SL Science Posts 35% Revenue Decline and $3.8M Net Loss, Secures $7.8M PIPE
SLBT•SL Science's 2025 net revenue fell 35% to $2.20 million, driving a net loss of $3.82 million compared with $1.19 million a year earlier. The company invested $2.07 million in R&D, completed a $7.8 million PIPE round and listed on Nasdaq to support its off-the-shelf GDT and CD-19 Armed-T therapy pipelines.
1. Full Year 2025 Financial Performance
SL Science reported net revenue of $2.20 million for the year ended December 31, 2025, down 35% from $3.36 million in 2024, while gross profit dropped 60% to $0.78 million. Operating expenses rose 47% to $4.61 million, driven by a 130% increase in general and administrative costs, resulting in a net loss of $3.82 million versus $1.19 million the prior year.
2. Strategic Transformation and R&D Investment
During 2025 the company shifted its Taiwan exosome business from retail to corporate distribution, reducing interim revenue and margins but freeing resources for clinical programs. R&D spending reached $2.07 million, focused on advancing its off-the-shelf Gamma Delta T cell platform and CD-19 Armed-T investigational product.
3. Nasdaq Listing and PIPE Financing
SL Science completed its business combination and listing on the Nasdaq Global Market in early 2026, concurrently raising $7.8 million through a private investment in public equity (PIPE) offering. The proceeds are earmarked to bolster clinical operations, attract global scientific talent and explore strategic acquisitions.
4. Pipeline and Regulatory Outlook
The company is preparing for a Pre-IND meeting and formal IND submission for its CD-19 Armed-T therapy in Q1 2027, addressing FDA feedback with additional nonclinical validation and scale-up. Its unmodified GDT cell platform is undergoing technical transfer to an FDA-compliant CDMO to enable scalable, ready-to-use oncology treatments.
