Genenta Science S.p.A.
For the period ended Dec 31, 2025. Filed Apr 1, 2026.
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The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.
FY2025 · Filed Apr 1, 2026
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Cover page
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 20-F
(Mark One)
| ☐ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12 (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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OR
For the fiscal year ended December 31,2025
OR
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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OR
| ☐ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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Date of event requiring this shell company report__________
For the transition period from __________ to __________
Commission file number:001-41115
(Exact name of Registrant as specified in its charter)
N/A
(Translation of Registrant’s name into English)
Italy
(Jurisdiction of incorporation or organization)
Via dell’Annunciata No. 31
Milan, Italy
(Address of principal executive offices)
Via dell’Annunciata No. 31
Milan, Italy
Attn: Pierluigi Paracchi
Tel:+39-02.29.00.10.55
Email: pierluigi.paracchi@genenta.com
(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)
Securities registered or to be registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered |
|---|---|---|
| American depositary shares (each American depositary share representing one ordinary share) | GNTA | The Nasdaq Stock Market LLC (The Nasdaq Capital Market) |
| Ordinary shares, no par value* | The Nasdaq Stock Market LLC (The Nasdaq Capital Market) |
| * | Not for trading, but only in connection with the listing of American depositary shares on The Nasdaq Capital Market. |
|---|
Securities registered or to be registered pursuant to Section 12(g) of the Act:
None
(Title of Class)
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None
(Title of Class)
Indicate the number of outstanding shares of each of the Issuer’s classes of capital or common stock as of the close of the period covered by the annual report.
The registrant had 23,432,183 ordinary shares outstanding as of December 31, 2025.
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☐ Yes ☒No
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. ☐ Yes ☒No
Note — Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.
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 (§232.405 of this chapter) 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 or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
| Large accelerated filer ☐ | Accelerated filer ☐ | Non-accelerated filer ☒ | Emerging growth company ☒ |
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If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, 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.☐
| † | The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012. |
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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 which basis of accounting the registrant has used to prepare the financial statements included in this filing:
| U.S. GAAP ☒ | International Financial Reporting Standards as issued by the International Accounting Standards Board ☐ | Other ☐ |
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If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. ☐ Item 17 ☐ Item 18
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes☒ No
(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 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
TABLE OF CONTENTS
| Page | ||
|---|---|---|
| PART I | ||
| Item 1. | Identity of Directors, Senior Management and Advisers | 3 |
| Item 2. | Offer Statistics and Expected Timetable | 3 |
| Item 3. | Key Information | 3 |
| A. | [Reserved] | 3 |
| B. | Capitalization and Indebtedness | 3 |
| C. | Reasons for the Offer and Use of Proceeds | 3 |
| D. | Risk Factors | 3 |
| Item 4. | Information on the Company | 64 |
| A. | History and Development of the Company | 64 |
| B. | Business Overview | 65 |
| C. | Organizational Structure | 100 |
| D. | Property, Plants and Equipment | 100 |
| Item 4A. | Unresolved Staff Comments | 100 |
| Item 5. | Operating and Financial Review and Prospects | 100 |
| A. | Operating Results | 100 |
| B. | Liquidity and Capital Resources | 111 |
| C. | Research and Development | 114 |
| D. | Trend Information | 114 |
| E. | Critical Accounting Estimates | 115 |
| Item 6. | Directors, Senior Management and Employees | 115 |
| A. | Directors and Senior Management | 115 |
| B. | Compensation | 117 |
| C. | Board Practices | 118 |
| D. | Employees | 121 |
| E. | Share Ownership | 121 |
| F. | Disclosure of a Registrant’s Action to Recover Erroneously Awarded Compensation | 121 |
| Item 7. | Major Shareholders and Related Party Transactions | 121 |
| A. | Major Shareholders | 121 |
| B. | Related Party Transactions | 123 |
| C. | Interests of Experts and Counsel | 126 |
| Item 8. | Financial Information | 126 |
| A. | Consolidated Statements and Other Financial Information | 126 |
| B. | Significant Changes | 126 |
| Item 9. | The Offer and Listing | 127 |
| A. | Offer and Listing Details | 127 |
| B. | Plan of Distribution | 127 |
| C. | Markets | 127 |
| D. | Selling Shareholders | 127 |
| E. | Dilution | 127 |
| F. | Expenses of the Issue | 127 |
i
| Item 10. | Additional Information | 127 |
|---|---|---|
| A. | Share Capital | 127 |
| B. | Memorandum and Articles of Association | 127 |
| C. | Material Contracts | 128 |
| D. | Exchange Controls | 128 |
| E. | Taxation | 129 |
| F. | Dividends and Paying Agents | 135 |
| G. | Statement by Experts | 135 |
| H. | Documents on Display | 135 |
| I. | Subsidiary Information | 135 |
| Item 11. | Quantitative and Qualitative Disclosures About Market Risk | 135 |
| Item 12. | Description of Securities Other Than Equity Securities | 136 |
| A. | Debt Securities | 136 |
| B. | Warrants and Rights | 136 |
| C. | Other Securities | 136 |
| D. | American Depositary Shares | 136 |
| PART II | ||
| Item 13. | Defaults, Dividend Arrearages and Delinquencies | 137 |
| Item 14. | Material Modifications to the Rights of Security Holders and Use of Proceeds | 137 |
| Item 15. | Controls and Procedures | 137 |
| Item 16 | [Reserved] | 138 |
| Item 16A | — Audit Committee Financial Expert | 137 |
| Item 16B | — Code of Ethics | 137 |
| Item 16C | — Principal Accountant Fees and Services | 137 |
| Item 16D | — Exemption from the Listing Standards for Audit Committees | 139 |
| Item 16E | — Purchases of Equity Securities by the Issuer and Affiliated Purchasers | 139 |
| Item 16F | — Change in Registrant’s Certifying Accountant | 139 |
| Item 16G | — Corporate Governance | 139 |
| Item 16H | — Mine Safety Disclosure | 139 |
| Item 16I | — Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 139 |
| Item 16J | — Insider Trading Policies | 139 |
| Item 16K | — Cybersecurity | 139 |
| PART III | ||
| Item 17 | Consolidated Financial Statements | 141 |
| Item 18. | Consolidated Financial Statements | 141 |
| Item 19 | Exhibits | 141 |
| Signatures | 142 | |
ii
CERTAIN INFORMATION
As used in this Annual Report on Form 20-F (this “Annual Report”), unless otherwise indicated or the context otherwise requires, references to
| ● | “we,” “Genenta,” “us,” “our,” “the Company,” or “our company” are to Genenta Science S.p.A., including its subsidiaries; |
| ● | “ordinary shares” are to our ordinary shares, no par value; |
| ● | “ADSs” or “American Depositary Shares” are to our American depositary shares, each representing one ordinary share; |
| ● | “Nasdaq” are to the Nasdaq Capital Market; |
| ● | “Italy” are to the Republic of Italy, “E.U.” are to the European Union, and “U.S.” are to the United States of America; |
| ● | “$,” “USD,” “dollars,” “USD$” or “U.S. dollars” are to the legal currency of the U.S.; and |
| ● | “€,” “EURO,” or “Euros” are to the legal currency of the E.U. |
Solely for the convenience of the reader, this Annual Report contains translations of certain U.S. dollar amounts into Euros at specified rates. Except as otherwise stated in this Annual Report, all foreign currency transactions are translated into Euros through a specific application embedded in our accounting system, which is powered by the official exchange rates provided by HSBC (Hongkong and Shanghai Banking Corporation) in the City of London, United Kingdom. Specifically, the Consolidated Balance Sheet balances resulting from our financial statement as of December 31, 2025, are translated at the spot exchange rate as of December 31, 2025, that is $1.00 per €0.8518, while the Consolidated Statements of Operations and Comprehensive Loss balances are translated at the weighted average exchange rate of non-Euro currency transactions during the reporting period. No representation is made that such U.S. dollar amounts referred to in this Annual Report could have been or could be converted into Euros at such rates or any other rates. Any discrepancies in any table between totals and sums of the amounts listed are due to rounding.
The audited consolidated financial statements and notes thereto as of and for fiscal 2025, 2024, and 2023 included elsewhere in this Annual Report have been prepared in accordance with U.S. generally accepted accounting principles (“US GAAP”). Our fiscal semi-annual year-end is June 30 th, and our fiscal year-end is December 31 st.
FORWARD-LOOKING STATEMENTS
This Annual Report contains many statements that are “forward-looking” and uses forward-looking terminology such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “future,” “intend,” “may,” “ought to,” “plan,” “possible,” “potentially,” “predicts,” “project,” “should,” “will,” “would,” negatives of such terms or other similar statements. You should not place undue reliance on any forward-looking statement due to its inherent risk and uncertainties, both general and specific. Although we believe the assumptions on which the forward-looking statements are based are reasonable and within the bounds of our knowledge of our business and operations as of the date of this Annual Report, any or all of those assumptions could prove to be inaccurate. As a result, the forward-looking statements based on those assumptions could also be incorrect. The forward-looking statements in this Annual Report include, without limitation, statements relating to:
| ● | our goals and strategies; |
| ● | our future business development, results of operations and financial condition; |
| ● | our ability to protect our intellectual property rights; |
| ● | projected revenues, profits, earnings and other estimated financial information; |
| ● | our ability to maintain strong relationships with our customers and suppliers; |
| ● | our planned use of proceeds; and |
| ● | governmental policies regarding our industry. |
The forward-looking statements included in this Annual Report are subject to known and unknown risks, uncertainties and assumptions about our business and business environment. These statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual results of our operations may differ materially from information contained in the forward-looking statements as a result of risk factors, some of which are described under the headings “Risk Factors”, “Operating and Financial Review and Prospects,” “Information on our Company” and elsewhere in this Annual Report.
These risks and uncertainties are not exhaustive. Other sections of this Annual Report include additional factors which could adversely impact our business and financial performance. The forward-looking statements contained in this Annual Report speak only as of the date of this Annual Report or, if obtained from third-party studies or reports, the date of the corresponding study or report, and are expressly qualified in their entirety by the cautionary statements in this Annual Report. Since we operate in an emerging and evolving environment and new risk factors and uncertainties emerge from time to time, you should not rely upon forward-looking statements as predictions of future events. Except as otherwise required by the securities laws of the U.S., the E.U. and Italy, we undertake no obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this Annual Report or to reflect the occurrence of unanticipated events.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.