Curanex Pharmaceuticals Inc
For the period ended Sep 30, 2025. Filed Nov 17, 2025.
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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 17, 2025
CURX$6.21+7.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-09-09.
0001493152-25-012880
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-17.
0001493152-25-023710
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 91 previous paragraphs and 77 current paragraphs.
45 unchanged; 17 reworded; 15 added; 18 removed; 11 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.
Added paragraphs (15)
Current report
On August 27, 2025, the Company closed its initial public offering (the “IPO”) of 3,750,000 shares (the “Shares”) of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), at a public offering price of $4.00 per share, for gross proceeds of $15,000,000. The Shares were offered by the Company pursuant the Registration Statement. The net proceeds to the Company from the IPO, after deducting the underwriting discount, the underwriters’ fees and expenses and the Company’s offering expenses, were approximately $13,238,695.
Current report
On September 23, 2025, the Company prepaid the total principal amount and accrued interest on the First Note, and on September 24, 2025, the Company prepaid the total principal amount and accrued interest on the Second Note. The total amount repaid by the Company for these promissory notes was $408,537.32, which includes $400,000 in principal amount and $8,537.32 in total accrued interest, including (i) $5,540.93 accrued interest on the First Note from February 4, 2025 until September 23, 2025, and (ii) $2,996.38 accrued interest on the Second Note from May 23, 2025 until September 24, 2025.
Current report
Nasdaq Non-Compliance
Current report
On November 5, 2025, we received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that the closing bid price for our Common Stock for the previous 30 consecutive business days was below $1.00 per share, which is the minimum closing bid price (the “Minimum Bid Price”) required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2) (the “Notice”). This Notice has no immediate effect on the listing of our Common Stock which will continue to trade on The Nasdaq Capital Market under the symbol “CURX”, subject to the Company’s compliance with the other Nasdaq listing requirements.
Current report
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company was provided a compliance period of 180 calendar days from the date of the Notice, or until May 4, 2026 (the “Compliance Period”), to regain compliance with the Minimum Bid Price requirement. If at any time during the Compliance Period, the closing bid price of the Company’s Common Stock is at least $1.00 per share for a minimum of ten consecutive business days (unless the Nasdaq staff exercises its discretion to extend this ten business day period pursuant to Nasdaq Listing Rule 5810(c)(3)(H)), Nasdaq will provide the Company written confirmation of compliance with the Minimum Bid Price, and the matter will be closed.
Current report
If the Company does not regain compliance during the Compliance Period, the Company may be eligible for an additional 180-calendar day period to regain compliance with the Minimum Bid Price, provided that it meets the applicable market value of publicly held shares requirement for continued listing and all other applicable standards for initial listing on The Nasdaq Capital Market (except the Minimum Bid Price requirement), and notifies Nasdaq of its intent to cure the deficiency by effecting a reverse stock split of its Common Stock, if necessary. If Nasdaq determines that the Company is not eligible for an additional 180 calendar days compliance period or the Company will not be able to cure the deficiency with the Minimum Bid Price requirement within the allotted compliance period, the Company’s stock will be subject to delisting.
Current report
Following our initial public offering, we continued to invest in research and development (“R&D”) activities primarily related to FDA-mandated investigational new drug (“IND”) studies targeting ulcerative colitis, atopic dermatitis, rheumatoid arthritis, gouty arthritis, and diabetic foot. For the three months ended September 30, 2025, R&D expenses totaled $677,474, reflecting the portion of costs recognized under our updated accounting policy to expense R&D costs over the related contract performance periods. As of September 30, 2025, the Company recorded $8.5 million in prepaid R&D, representing advance payments to Contract Research Organizations (“CROs”) and Contract Development and Manufacturing Organizations (“CDMOs”) for services to be rendered under ongoing IND studies. We expect R&D spending to remain significant as these studies progress but to moderate in future periods until FDA approvals are obtained and clinical trial activities commence.
Current report
For the three months ended September 30, 2025, net other expense was $2,732, consisting of $2,129 of other income, primarily interest income earned on cash and cash equivalents, offset by $4,090 of interest expense related to a shareholder loan. In the comparable 2024 period, the Company recorded no material other income or interest expense.
Current report
Net Gain or Loss
Current report
The Company recorded a net loss of $954,059 for the three months ended September 30, 2025, compared to $91,166 for the three months ended September 30, 2024. The increase in net loss was primarily attributable to (i) the initiation of “R&D” activities totaling $677,474 related to FDA-mandated IND studies and (ii) non-recurring IPO-related and public company readiness costs included in “G&A” expenses ($273,853 in 2025 versus $44,200 in 2024).
Current report
Following our initial public offering, we continued to invest in research and development (“R&D”) activities primarily related to FDA-mandated investigational new drug (“IND”) studies targeting ulcerative colitis, atopic dermatitis, rheumatoid arthritis, gouty arthritis, and diabetic foot. For the nine months ended September 30, 2025, R&D expenses totaled $679,574, reflecting the portion of costs recognized under our updated accounting policy to expense R&D costs over the related contract performance periods. As of September 30, 2025, the Company recorded $8.5 million in prepaid R&D, representing advance payments to Contract Research Organizations (“CROs”) and Contract Development and Manufacturing Organizations (“CDMOs”) for services to be rendered under ongoing IND studies. We expect R&D spending to remain significant as these studies progress but to moderate in future periods until FDA approvals are obtained and clinical trial activities commence.
Current report
For the nine months ended September 30, 2025, net other expense was $5,551, reflecting $2,986 of other income (primarily interest income on IPO-related cash balances) and $8,537 of interest expense associated with the shareholder loan, compared to net other income of $2,129 for the nine months ended September 30, 2024. The change from the prior-year period was primarily due to the recognition of interest expense on the shareholder loan in 2025, partially offset by higher interest income resulting from increased cash balances following the Company’s IPO.
Current report
Net Gain or Loss
Current report
For the nine months ended September 30, 2025, net loss was $1,151,988, compared to $215,567 for the nine months ended September 30, 2024. The year-over-year increase was primarily driven by (i) R&D expenses of $679,574 associated with IND-enabling studies initiated in 2025 and (ii) higher G&A expenses of $466,863, reflecting IPO-related professional fees and recurring costs associated with operating as a public company. These increases were partially offset by interest income on IPO proceeds and higher average cash balances during the period.
Current report
Cash Flows from Financing Activities
Removed paragraphs (18)
Previous report
We did not incur material research and development expenses during the three-month periods ended June 30, 2025, or 2024, as our development activities remained in the planning phase. We expect R&D spending to increase significantly in future periods as we begin FDA-required studies and initiate clinical trial activities.
Previous report
There was no significant other income or expense recorded for the three months ended June 30, 2025, or 2024.
Previous report
Net Loss
Previous report
We reported a net loss of $(60,346) for the three months ended June 30, 2025, compared to a net loss of $(44,200) for the three months ended June 30, 2024. The increase in net loss was primarily due to higher G&A expenses as described above.
Previous report
Operating Activities
Previous report
Net cash used in operating activities was $(440,029) for the six months ended June 30, 2025, primarily reflecting our G&A spending during the period.
Previous report
Financing Activities
Previous report
We did not incur material research and development expenses during the six-month periods ended June 30, 2025, or 2024, as our development activities remained in the planning phase. We expect R&D spending to increase significantly in future periods as we begin FDA-required studies and initiate clinical trial activities.
Previous report
There was no significant other income or expense recorded for the six months ended June 30, 2025, or 2024.
Previous report
Net Loss
Previous report
We reported a net loss of $(197,929) for the six months ended June 30, 2025, compared to a net loss of $(124,401) for the six months ended June 30, 2024. The increase in net loss was primarily due to higher G&A expenses as described above.
Previous report
Liquidity and Capital Resources
Previous report
Going Concern Considerations
Previous report
Operating Activities
Previous report
Net cash used in operating activities was $(440,029) for the six months ended June 30, 2025, primarily reflecting our G&A spending during the period.
Previous report
Financing Activities
Previous report
Contractual Obligations and Contingencies
Previous report
Off-Balance Sheet Arrangements
Reworded paragraphs (17)
Previous wording
On November 19, 2024, our Board and our stockholders approved an amendment to our amended and restated articles of incorporation (the “Amendment”) to effect a reverse stock split of the outstanding shares of the common stock, at a ratio of three-for-five (3-for-5) (the “Reverse Stock Split”). The Amendment became effective on the same date, upon filing of the Amendment with the Secretary of State of the State of Nevada. As a result of the Reverse Stock Split, every five (5) shares of our issued and outstanding common stock, automatically and without any action of the Company or any holder thereof, were combined into three (3) validly issued and non-assessable shares of common stock, resulting in 24,000,000 post Reverse Stock Split shares of common stock. No fractional shares were issued to any stockholder of the Company, and in lieu of issuing any such fractional shares, any fractional shares resulting from the Reverse Stock Split, if applicable, will be rounded up to the nearest whole share of common stock. Proportionate adjustments will be made to the exercise prices and the number of shares underlying the Company’s outstanding equity awards, convertible notes, and warrants, as applicable. The shares of common stock as adjusted to the Reverse Stock Split will remain fully paid and non-assessable. The Reverse Stock Split will not affect the number of authorized shares of common stock or the par value of the common stock nor will it change the authorized shares of preferred stock or the relative voting power of holders of the outstanding common stock.
Current wording
On November 19, 2024, our Board and our stockholders approved an amendment to our amended and restated articles of incorporation (the “Amendment”) to effect a reverse stock split of the outstanding shares of the common stock, at a ratio of three-for-five (3-for-5) (the “Reverse Stock Split”). The Amendment became effective on the same date, upon filing of the Amendment with the Secretary of State of the State of Nevada. As a result of the Reverse Stock Split, every five (5) shares of our issued and outstanding common stock, automatically and without any action of the Company or any holder thereof, were combined into three (3) validly issued and non-assessable shares of common stock, resulting in 24,000,000 post Reverse Stock Split shares of common stock. No fractional shares were issued to any stockholder of the Company, and in lieu of issuing any such fractional shares, any fractional shares resulting from the Reverse Stock Split were rounded up to the nearest whole share of common stock. The shares of common stock as adjusted to the Reverse Stock Split will remain fully paid and non-assessable. The Reverse Stock Split did not affect the number of authorized shares of common stock or the par value of the common stock nor changed the authorized shares of preferred stock or the relative voting power of holders of the outstanding common stock.
Previous wording
On August 27, 2025, we closed our initial public offering (the “IPO”) of 3,750,000 shares (the “Shares”) of our Common Stock, at a public offering price of $4.00 per share, pursuant to an underwriting agreement, dated as of August 25, 2025 (the “Underwriting Agreement”), between the Company and Dominari Securities, LLC, as representative of the underwriters named on Schedule I therein (the “Underwriters”). The Company sold the Shares to the Underwriters at a public offering price of $4.00 per share, for gross Offering proceeds of $15,000,000. In addition, pursuant to the Underwriting Agreement, the Company granted the Underwriters a 45-day option to purchase up to 562,500 additional shares of Common Stock, to cover over-allotments in connection with the IPO.
Current wording
Under the terms of an underwriting agreement dated August 25, 2025 (the “Underwriting Agreement”), with Dominari Securities, LLC, as representative of the underwriters named on Schedule I therein (the “Underwriters”), the Company granted the Underwriters an option to purchase up to 562,500 additional shares (the “Option Shares”) at the initial public offering price of $4.00 per share, pursuant to the over-allotment option described in the Underwriting Agreement. On September 12, 2025, Underwriters exercised their option in full and purchased all of the Option Shares from the Company, resulting in additional gross proceeds of $2,250,000 and net proceeds of $2,070,000 to the Company.
Previous wording
The Shares were offered by the Company pursuant to the Registration Statement. The net proceeds to the Company from the IPO, after deducting the underwriting discount, the underwriters’ fees and expenses and the Company’s offering expenses, were approximately $12,871,280. The Company intends to use the net proceeds from the IPO primarily for (i) the development of its lead product candidate, Phyto-N, for the treatment of ulcerative colitis; (ii) to conduct FDA-required good laboratory practice (“GLP”) toxicology and pharmacokinetic studies for Phyto-N in ulcerative colitis, (iii) to prepare and submit an Investigational New Drug (IND) application, and (iv) for working capital and other general corporate purposes.
Current wording
The Company intends to use the net proceeds from the IPO primarily for (i) the development of its lead product candidate, Phyto-N, for the treatment of ulcerative colitis; (ii) to conduct FDA-required good laboratory practice (“GLP”) toxicology and pharmacokinetic studies for Phyto-N in ulcerative colitis, (iii) to prepare and submit an Investigational New Drug (IND) application, and (iv) for working capital and other general corporate purposes.
Previous wording
Promissory Notes issued to Dian Ying Jing.
Current wording
Promissory Notes to Dian Ying Jing and Repayment of these Promissory Notes
Previous wording
On February 4, 2025, the Company received a loan in the amount of $200,000 from Dian Ying Jing, one of our founders, Secretary and the wife of our Chief Executive Officer, Jun Liu. To evidence this loan, on February 4, 2025, the Company issued Ms. Jing a promissory note in the principal amount of $200,000 (the “First Note”), with an interest rate of four and thirty-four percent (4.34%) per annum, to be paid on maturity date of February 4, 2026. The Company may prepay any amounts due under the First Note without penalty or premium. On May 30, 2025, the Company and Ms. Jing entered into Amendment No. 1 to the Note, pursuant to which the maturity date of the Note was extended to February 4, 2027. As of the date of this report, the Company did not make any payments, and as of June 30, 2025, the outstanding principal balance on the First Note remained $200,000.
Current wording
On February 4, 2025, the Company received a loan in the amount of $200,000 from Dian Ying Jing, one of our founders, Secretary and the wife of our Chief Executive Officer, Jun Liu. To evidence this loan, on February 4, 2025, the Company issued Ms. Jing a promissory note in the principal amount of $200,000 (the “First Note”), with an interest rate of four and thirty-four percent (4.34%) per annum, to be paid on maturity date of February 4, 2026, provided that the Company may prepay any amounts due under the First Note without penalty or premium. On May 30, 2025, the Company and Ms. Jing entered into Amendment No. 1 to the Note, pursuant to which the maturity date of the Note was extended to February 4, 2027.
Previous wording
On May 21, 2025, Ms. Jing loaned an additional $200,000 to the Company. To evidence this new loan, on May 23, 2025, the Company issued Ms. Jing a new promissory note in the principal amount of $200,000 (the “Second Note”), with an interest rate of four and thirty-four percent (4.34%) per annum, to be paid on May 23, 2027 (the “Maturity Date”). The Company may prepay any amounts due under the Second Note without penalty or premium. As of June 30, 2025, the outstanding principal balance on the Second Note remained $200,000.
Current wording
On May 21, 2025, Ms. Jing loaned an additional $200,000 to the Company. To evidence this new loan, on May 23, 2025, the Company issued Ms. Jing a new promissory note in the principal amount of $200,000 (the “Second Note”), with an interest rate of four and thirty-four percent (4.34%) per annum, to be paid on maturity date of May 23, 2027, provided that the Company may prepay any amounts due under the Second Note without penalty or premium.
Previous wording
During the three months ended June 30, 2025 and 2024, total interest incurred was $1,356 and zero. During the six months ended June 30, 2025 and 2024, total interest incurred was $4,447 and zero.
Current wording
During the three months ended September 30, 2025 and 2024, total interest incurred under these promissory notes was $4,090.31and zero. During the nine months ended September 30, 2025 and 2024, total interest incurred was $8,537.32 and zero.
Previous wording
General and administrative expenses were $57,658 for the three months ended June 30, 2025, compared to $44,200 for the same period in 2024. The increase was primarily due to ongoing costs associated with preparing for our IPO and maintaining public company readiness.
Current wording
General and administrative expenses were $273,853 for the three months ended September 30, 2025, compared to $93,295, for the same period in 2024. The increase was primarily due to ongoing costs associated with preparing for and closing our IPO and maintaining public company readiness.
Previous wording
Comparison of Results of Operations for the Six Months Ended June 30, 2025 and 2024
Current wording
Comparison of Results of Operations for the Nine Months Ended September 30, 2025 and 2024
Previous wording
We did not generate any revenue during the six months ended June 30, 2025, or 2024. This is consistent with our focus on advancing the development of our botanical drug candidates and progressing toward our clinical and regulatory milestones.
Current wording
We did not generate any revenue during the nine months ended September 30, 2025, or 2024. This is consistent with our focus on advancing the development of our botanical drug candidates and progressing toward our clinical and regulatory milestones.
Previous wording
General and administrative expenses were $195,110 for the six months ended June 30, 2025, compared to $124,401 for the same period in 2024. The increase was primarily due to ongoing costs associated with preparing for our IPO and maintaining public company readiness.
Current wording
General and administrative expenses were $466,863 for the nine months ended September 30, 2025, compared to $217,696 for the same period in 2024. The increase was primarily due to ongoing costs associated with preparing for our IPO and maintaining public company readiness.
Previous wording
Net cash provided by financing activities totaled $400,000 for the six months ended June 30, 2025, reflecting proceeds from the shareholder loan described above.
Current wording
Net cash provided by financing activities totaled $15,308,695 for the nine months ended September 30, 2025, reflecting proceeds from the IPO and Option Shares closings described above.
Previous wording
On August 27, 2025, we closed the IPO pursuant to the Underwriting Agreement. The net proceeds to the Company from the IPO, after deducting the underwriting discount, the underwriters’ fees and expenses and the Company’s estimated offering expenses were approximately $12,871,280.
Current wording
On August 27, 2025, we closed the IPO pursuant to the Underwriting Agreement. The net proceeds to the Company from the IPO, after deducting the underwriting discount, the underwriters’ fees and expenses and the Company’s estimated offering expenses were approximately $13,238,695. In addition, on September 12, 2025, we had a closing of the Option Shares, resulting in the net proceeds of approximately $2,070,000.
Previous wording
As of June 30, 2025, we had cash and cash equivalents totaling $108,862, compared to $148,891 as of December 31, 2024. The increase was primarily attributable to a $400,000 shareholder loan received in February and April 2025 to support costs related to our initial public offering.
Current wording
As of September 30, 2025, we had cash and cash equivalents totaling $5,830,537, compared to $148,891 as of December 31, 2024. The increase was primarily attributable to the total net proceeds of $15,308,695 received from the closings of the IPO and the Option Shares, less the total amount of $408,537.32 as the repayment of the two promissory notes to the shareholder, R&D costs of $9,149,990, and other G&A costs.
Previous wording
We believe our existing cash and access to shareholders’ support are sufficient to fund our operations for at least the next twelve months. However, our ability to continue operating beyond this period is dependent upon successful implementation of our business plan, using the proceeds from the IPO.
Current wording
We believe our existing cash and access to shareholders’ support are sufficient to fund our operations for at least the next twelve months. However, our ability to continue operating beyond this period is dependent upon the successful implementation of our business plan, including conducting FDA-required good laboratory practice (“GLP”) toxicology and pharmacokinetic studies for Phyto-N in ulcerative colitis, and preparation and submission of an Investigational New Drug application.
Previous wording
We have not yet achieved profitability and anticipate continued operating losses in the foreseeable future. Our financial statements include a going concern disclosure due to our recurring losses, accumulated deficit, and reliance on external funding. However, management believes that substantial doubt has been alleviated due to our strong cash position, receipt of the $400,000 shareholder loan, and IPO proceeds.
Current wording
We have not yet achieved profitability and anticipate continued operating losses in the foreseeable future. Our financial statements include a going concern disclosure due to our recurring losses, accumulated deficit, and reliance on external funding. However, management believes that substantial doubt has been alleviated due to our strong cash position, receipt of the IPO proceeds.
Previous wording
The lease liability was discounted using the Company’s incremental borrowing rate of 11%, resulting in a lease liability of $76,452 as of June 30, 2025.
Current wording
The lease liability was discounted using the Company’s incremental borrowing rate of 11%, resulting in a lease liability of $61,150 as of September 30, 2025.
Rearranged previous paragraphs (11)
Previous report — wording carried elsewhere
We believe our existing cash and access to shareholders’ support are sufficient to fund our operations for at least the next twelve months. However, our ability to continue operating beyond this period is dependent upon the successful completion of our IPO or alternative financing transactions.
Previous report — wording carried elsewhere
Liquidity is the ability of a company to generate funds to support its current and future operations, satisfy its obligations, and otherwise operate on an ongoing basis. Significant factors in the management of liquidity are funds generated by operations, levels of accounts receivable and accounts payable and capital expenditures. Since our inception through June 30, 2025, we have funded our operations, principally with the issuance of equity and debt.
Previous report — wording carried elsewhere
As of June 30, 2025, we had cash and cash equivalents totaling $108,862, compared to $148,891 as of December 31, 2024. The increase was primarily attributable to a $400,000 shareholder loan received in February and April 2025 to support costs related to our initial public offering.
Previous report — wording carried elsewhere
On August 27, 2025, we closed the IPO pursuant to the Underwriting Agreement. The net proceeds to the Company from the IPO, after deducting the underwriting discount, the underwriters’ fees and expenses and the Company’s estimated offering expenses, were approximately $12,871,280.
Previous report — wording carried elsewhere
We have not yet achieved profitability and anticipate continued operating losses in the foreseeable future. Our financial statements include a going concern disclosure due to our recurring losses, accumulated deficit, and reliance on external funding. However, management believes that substantial doubt has been alleviated due to our strong cash position, including the $400,000 shareholder loan and the net proceeds of approximately $12,871,280 from the IPO the Company closed on August 27, 2025.
Previous report — wording carried elsewhere
Net cash provided by financing activities totaled $400,000 for the six months ended June 30, 2025, reflecting proceeds from the shareholder loan described above.
Previous report — wording carried elsewhere
On January 1, 2025, the Company assumed an office lease from Duraviva, a related party under common control, pursuant to a lease assignment agreement. The lease is classified as an operating lease and extends through August 31, 2026. In accordance with ASC 842, the Company recognized a right-of-use asset and corresponding lease liability as of the adoption date.
Previous report — wording carried elsewhere
The lease liability was discounted using the Company’s incremental borrowing rate of 11%, resulting in a lease liability of $76,452 as of June 30, 2025.
Previous report — wording carried elsewhere
We did not have any off-balance sheet arrangements as of June 30, 2025.
Previous report — wording carried elsewhere
Emerging Growth Company and Smaller Reporting Company Status
Previous report — wording carried elsewhere
We continue to qualify as an emerging growth company (EGC) and smaller reporting company (SRC), enabling us to utilize scaled disclosures and defer adoption of certain accounting standards.