Taipei, TAIWAN, June 18, 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 financial results for the full year ended December 31, 2025.
Management Commentary
“2025 was a highly transformative and foundational year for SL Science as we aggressively advanced our core cell therapy pipeline and executed our long-term strategic shift toward next-generation immunotherapies. Throughout the past year, we strategically prioritized our resources on high-value clinical research and development, committing over $2.07 million to expand our proprietary cell platforms. This includes advancing our off-the-shelf Gamma Delta T (GDT) cell culture platforms, which is ready-to-use treatments to target significant unmet medical needs in blood, pancreatic, and brain cancers with scalable manufacturing and reduced cost. As part of this transition, we restructured our commercial model, shifting from direct retail sales to corporate distribution channels in Asia. While this structural pivot temporarily impacted our top-line revenue, it effectively freed up operational bandwidth to drive our therapeutic programs forward,” said Mr. William Wang, Chairman and Chief Executive Officer of SL Science.
“We entered 2026 with tremendous momentum, culminating in the recently announced completion of our business combination and successful listing on the Nasdaq Global Market. This milestone, combined with our concurrent $7.8 million PIPE financing, provides the enhanced financial flexibility necessary to accelerate our growth strategy. It positions us to attract top-tier global scientific talent, facilitate potential future strategic acquisitions, and firmly support our near-term clinical operating requirements.”
“Looking ahead, with the vision of establishing one of the leading allogeneic Gamma Delta T cell platforms in Asia with global commercialization potential, our focus is squarely on regulatory preparedness and preclinical execution. For our CD-19 Armed-T blood cancer program, we are actively addressing the FDA’s initial feedback by conducting additional nonclinical validation and manufacturing scale-ups, aiming for a Pre-Investigational New Drug (IND) meeting and formal IND submission in the first quarter of 2027. Concurrently, our Unmodified GDT cell platform is progressing through technical transfers to an FDA-compliant contract development and manufacturing organization (CDMO). Unlike traditional autologous therapies, our GDT cell approach is designed to create scalable, ready-to-use treatments, aiming to address the high costs and production delays currently facing the oncology market. Our ultimate vision is to establish SL Science as a global clinical leader, optimizing patient outcomes through breakthrough cellular innovations.”
SL Science’s Full Year 2025 Financial Results
Through the Company’s proprietary cell expansion, bispecific antibody engineering platforms, and legacy exosome commercial operations, SL Science is building a clinically driven oncology model designed to capture expansion within the multi-billion-dollar solid tumor therapeutics market. The following table presents selected summarized financial information derived from the Company’s consolidated statements of operations for the years ended December 31, 2025 and 2024.
| In thousands USD, except percentage data, differences due to rounding | For the years ended December 31, | |||||||||||
| 2025 | 2024 | Variance % | ||||||||||
| Net Revenue | $ | 2,197 | $ | 3,364 | (35 | %) | ||||||
| Cost of Revenue | (1,422 | ) | (1,431 | ) | (1 | %) | ||||||
| Gross Profit | 775 | 1,933 | (60 | %) | ||||||||
| General and Administrative Expenses | 2,544 | 1,107 | 130 | % | ||||||||
| Selling and Marketing Expenses | — | 1 | (100 | %) | ||||||||
| Research and Development Expenses | 2,069 | 2,021 | 2 | % | ||||||||
| Total Operating Expenses | 4,613 | 3,129 | 47 | % | ||||||||
| Loss from Operations | (3,838 | ) | (1,196 | ) | 221 | % | ||||||
| Net Loss | (3,821 | ) | (1,191 | ) | 221 | % | ||||||
Net Revenue
Net revenue decreased by approximately $1.17 million, or 35%, to approximately $2.20 million for the year ended December 31, 2025, compared to approximately $3.36 million for the year ended December 31, 2024. The decrease was primarily driven by the planned business transformation of the Company’s Taiwan operations, which transitioned from high-frequency direct individual end-users and corporate customers retail sales of exosome concentrate products toward a wholesale model with corporate distributors. This strategic shift allowed the Company to focus more on research and development programs and redeploy infrastructure to its clinical assets, resulting in lower margin from wholesales as well as a lower volume frequency during the interim adjustment period. The Company operates in three segments: Exosome products, CD-19 Armed-T products and GDT Cell Therapy products. The net revenue represented the sales of Exosome products only. There was no revenue generated and assets allocated for the CD-19 Armed-T products and GDT cell therapy products segments for the year ended December 31, 2025.
Cost of Revenue
Cost of revenue decreased slightly by approximately $0.01 million, or 1%, to approximately $1.42 million for the year ended December 31, 2025, compared to approximately $1.43 million for the year ended December 31, 2024. Cost of revenue consists primarily of product procurement for resale. The variance relative to the revenue decline reflects an increased share of lower-margin corporate wholesale volumes during the year ended December 31, 2025.
Gross Profit
Gross profit decreased by 60% to approximately $0.78 million for the year ended December 31, 2025, compared to approximately $1.93 million for the prior year period, impacted by the structural wholesale transition and product mix revisions.
Operating Expenses
Total operating expenses increased by approximately $1.48 million, or 47%, to approximately $4.61 million for the year ended December 31, 2025, compared to approximately $3.13 million for the year ended December 31, 2024. The increase was primarily driven by a 123% expansion in general and administrative expenses due to management team expansion and approximately a $1.16 million, or 529%, increase in office salaries.
Research and development expenses remained robust at approximately $2.07 million, supporting parallel asset validation for the Company’s CD-19 Armed-T products and GDT cell therapy products during the year ended December 31, 2025.
Net Loss
Net loss for the year ended December 31, 2025 was approximately $3.82 million, compared to a net loss of approximately $1.19 million for the year ended December 31, 2024, resulting from the combination of adjusted wholesale revenues and expanded administrative infrastructure costs.
Cash
,
Cash Equivalents
and Restricted Cash
As of December 31, 2025, SL Science’s restricted and unrestricted cash balances stood at approximately $1.26 million compared to approximately $4.14 million as of December 31, 2024. The change was driven primarily by approximately $1.91 million utilized in operating activities and approximately $0.88 million in deferred offering costs related to the public listing process.
SL Science Major Developments and Outlook
Gamma Delta T Cell (GDT) Innovation Platform
- DMF Status: Maintains an active U.S. FDA Drug Master File (DMF Number: 041080) for its Unmodified Vδ2+ Gamma Delta T Cell technology framework, which supports future regulatory interactions.
- CDMO Scale-Up: Completed manufacturing tech-transfer to an FDA-compliant CDMO in July 2025, followed by successful installation of a closed-system alpha-beta T-cell depletion infrastructure in February 2026.
- Preclinical Status: Submitted import review documentation to the Taiwan FDA (TFDA) in May 2026 for clinical-grade manufacturing reagents. GLP toxicology evaluations are scheduled to initiate following Q1 2027 reagent delivery, supporting a targeted IND filing in Q3 2027.
Recent Corporate Milestones
- Nasdaq Listing & Business Combination: On June 12, 2026, the Company successfully closed its business combination with Horizon Space Acquisition II Corp. SL Science’s ordinary shares subsequently commenced trading on the Nasdaq Global Market under the ticker symbol “SLBT.”
- Capital Formation: Concurrently closed a $7.8 million PIPE financing alongside the business combination to accelerate its growth strategy and fund ongoing clinical research and development initiatives.
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 proprietary technologies such as Gamma Delta T cells targeting solid tumor indications including pancreatic and brain cancers, SL Science aims to create cellular therapies that we believe have the potential to revolutionize 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/.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the completed business combination and 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. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: the ability of the combined company to successfully implement its business plans and clinical trials; the ability to obtain and maintain necessary regulatory approvals for its product candidates; the potential for its regenerative medicine products to reach commercialization; and the ability to recognize the anticipated benefits of the business combination. The combined 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: [email protected]
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