ZSQR

ZSQR is the ticker for Coeptis Therapeutics Holdings, a clinical-stage biopharma that came public via a 2022 reverse merger with Bull Horn Holdings (a SPAC). The MD&A makes clear this is not a 'finance services' company despite the SIC code — it's a pre-clinical/clinical drug developer operating through SNAP Biosciences and GEAR Therapeutics subsidiaries, with no approved products and no commercial franchise. The Risk Factors explicitly warn that 'clinical trials are expensive, time consuming... and involve uncertain outcomes' and that 'positive or timely results from pre-clinical or early-stage trials do not ensure positive or timely results in late-stage clinical trials' — standard biotech binary-outcome risk, but here paired with a balance sheet that cannot fund late-stage trials.

The numbers are damning. Revenue went $0 → $0 → $0 → $1.36M across FY2022-FY2025 — there is no commercial business, and the FY2025 'revenue' is likely a one-off (operating margin of -957% confirms this is not a going concern at current burn). Net losses have totaled ~$95M since FY2021 against a -$110M accumulated deficit. FY2025 operating cash burn was -$8.6M and worsening (-29.4% YoY). Cash of $5.67M covers roughly 8 months of burn — the 'emerging growth company' status flagged in MD&A is a euphemism for sub-scale and chronically dilutive. Shares outstanding jumped +84.9% YoY to 6.22M, and equity rose +301% almost entirely from issuance, not earnings — this is a serial diluter.