CREATIVE MEDICAL TECHNOLOGY HOLDINGS, INC.
For the period ended Sep 30, 2025. Filed Nov 7, 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.
Sep 30, 2025 · Filed Nov 7, 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 2025-06-30; filed 2025-08-08.
0001477932-25-005614
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001477932-25-007978
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 59 previous paragraphs and 59 current paragraphs.
36 unchanged; 23 reworded; 0 added; 0 removed; 0 previous and 0 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.
Reworded paragraphs (23)
Previous 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.
Current wording
Gross Revenue. There was no revenue generated for the three-month periods ended September 30, 2025 and 2024.
Previous 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.
Current wording
Cost of Goods Sold. There was no cost of goods sold for the three-month periods ended September 30, 2025 and 2024.
Previous 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.
Current wording
Gross Profit/(Loss). There were no gross profits for the three-month periods ended September 30, 2025 and 2024.
Previous wording
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 wording
Selling, General and Administrative Expenses. General and administrative expenses for the three-months ended September 30, 2025, totaled $776,821, in comparison with $498,607 for the comparable period a year ago. The increase of $278,214, or 56% is primarily due to an increase of $206,306 in compensation due to timing of bonus payouts, and marketing expense increase of $118,909, offset by decreases in public company and professional fee expenses.
Previous 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.
Current wording
Amortization Expenses.* *Amortization expenses for the three-months ended September 30, 2025 totaled $31,059 in comparison with $29,271 for the comparable period a year ago.
Previous wording
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 wording
Research and Development Expenses. Research and development expenses for the three-months ended September 30, 2025, totaled $465,154 in comparison to $581,796 for the comparable period a year ago. The decrease of $116,642, or 20% was primarily due to a decrease of $114,140 in research and development associated with the AlloStemSpine® Chronic Lower Back Pain (CELZ-201 ADAPT) trial approaching the completion of subject recruitment.
Previous 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.
Current wording
Operating Loss. For the reasons stated above, our operating loss for the three-months ended September 30, 2025, was $1,273,034 in comparison with $1,109,674 for the comparable period a year ago.
Previous 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.
Current wording
Other Income**.** Other income for the three-months ended September 30, 2025, totaled $37,100 in comparison with $69,539 for the comparable period a year ago. The decreased income of $32,439 is primarily due to lower short-term investment balances and a slight decrease in interest rates.
Previous 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.
Current wording
Net Income/Loss**.** For the reasons stated above, our net loss for the three-months ended September 30, 2025, was $1,235,934 in comparison with a net loss of $1,040,135 for the comparable period a year ago.
Previous wording
Results of Operations – For the Six-month Periods Ended June 30, 2025, and 2024
Current wording
Results of Operations – For the Nine-month Periods Ended September 30, 2025, and 2024
Previous wording
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 wording
Gross Revenue. There was $3,000 in revenue generated for the nine-months ended September 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 six-months ended June 30, 2025 in comparison with $3,200 in cost of goods sold for the comparable period a year ago.
Current wording
Cost of Goods Sold. There was $1,200 in cost of goods sold for the nine-months ended September 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 six-months ended June 30, 2025 in comparison with $4,800 in gross profits for the comparable period a year ago.
Current wording
Gross Profit/(Loss). There was $1,800 in gross profits for the nine-months ended September 30, 2025 in comparison with $4,800 in gross profits for the comparable period a year ago.
Previous 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.
Current wording
Selling, General and Administrative Expenses. General and administrative expenses for the nine-months ended September 30, 2025, totaled $2,396,735, in comparison with $1,846,177 for the comparable period a year ago. The increase of $550,558, or 30% is primarily due to an increase of $288,122 in marketing expenses, $191,478 associated with the timing of bonus payouts, and the timing of a $50,512 general liability contract renewal.
Previous wording
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 wording
Amortization Expenses.* *Amortization expenses for the nine-months ended September 30, 2025 totaled $92,378 in comparison with $87,813 for the comparable period a year ago.
Previous 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.
Current wording
Research and Development Expenses. Research and development expenses for the nine-months ended September 30, 2025, totaled $1,709,719 in comparison to $1,928,937 for the comparable period a year ago. The decrease of $219,218, or 11% was primarily due to a decrease of $454,432 in general research combined with a $164,729 decrease in expenses associated with the Type I Diabetes (CELZ-201 CREATE-1) clinical trial, offset by an increase of $166,193 on the AlloStemSpine® Chronic Lower Back Pain (CELZ-201 ADAPT) trial as we continue to recruit and dose study subjects, and an increase of $233,340 associated with clinical research fees.
Previous wording
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.
Current wording
Operating Loss. For the reasons stated above, our operating loss for the nine-months ended September 30, 2025, was $4,197,032 in comparison with $3,858,127 for the comparable period a year ago.
Previous wording
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 wording
Other Income**.** Other income for the nine-months ended September 30, 2025, totaled $89,698 in comparison with $218,720 for the comparable period a year ago. The decreased income of $129,022 is primarily due to lower short-term investment balances and a slight decrease in interest rates.
Previous wording
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.
Current wording
Net Income/Loss**.** For the reasons stated above, our net loss for the nine-months ended September 30, 2025, was $4,107,334 in comparison with a net loss of $3,639,407 for the comparable period a year ago.
Previous 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.
Current wording
As of September 30, 2025, we had $5,375,511 of available cash and US Treasuries and positive working capital of approximately $5,150,188. 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 $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.
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 $3,918,891 for the nine-months ended September 30, 2025, in comparison to $3,351,756 for the comparable period a year ago, an increase of $567,135 or 17%. The increase in cash used in operations was primarily related to an increase in research and development investments, corporate marketing and timing of employee bonus payouts.
Previous 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.
Current wording
Net Cash Received From Investing Activities*.* There was no cash received or spent in investing activities during the nine-months ended September 30, 2025, in comparison to $6,320,191 of cash received from $6,520,191 in net redemptions of certificates of deposit offset by a $200,000 payment on a patent purchase obligation for the comparable period a year ago.
Previous 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.
Current wording
Cash received in financing activities for the nine-months ended September 30, 2025 was $3,354,000 in proceeds from the exercise of warrants net of issuance costs, in comparison to $174,864 in cash spent from the purchase of treasury stock for the comparable period a year ago.