Bnb Plus Corp 10-Q for FY2025 Q3

Bnb Plus Corp. (BNBX)

10-Q 2025-08-14 For: 2025-06-30

Added on April 06, 2026

About this 10-Q

Bnb Plus Corp filed this 10-Q on August 14, 2025, covering the quarter ended June 30, 2025 (FY2025 Q3).

Headline figures

Quarter ended June 30, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $304.39K; down 35.6% from $472.79K a year earlier
Net loss: $3.95M; compared with net income of $1.88M a year earlier
Diluted EPS: -$34.00; compared with $1,170.48 a year earlier

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Delaware	59-2262718
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

50 Health Sciences Drive
Stony Brook, New York	11790
(Address of principal executive offices)	(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value	APDN	The Nasdaq Stock Market LLC

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☒	Smaller reporting company ☒
	Emerging Growth Company ☐

		Page
PART I - FINANCIAL INFORMATION

Item 1 - Condensed Consolidated Financial Statements (unaudited)		1

Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations		24

Item 3 - Quantitative and Qualitative Disclosures About Market Risk		34

Item 4 - Controls and Procedures		35

PART II - OTHER INFORMATION

Item 1 – Legal Proceedings		36

Item 1A – Risk Factors		36

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds		36

Item 3 – Defaults Upon Senior Securities		36

Item 4 – Mine Safety Disclosures		36

Item 5 – Other Information		36

Item 6 – Exhibits		37


	June 30,		September 30,
	2025		2024
ASSETS	(unaudited)
Current assets:
Cash and cash equivalents	$	4,727,677	$	5,852,363
Accounts receivable, net of allowance for credit losses of $80,423 and $75,000 at June 30, 2025 and September 30, 2024, respectively		199,047		328,252
Inventories		338,723		432,725
Prepaid expenses and other current assets		338,447		756,185
Current assets of discontinued operations		25,008		678,146
Total current assets		5,628,902		8,047,671

Property and equipment, net		511,203		458,895
Noncurrent assets of discontinued operations		11,264		94,337
Other assets:
Restricted cash		750,000		750,000
Intangible assets		2,698,975		2,698,975
Operating right of use asset		334,402		739,162
Total assets	$	9,934,746	$	12,789,040

LIABILITIES AND EQUITY

Current liabilities:
Accounts payable and accrued liabilities	$	1,564,707	$	1,737,366
Operating lease liability, current		334,403		545,912
Deferred revenue		12,285		58,785
Current liabilities of discontinued operations		124,565		56,061
Total current liabilities		2,035,960		2,398,124

Long term accrued liabilities		31,467		31,467
Deferred revenue, long term		194,000		194,000
Operating lease liability, long term		—		193,249
Deferred tax liability, net		684,115		684,115
Warrants classified as a liability		1,160		320,000
Total liabilities		2,946,702		3,820,955

Commitments and contingencies (Note G)

Applied DNA Sciences, Inc. stockholders’ equity:
Preferred stock, par value $0.001 per share; 10,000,000 shares authorized; -0- shares issued and outstanding as of June 30, 2025 and September 30, 2024		—		—
Series A Preferred stock, par value $0.001 per share; 10,000,000 shares authorized; -0- issued and outstanding as of June 30, 2025 and September 30, 2024		—		—
Series B Preferred stock, par value $0.001 per share; 10,000,000 shares authorized; -0- issued and outstanding as of June 30, 2025 and September 30, 2024		—		—

Common stock, par value $0.001 per share; 200,000,000 shares authorized as of June 30, 2025 and September 30, 2024; 901,500 and 13,755 shares issued and outstanding as of June 30, 2025 and September 30, 2024, respectively		902		14
Additional paid in capital		381,150,267		318,815,358
Accumulated deficit		(373,888,601)		(309,672,755)
Applied DNA Sciences, Inc. stockholders’ equity		7,262,568		9,142,617
Noncontrolling interest		(274,524)		(174,532)
Total equity		6,988,044		8,968,085

Total liabilities and equity	$	9,934,746	$	12,789,040


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Three months Ended June 30,				Nine months Ended June 30,
	2025		2024		2025		2024
Revenues
Product revenues	$	195,262	$	246,644	$	1,239,747	$	947,086
Service revenues		109,131		226,145		697,759		678,777
Total revenues		304,393		472,789		1,937,506		1,625,863

Cost of product revenues		299,263		230,188		930,619		853,034

Gross profit		5,130		242,601		1,006,887		772,829

Operating expenses:
Selling, general and administrative		2,930,627		2,635,863		8,423,602		8,440,919
Research and development		768,563		913,031		2,632,931		2,762,040
Total operating expenses		3,699,190		3,548,894		11,056,533		11,202,959

LOSS FROM OPERATIONS		(3,694,060)		(3,306,293)		(10,049,646)		(10,430,130)

Interest income		40,267		29,688		168,762		33,989
Transaction costs allocated to warrant liabilities		—		—		—		(633,198)
Unrealized gain on change in fair value of warrants classified as a liability		6,410		5,160,000		318,840		9,564,000
Unrealized loss on change in fair value of warrants classified as a liability - warrant modification		—		—		—		(394,000)
Loss on issuance of warrants		—		—		—		(1,633,767)
Other expense, net		(531)		(103)		(23,778)		(9,060)

(Loss) income before provision for income taxes		(3,647,914)		1,883,292		(9,585,822)		(3,502,166)

Provision for income taxes		—		—		—		—

Net (loss) income from continuing operations	$	(3,647,914)	$	1,883,292	$	(9,585,822)	$	(3,502,166)
Net loss from discontinued operations, net of tax		(336,195)		(33,791)		(403,120)		(272,397)

NET (LOSS) INCOME	$	(3,984,109)	$	1,849,501	$	(9,988,942)	$	(3,774,563)

Less: Net loss attributable to noncontrolling interest		38,746		30,295		99,992		78,785
NET (LOSS) INCOME attributable to Applied DNA Sciences, Inc.	$	(3,945,363)	$	1,879,796	$	(9,888,950)	$	(3,695,778)
Deemed dividend related to warrant modifications		(15,500,244)		—		(54,326,896)		(233,087)
NET (LOSS) INCOME attributable to common stockholders	$	(19,445,607)	$	1,879,796	$	(64,215,846)	$	(3,928,865)

Net (loss) income per share attributable to common stockholders-basic and diluted from continuing operations	$	(33.41)	$	1,191.52	$	(255.14)	$	(4,862.32)
Net loss per share attributable to common stockholders-basic and diluted from discontinued operations		(0.59)		(21.04)		(1.61)		(362.23)
Net (loss) income per share attributable to common stockholders-basic and diluted	$	(34.00)	$	1,170.48	$	(256.75)	$	(5,224.55)

Weighted average shares outstanding- basic and diluted		572,018		1,606		250,107		752


	Nine-Month Period ended June 30, 2024
		Common		Additional
	Common	Stock		Paid in		Accumulated		Noncontrolling
	Shares	Amount		Capital		Deficit		Interest		Total
Balance, October 1, 2023	911	$	1	$	307,398,305	$	(302,447,147)	$	(78,747)	$	4,872,412
Exercise of warrants, cashlessly	—		—		—		—		—		—
Stock based compensation expense	—		—		340,705		—		—		340,705
Common stock issued in ATM, net of offering costs	6		—		45,566		—		—		45,566
Deemed dividend - warrant repricing	—		—		77,757		(77,757)		—		—
Net Loss	—		—		—		(1,105,100)		(25,181)		(1,130,281)
Balance December 31, 2023	917		1		307,862,333		(303,630,004)		(103,928)		4,128,402
Common stock issued in ATM, net of offering costs	6		—		18,831		—		—		18,831
Common stock issued in Registered direct offering, net of offering costs	215		—		161		—		—		161
Stock based compensation expense	—		—		171,004		—		—		171,004
Share issued upon restricted stock vesting	19		—		—		—		—		—
Deemed dividend - warrant repricing	—		—		155,330		(155,330)		—		—
Net loss	—		—		—		(4,470,474)		(23,309)		(4,493,783)
Balance, March 31, 2024	1,157	$	1	$	308,207,659	$	(308,255,808)	$	(127,237)	$	(175,385)

Common stock and pre-funded warrants issued in public offering, net of offering costs	967		1		10,525,062		—		—		10,525,063
Stock based compensation expense	—		—		30,336		—		—		30,336
Exercise of warrants	11,501		12		4,928		—		—		4,940
Adjustment for reverse split	113		—		—		—		—		—
Net income	—		—		—		1,879,796		(30,295)		1,849,501
Balance, June 30, 2024	13,738	$	14	$	318,767,985	$	(306,376,012)	$	(157,532)	$	12,234,455


	Nine-Month Period ended June 30, 2025
		Common		Additional
	Common	Stock		Paid in		Accumulated		Noncontrolling
	Shares	Amount		Capital		Deficit		Interest		Total
Balance, October 1, 2024	13,755	$	14	$	318,815,358	$	(309,672,755)	$	(174,532)	$	8,968,085
Exercise of warrants	3,422		3		508,597		—		—		508,600
Exercise of warrants, cashlessly	27,895		28		(28)		—		—		—
Stock based compensation expense	—		—		28,973		—		—		28,973
Common stock and pre-funded warrants issued in registered direct offering, net of offering costs	27,083		27		5,712,673		—		—		5,712,700
Deemed dividend - warrant repricing	—		—		14,907,223		(14,907,223)		—		—
Net Loss	—		—		—		(2,639,412)		(29,301)		(2,668,713)
Balance December 31, 2024	72,155		72		339,972,796		(327,219,390)		(203,833)		12,549,645

Exercise of warrants	30,003		30		984,142		—		—		984,172
Exercise of warrants, cashlessly	314,845		315		(315)		—		—		—
Stock based compensation expense	—		—		26,511		—		—		26,511
Deemed dividend - warrant repricing	—		—		23,919,429		(23,919,429)		—		—
Adjustment for reverse split	5,092		5		(5)		—		—		—
Net loss	—		—		—		(3,304,175)		(31,945)		(3,336,120)
Balance, March 31, 2025	422,095	$	422	$	364,902,558	$	(354,442,994)	$	(235,778)	$	10,224,208

Exercise of warrants	138,557		139		722,917		—		—		723,056
Exercise of warrants, cashlessly	267,236		267		(267)		—		—		—
Stock based compensation expense	—		—		24,889		—		—		24,889
Deemed dividend - warrant repricing	—		—		15,500,244		(15,500,244)		—		—
Adjustment for reverse split	73,612		74		(74)		—		—		—
Net loss	—		—		—		(3,945,363)		(38,746)		(3,984,109)
Balance, June 30, 2025	901,500	$	902	$	381,150,267	$	(373,888,601)	$	(274,524)	$	6,988,044


	Three Month Period Ended:
	June 30,		June 30,
	2025		2024
Research and development services (point-in-time)	$	52,070	$	59,900
Product and authentication services (point-in-time):
Supply chain		91,324		194,031
Large Scale DNA Production		160,999		218,858
Total	$	304,393	$	472,789


	Nine Month Period Ended:
	June 30,		June 30,
	2025		2024
Research and development services (point-in-time)	$	333,059	$	202,634
Product and authentication services (point-in-time):
Supply chain		1,109,786		936,777
Large Scale DNA Production		494,661		477,010
Asset marking		—		9,442
Total	$	1,937,506	$	1,625,863


		October 1,		June 30,		$
	Balance sheet classification	2024		2025		change
Contract assets	Accounts receivables	$	328,252	$	199,047	$	(129,205)
Contract liabilities	Deferred revenue	$	252,785	$	206,285	$	(46,500)


	2025	2024
Warrants	3,424,291	26,331
Stock options	149	145
Total	3,424,440	26,476


		Weighted
		Average
		Exercise
	Number of	Price Per
	Shares	Share
Balance at October 1, 2024	26,332	$	2,085.00
Granted	4,706,994		8.42
Exercised	(467,859)		16.41
Cancelled or expired	(841,176)		9.24
Balance at June 30, 2025	3,424,291	$	12.36


	June 30,		September 30,
	2025		2024
	(unaudited)
Raw materials	$	101,537	$	75,141
Work-in-progress		233,650		221,250
Finished goods		3,536		136,334
Total	$	338,723	$	432,725


	Therapeutic DNA		MDx Testing		DNA Tagging and
	Production		Services and Kits		Security Products		Consolidated
Revenues:
Product revenues	$	218,858	$	—	$	27,786	$	246,644
Service revenues		59,901		—		166,244		226,145
Clinical laboratory service revenues		—		325,930		—		325,930
Less intersegment revenues		—		(1,200)		—		(1,200)
Total revenues		278,759		324,730		194,030		797,519

Gross profit		194,341		(12,260)		63,151		245,232

Segment operating expenses
Selling, general and administrative	$	852,919	$	165,983	$	604,955	$	1,623,857
Research and development		660,515		52,917		152,149		865,581
Total segment operating expenses	$	1,513,434	$	218,900	$	757,104	$	2,489,438
Loss from segment operations (a)	$	(1,319,093)	$	(231,160)	$	(693,953)	$	(2,244,206)


	Therapeutic DNA		DNA Tagging and
	Production		Security Products		Consolidated
Revenues:
Product revenues	$	668,407	$	571,340	$	1,239,747
Service revenues		159,312		538,447		697,759
Clinical laboratory service revenues		—		—		—
Less intersegment revenues		—		—		—
Total revenues	$	827,719	$	1,109,787	$	1,937,506

Gross profit	$	428,187	$	578,700	$	1,006,887

Segment operating expenses
Selling, general and administrative	$	2,931,352	$	1,155,551	$	4,086,903
Research and development		2,146,426		138,293		2,284,719
Total segment operating expenses	$	5,077,778	$	1,293,844	$	6,371,622
(Loss) income from segment operations (a)	$	(4,649,591)	$	(715,144)	$	(5,364,735)


	Therapeutic DNA		MDx Testing		DNA Tagging and
	Production		Services and Kits		Security Products		Consolidated
Revenues:
Product revenues	$	477,010	$	—	$	470,076	$	947,086
Service revenues		202,635		—		476,142		678,777
Clinical laboratory service revenues		—		1,004,250		—		1,004,250
Less intersegment revenues		—		(11,800)		—		(11,800)
Total revenues	$	679,645	$	992,450	$	946,218	$	2,618,313

Gross profit	$	462,464	$	(56,703)	$	366,219	$	771,980

Segment operating expenses
Selling, general and administrative	$	2,371,501	$	771,499	$	1,758,312	$	4,901,312
Research and development		1,834,551		198,061		586,215		2,618,827
Total segment operating expenses	$	4,206,052	$	969,560	$	2,344,527	$	7,520,139
(Loss) income from segment operations (a)	$	(3,743,588)	$	(1,026,263)	$	(1,978,308)	$	(6,748,159)


	Fair value at
	June 30, 2025
Liabilities:
Common Warrants	$	100
Series A Warrants	$	10
Series A Warrants - modified	$	50
Private Common Warrants	$	1,000


							Series A			Private
	Common			Series A			Warrants –			Common
	Warrants			Warrants			modified			Warrants
Stock price	$	5.15		$	5.15		$	5.15		$	5.15
Exercise price	$	9,135		$	60,000		$	9,135		$	9,135
Dividend yield		0	%		0	%		0	%		0	%
Selected Volatility		187.50	%		187.50	%		187.50	%		172.50	%
Risk free rate		3.69	%		3.72	%		3.69	%		3.72	%
Fundamental transaction probability		30.00	%		30.00	%		30.00	%		30.00	%
Fundamental transaction Black Scholes Volatility		214.00	%		100.00	%		214.0	%		183.30	%
Fundamental transaction timing		12/31/2025			12/31/2025			12/31/2025			12/31/2025

LineaDNA Quality Grade	Permitted Use	Company Status
RUO	Research and pre-clinical discovery	Currently available
GMP for Starting Materials	DNA critical starting materials for the production of mRNA therapies	Currently available
GMP for Drug Substance	DNA biologic, drug substance and/or drug product	Planned availability in 2H CY 2026


LineaRNAP Quality Grade	Permitted Use	Company Status
RUO	Research and pre-clinical discovery	Currently available
GMP Suitable for Early Clinical Trials	Use to make mRNA used for IND-enabling studies and early-stage clinical trials	Currently available under ISO 13485 QMS
GMP	Use to manufacture mRNA used in late-stage clinical trials and commercial manufacturing	Planned availability in 2H CY2026

		Applied DNA Sciences, Inc.

Dated: August 14, 2025		/s/ JUDITH MURRAH
		Judith Murrah
		Chief Executive Officer
		(Duly authorized officer and principal executive officer)

		/s/ BETH JANTZEN
Dated: August 14, 2025		Beth Jantzen, CPA
		Chief Financial Officer
		(Duly authorized officer and principal financial and accounting officer)

	By:	/s/ JUDITH MURRAH
		Judith Murrah
		Chief Executive Officer and Chairperson
		(Principal Executive Officer)
		Dated: August 14, 2025