NutriBand Inc.
For the period ended Apr 30, 2026. Filed Jun 11, 2026.
View on SEC.govAbout this filing
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.
Apr 30, 2026 · Filed Jun 11, 2026
NTRB$5.55-0.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-10-31; filed 2025-12-11.
0001213900-25-120204
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-04-30; filed 2026-06-11.
0001213900-26-067840
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 42 previous paragraphs and 34 current paragraphs.
23 unchanged; 11 reworded; 0 added; 4 removed; 4 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Removed paragraphs (4)
Previous report
We incurred interest expenses of $17,201 for the nine months ending October 31, 2025, as compared to $17,668 for the nine months ending October 31, 2024.
Previous report
Interest income for the nine months ending October 31, 2025 was $52,674 as compared to $145,585 for the nine months ending October 31, 2024. The decrease is primarily due to cash used in the Company development operations.
Previous report
As a result of the foregoing, we sustained a net loss of $7,261,573 for the nine months ending October 31, 2025, exclusive of the net loss available to common of stockholders of $29,075,739 or (2.54) per share (basic and diluted) after the preferred stock dividend, compared with a loss of $4,966,179, or $(0.48) per share (basic and diluted) for the nine months ending October 31, 2024.
Previous report
For the nine months ending October 31, 2025, we used cash in investing activities of $5,324 primarily for the purchase of equipment.
Reworded paragraphs (11)
Previous wording
On November 1, 2021, The Board of Directors adopted the 2021 Employee Stock Option Plan (the “Plan”), and the Plan then adopted provided for an initial 350,000 shares to issue and sell upon the exercise of stock options issued under the Plan. As of September 8, 2025, the Company has reserved 1,645,751 shares to issue and sell upon the exercise of stock options issued under the Plan.
Current wording
On November 1, 2021, The Board of Directors adopted the 2021 Employee Stock Option Plan (the “Plan”), and the Plan then adopted provided for an initial 350,000 shares to issue and sell upon the exercise of stock options issued under the Plan.
Previous wording
The Plan provides for an automatic annual increase to be added on February 1 of each year equal to the lesser of (i) 250,000 shares of Common Equity or (ii) five percent (5%) of the total shares of Common Stock outstanding on such date (including for this purpose any shares of Common Stock issuable upon conversion of any outstanding capital equity of the Company) or (iii) such lesser number as determined by the Board. In accordance with the Plan, on February 1, 2022, the Company reserved an additional 233,333 shares and on February 1, 2023, the Company reserved an additional 233,333 shares. On March 20, 2024, our Board of Directors adopted an amendment to the Plan increasing the number of shares of common stock subject to the Plan (as of March 20, 2024, 875,000 shares) to 1,400,000 shares (the “Amendment”). We submitted the Amendment to the Plan to our stockholders for adoption and approval at the 2025 Annual Meeting, and the Amendment was approved by a majority vote of our stockholders. As of September 8, 2025, with the February 1, 2025 automatic increase of shares available for issuance under the Plan, 4,249 shares remain available for issuance of options under the Plan.
Current wording
The Plan provides for an automatic annual increase to be added on February 1 of each year equal to the lesser of (i) 250,000 shares of Common Equity or (ii) five percent (5%) of the total shares of Common Stock outstanding on such date (including for this purpose any shares of Common Stock issuable upon conversion of any outstanding capital equity of the Company) or (iii) such lesser number as determined by the Board. In accordance with the Plan, on February 1, 2022, the Company reserved an additional 233,333 shares and on February 1, 2023, the Company reserved an additional 233,333 shares. On March 20, 2024, our Board of Directors adopted an amendment to the Plan increasing the number of shares of common stock subject to the Plan (as of March 20, 2024, 875,000 shares) to 1,400,000 shares (the “Amendment”). We submitted the Amendment to the Plan to our stockholders for adoption and approval at the 2025 Annual Meeting, and the Amendment was approved by a majority vote of our stockholders. As of June 15, 2026, with the February 1, 2026 automatic increase of shares available for issuance under the Plan, 336,102 shares remain available for issuance of options under the Plan.
Previous wording
For the three months ending October 31, 2025, we generated revenue of $346,058 and our revenue costs were $277,553, resulting in a gross profit of $68,505. For the three months ending October 31, 2024, we generated revenue of $645,796 and our costs of revenue were $454,767, resulting in a gross profit of $191,029. Our revenue for the three months ending October 31, 2025, was derived from sales from our Pocono Pharmaceuticals segment and $-0- from contract research and development services from our 4P Therapeutics segment. The revenue from the Pocono Pharmaceuticals segment decreased from the prior year as one of the Company’s principal customers moved their operations to Asia. . A decrease in demand is expected in the balance of the current year. There were no sales in our 4P Therapeutics segment in the current year due to a shift in focus and the main contract wound down in the prior year. The increase in gross margin is due primarily to higher margins in our sales mix.
Current wording
For the three months ending April 30, 2026, we generated revenue of $433,399 and our revenue costs were $236,598, resulting in a gross profit of $196,801. For the three months ending April 30, 2025, we generated revenue of $667,432 and our costs of revenue were $415,451, resulting in a gross profit of $251,981. Our revenue for the three months ending April 30, 2026, was derived from sales from our Pocono Pharmaceuticals segment and $-0- from contract research and development services from our 4P Therapeutics segment. The revenue from the Pocono Pharmaceuticals segment decreased from the prior year as one of the Company’s principal customers moved their operations to Asia. A decrease in demand is expected in the balance of the current year. There were no sales in our 4P Therapeutics segment in the current year due to a shift in focus and the main contract wound down in the prior year. The increase in gross margin is due primarily to higher margins in our sales mix.
Previous wording
For the three months ending October 31, 2025, our selling, general and administrative expenses were $3,491,728, primarily legal, accounting and compensation expenses compared to $737,102 for the three months ending October 31, 2024. The increase from 2024 is primarily attributable to increases in compensation-based expenses.
Current wording
For the three months ending April 30, 2026, our selling, general and administrative expenses were $1,203,891, primarily legal, accounting and compensation expenses compared to $982,052 for the three months ending April 30, 2025. The increase from 2025 is primarily attributable to increases in compensation-based expenses.
Previous wording
During the three months ending October 31, 2025, the Company incurred research and development expenses of its Aversa Fentanyl product of $457,113, primarily of salaries and development costs from Kindeva as compared to $880,768 for the three months ending October 31, 2024. The decrease is primarily attributable to a reduction in labor costs.
Current wording
During the three months ending April 30, 2026, the Company incurred research and development expenses of its Aversa Fentanyl product of $247,261, primarily of salaries and development costs from Kindeva as compared to $683,426 for the three months ending April 30, 2025. The decrease is primarily attributable to a reduction in labor costs.
Previous wording
We incurred interest expenses of $5,546 for the three months ending October 31, 2025, as compared to $4,031 for the three months ending October 31, 2024.
Current wording
We incurred interest expenses of $5,008 for the three months ending April 30, 2026, as compared to $5,880 for the three months ending April 30, 2025.
Previous wording
Interest income for the three months ending October 31, 2025 was $13,517 as compared to $68,235 for the three months ending October 31, 2024. The decrease is primarily due to a decrease in cash used in the Company’s operations.
Current wording
Interest income for the three months ending April 30, 2026 was $17,403 as compared to $30,508 for the three months ending April 30, 2025. The decrease is primarily due to a decrease in cash used in the Company’s operations.
Previous wording
As a result of the foregoing, we sustained a net loss of $3,872,367 for the three months ending October 31, 2025, or ($0.32) per share (basic and diluted) , compared with a loss of $1,362,637, or $(0.12) per share (basic and diluted) for the three months ending October 31, 2024.
Current wording
As a result of the foregoing, we sustained a net loss of $1,241,956 for the three months ending April 30, 2026, or ($0.10) per share (basic and diluted), compared with a loss of $1,388,869, or $(0.12) per share (basic and diluted) for the three months ending April 30, 2025.
Previous wording
As of October 31, 2025, we had $5,312,177 in cash and cash equivalents and working capital of $5,042,540, as compared with cash and cash equivalents of $4,311,719 and working capital of $3,811,420 as of January 31, 2025.
Current wording
As of April 30, 2026 we had $4,006,184 in cash and cash equivalents and working capital of $3,544,125, as compared with cash and cash equivalents of $4,574,857 and working capital of $4,204,437 as of January 31, 2026.
Previous wording
For the nine months ending October 31, 2025, we used cash of $4,402,800 in our operations. The principal adjustments to our net loss of $7,261,573 were depreciation and amortization of $157,918, and the issuance of employee stock for services in the amount of $2,639,883.
Current wording
For the three months ending April 30, 2026, we used cash of $563,104 in our operations. The principal adjustments to our net loss of $1,241,956 were depreciation and amortization of $34,177, and the issuance of warrants for services in the amount of $552,458.
Previous wording
For the nine months ending October 31, 2025, cash provided from financing activities was $5,408,582 primarily from the exercise of warrants.
Current wording
For the three months ending April 30, 2026, no cash was provided from financing activities .
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
Nine Months Ended October 31, 2025 and 2024
Previous report — wording carried elsewhere
For the nine months ending October 31, 2025, we generated revenue of $1,635,942 and our revenue costs were $1,158,575, resulting in a gross profit of $477,367. For the nine months ending October 31, 2024, we generated revenue of $1,497,158 and our costs of revenue were $1,039,785, resulting in a gross profit of $453,373. Our revenue for the nine months ending October 31, 2025, was derived from sales from our Pocono Pharmaceuticals segment and $-0- from contract research and development services from our 4P Therapeutics segment. The revenue from the Pocono Pharmaceuticals segment increased from the prior year as the Company ordered additional equipment to meet the new demand and implemented this equipment during the third quarter of the prior year. An increase in demand is expected in the balance of the current year. There were no sales in our 4P Therapeutics segment in the current year due to a shift in focus and the main contract wound down in the prior year. The increase in gross margin is due primarily to higher margins in our sales mix.
Previous report — wording carried elsewhere
For the nine months ending October 31, 2025, our selling, general and administrative expenses were $6,071,320, primarily legal, accounting and compensation expenses compared to $2,554,155 for the nine months ending October 31, 2024. The increase from 2024 is primarily attributable to increases in equity-based expenses.
Previous report — wording carried elsewhere
During the nine months ending October 31, 2025, the Company incurred research and development expenses of its Aversa Fentanyl product of $1,703,093, primarily of salaries and increases in development costs from Kindeva as compared to $2,629,278 for the nine months ending October 31, 2024. The decrease is primarily attributable to a reduction in labor costs.