Ainos, Inc.
For the period ended Sep 30, 2025. Filed Nov 13, 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 13, 2025
AIMD$0.70+11.1%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 2025-08-13.
0001493152-25-011908
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-13.
0001493152-25-022312
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 85 previous paragraphs and 86 current paragraphs.
49 unchanged; 32 reworded; 4 added; 1 removed; 3 previous and 1 current paragraphs rearranged.
Tables are not compared: 6 previous and 6 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
We are working with ugo, Inc., a Japanese robotics company, to integrate AI Nose into autonomous robots for environmental monitoring, safety, and healthcare support. We are working with ugo to pilot deploy service robots equipped with AI Nose at seven industrial sites in Japan, spanning pharmaceutical manufacturing, facility management, energy operations, power substations, and water treatment plants. We believe this marks an important milestone in robotic perception, blending olfactory sensing with industrial AI.
Current report
We are partnering with Topco Scientific Co., Ltd. (“Topco”), one of Taiwan’s leading semiconductor solution providers, to accelerate the commercialization of our AI Nose platform, leveraging Topco’s extensive global network across semiconductors, optoelectronics, renewable energy, and healthcare industries.
Current report
SG&A expenses were $795,253 and $1,015,758 in Q3 2025 and Q3 2024, respectively, reflecting a decrease of $220,505 (22%) due to a significant decrease in share-based compensation, D&O insurance fee and SEC reporting related fees.
Current report
In Q3 2025, interest expense was $176,584 compared to $264,648 in Q3 2024. The decrease in interest expense was due to the company paid off Lee’s convertible note, the convertible note of principal amount is decrease.
Removed paragraphs (1)
Previous report
When excluding these non-cash costs, gross profit were $3,726 in Q2 2025 compared to $20,857 gross loss in Q2 2024.
Reworded paragraphs (32)
Previous wording
AI Nose is our proprietary digital olfaction platform. We develop integrated hardware solutions with third-party gas sensors and our AI algorithm which we refer to as the smell language model (SLM). It aims to digitize scent and volatile organic compound (VOC) profiles into structured data (“Smell ID”) for analysis and classification.
Current wording
AI Nose is our proprietary digital olfaction platform. We develop integrated hardware solutions with third-party gas sensors and our AI algorithm which we refer to as the smell language model (SLM). It aims to digitize scent and volatile organic compound (VOC) profiles into structured data (“Smell ID”) for analysis and classification. Backed by our extensive scent data moat and medtech expertise, AI Nose aims to deliver continuous monitoring, predictive analytics, and instant alerts to enhance safety, quality, and efficiency. To be delivered as SmellTech-as-a-Service, it aims to offer subscription access to ongoing scent intelligence, analytics, and real-time alerts, turning the invisible into strategic advantage.
Previous wording
While we initially applied AI Nose in healthcare through point-of-care testing (POCT) devices, we are actively expanding its use into industrial and robotics settings. Through July 2025, we have formed several strategic partnerships to deploy AI Nose across a range of environments.
Current wording
While we initially applied AI Nose in healthcare through point-of-care testing (POCT) devices, we are actively expanding its use into industrial and robotics settings. Through September 2025, we have formed several strategic partnerships to deploy AI Nose across a range of industrial environments. Aligned with this strategy, in the third quarter 2025, we launched our AI Nose modules for industrial applications and showcased the product in Automation Taipei and Semicon Taiwan.
Previous wording
We are working with ugo, Inc., a Japanese robotics company, to integrate AI Nose into autonomous robots for environmental monitoring, safety, and healthcare support. With ASE Technology Holding Co., Ltd., a Taiwan-based global semiconductor packaging and testing company, we are evaluating AI Nose deployment across key manufacturing sites to enable real-time anomaly detection and process monitoring. We are also collaborating with Kenmec Mechanical Engineering Co., Ltd., a Taiwan-based provider of automation and smart logistics solutions, to integrate AI Nose into smart factory ecosystems, including robotics, HVAC systems, public infrastructure, airports, logistics, and healthcare applications. Kenmec’s subsidiary will manufacture AI Nose devices under this partnership.
Current wording
We are also collaborating with Kenmec Mechanical Engineering Co., Ltd., a Taiwan-based provider of automation and smart logistics solutions, to integrate AI Nose into smart factory ecosystems, including robotics, HVAC systems, public infrastructure, airports, logistics, and healthcare applications. Kenmec’s subsidiary will manufacture AI Nose devices under this partnership.
Previous wording
In addition, we are partnering with Solomon Technology Corporation (“Solomon”), a Taiwan-based company specializing in machine vision, industrial AI, and smart automation. Solomon is marketing AI Nose on a non-exclusive basis to customers in semiconductors, petrochemicals, autonomous mobile robots (AMRs), defense, and healthcare. Together, we are exploring ways to combine AI Nose with Solomon’s machine vision and inspection technologies.
Current wording
We are partnering with Solomon Technology Corporation (“Solomon”), a Taiwan-based company specializing in machine vision, industrial AI, and smart automation. Solomon is marketing AI Nose on a non-exclusive basis to customers in semiconductors, petrochemicals, autonomous mobile robots (AMRs), defense, and healthcare. Together, we are exploring ways to combine AI Nose with Solomon’s machine vision and inspection technologies.
Previous wording
As of June 30, 2025, we had available cash and cash equivalents of $1,223,184. We anticipate business revenues and external financing options, if necessary, to fund our operations over the next twelve months. We have based this estimate on assumptions that may prove to be incorrect, and we could exhaust our available capital resources sooner than we expect. See “Liquidity and Capital Resources” for additional information. To finance our continuing operations, we will need to raise additional capital, which cannot be assured.
Current wording
As of September 30, 2025, we had available cash and cash equivalents of $1,128,217. We anticipate business revenues and external financing options, if necessary, to fund our operations over the next twelve months. We have based this estimate on assumptions that may prove to be incorrect, and we could exhaust our available capital resources sooner than we expect. See “Liquidity and Capital Resources” for additional information. To finance our continuing operations, we will need to raise additional capital, which cannot be assured.
Previous wording
The Company reported $4,663 and nil in revenue in Q2 2025 and Q2 2024, respectively, from product sales of VELDONA pet supplements in Taiwan.
Current wording
The Company reported $2,167 and nil in revenue in Q3 2025 and Q3 2024, respectively, from product sales of VELDONA pet supplements in Taiwan. The increase was due to include sales volume of VELDONA pet supplements and exchange rate fluctuation, while we were advancing pilot programs for our AI Nose platform during this quarter.
Previous wording
The cost of revenue related to product sales in Q2 2025 was $937 compared to $25,373 in Q2 2024. The decrease in cost of revenue was due to lower sales volume for VELDONA pet supplements during the reporting period, as the Company shifts operational focus to AI Nose platform.
Current wording
The cost of revenue related to product sales in Q3 2025 was $477 compared to $547 in Q3 2024. The decrease in cost of revenue was due to lower produce volume for VELDONA pet supplements during the reporting period, as the Company shifts operational focus to AI Nose platform.
Previous wording
Gross profit from product sales in Q2 2025 was $3,726 as compared to $25,373 gross loss from product sales in Q2 2024. The increase in gross profit was due to increase the sale volume.
Current wording
Gross profit from product sales in Q3 2025 was $1,690 as compared to $547 gross loss from product sales in Q3 2024. The increase in gross profit was due to increase the sale volume.
Previous wording
R&D expenses in Q2 2025 and Q2 2024 were $1,911,800 and $1,978,756, respectively. The decrease of $66,956 (3%) was due to reduced expenses associated with co-research for technology and product and staffing expenditures (including share-based compensation), partially offset by increased clinical trial fees. We expect that our R&D expenses related to clinical trials will continue to grow as we further develop AI Nose, VOC POCT and VELDONA drug candidates.
Current wording
R&D expenses in Q3 2025 and Q3 2024 were $1,990,630 and $2,022,244, respectively. The decrease of $31,614 (2%) was due to reduced expenses associated with co-research for technology partially offset by increased product and staffing expenditures (including share-based compensation). We expect that our R&D expenses related to clinical trials will continue to grow as we further develop AI Nose, VOC POCT and VELDONA drug candidates.
Previous wording
The share-based compensation expense and the depreciation and amortization expense in Q2 2025 and Q2 2024 were $1,209,343 and $1,276,777, respectively. When excluding these non-cash expenses, R&D expenses increased to $702,457 in Q2 2025 from $701,979 in Q2 2024.
Current wording
The share-based compensation expense and the depreciation and amortization expense in Q3 2025 and Q3 2024 were $1,378,248 and $1,305,461, respectively. When excluding these non-cash expenses, R&D expenses decreased to $612,382 in Q3 2025 from $716,783 in Q3 2024.
Previous wording
The share-based compensation expense and the depreciation and amortization expense in Q2 2025 and Q2 2024 were $1,309,358 and $338,669 respectively. When excluding these non-cash expenses, SG&A expenses decreased to $528,255 in Q2 2025 compared to $706,211 in Q2 2024.
Current wording
The share-based compensation expense and the depreciation and amortization expense in Q3 2025 and Q3 2024 were $176,749 and $377,020 respectively. When excluding these non-cash expenses, SG&A expenses decreased to $618,504 in Q3 2025 compared to $638,738 in Q3 2024.
Previous wording
The Company’s operating loss was $3,745,687 and $3,049,009 in Q2 2025 and Q2 2024, respectively, reflecting a $696,678 (23%) increase in operating loss between the reporting periods. We continued to invest resources to execute our growth strategy and product roadmap to improve our profitability.
Current wording
The Company’s operating loss was $2,784,193 and $3,038,549 in Q3 2025 and Q3 2024, respectively, reflecting a $254,356 (8%) decrease in operating loss between the reporting periods. We continued to invest resources to execute our growth strategy and product roadmap to improve our profitability.
Previous wording
Net loss was $4,084,990 in Q2 2025 compared to $3,195,022 in Q2 2024, resulting in a $889,968 (28%) increase in net loss attributable to our shareholders of common stock. The net loss was due to exchange rate fluctuations experienced by the company in 2025 Q2 and expanding operating expense as we continued to invest resources to execute our growth strategy and product roadmap to improve our profitability.
Current wording
Net loss was $2,931,702 in Q3 2025 compared to $3,699,317 in Q3 2024, resulting in a $767,615 (21%) decrease in net loss attributable to our shareholders of common stock. The net loss was due to expanding operating expense as we continued to invest resources to execute our growth strategy and product roadmap to improve our profitability.
Previous wording
Results of Operations for Six Months Ended June 30, 2025 (“H1 2025”) and June 30, 2024 (“H1 2024”):
Current wording
Results of Operations for Nine Months Ended September 30, 2025 (“first nine months 2025”) and September 30, 2024 (“first nine months 2024”):
Previous wording
The Company reported $110,870 and $20,729 in revenue in H1 2025 and H1 2024, respectively, from product sales of VELDONA pet supplements in Taiwan and VOC sensing products related to NISD co-development. The increase in revenue was due to realization of $110,379 in revenues from sales of VOC sensing products related to NISD co-development.
Current wording
The Company reported $113,037 and $20,729 in revenue in the first nine months of 2025 and the first nine months of 2024, respectively, from product sales of VELDONA pet supplements in Taiwan and VOC sensing products related to NISD co-development. The increase in revenue was due to realization of $112,349 in revenues from sales of VOC sensing products related to NISD co-development.
Previous wording
The cost of revenue related to product sales in H1 2025 was $19,170 compared to $52,127 in H1 2024. The decrease in cost of revenue was due to a change in product compositions.
Current wording
The cost of revenue related to product sales in the first nine months of 2025 was $19,647 compared to $52,674 in the first nine months of 2024. The decrease in cost of revenue was due to a change in product compositions.
Previous wording
The share-based compensation expense and the depreciation expense for manufacturing in Q2 2025 and Q2 2024 were nil and $4,516, respectively. When excluding these non-cash cost, cost of revenue decreased to $937 in Q2 2025 compared to $20,857 in Q2 2024.
Current wording
The share-based compensation expense and the depreciation expense for manufacturing in the first nine months of 2025 and the first nine months of 2024 were nil and $9,032, respectively. When excluding these non-cash cost, cost of revenue decreased to $19,647 in the first nine months of 2025 compared to $43,642 in the first nine months of 2024.
Previous wording
Gross profit from product sales in H1 2025 was $91,700 as compared to $31,398 gross loss from product sales in H1 2024. The increase in gross profit was due toa change in product compositions.
Current wording
Gross profit from product sales in the first nine months of 2025 was $93,390 as compared to $31,945 gross loss from product sales in the first nine months of 2024. The increase in gross profit was due to increase of sales volume of VEDONA pet supplements anda change in product compositions.
Previous wording
When excluding these non-cash costs, gross profits were $91,700 in H1 2025 compared to $22,366 gross loss in H1 2024.
Current wording
When excluding these non-cash costs, gross profits were $93,390 in the first nine months of 2025 compared to $22,913 gross loss in the first nine months of 2024.
Previous wording
R&D expenses in H1 2025 and H1 2024 were $3,635,884 and $4,063,404, respectively. The decrease of $427,520 (11%) was due to decreased expenses associated with clinical trial fees, co-research for technology and product and staffing expenditures (including share-based compensation). We expect that our R&D expenses related to clinical trials will continue to grow as we further develop AI Nose, VOC POCT and VELDONA drug candidates.
Current wording
R&D expenses in the first nine months of 2025 and the first nine months of 2024 were $5,626,514 and $6,085,648, respectively. The decrease of $459,134 (8%) was due to decreased expenses associated with clinical trial fees, co-research for technology and product and staffing expenditures (including share-based compensation) offset by increased patent application and maintenance fee. We expect that our R&D expenses related to clinical trials will continue to grow as we further develop AI Nose, VOC POCT and VELDONA drug candidates.
Previous wording
The share-based compensation expense and the depreciation and amortization expense in H1 2025 and H1 2024 were $2,402,213 and $2,561,120, respectively. When excluding these non-cash expenses, R&D expenses decreased to $1,233,671 in H1 2025 from $1,502,284 in H1 2024.
Current wording
The share-based compensation expense and the depreciation and amortization expense in the first nine months of 2025 and the first nine months of 2024 were $3,780,461 and $3,866,581, respectively. When excluding these non-cash expenses, R&D expenses decreased to $1,846,053 in the first nine months of 2025 from $2,219,067 in the first nine months of 2024.
Previous wording
SG&A expenses were $1,837,613 and $1,044,880 in Q2 2025 and Q2 2024, respectively, reflecting an increase of $792,733 (76%) due to a significant increase in share-based compensation offset by a decrease in professional expenses and SEC related fees.
Current wording
SG&A expenses were $4,159,627 and $3,090,056 in the first nine months of 2025 and the first nine months of 2024, respectively, reflecting an increase of $1,069,571 (35%) due to a significant increase in share-based compensation offset by a decrease in professional expenses, D&O insurance fee and SEC related fees.
Previous wording
The share-based compensation expense and the depreciation and amortization expense in H1 2025 and H1 2024 were $2,211,158 and $676,622 respectively. When excluding these non-cash expenses, SG&A expenses decreased to $1,153,216 in H1 2025 compared to $1,397,676 in H1 2024.
Current wording
The share-based compensation expense and the depreciation and amortization expense in the first nine months of 2025 and the first nine months of 2024 were $2,387,907 and $1,053,642 respectively. When excluding these non-cash expenses, SG&A expenses decreased to $1,771,720 in the first nine months of 2025 compared to $2,036,414 in the first nine months of 2024.
Previous wording
The Company’s operating loss was $6,908,558 and $6,169,100 in H1 2025 and H1 2024, respectively, reflecting a $739,458 (12%) increase in operating loss between the reporting periods. This increase reflects our continued to invest resources to execute our growth strategy and advance our product roadmap to improve our profitability.
Current wording
The Company’s operating loss was $9,692,751 and $9,207,649 in the first nine months of 2025 and the first nine months of 2024, respectively, reflecting a $485,102 (5%) increase in operating loss between the reporting periods. This increase reflects our continued to invest resources to execute our growth strategy and advance our product roadmap to improve our profitability.
Previous wording
In Q2 2025, interest expense was $177,957 compared to $118,759 in Q2 2024. The increase in interest expense was due to accrued interest for convertible notes issued in May 2024 has a higher principal amount compared to the same period in 2024.
Current wording
In the first nine months of 2025, interest expense was $534,986 compared to $432,097 in the first nine months of 2024. The increase in interest expense was due to accrued interest for convertible notes issued in May 2024 has a higher principal amount compared to the same period in 2024.
Previous wording
Net loss was $7,371,012 in H1 2025 compared to $6,509,832 in H1 2024, resulting in a $861,180 (13%) increase in net loss attributable to our shareholders of common stock. The net loss was due to exchange rate fluctuations experienced by the company in 2025 Q2 and expanding operating expense as we continued to invest resources to execute our growth strategy and product roadmap to improve our profitability.
Current wording
Net loss was $10,302,714 in the first nine months of 2025 compared to $10,209,149 in the first nine months of 2024, resulting in a $93,565 (1%) increase in net loss attributable to our shareholders of common stock. The net loss was due to expanding operating expense as we continued to invest resources to execute our growth strategy and product roadmap to improve our profitability.
Previous wording
As of June 30, 2025 and December 31, 2024, the Company had available cash of $1,223,184 and $3,892,919, respectively.
Current wording
As of September 30, 2025 and December 31, 2024, the Company had available cash of $1,128,217 and $3,892,919, respectively.
Previous wording
The following table summarizes our cash flow during the six months period ended June 30, 2025 and 2024:
Current wording
The following table summarizes our cash flow during the nine months ended September 30, 2025 and 2024:
Previous wording
Cash (used in) provided operating activities decreased by $893,892 during the H1 of 2025 compared to the H1 of 2024. Our net loss for the H1 of 2025 increased by $861,180 primarily due to the company experiencing exchange rate fluctuations and expanding operating expense. The operating cash outflow as a result of changes in operating assets and liabilities was mainly attributable to:
Current wording
Cash used in operating activities decreased by $1,184,357 during the first nine months of 2025 compared to the first nine months of 2024. Our net loss for the first nine months of 2025 increased by $93,565 primarily due to the company expanding operating expense. The operating cash outflow as a result of changes in operating assets and liabilities was mainly attributable to:
Previous wording
Cash used for investing activities were $18,045 and $119,792 during the H1 of 2025 and the H1 of 2024, respectively. The decrease was due to a reduction in refundable deposits and other noncurrent assets offset by increase in purchases of property and equipment.
Current wording
Cash used for investing activities were $13,112 and $138,577 during the first nine months of 2025 and the first nine months of 2024, respectively. The increase was due to a reduction in refundable deposits and other noncurrent assets offset by increase in purchases of property and equipment.
Previous wording
Cash (used in) provided by financing activities were $(280,902) and $9,777,500 during the H1 of 2025 and the H1 of 2024, respectively. The $10,058,402 decrease was primarily reflected by the following:
Current wording
Cash provided by financing activities were $852,635 and $8,295,746 during the first nine months of 2025 and the first nine months of 2024, respectively. The $7,443,111 decrease was primarily reflected by the following:
Previous wording
In the near-term, we expect an increase in the pace of clinical trial spending to advance our VOC POCT and VELDONA drug candidates and expect to invest more in R&D activities. We may also increase our sales and marketing efforts.
Current wording
In the near-term, we expect to invest in our product development and clinical trial activities to advance our product pipeline. We may also increase our sales and marketing efforts.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
With ASE Technology Holding Co., Ltd. (“ASEH”), a Taiwan-based global semiconductor packaging and testing company, we are targeting AI Nose deployment across key manufacturing sites to enable real-time anomaly detection and process monitoring. In August 2025, we signed a three-year subscription-based order, valued at $2.1 million, to deploy 1,400 AI Nose units across ASEH’s three manufacturing sites.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
The share-based compensation expense and the depreciation expense for manufacturing in H1 2025 and H1 2024 were nil and $9,032, respectively. When excluding these non-cash cost, cost of revenue decreased to $19,170 in H1 2025 compared to $43,095 in H1 2024.
Previous report — wording carried elsewhere
SG&A expenses were $3,364,374 and $2,074,298 in H1 2025 and H1 2024, respectively, reflecting an increase of $1,290,076 (62%) due to a significant increase in share-based compensation offset by a decrease in professional expenses and SEC related fees.
Previous report — wording carried elsewhere
In H1 2025, interest expense was $358,402 compared to $167,455 in H1 2024. The increase in interest expense was due to accrued interest for convertible notes issued in May 2024 has a higher principal amount compared to the same period in 2024.