Skip to main content

Polyrizon Ltd.

For the period ended Dec 31, 2025. Filed Mar 25, 2026.

View on SEC.gov

About this filing

The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.

FY2025 · Filed Mar 25, 2026

PLRZ$11.05-4.7%Stored close · as of Nov 6, 2026
See the whole filing, with its images and exhibits
Contents

Cover page

Show cover page

**UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 20-F

☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31,2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report ____________

For the transition period from ____________ to ____________

Commission File No.:001-42375

Polyrizon Ltd.

(Exact name of registrant as specified in its charter)

Translation of registrant’s name into English: Not applicable

State of Israel8 HaPnina Street Raanana, 4321545, Israel
(Jurisdiction of incorporation or organization)(Address of principal executive offices)

Tomer Izraeli

Chief Executive Officer

8 HaPnina Street, Raanana,4321545, Israel

Tel:+972-9-3740120

Email: IR@polyrizon-biotech.com

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each class to be registeredTrading Symbol(s)Name of each exchange on which each class is to be registered
Ordinary Shares, no par value per sharePLRZThe Nasdaq Stock Market LLC

Securities registered or to be registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

Number of outstanding shares of each of the issuer’s classes of capital or common stock as of December 31, 2025:1,608,266 Ordinary Shares.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐No ☒

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act of 1934. Yes ☐No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐No ☒

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months. Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company.

Large accelerated filer ☐Accelerated filer ☐Non-accelerated filer ☒
Emerging Growth Company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.☐

†The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing.

U.S. GAAP ☒International Financial Reporting Standards as issued by the International Accounting Standards Board ☐Other ☐

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. ☐ Item 17 ☐ Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company. Yes ☐ No☒

TABLE OF CONTENTS

Page
INTRODUCTIONiii
EMERGING GROWTH COMPANY STATUSiii
TRADEMARKSiv
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTSiv
MARKET, INDUSTRY, AND OTHER DATAv
PART I1
ITEM 1.IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS1
ITEM 2.OFFER STATISTICS AND EXPECTED TIMETABLE1
ITEM 3.KEY INFORMATION1
A.[Reserved]1
B.Capitalization and Indebtedness1
C.Reasons for the Offer and Use of Proceeds1
D.Risk Factors1
ITEM 4.INFORMATION ON THE COMPANY48
A.History and Development of the Company48
B.Business Overview49
C.Organizational Structure85
D.Property, Plants and Equipment85
ITEM 4A.UNRESOLVED STAFF COMMENTS85
ITEM 5.OPERATING AND FINANCIAL REVIEW AND PROSPECTS86
A.Operating Results87
B.Liquidity and Capital Resources89
C.Research and Development, Patents and Licenses92
D.Trend Information92
E.Critical Accounting Estimates92
ITEM 6.DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES94
A.Directors and Senior Management94
B.Compensation97
C.Board Practices98
D.Employees112
E.Share Ownership112
F.Disclosure of a registrant’s action to recover erroneously awarded compensation112
ITEM 7.MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS113
A.Major Shareholders113
B.Related Party Transactions115
C.Interests of Experts and Counsel116
ITEM 8.FINANCIAL INFORMATION116
A.Consolidated Statements and Other Financial Information116
B.Significant Changes117
ITEM 9.THE OFFER AND LISTING117
A.Offer and Listing Details117
B.Plan of Distribution117
C.Markets117
D.Selling Shareholders117
E.Dilution117
F.Expenses of the Issue117

i

ITEM 10.ADDITIONAL INFORMATION118
A.Share Capital118
B.Articles of Association118
C.Material Contracts118
D.Exchange Controls118
E.Taxation118
F.Dividends and Paying Agents127
G.Statement by Experts127
H.Documents on Display128
I.Subsidiary Information128
ITEM 11.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK128
ITEM 12.DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES129
PART II130
ITEM 13.DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES130
ITEM 14.MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS130
ITEM 15.CONTROLS AND PROCEDURES130
ITEM 16.[RESERVED]130
ITEM 16A.AUDIT COMMITTEE FINANCIAL EXPERT131
ITEM 16C.PRINCIPAL ACCOUNTANT FEES AND SERVICES131
ITEM 16D.EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES131
ITEM 16E.PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS131
ITEM 16F.REGISTRANT’S CERTIFYING ACCOUNTANT131
ITEM 16G.CORPORATE GOVERNANCE132
ITEM 16IDISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS134
ITEM 16JINSIDER TRADING POLICIES134
ITEM 16KCYBERSECURITY134
PART III136
ITEM 17.FINANCIAL STATEMENTS136
ITEM 18.FINANCIAL STATEMENTS136
ITEM 19.EXHIBITS136
SIGNATURES138

ii

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.