CURX

Curanex is a developmental-stage pharma with zero commercial products and, by its own admission, no revenue since 2023 when it dropped supplements to chase Phyto-N, a botanical extract still in *preclinical* development. The lead (and only) program targets ulcerative colitis, with an IND merely *planned* for Q4 2026 and a Phase I that would start 30 days after — meaning the first human data is, at best, a 2027 event. The MD&A is candid that the company 'did not generate any revenue' and that Phyto-N 'is currently in pre-clinical studies stage.' There is no product, no clinical proof-of-concept, and no near-term path to either.

The numbers confirm a cash-consumption story racing a funding cliff. FY2025 net loss widened to -$4.23M (from -$362K), operating cash flow was -$10.5M, yet cash stood at just $5.00M at year-end — under six months of runway at that burn. The balance sheet looks pristine on the surface (liabilities/equity 0.03x, $11.2M equity) but that is simply undeployed IPO proceeds from the August 2025 $4.00/share raise; it will be spent, not compounded. Management states it needs 'over $150 million to execute our full business plan through FDA approval and product launch' and explicitly warns financing 'would result in a substantial dilution of shareholder's interest.' With 28.4M shares and a $0.25 price (~$7M market cap), any raise sufficient to reach even Phase II is enormously dilutive relative to the current float.