Net revenue rose 23% to $1.39 million with gross margin expanding to 40.2%, driven by B2B distribution growth and reduction in purchase costs compared with last period due to establishment of stable relationships with suppliers from 2026, which enabled SL Science Holding Limited to obtain favorable procurement terms.
Taipei, TAIWAN, Oct. 26, 2026 (GLOBE NEWSWIRE) -- SL Science Holding Limited (“SL Science” or the “Company”) (NASDAQ: SLBT), a Taiwan-headquartered biomedical company specializing in developing innovative cellular and gene therapies, today announced its unaudited financial results for the six months ended June 30, 2026.
Management Commentary
"The first half of 2026 marked a period of profound structural execution and milestone achievement for SL Science. We successfully closed our business combination on June 12, and listed on the Nasdaq Global Market on June 15, supported by a concurrent $7.8 million PIPE financing. This capitalization provides the foundational strength required to advance our clinical programs. Concurrently, our deliberate pivot from direct retail to a B2B wholesale distribution model in Taiwan yielded immediate results. We drove a 23% increase in top-line revenue and expanded our gross margin to over 40% through enhanced volume predictability and optimized supplier pricing agreements,” said Mr. William Wang, Chief Executive Officer of SL Science.
“Our strategic focus remains squarely on advancing our core oncology assets. We continuously increased research and development investments by 72% over the prior year, directing critical resources toward preclinical scale-up and regulatory preparedness for both our CD-19 Armed-T and Gamma Delta T (GDT) cell therapy platforms. By securing 20-year global exclusive rights for GDT cell applications in pancreatic and brain cancers and successfully completing key manufacturing and institutional review board (IRB) preparatory milestones with HeXun Biosciences, we are systematically de-risking our pathway to the clinic. Our vision is to establish SL Science as a global clinical leader, addressing severe unmet medical needs through breakthrough, scalable cellular innovations,” Mr. Wang added.
SL Science's First Half 2026 Financial Results
SL Bio is primarily engaged in sales of plant extract products and milk-derived exosome products to customers in Taiwan, while advancing its research and development in the biomedical industry, including with CD-19 Armed-T products and GDT cell therapy products for brain and pancreatic cancers. The following table presents selected summarized financial information derived from the Company's consolidated statements of operations for the six months ended June 30, 2026 and 2025:
| In thousands USD, except percentage data, differences due to rounding | For the six months ended June 30, 2026 | For the six months ended June 30, 2025 | Variance % |
| Net Revenue | 1,387
| | 1,129
| | 23 | % |
| Cost of Revenue | (829
| )
| (740
| )
| 12
| %
|
| Gross Profit | 558
| | 389
| | 43
| %
|
| General and Administrative Expenses | 1,490
| | 1,282
| | 16
| %
|
| Research and Development Expenses | 1,230
| | 717
| | 72
| %
|
| Total Operating Expenses | 2,720
| | 1,999
| | 36
| %
|
| Loss from Operations | (2,162
| )
| (1,610
| )
| 34
| %
|
| Net Loss | (2,162
| )
| (1,602
| )
| 35
| %
|
Net Revenue
Net revenue increased by approximately $0.26 million, or 22.8%, to approximately $1.39 million for the six months ended June 30, 2026, compared to approximately $1.13 million for the six months ended June 30, 2025. The increase was primarily attributable to the continued ramp-up of SL Bio Taiwan’s wholesale distribution model following the business transformation initiated in the third quarter of 2024, shifting from direct sales to individual end-users toward corporate distributors. Established distributor relationships and larger, more predictable business-to-business order volumes drove higher shipment levels, offsetting the lower per-unit pricing associated with wholesale transactions.
Cost of Revenue
Cost of revenue increased by approximately $0.09 million, or 12.0%, to approximately $0.83 million for the six months ended June 30, 2026, compared to approximately $0.74 million for the six months ended June 30, 2025. Cost of revenue consists primarily of purchase costs on products for resales, increasing in line with higher sales volume.
Gross Profit
Gross profit increased by 43.3% to approximately $0.56 million for the six months ended June 30, 2026, compared to approximately $0.39 million for the prior year period. Our gross profit margin improved to 40.2% from 34.5%, mainly driven by the reduction in purchase costs due to the establishment of stable relationships with suppliers, enabling favorable procurement terms.
Operating Expenses
Total operating expenses increased by approximately $0.72 million, or 36.1%, to approximately $2.72 million for the six months ended June 30, 2026, compared to approximately $2.00 million for the six months ended June 30, 2025. The increase was primarily driven by a 16.2% expansion in general and administrative expenses due to a 13.6% increase in office salaries from management team expansion and a 33.2% increase in professional service fees incurred during the listing process.
Research and development expenses increased by 71.5% to approximately $1.23 million for the six months ended June 30, 2026, from $0.72 million in the prior year period. This was mainly due to increased salaries for R&D staff and milestone payments based on the progress of CD-19 Armed-T products and GDT cell therapy products.
Net Loss
Net loss for the six months ended June 30, 2026 was approximately $2.16 million, compared to a net loss of approximately $1.60 million for the six months ended June 30, 2025.
Cash and Cash Equivalents
As of June 30, 2026, SL Science's cash and cash equivalents stood at approximately $8.31 million compared to approximately $1.26 million as of December 31, 2025. The increase was driven primarily by net cash generated from financing activities of approximately $9.15 million, netted off with the net cash used in operating activities of approximately $2.09 million. Working capital stood at approximately $6.67 million.
SL Science Major Developments and Outlook
Gamma Delta T (GDT) Cell Therapy Platform
- Strategic Licensing & Milestones: Secured global exclusive rights from JY BioMed for GDT cell applications in pancreatic and brain cancers for a term of 20 years following product launch. The Company previously paid $1.0 million for initial R&D under its GDT licensing agreement and recognized $825,000 in expenses in H1 2026 after HeXun Biosciences successfully completed IRB specimen preparation and quality documentation milestones.
- FDA Regulatory Submissions: Advanced its regulatory footprint by submitting an Orphan Drug Designation (ODD) request (DRU-2026-11528) to the U.S. FDA for its GDT cell therapy targeting glioblastoma. The Company also filed Drug Master Files (DMF) for both its GDT cells and GDT cell-derived exosomes, establishing a standardized manufacturing foundation for future commercialization.
- Preclinical Validation: Demonstrated the platform's efficacy through multiple global presentations. In July 2026, SL Science exhibited data at the World Congress of Basic and Clinical Pharmacology showing potent destruction of brain cancer cells in preclinical models. In September 2026, data presented at the 85th Annual Meeting of the Japanese Cancer Association revealed that these GDT cells directly target and eliminate chemotherapy-resistant glioblastoma cells.
- Clinical Framework: Leadership co-authored a peer-reviewed framework in Biomedicines with Taipei Medical University, defining rigorous clinical development standards for GDT therapies in glioblastoma.
CD-19 Armed-T Therapy
- The Company holds a perpetual, exclusive global license from CytoArm Co., Ltd. for CD-19 Armed-T products. Following an initial payment of $277,200, SL Science is positioned to complete up to NTD 133 million (~$4.10 million) in milestone payments to advance this blood cancer therapy through clinical development.
Recent Corporate Milestones
- Nasdaq Listing: Closed its business combination on June 12, 2026, with ordinary shares commencing trading under the ticker "SLBT" on June 15, 2026. Leadership rang the Nasdaq closing bell on September 2, 2026, to celebrate its first quarter as a public company.
- Capital Formation: Secured a concurrent $7.8 million PIPE financing alongside the listing to accelerate growth and operational capabilities.
- Share Incentive Plan: Approved the 2026 Share Incentive Plan to attract and retain top talent, authorizing up to 85,000,000 ordinary shares for awards.
About SL Science Holding Limited
SL Science Holding Limited is a biomedical company specializing in developing innovative cellular and gene therapies. Established with a commitment to advancing regenerative medicine and cancer treatment, the Company hopes to utilize immune cell technologies to target cancer, thus potentially offering expansive medical applications for its products. With technologies such as Gamma Delta T cells targeting solid tumor indications including pancreatic and brain cancers, SL Science aims to create cellular therapies that the Company believes have the potential to advance the cell therapy and immuno-oncology sector within the broader biopharmaceutical industry. For more information, please visit the Company's website at: https://www.slbtgroup.com/ and follow SLBT on X, LinkedIn, FB, IG and Threads.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the business of SL Science. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. The data described above are preclinical and do not establish the clinical safety or efficacy of any product; preclinical results are frequently not predictive of clinical outcomes. Many factors could cause actual future events to differ materially, including the ability to implement the Company's business plans and clinical trials; to obtain and maintain regulatory approvals and rights under its license arrangements; the potential for its products to reach commercialization; and the Company's need for additional capital. The Company assumes no obligation to update these forward-looking statements, except as required by applicable law.
Contact Details:
SL Science Holding Limited
Tel: +886-2-26516826
Email: ir@slbtgroup.com
WFS Investor Relations Inc.
Email: services@wfsir.com
+1 628 283 9214
SL SCIENCE HOLDING LIMITED AND SUBSIDIARIES
INTERIM CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2026 (UNAUDITED) AND DECEMBER 31, 2025
| | | June 30,
2026 | | | December 31,
2025 | |
| | | | (Unaudited) | | | | | |
| ASSETS | | | | | | | | |
| CURRENT ASSETS | | | | | | | | |
| Cash and cash equivalents | | $ | 8,306,692 | | | $ | 1,258,616 | |
| Inventories | | | 73,267 | | | | - | |
| Prepaid expenses and other current assets | | | 234,340 | | | | 167,612 | |
| Tax recoverable | | | - | | | | 597 | |
| TOTAL CURRENT ASSETS | | | 8,614,299 | | | | 1,426,825 | |
| | | | | | | | | |
| Operating lease right-of-use assets, net | | | 136,913 | | | | 212,324 | |
| Plant and equipment, net | | | 159,926 | | | | 248,894 | |
| Deferred offering costs | | | - | | | | 929,137 | |
| TOTAL ASSETS | | $ | 8,911,138 | | | $ | 2,817,180 | |
| | | | | | | | | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | |
| CURRENT LIABILITIES | | | | | | | | |
| Operating lease liabilities, current | | $ | 137,598 | | | | 148,663 | |
| Accrued expenses and other liabilities | | | 202,850 | | | | 319,872 | |
| Due to Director | | | 1,600,000 | | | | - | |
| TOTAL CURRENT LIABILITIES | | | 1,940,448 | | | | 468,535 | |
| | | | | | | | | |
| Operating lease liabilities, non-current | | | - | | | | 64,742 | |
| TOTAL LIABILITIES | | | 1,940,448 | | | | 533,277 | |
| | | | | | | | | |
| Ordinary shares, $0.00001 par value; 4,950,000,000 shares authorized, 560,759,740 and 556,800,001 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively* | | $ | 5,608 | | | $ | 5,568 | |
| Series A preferred shares, $0.00001 par value, 50,000,000 shares authorized, 780,000 shares issued and outstanding as of June 30, 2026 | | | 8 | | | | - | |
| Additional paid-in-capital | | | 14,157,893 | | | | 7,293,276 | |
| Accumulated deficits | | | (7,646,583 | ) | | | (5,484,378 | ) |
| Accumulated other comprehensive income | | | 453,764 | | | | 469,437 | |
| Total shareholders’ equity | | | 6,970,690 | | | | 2,283,903 | |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | | $ | 8,911,138 | | | $ | 2,817,180 | |
SL SCIENCE HOLDING LIMITED AND SUBSIDIARIES
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS)
| | | For the Six Months
Ended June 30, | |
| | | 2026 | | | 2025 | |
| Revenue | | $ | 1,386,608 | | | $ | 1,129,238 | |
| Cost of revenue | | | (829,124 | ) | | | (740,172 | ) |
| Gross profit | | | 557,484 | | | | 389,066 | |
| | | | | | | | | |
| Operating expenses | | | | | | | | |
| General and administrative expenses | | | 1,489,663 | | | | 1,281,786 | |
| Research and development expenses | | | 1,229,998 | | | | 268,451 | |
| Research and development expenses – related party | | | - | | | | 448,571 | |
| Total operating expenses | | | 2,719,661 | | | | 1,998,808 | |
| | | | | | | | | |
| Loss from operations | | | (2,162,177 | ) | | | (1,609,742 | ) |
| | | | | | | | | |
| Other income (expenses) | | | | | | | | |
| Other (expenses) income, net | | | (7,549 | ) | | | (21,358 | ) |
| Interest income | | | 7,521 | | | | 29,007 | |
| Total other income (expenses), net | | | (28 | ) | | | 7,649 | |
| | | | | | | | | |
| Loss before income tax | | | (2,162,205 | ) | | | (1,602,093 | ) |
| Income tax credit (expense) | | | - | | | | 4 | |
| Net loss | | $ | (2,162,205 | ) | | $ | (1,602,089 | ) |
| | | | | | | | | |
| Other comprehensive loss, net of tax: | | | | | | | | |
| Change in cumulative foreign currency translation | | | (15,673 | ) | | | 469,815 | |
| Comprehensive loss | | $ | (2,177,878 | ) | | $ | (1,132,274 | ) |
| | | | | | | | | |
| Basic net (loss) income per share* | | | (0.00 | ) | | | (0.00 | ) |
| Basic weighted average number of shares outstanding* | | | 557,215,664 | | | | 556,800,001 | |
| | | | | | | | | |
| Diluted net (loss) income per share* | | | (0.00 | ) | | | (0.00 | ) |
| Diluted weighted average number of shares outstanding* | | | 557,215,664 | | | | 556,800,001 | |
SL SCIENCE HOLDING LIMITED AND SUBSIDIARIES
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025
| | | | | | For the Six Months | |
| | | | | | Ended June 30, | |
| | | Note | | | 2026 | | | 2025 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | | | | | | |
| Net loss | | | | | | $ | (2,162,205 | ) | | $ | (1,602,089 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities | | | | | | | | | | | | |
| Depreciation expenses | | | 5 | | | | 84,838 | | | | 5,937 | |
| Lease expenses | | | 6 | | | | — | | | | 76,627 | |
| | | | | | | | | | | | | |
| Changes in operating assets and liabilities | | | | | | | | | | | | |
| Inventories | | | | | | | (73,267 | ) | | | 650,498 | |
| Prepaid expenses and other current assets | | | | | | | 175,773 | | | | 195,674 | |
| Accrued expenses and other liabilities | | | | | | | (117,022 | ) | | | 167,346 | |
| Deferred tax liabilities | | | | | | | — | | | | (4,390 | ) |
| Amount due to an affiliate | | | | | | | — | | | | 444,477 | |
| Operating lease liabilities | | | | | | | (396 | ) | | | (68,237 | ) |
| Tax refund | | | | | | | 597 | | | | — | |
| Net cash (used in) operating activities | | | | | | | (2,091,682 | ) | | | (134,157 | ) |
| | | | | | | | | | | | | |
| CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | | | | |
| Acquisition of plant and equipment | | | 5 | | | | — | | | | (317,676 | ) |
| Net cash (used in) investing activities | | | | | | | — | | | | (317,676 | ) |
| | | | | | | | | | | | | |
| CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | | | |
| Proceeds from Director | | | | | | | 1,600,000 | | | | — | |
| Proceeds from reverse recapitalization | | | | | | | 155,574 | | | | — | |
| Proceeds from PIPE units | | | | | | | 7,800,000 | | | | — | |
| Payment of offering cost related to reverse recapitalization | | | | | | | (404,273 | ) | | | (614,373 | ) |
| Net cash provided by (used in) financing activities | | | | | | | 9,151,301 | | | | (614,373 | ) |
| | | | | | | | | | | | | |
| Effect of change in exchange rate | | | | | | | (11,543 | ) | | | 473,972 | |
| | | | | | | | | | | | | |
| NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS | | | | | | | 7,048,076 | | | | (592,234 | ) |
| Cash and cash equivalents, beginning of year | | | | | | | 1,258,616 | | | | 4,137,526 | |
| Cash and cash equivalents, end of year | | | | | | $ | 8,306,692 | | | $ | 3,545,292 | |
| | | | | | | | | | | | | |
| SUPPLEMENTAL CASH FLOW INFORMATION: | | | | | | | | | | | | |
| Income taxes paid | | | | | | $ | — | | | $ | — | |
| Interest paid | | | | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | |
| SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTMENT AND FINANCIAL ACTIVITIES INFORMATION: | | | | | | | | | | | | |
| Addition to operating lease right-of-use assets and lease liabilities | | | | | | $ | — | | | $ | 344,702 | |
| Reclassification of deferred offering costs to additional paid-in capital upon business combination | | | | | | $ | 1,333,410 | | | $ | — | |
| Assets acquired from reverse recapitalization | | | | | | $ | 242,501 | | | $ | — | |
| Liabilities assumed from reverse recapitalization (settled by working capital loan) | | | | | | $ | 1,001,134 | | | $ | — | |
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