ALZN

Alzamend is a clinical-stage shell with zero revenue in any year (FY2021–FY2025), two unapproved candidates (AL001, ALZN002), and a $58.5M accumulated deficit. The single most important line in the filing is management's own admission: with $3.9M cash at April 30, 2025 plus a $4.0M post-year-end raise, 'this funding will not be sufficient to fund our operations for the next twelve months.' Against operating cash burn of -$6.57M for FY2025, the $3.95M on the balance sheet is well under a year of runway. This is a company that must raise 'substantial additional capital' just to run its planned Phase II AL001 trials and finish the Phase I/IIA ALZN002 trial — capital it concedes may only be available on dilutive terms 'if at all.'

The headline improvements are mirages. Net loss narrowing to -$4.51M (from -$14.9M in FY2023) and R&D falling 78% to $1.41M reflect a company throttling spending because it is starved of cash, not one gaining operating leverage — you cannot advance Alzheimer's trials on a $1.4M R&D budget. The 'strong' balance sheet ratios (liabilities/equity 0.16x, equity +253%, cash +950%) are simply the arithmetic of a tiny, freshly-recapitalized entity: total assets are $4.60M. Meanwhile ROE is -113.8% and diluted EPS is -$11.32.