CREATIVE MEDICAL TECHNOLOGY HOLDINGS, INC.
For the period ended Jun 30, 2025. Filed Aug 8, 2025.
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.
Jun 30, 2025 · Filed Aug 8, 2025
CELZ$0.62+2.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-09.
0001477932-25-003498
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-08.
0001477932-25-005614
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 49 previous paragraphs and 59 current paragraphs.
33 unchanged; 16 reworded; 4 added; 0 removed; 0 previous and 6 current paragraphs rearranged.
Tables are not compared: 3 previous and 3 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.
Added paragraphs (4)
Current report
Selling, General and Administrative Expenses. General and administrative expenses for the three-months ended June 30, 2025, totaled $731,517, in comparison with $676,086 for the comparable period a year ago. The increase of $55,431, or 8% is primarily due to an increase of $38,362 in marketing expenses, and a $21,454 increase in public company expenses.
Current report
Research and Development Expenses. Research and development expenses for the three-months ended June 30, 2025, totaled $501,261 in comparison to $924,749 for the comparable period a year ago. The decrease of $423,488, or 46% was primarily due to a decrease of $411,270 in general research and development associated with the timing of efforts with our industry partners.
Current report
Amortization Expenses.* *Amortization expenses for the six-months ended June 30, 2025 totaled $61,319 in comparison with $58,542 for the comparable period a year ago.
Current report
Operating Loss. For the reasons stated above, our operating loss for the six-months ended June 30, 2025, was $2,923,998 in comparison with $2,748,453 for the comparable period a year ago.
Reworded paragraphs (16)
Previous wording
We began treating the second cohort in this trial in the first quarter of 2025, with comprehensive data from subsequent cohorts guiding future clinical and regulatory plans.
Current wording
We completed dosing the second cohort of 10 patients (total of 20 to-date) in this trial in the second quarter of 2025. Additional comprehensive data from the second and third cohorts will guide future clinical and regulatory plans.
Previous wording
On March 6, 2025, we entered into warrant exercise inducement offer letters (the "Inducement Letters") with the holders (the "Holders") of warrants to purchase an aggregate of 837,104 shares of our Common Stock originally issued on October 23, 2024 (collectively, the "Existing Warrants"), pursuant to which the Holders agreed to exercise the Existing Warrants at their current exercise price of $4.42 per share, in exchange for our agreement to issue the Holders new warrants to purchase an aggregate of 1,674,208 shares of common stock (the "Inducement Warrants"). The Inducement Warrants have an exercise price of $3.75 per share, will not be considered granted and exercisable until we have obtained stockholder approval for the issuance of the shares of Common Stock underlying the Inducement Warrants, and will then be exercisable for a period of five years following the date we obtain such stockholder approval. The transaction closed on March 6, 2025, resulting in total net proceeds to the Company of approximately $3.7 million after deducting placement agent fees and other costs of the offering. Upon stockholder approval, the Company is expected to record a deemed dividend of approximately $3.9 million representing the difference between the fair market value of the Existing Warrants and Inducement Warrants on the date of the transaction.
Current wording
On March 6, 2025, we entered into warrant exercise inducement offer letters (the "Inducement Letters") with the holders (the "Holders") of warrants to purchase an aggregate of 837,104 shares of our Common Stock originally issued on October 23, 2024 (collectively, the "Existing Warrants"), pursuant to which the Holders agreed to exercise the Existing Warrants at their current exercise price of $4.42 per share, in exchange for our agreement to issue the Holders new warrants to purchase an aggregate of 1,674,208 shares of common stock (the "Inducement Warrants"). The Inducement Warrants have an exercise price of $3.75 per share, became granted and exercisable when we obtained stockholder approval for the issuance of the shares of Common Stock underlying the Inducement Warrants on May 5, 2025, and are exercisable for a period of five years following approval date. The transaction closed on March 6, 2025, resulting in total net proceeds to the Company of approximately $3.7 million after deducting placement agent fees and other costs of the offering. Following stockholder approval, the Company recorded a value of approximately $3.9 million, representing the difference between the fair market value of the Existing Warrants and Inducement Warrants on the date of the transaction, as both an increase and decrease to additional paid-in capital, for no net impact, as the Inducement Warrants were considered offering costs.
Previous wording
Results of Operations – For the Three-months Periods Ended March 31, 2025, and 2024
Current wording
Results of Operations – For the Three-month Periods Ended June 30, 2025, and 2024
Previous wording
Gross Revenue. There was $3,000 in revenue generated for the three-months ended March 31, 2025 in comparison with no in revenues for the comparable period a year ago.
Current wording
Gross Revenue. There was no revenue generated for the three-months ended June 30, 2025 in comparison with $8,000 in revenues for the comparable period a year ago.
Previous wording
Cost of Goods Sold. There was $1,200 in cost of goods sold for the three-months ended March 31, 2025 in comparison to no cost of goods sold for the comparable period a year ago.
Current wording
Cost of Goods Sold. There was no cost of goods sold for the three-months ended June 30, 2025 in comparison with $3,200 in cost of goods sold for the comparable period a year ago.
Previous wording
Gross Profit/(Loss). There was $1,800 in gross profits for the three-months ended March 31, 2025 in comparison to no gross profit for the comparable period a year ago.
Current wording
Gross Profit/(Loss). There were no gross profits for the three-months ended June 30, 2025 in comparison with $4,800 in gross profits for the comparable period a year ago.
Previous wording
Amortization Expenses.* *Amortization expenses for the three-months ended March 31, 2025 totaled $30,577 in comparison with $29,271 for the comparable period a year ago.
Current wording
Amortization Expenses.* *Amortization expenses for the three-months ended June 30, 2025 totaled $30,742 in comparison with $29,271 for the comparable period a year ago.
Previous wording
Operating Loss. For the reasons stated above, our operating loss for the three-months ended March 31, 2025, was $1,660,478 in comparison with $1,123,147 for the comparable period a year ago.
Current wording
Operating Loss. For the reasons stated above, our operating loss for the three-months ended June 30, 2025, was $1,263,520 in comparison with $1,625,306 for the comparable period a year ago.
Previous wording
Other Income**.** Other income for the three-months ended March 31, 2025, totaled $22,381 in comparison with $81,603 for the comparable period a year ago. The decreased income of $59,222 is due to lower short-term investment balances.
Current wording
Other Income**.** Other income for the three-months ended June 30, 2025, totaled $30,217 in comparison with $67,578 for the comparable period a year ago. The decreased income of $37,361 is primarily due to lower short-term investment balances.
Previous wording
Net Income/Loss**.** For the reasons stated above, our net loss for the three-months ended March 31, 2025, was $1,638,097 in comparison with a net loss of $1,041,544 for the comparable period a year ago.
Current wording
Net Income/Loss**.** For the reasons stated above, our net loss for the three-months ended June 30, 2025, was $1,233,303 in comparison with a net loss of $1,557,728 for the comparable period a year ago.
Previous wording
Selling, General and Administrative Expenses. General and administrative expenses for the three-months ended March 31, 2025, totaled $888,397, in comparison with $671,484 for the comparable period a year ago. The increase of $216,913, or 32% is primarily due to an increase of $130,851 in marketing expenses, timing of a $50,512 general liability insurance payment, and a $19,065 increase in computer and internet expenses.
Current wording
Selling, General and Administrative Expenses. General and administrative expenses for the six-months ended June 30, 2025, totaled $1,619,914, in comparison with $1,347,570 for the comparable period a year ago. The increase of $272,344, or 20% is primarily due to an increase of $169,213 in marketing expenses, timing of a $50,512 general liability contract renewal, and a $37,243 increase in legal expenses.
Previous wording
Research and Development Expenses. Research and development expenses for the three-months ended March 31, 2025, totaled $743,304 in comparison to $422,392 for the comparable period a year ago. The increase of $320,912, or 76% was primarily due to increases of $242,240 in general research and $176,629 associated with the CELZ-201 ADAPT Chronic Lower Back Pain clinical trial offset by a decrease of $42,708 on the CELZ-201 CREATE-1 Type II diabetes trial.
Current wording
Research and Development Expenses. Research and development expenses for the six-months ended June 30, 2025, totaled $1,244,565 in comparison to $1,347,141 for the comparable period a year ago. The decrease of $102,576, or 8% was primarily due to an increase of $280,333 on the AlloStemSpine® Chronic Lower Back Pain (CELZ-201 ADAPT) trial as we continue to recruit and dose study subjects, offset by a $466,520 reduction in general research and development associated with the timing of efforts with our industry partners and a reduction of $149,729 in expenses associated with the Type I Diabetes (CELZ-201 CREATE-1) clinical trial.
Previous wording
As of March 31, 2025, we had $7,702,867 of available cash, certificates of deposit and US Treasuries and positive working capital of approximately $7,557,624. In comparison, as of December 31, 2024, we had $5,940,402 of available cash, certificates of deposit and US Treasuries and positive working capital of $5,807,659.
Current wording
As of June 30, 2025, we had $6,544,120 of available cash and US Treasuries and positive working capital of approximately $6,355,063. In comparison, as of December 31, 2024, we had $5,940,402 of available cash, certificates of deposit and US Treasuries and positive working capital of $5,807,659.
Previous wording
***Net Cash used in Operating Activities.***We used cash in our operating activities due to our losses from operations. Net cash used in operating activities was $1,591,535 for the three-months ended March 31, 2025, in comparison to $896,864 for the comparable period a year ago, an increase of $694,671 or 77%. The increase in cash used in operations was primarily related to an increase in research and development investments and corporate marketing.
Current wording
***Net Cash used in Operating Activities.***We used cash in our operating activities due to our losses from operations. Net cash used in operating activities was $2,750,282 for the six-months ended June 30, 2025, in comparison to $2,366,168 for the comparable period a year ago, an increase of $384,114 or 16%. The increase in cash used in operations was primarily related to an increase in research and development investments and corporate marketing.
Previous wording
Net Cash Received From Investing Activities*.* There was no cash received or spent in investing activities during the three-months ended March 31, 2025, in comparison to $6,520,191 of cash received from net redemptions of certificates of deposit for the comparable period a year ago.
Current wording
Net Cash Received From Investing Activities*.* There was no cash received or spent in investing activities during the six-months ended June 30, 2025, in comparison to $6,520,191 of cash received from net redemptions of certificates of deposit for the comparable period a year ago.
Previous wording
Cash received in financing activities for the three-months ended March 31, 2025 was $3,354,000 in proceeds from the exercise of warrants net of issuance costs, in comparison to $82,796 in cash spent from the purchase of treasury stock for the comparable period a year ago.
Current wording
Cash received in financing activities for the six-months ended June 30, 2025 was $3,354,000 in proceeds from the exercise of warrants net of issuance costs, in comparison to $149,414 in cash spent from the purchase of treasury stock for the comparable period a year ago.
Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
Results of Operations – For the Six-month Periods Ended June 30, 2025, and 2024
Current report — wording carried from elsewhere
Gross Revenue. There was $3,000 in revenue generated for the six-months ended June 30, 2025 in comparison with $8,000 in revenues for the comparable period a year ago.
Current report — wording carried from elsewhere
Cost of Goods Sold. There was $1,200 in cost of goods sold for the six-months ended June 30, 2025 in comparison with $3,200 in cost of goods sold for the comparable period a year ago.
Current report — wording carried from elsewhere
Gross Profit/(Loss). There was $1,800 in gross profits for the six-months ended June 30, 2025 in comparison with $4,800 in gross profits for the comparable period a year ago.
Current report — wording carried from elsewhere
Other Income**.** Other income for the six-months ended June 30, 2025, totaled $52,598 in comparison with $149,181 for the comparable period a year ago. The decreased income of $96,583 is primarily due to lower short-term investment balances.
Current report — wording carried from elsewhere
Net Income/Loss**.** For the reasons stated above, our net loss for the six-months ended June 30, 2025, was $2,871,400 in comparison with a net loss of $2,599,272 for the comparable period a year ago.