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BioRestorative Therapies, Inc.

For the period ended Dec 31, 2025. Filed Mar 26, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 26, 2026

BRTX$1.52+0.7%Stored close · as of Nov 6, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

FOR THE FISCAL YEAR ENDED DECEMBER 31,2025

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM__________ TO__________

Commission File Number001-37603

(Exact name of registrant as specified in its charter)

Nevada30-1341024
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
40 Marcus Drive, Suite 1, Melville, New York11747
(Address of principal executive offices)(Zip Code)

(631) 760-8100

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock $0.0001 par valueBRTXNasdaq Capital Market

Securities registered pursuant to Section 12(g) of the Act:

None

(Title of Class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes ☐No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐Accelerated filer ☐
Non-accelerated filer ☒Smaller reporting company ☒
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No☒

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter.

As of June 30, 2025, the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant was $11,199,773 based on the closing sale price as reported on the Nasdaq Capital Market.

APPLICABLE ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☒ No ☐

As of March 23, 2026, there were 25,478,170 shares of common stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

None

INDEX

Page No.
Forward-Looking Statements3
PART I3
Item 1.Business.3
Item 1A.Risk Factors.36
Item 1B.Unresolved Staff Comments.70
Item 1C.Cybersecurity.70
Item 2.Properties.71
Item 3.Legal Proceedings.71
Item 4.Mine Safety Disclosures.71
PART II72
Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.72
Item 6.[Reserved].72
Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations.73
Item 7A.Quantitative and Qualitative Disclosures About Market Risk.80
Item 8.Financial Statements and Supplementary Data.80
Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.80
Item 9A.Controls and Procedures.81
Item 9B.Other Information.83
Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.83
PART III84
Item 10.Directors, Executive Officers and Corporate Governance.84
Item 11.Executive Compensation.88
Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.92
Item 13.Certain Relationships and Related Transactions, and Director Independence.94
Item 14.Principal Accountant Fees and Services.95
PART IV96
Item 15.Exhibits and Financial Statement Schedules.96
Signatures101
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