,247 |
| Obligation to issue stock for acquisition of intangible assets | - | 838,374 |
| Shares received as proceeds for the sale of Skincare | 728,550 | - |
| Series B preferred shares issues to settle accrued bonus liability | 150,000 | - |
| Consideration payable settled through termination of the agreement | 894,151 | - |
| 1 | Refer to Note 4 for disclosure of cash flows used in operating and investing activities of discontinued operations. |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.