FBLG

FibroBiologics is a clinical-stage cell-therapy company with zero revenue in any year on record (FY2022–FY2025) and a widening loss: net income fell to -$18.6M in FY2025 from -$11.2M in FY2024, while operating cash flow was -$16.4M. Against that burn the company ended FY2025 with just $4.89M of cash (down 65% YoY) and $6.35M of current assets. That is roughly one quarter of runway at the current burn rate — the defining fact here. Everything else is secondary to the near-certainty that FBLG must raise capital imminently, and it can only do so by issuing stock or debt from a position of weakness at an $0.88 share price.

The filing confirms this is already the playbook. The MD&A and risk factors describe the December 2024 SEPA with a $15.0M principal facility drawn in three tranches (net ~$4.3M, ~$4.4M, and a third ~$4.4M in June 2025) of short-term convertible notes carried at fair value; those notes were paid off in November 2025, which itself consumed cash and points toward further equity issuance. The share count tells the story: 67.6M shares outstanding, up 79.1% in a single year. Holders have been diluted heavily and the mechanics for continued dilution — convertible instruments, warrant history (the cancelled GYBL warrant), and the equity purchase agreement — are all in place. Accumulated deficit stands at -$54.2M.