| Line Item | 2026-04-30 | Q/Q | Y/Y |
|---|---|---|---|
| R&D Expense | $67K | — | +56.8% |
| SG&A Expense | $17K | — | +194.9% |
| Operating Income | -$2.4M | — | -420.9% |
| Interest Expense | $0 | — | -100.0% |
| Pre-tax Income | -$2.3M | — | -403.1% |
| Income Tax | $0 | — | — |
| Net Income | -$2.3M | — |
| Line Item | 2026-04-30 | Q/Q | Y/Y |
|---|---|---|---|
| Cash & Equivalents | $6.8M | — | — |
| Current Assets | $7.9M | — | — |
| Total Assets | $8.2M | — | — |
| Total Liabilities | $1.0M | — | — |
| Stockholders' Equity | $7.2M | +5.4% | +3971.6% |
| Line Item | 2026-04-30 | Q/Q | Y/Y |
|---|---|---|---|
| Operating Cash Flow | -$3.3M | — | — |
| Capital Expenditures | $35K | — | — |
| Investing Cash Flow | -$35K | — | — |
| Financing Cash Flow | $5.8M | — | — |
| Free Cash Flow | -$3.4M | — | — |
Business Overview
Conexeu Sciences Inc. is a regenerative medicine company developing novel cellular therapies for skin restoration in wound care and aesthetics using patent-protected advanced tissue engineering and biomaterial innovations. The company has one device candidate (CXU) with no commercial sales to date and depends entirely on obtaining regulatory authorizations and successfully commercializing CXU. During the six months ended April 30, 2026, the company raised capital through private placements and warrant exercises while incurring significant operating losses of $4.0 million.
Segment Performance
The company operates in a single business segment focused on developing cellular therapies. No segment revenue is reported as the company has no commercial sales. Operating expenses for the six months ended April 30, 2026 totaled $4.1 million compared to $790,434 for the same period in 2025, with significant increases in consulting expenses ($1.76 million vs. $196,596), management and directors' salaries ($1.34 million vs. $292,802), and professional fees ($592,719 vs. $101,347). Net loss for six months ended April 30, 2026 was $4.02 million versus $748,114 in the prior year period.
Forward Guidance
The company states it "anticipates that it will continue to incur losses for the foreseeable future." Regarding forward-looking statements, the company notes: "The forward-looking statements included in this Quarterly Report on Form 10-Q are based upon our current expectations, plans, estimates, assumptions and beliefs that involve numerous risks and uncertainties" and cautions that "our actual results and performance could differ materially from those set forth in any forward-looking statements." The company also states "we undertake no obligation to publicly update or revise any forward-looking statements after the date of this Quarterly Report."
Key Risk Factors
| -403.1% |
| EPS (Basic) | -$0.11 | — | -120.0% |
| EPS (Diluted) | -$0.11 | — | -120.0% |
The company has limited operating history with significant accumulated losses ($8.5 million as of April 30, 2026) and raises substantial doubt about going concern status. The company depends entirely on the single device candidate CXU for commercialization with no current regulatory approvals or commercial sales. Additional financing may be required and failure to obtain capital on acceptable terms could force delays or termination of operations. The company faces significant competitive pressures in the device market and is highly dependent on key management personnel including CEO Miles Harrison. Adverse macroeconomic conditions including inflation, economic instability, and geopolitical conflicts could negatively affect business operations and liquidity.