Core Viewpoint - PetVivo Holdings, Inc. is set to present at the Life Sciences Virtual Investor Forum on September 18, 2025, highlighting its innovative medical devices and therapeutics for animals [1][4]. Company Overview - PetVivo Holdings, Inc. is an emerging biomedical device company focused on the commercialization of medical devices and therapeutics for horses and companion animals [5]. - The company aims to leverage human therapies for animal treatment in a capital and time-efficient manner, with a strategy that allows for accelerated revenue timelines compared to pharmaceuticals [5]. Product Information - PetVivo has a robust pipeline of products, including SPRYNG™ with OsteoCushion™ technology for managing joint-related afflictions in animals and PrecisePRP, a first-in-class platelet-rich plasma product [6]. - The company holds a portfolio of twelve patents and six trade secrets that protect its biomaterials and production processes [6]. Event Details - The Life Sciences Virtual Investor Forum will take place on September 18, 2025, from 11:00 to 11:30 am ET, allowing real-time interaction between investors and the company [2]. - Archived webcasts will be available for those unable to attend the live event [2].

Core Points - PetVivo Animal Health, Inc. has entered into a distribution agreement with Nupsala Limited to market its veterinary medical device, Spryng with OsteoCushion technology, in the United Kingdom [1][2] - The distribution activities by Nupsala commenced on September 1, 2025, aiming to enhance the accessibility of Spryng to veterinarians and animal owners [1][2] - Spryng with OsteoCushion technology is designed to manage joint pain in animals by promoting proper joint mechanics and integrating with subsynovial tissue [3][4] Company Overview - PetVivo Holdings, Inc. focuses on the commercialization of innovative medical devices and therapeutics for companion animals, leveraging human therapies for efficient treatment [5] - The company has a robust pipeline of products, including Spryng and PrecisePRP, and holds a portfolio of twenty-one patents protecting its biomaterials and methods [6] Partner Overview - Nupsala Limited specializes in musculoskeletal health and regenerative medicine for companion animals and horses, operating as both a veterinary wholesaler and referral provider [8][9] - Nupsala aims to improve animal mobility and deliver innovative solutions through clinical trials, diagnostics, and educational initiatives [9]

Financial Data and Key Metrics Changes - The company reported revenues of $298,000, representing a 141% increase compared to the same quarter last year [6][4] - Gross profit totaled $187,000, which is 63% of revenues, marking a 69% increase from $111,000 in the same quarter last year [7] - Operating loss decreased by 10% to $1,800,000 compared to the same quarter a year ago [8] - Net loss available to common stockholders was $2,300,000, or a negative loss of $0.09 per share, which is a 15% improvement from the previous year's net loss of $2,000,000 [8] - Available cash increased to $3,300,000 from $220,000 as of March 31, 2025 [9] - Total liabilities decreased by 39% to $1,200,000 during the quarter [9] Business Line Data and Key Metrics Changes - The U.S. National distributor network increased sales by 192% year-over-year, contributing $198,000 or 67% of total revenue [4][6] - The introduction of the new Precise PRP product alongside Spring contributed to the revenue increase [6] Market Data and Key Metrics Changes - The Mexican veterinary health care market is projected to grow at a compounded annual growth rate of 11%, reaching $2.4 billion by February 2031 [3] - The U.S. animal health market is expected to double to $11.3 billion by February 2030, providing significant growth opportunities [24] Company Strategy and Development Direction - The company is focused on expanding the adoption of its flagship product, Spring, and increasing awareness of Precise PRP for treating osteoarthritis in animals [12] - Strategic partnerships have been formed, including collaborations with Commonwealth Markets and Piezo BioMembrane, to enhance product offerings and market reach [20][22] - The company is integrating AI technology with its veterinary products to create a global pet care ecosystem [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong sales momentum and market penetration for fiscal 2026 and beyond [24] - The company believes it is well-positioned to accelerate growth and expand into high-growth markets [24] Other Important Information - The company has recently qualified to trade on the OTCQX best market, enhancing visibility and liquidity for investors [11] - The commercialization of Spring and Precise PRP has received favorable feedback from veterinarians regarding their effectiveness [14] Q&A Session Summary - No questions were raised during the Q&A session, leading to the conclusion of the call [29][33]

Core Insights - PetVivo Holdings, Inc. reported a significant increase in revenues for the first quarter of fiscal year 2026, with total revenues reaching $298,000, marking a 141% increase compared to the same period last year [5][27][29] - The company is expanding its market presence, particularly in the companion animal sector, and has initiated international sales through a distribution agreement in Mexico [10][11][20] Fiscal Q1 Financial Highlights - Revenues increased to $298,000, a 141% rise year-over-year, driven by product line expansion and increased sales force efforts [5][27] - Gross profit rose 69% to $187,000, with a gross margin of 63% [5][28] - Operating loss decreased by 9% to $1.8 million, attributed to strategic restructuring and cost reduction initiatives [5][29] - Net loss increased 13% to $2.3 million, or $(0.09) per share, due to higher non-cash expenses [5][29] - Cash reserves increased to $3.3 million from $228,000 at the end of the previous quarter, primarily due to financing activities [5][30] - Total liabilities decreased by 39% to $3.1 million, mainly due to lease terminations and modifications of convertible note terms [5][31] Fiscal Q1 Operational Highlights - The company signed a distribution agreement with Eq Especialidades to promote Spryng™ in Mexico, marking its first international market entry [5][20] - A strategic partnership with PiezoBioMembrane aims to develop innovative biomaterials for tissue regeneration [5][24] - Collaboration with Digital Landia focuses on integrating AI technology to enhance veterinary care through real-time analysis of animal behavior [5][17] - Sales and marketing efforts are ramping up for the commercialization of PrecisePRP, a new product for treating osteoarthritis in animals [5][14] - A partnership with Commonwealth Markets integrates Spryng® and PrecisePRP into care protocols for thoroughbred horses [5][21] Industry Outlook - The U.S. animal health market is projected to double to $11.3 billion by 2030, providing significant growth opportunities for PetVivo [5][26] - The veterinary healthcare market in Mexico is expected to grow at a compounded annual growth rate of 11% to reach $2.4 billion by 2031 [10]

PART I [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) PetVivo Holdings, Inc. reported increased revenue to **$297,500** but a wider net loss of **$2.3 million** for the quarter ended June 30, 2025, with total assets decreasing to **$6.9 million** and cash increasing to **$3.3 million** from **$4.4 million** in financing, alongside a going concern warning [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, the company's total assets decreased to **$6.9 million** from **$9.3 million**, while cash and cash equivalents significantly increased to **$3.3 million** from **$228 thousand**, and total liabilities decreased to **$3.2 million** from **$5.1 million** Consolidated Balance Sheet Summary (Unaudited) | Metric | June 30, 2025 | March 31, 2025 | | :--- | :--- | :--- | | **Assets** | | | | Cash | $3,303,844 | $227,689 | | Total Current Assets | $4,400,859 | $5,609,567 | | Total Assets | $6,890,496 | $9,339,195 | | **Liabilities & Equity** | | | | Total Current Liabilities | $3,117,433 | $4,316,800 | | Total Liabilities | $3,159,519 | $5,119,947 | | Total Stockholders' Equity | $3,730,977 | $4,219,248 | [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations) For the three months ended June 30, 2025, revenues more than doubled to **$297,500** from **$123,751**, yet the net loss available to common stockholders increased to **$2.34 million** from **$2.05 million**, primarily due to **$466,720** in other expenses, despite an improved net loss per share of **($0.09)** Consolidated Statement of Operations Summary (Unaudited) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenues | $297,500 | $123,751 | | Gross Profit | $186,726 | $110,757 | | Operating Loss | ($1,844,317) | ($2,044,432) | | Net Loss | ($2,311,037) | ($2,047,063) | | Net Loss Per Share (Basic and Diluted) | ($0.09) | ($0.11) | | Weighted Average Shares Outstanding | 24,302,790 | 18,683,975 | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the three months ended June 30, 2025, the company used **$1.63 million** in operating cash, with **$4.71 million** provided by financing activities, primarily from **$4.4 million** in preferred stock proceeds, resulting in a net cash increase of **$3.08 million** and an ending cash balance of **$3.3 million** Consolidated Statement of Cash Flows Summary (Unaudited) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net Cash Used In Operating Activities | ($1,633,755) | ($1,530,469) | | Net Cash Used in Investing Activities | $0 | ($15,178) | | Net Cash Provided by Financing Activities | $4,709,910 | $1,470,658 | | Net Increase (Decrease) in Cash | $3,076,155 | ($74,989) | | Cash at End of Period | $3,303,844 | $12,414 | [Notes to Financial Statements](index=10&type=section&id=Notes%20to%20Financial%20Statements) The notes detail accounting policies, including the termination of distribution agreements with MWI and Covetrus, new partnerships with Vedco and Clipper, a June 30, 2025 amendment to convertible notes reclassifying a **$768,493** derivative liability to equity, a **$314,768** lease termination fee, and reiterate the substantial doubt about the company's ability to continue as a going concern - The company mutually terminated its non-exclusive distribution agreements with **MWI Veterinary Supply Co.** in **March 2025** and **Covetrus North America LLC** in **February 2025**[38](index=38&type=chunk)[40](index=40&type=chunk) - New distribution partnerships were established with **Vedco, Inc.** and **Clipper Distributing, LLC** in **December 2024**[42](index=42&type=chunk) - On **June 30, 2025**, the company amended its convertible notes to fix the conversion price at **$0.50 per share**[78](index=78&type=chunk) - This modification was treated as a debt extinguishment, resulting in the re-measurement and reclassification of a **$768,493** derivative liability to additional paid-in capital and the recognition of a **$763,259** beneficial conversion feature[79](index=79&type=chunk)[81](index=81&type=chunk) - The company terminated its ten-year lease on a **14,073 square foot** production and warehouse space effective **June 30, 2025**, incurring total termination fees of **$314,768**[93](index=93&type=chunk) - The company has a history of net losses, negative operating cash flow, and an accumulated deficit of **$93.5 million**, which raises substantial doubt about its ability to continue as a going concern[99](index=99&type=chunk) - On **March 26, 2025**, the company entered into a subscription agreement for **$5 million** of Series B Preferred Stock[104](index=104&type=chunk) - The remaining **$4.4 million** was fully received and funded on **June 24, 2025**[104](index=104&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the **140%** year-over-year revenue growth to new Precise PRP product sales, but notes a wider net loss due to non-cash charges, with liquidity significantly boosted by a **$5 million** private placement of Series B preferred stock, though these funds are only sufficient until **December 31, 2025**, reinforcing the going concern risk and need for additional capital [Results of Operations](index=30&type=section&id=Results%20of%20Operations) Revenues for the three months ended June 30, 2025, increased to **$297,500** from **$123,751**, driven by **$149,257** in Precise PRP sales, while operating expenses decreased slightly to **$2.03 million** from **$2.16 million**, but the net loss increased to **$2.31 million** from **$2.05 million** due to **$466,720** in other expenses Results of Operations Comparison | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenues | $297,500 | $123,751 | | Cost of Sales | $110,774 | $12,994 | | Total Operating Expenses | $2,031,043 | $2,155,189 | | Net Loss | ($2,311,037) | ($2,047,063) | - The increase in revenues was primarily due to sales of **Precise PRP products**, which began following an exclusive licensing agreement with **VetStem**[143](index=143&type=chunk) [Liquidity and Capital Resources](index=31&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the company had working capital of **$1.28 million** and cash of **$3.3 million**, achieved through a **$5 million** private placement of Series B convertible preferred stock, yet management believes this is insufficient for the next twelve months, necessitating additional capital - The company's working capital was **$1,283,426** as of **June 30, 2025**, with cash and cash equivalents of **$3,303,844**[151](index=151&type=chunk) - Net cash provided by financing activities was **$4.7 million**, primarily from **$4.4 million** in proceeds from the Series B preferred stock receivable[154](index=154&type=chunk) - Management states that despite the recent **$5 million** financing, they do not have sufficient cash for the next twelve months and will need to raise additional capital[152](index=152&type=chunk) [Going Concern](index=32&type=section&id=Going%20Concern) The company's financial statements include an explanatory paragraph from auditors expressing substantial doubt about its ability to continue as a going concern, as management believes the **$5 million** private placement proceeds are only sufficient to fund operations until **December 31, 2025** - The company's auditors have expressed **substantial doubt** about its ability to continue as a going concern[157](index=157&type=chunk) - Management believes the proceeds from the recent **$5 million** private placement are sufficient to fund operations only until **December 31, 2025**[157](index=157&type=chunk) [Qualitative and Quantitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Qualitative%20and%20Quantitative%20Disclosures%20About%20Market%20Risk) This section is not required for the company as it qualifies as a smaller reporting company - Disclosure is not required as the company is a **smaller reporting company**[164](index=164&type=chunk) [Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were not effective as of June 30, 2025, due to material weaknesses in complex accounting for convertible notes and derivative liabilities, with remediation efforts expected to be completed before March 31, 2026 - Management concluded that disclosure controls and procedures were **not effective** as of **June 30, 2025**[165](index=165&type=chunk) - The ineffectiveness is due to **material weaknesses** related to the accounting for modifications of convertible notes, beneficial conversion features, warrant debt discounts, and derivative liabilities[165](index=165&type=chunk) - Remediation efforts are underway, including hiring additional accounting personnel, with an expected completion date prior to **March 31, 2026**[166](index=166&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=35&type=section&id=Item%201.%20Legal%20Proceedings) The company reports that it is not involved in any material legal proceedings outside of the ordinary course of business - The company is not currently involved in any **material legal proceedings**[169](index=169&type=chunk) [Risk Factors](index=35&type=section&id=Item%201A.%20Risk%20Factors) The company states there have been no material changes to the risk factors previously disclosed in its Annual Report on Form 10-K for the fiscal year ended March 31, 2025 - The company refers to the risk factors disclosed in its Annual Report on Form **10-K** for the fiscal year ended **March 31, 2025**, indicating no material updates[171](index=171&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=35&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the quarter, the company issued shares of common stock in several unregistered transactions, including for consulting services, RSU vesting, conversion of accounts payable, and a warrant exercise generating **$140,000** in proceeds - The company conducted several unregistered sales of equity securities during the quarter, including shares issued for consulting services in **April and May 2025**, shares issued upon the vesting of RSUs in **April and June 2025**, **8,000** shares issued to convert a **$6,000** accounts payable balance in **June 2025**, and **70,000** shares issued upon a warrant exercise, generating **$140,000** in proceeds in **June 2025**[172](index=172&type=chunk)[173](index=173&type=chunk)[174](index=174&type=chunk) [Defaults Upon Senior Securities](index=35&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - No defaults upon senior securities were reported[176](index=176&type=chunk) [Other Information](index=35&type=section&id=Item%205.%20Other%20information) The company reported no other information - No other information was reported[178](index=178&type=chunk) [Exhibits](index=36&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications as required by the Sarbanes-Oxley Act of 2002 and Inline XBRL data files - The report includes standard exhibits such as **CEO/CFO certifications** under Sections **302** and **906** of the **Sarbanes-Oxley Act**[180](index=180&type=chunk)

Core Points - PetVivo Holdings, Inc. will hold a conference call on August 14, 2025, to discuss its fiscal first quarter results for the period ending June 30, 2025 [1][2] - The company focuses on innovative medical devices and therapeutics for companion animals, leveraging human therapies for efficient treatment [4] - PetVivo has a strong product pipeline, including SPRYNG with OsteoCushion technology and PrecisePRP, both currently available for commercial sale [5] Company Overview - PetVivo Holdings, Inc. operates through its subsidiary, PetVivo Animal Health, Inc., and is dedicated to the manufacturing, commercialization, and licensing of biomedical devices for animals [4] - The company holds a portfolio of twelve patents and six trade secrets that protect its biomaterials and products [5] Conference Call Details - The conference call will take place at 5:00 p.m. Eastern time, with a toll-free dial-in number provided for participants [2] - A replay of the conference call will be available on the company's website [3]

Core Insights - PetVivo Holdings, Inc. has successfully upgraded to trade on the OTCQX Best Market, enhancing its visibility and accessibility for investors [1][3][6] - The company specializes in innovative biomedical devices and therapeutics for horses and companion animals, with key products including SPRYNG with OsteoCushion Technology and PrecisePRP [1][4][5] Company Overview - PetVivo Holdings, Inc. focuses on the manufacturing, commercialization, and licensing of medical devices and therapeutics for equine and companion animals, leveraging human therapies for efficient treatment [7][8] - The company has a robust pipeline of products protected by twelve patents and six trade secrets, indicating a strong intellectual property position [8] Product Details - SPRYNG with OsteoCushion Technology is an injectable veterinary medical device that aids in managing joint pain by restoring proper joint mechanics [4] - PrecisePRP is a first-in-class, off-the-shelf platelet-rich plasma product designed for veterinarians, providing a consistent dose of 4 billion platelets per vial [5]

Company Overview - PetVivo Holdings Inc. is an emerging biomedical device company based in Edina, Minnesota, focused on licensing and commercialization of innovative medical devices and therapeutics for equine and companion animals [5][6] - The company aims to leverage investments in human bio-materials and medical device industries to efficiently commercialize products for animals [5] - PetVivo has a robust pipeline of products, including twelve patents and six trade secrets protecting its biomaterials and methods [6] Market Position - PetVivo Holdings has upgraded to trade on the OTCQX Best Market from the OTCQB Venture Market, marking a significant milestone for the company [1][3] - Trading on OTCQX enhances the company's visibility within the investment community and provides greater liquidity and accessibility for investors [4] Product Offerings - The company's lead products include SPRYNG with OsteoCushion technology, an intra-articular injection for managing lameness and joint-related afflictions in animals, and PrecisePRP, a first-in-class platelet-rich plasma product for veterinary use [6]

Part I [Business](index=4&type=section&id=Item%201.%20Business) PetVivo Holdings, Inc. is an emerging biomedical device company focused on innovative medical devices and therapeutics for animals, particularly companion animals like dogs and horses [Overview and Business Description](index=4&type=section&id=Item%201.%20Business%23Overview) PetVivo is a biomedical device company commercializing and licensing medical products for animals, with a pipeline of 18 products protected by patents and trade secrets - The company's lead product is **Spryng** with OsteoCushion Technology, an intraarticular injection for managing lameness and osteoarthritis in dogs and horses[18](index=18&type=chunk) - **Spryng** is designed to provide a bio-integrative scaffold in the joint, mimicking natural cartilage to restore proper joint mechanics and improve biomechanics[23](index=23&type=chunk) - Osteoarthritis affects an estimated **14 million** dogs and **1 million** horses in the U.S. Current treatments like NSAIDs manage symptoms but have potential side effects and do not halt joint degeneration, a gap **Spryng** aims to fill[24](index=24&type=chunk)[25](index=25&type=chunk) [Commercialization and Distribution](index=6&type=section&id=Item%201.%20Business%23Commercialization%20and%20Distribution) The company began selling Spryng in Q2 of fiscal 2022, initially with MWI and Covetrus, both agreements later terminated, and now partners with Vedco and Clipper - The company commenced sales of **Spryng** in the second quarter of fiscal 2022[28](index=28&type=chunk) - In March 2025, the company mutually terminated its non-exclusive distribution agreement with MWI. In February 2025, it also terminated its agreement with Covetrus North America, LLC[30](index=30&type=chunk) - In December 2024, PetVivo entered into new wholesale distribution partnerships with Vedco Inc. and Clipper Distributing, LLC[31](index=31&type=chunk) [Product Pipeline and Clinical Development](index=6&type=section&id=Item%201.%20Business%23Product%20Pipeline%20and%20Clinical%20Development) PetVivo has a pipeline of 17 additional therapeutic devices for veterinary and human use and is conducting multiple clinical studies to support its products, including a recently licensed Platelet-Rich Plasma (PRP) product - The company has a pipeline of **17** other therapeutic devices for veterinary and human applications, in addition to its commercialized **Spryng** product[34](index=34&type=chunk) - In February 2025, the Company signed an exclusive licensing agreement with VetStem, Inc. to market and sell their Precise PRP (Platelet-Rich Plasma) product for canine and equine use, with revenues anticipated in fiscal year 2026[35](index=35&type=chunk) Veterinary Product Pipeline Status | Product | Indication | Species | Commercial Launch | | :--- | :--- | :--- | :--- | | VD-01 | Osteoarthritis (Spryng) | Canine | Q2 2022 | | VD-02 | Osteoarthritis (Spryng) | Equine | Q2 2022 | | VD-03 | Digital Cushion Lameness | Equine & Bovine | Q2 2022 | | VD-06 | Osteoarthritis (Spryng) | Feline | Q1 2024 | [Intellectual Property](index=8&type=section&id=Item%201.%20Business%23Intellectual%20Property) The company's intellectual property portfolio includes six issued U.S. patents, two pending patent applications, four international patents, and six documented trade secrets - The company holds **six** issued U.S. patents and has **two** pending applications, along with **four** patents in Canada and the EU[42](index=42&type=chunk) - PetVivo relies on **six** documented trade secrets covering ingredient compositions, production techniques, and quality control procedures[45](index=45&type=chunk) - The company owns **two** U.S. federally registered trademarks: **Spryng®** and **OsteoCushion®**[49](index=49&type=chunk) [Regulation](index=12&type=section&id=Item%201.%20Business%23Regulation) Spryng® is classified as a veterinary medical device in the U.S., not requiring pre-market FDA approval, but future human-use products will face extensive regulatory scrutiny - In the U.S., the FDA does not require pre-market approval (510(k) or PMA) for devices used in veterinary medicine, such as **Spryng®**[86](index=86&type=chunk) - Future human-use medical devices will be subject to comprehensive FDA regulation, likely requiring either a 510(k) submission to demonstrate substantial equivalence to a predicate device or a more stringent Pre-Market Approval (PMA) application with extensive clinical data[78](index=78&type=chunk)[79](index=79&type=chunk) [Risk Factors](index=15&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks, including substantial financial losses, delisting from Nasdaq, heavy dependence on its single commercial product, and concentrated stock ownership - The company has a history of substantial losses, with a net loss of approximately **$8.0 million** for the year ended March 31, 2025, and an accumulated deficit of **$90.8 million**[95](index=95&type=chunk) - As of March 31, 2025, the company had only **$228 thousand** in cash, sufficient for only one month of operations, highlighting a critical need for additional financing[96](index=96&type=chunk) - The company's common stock and warrants were delisted from The Nasdaq Capital Market and now trade on the OTCQB market[94](index=94&type=chunk) - The business is substantially dependent on the success of its lead product, **Spryng®**, and faces significant competition from major industry players like Zoetis, Merck, and Elanco[99](index=99&type=chunk)[100](index=100&type=chunk) - As of June 1, 2025, officers and directors beneficially own or control approximately **27%** of the company's outstanding common stock, concentrating control[122](index=122&type=chunk) [Cybersecurity](index=23&type=section&id=Item%201C.%20Cybersecurity) PetVivo has established policies and processes for managing cybersecurity risks, overseen by the Board and managed by the CFO, with no material incidents reported to date - The company has established processes for assessing and managing cybersecurity threats, which are integrated into its overall risk management system[137](index=137&type=chunk) - The Board of Directors, assisted by the Audit Committee, oversees cybersecurity risk, with the CFO and a management committee responsible for day-to-day management[145](index=145&type=chunk)[146](index=146&type=chunk) - The company has not experienced any cybersecurity incidents that have been determined to be material[144](index=144&type=chunk) [Properties](index=25&type=section&id=Item%202.%20Properties) The company leases three facilities in Edina, Minnesota, for office, lab, warehouse, and production space, which management deems adequate for current needs - The company leases approximately **3,600 sq. ft.** of office, lab, and warehouse space expiring in November 2026[149](index=149&type=chunk) - An additional **2,400 sq. ft.** of office space is leased, with the lease expiring in March 2027[150](index=150&type=chunk) - A new lease for **14,073 sq. ft.** of production and warehouse space commenced on April 1, 2023, and will terminate on June 30, 2033[151](index=151&type=chunk) [Legal Proceedings](index=25&type=section&id=Item%203.%20Legal%20Proceedings) The company may be involved in ordinary course legal proceedings but does not anticipate any to have a material adverse effect - The company is not currently involved in any legal proceedings expected to have a material adverse effect on its business or financial condition[153](index=153&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities](index=25&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on the OTCQB market, has 258 stockholders of record, has never paid cash dividends, and has issued various unregistered securities to raise capital - The Company's common stock is traded on the OTCQB Nasdaq Capital Market under the symbol '**PETV**'[156](index=156&type=chunk) - The company has never declared or paid cash dividends and does not anticipate doing so in the foreseeable future[157](index=157&type=chunk) Equity Compensation Plan Information as of March 31, 2025 | Plan category | Number of securities to be issued upon exercise | Weighted average exercise price | Number of securities remaining available for future issuance | | :--- | :--- | :--- | :--- | | Plans approved by shareholders | 1,140,933 | **$2.58** | 822,605 | | Plans not approved by shareholders | 562,817 | **$2.00** | — | [Management's Discussion and Analysis of Financial Condition and Results of Operation](index=29&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operation) For fiscal year 2025, revenues increased to $1.13 million, operating expenses decreased to $9.1 million, and the net loss improved to $8.4 million, though the auditor expressed going concern doubt, which management believes is mitigated by recent financing [Results of Operation (FY 2025 vs. FY 2024)](index=29&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operation%23Results%20of%20Operation) In fiscal 2025, revenues grew by **17%** to **$1.13 million**, total operating expenses fell to **$9.1 million**, resulting in a net loss of **($8.40 million)**, an improvement from **($11.0 million)** in fiscal 2024 Fiscal Year Financial Comparison (2025 vs. 2024) | Metric | FY 2025 | FY 2024 | | :--- | :--- | :--- | | Revenues | **$1,132,533** | **$968,706** | | Total Cost of Sales | **$137,677** | **$101,823** | | Total Operating Expenses | **$9,050,575** | **$11,488,223** | | Net Loss | **($8,399,166)** | **($10,955,295)** | | Net Loss Per Share | **($0.41)** | **($0.78)** | - Revenue increased primarily due to sales to new distributors Vedco and Clipper, and sales of the PrecisePRP product licensed from VetStem[191](index=191&type=chunk) - Operating expenses decreased mainly due to lower legal expenses, reduced investor relations consulting fees, termination of an expensive marketing agency relationship, and reduced trade show participation[193](index=193&type=chunk)[194](index=194&type=chunk)[195](index=195&type=chunk) [Liquidity and Capital Resources](index=30&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operation%23Liquidity%20and%20Capital%20Resources) As of March 31, 2025, the company had a working capital deficit of **$320,709** and **$87,403** in cash, but a recent **$5 million** Series B Preferred Offering is expected to provide sufficient cash for at least the next three months - The company entered into a **$5 million** Series B Preferred Offering subscription agreement on March 26, 2025, receiving **$600 thousand** by fiscal year-end and the remaining **$4.4 million** in May and June 2025[199](index=199&type=chunk) - Management believes it has sufficient cash to meet operating and capital requirements for at least the next three months following the recent financing, but will need to raise additional capital in the future[200](index=200&type=chunk) FY 2025 Cash Flow Summary | Cash Flow Activity | Amount | | :--- | :--- | | Net Cash Used in Operating Activities | **($4.52 million)** | | Net Cash Used in Investing Activities | **($1.06 million)** | | Net Cash Provided by Financing Activities | **$5.73 million** | [Controls and Procedures](index=32&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and internal control over financial reporting were not effective as of March 31, 2025, due to a material weakness related to derivative liabilities and warrant discounts - Management concluded that the company's disclosure controls and procedures were not effective as of the end of the period[217](index=217&type=chunk) - A material weakness was identified due to a material audit adjustment for derivative liabilities and warrant discounts with convertible notes[221](index=221&type=chunk) - Due to the material weakness, management concluded that its internal control over financial reporting (ICFR) was not effective as of March 31, 2025[221](index=221&type=chunk)[222](index=222&type=chunk) Part III [Directors, Executive Officers, and Corporate Governance](index=34&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%2C%20and%20Corporate%20Governance) This section provides biographies for executive officers and the eight-member Board of Directors, which includes a majority of independent directors and has established Audit, Compensation, and Nominating committees, along with a Code of Ethics - The Board of Directors has **six** independent members, constituting a majority, in compliance with Nasdaq rules[241](index=241&type=chunk) - The company has an Audit Committee, Compensation Committee, and Nominating Committee, all composed of independent directors[243](index=243&type=chunk) - A Code of Ethics has been adopted that applies to the board, executive officers, and employees[244](index=244&type=chunk) [Executive Compensation](index=38&type=section&id=Item%2011.%20Executive%20Compensation) This section details compensation for Named Executive Officers, including CEO John Lai (**$493,279**) and CFO Garry Lowenthal (**$491,170**) for fiscal 2025, and notes executive changes including the termination of the COO Summary Compensation Table (Fiscal 2025) | Name and Principal Position | Year | Salary ($) | Bonus ($) | Stock Awards ($) | All Other Comp ($) | Total ($) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | John Lai, CEO and President | 2025 | **$166,667** | **$25 thousand** | **$297,700** | **$3,912** | **$493,279** | | Garry Lowenthal, CFO | 2025 | **$200 thousand** | **$25 thousand** | **$257,950** | **$8,220** | **$491,170** | | Randall Meyer, COO | 2025 | **$153,750** | — | — | **$13,008** | **$166,758** | - Garry Lowenthal was appointed CFO on March 8, 2024, with an annual salary of **$200 thousand**[281](index=281&type=chunk) - Randall Meyer's position as Chief Operating Officer was eliminated, and his employment was terminated on January 31, 2025[282](index=282&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=44&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) As of July 10, 2025, the company had **24,388,731** shares outstanding, with directors and executive officers owning **14.74%** and two external shareholders owning over **5%** Beneficial Ownership as of July 10, 2025 | Name of Beneficial Owner | Beneficial Ownership (%) | | :--- | :--- | | John Lai (CEO) | **7.12%** | | All Directors and Executive Officers as a Group (9 Persons) | **14.74%** | | Alan Sarroff | **23.13%** | | Stanley Cruden | **9.93%** | [Certain Relationships and Related Transactions and Director Independence](index=46&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%20And%20Director%20Independence) This section details a **$180 thousand** settlement with former employee David Masters and a prior escrow agreement with CEO John Lai for share release - The company settled threatened litigation with former employee and director David Masters for a one-time payment of **$180 thousand**[291](index=291&type=chunk)[292](index=292&type=chunk) - A prior escrow agreement with CEO John Lai resulted in the release of **254,018** shares to him in August 2021 after the company met specific financing and Nasdaq listing conditions[293](index=293&type=chunk) [Principal Accounting Fees and Services](index=47&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) The company's principal accountants were Stephano Slack LLC for FY2025 and Assurance Dimensions for FY2024, with audit fees of **$47 thousand** and **$34,486** respectively, and all services pre-approved by the Audit Committee Audit Fees by Fiscal Year | Fiscal Year | Principal Accountant | Audit Fees | | :--- | :--- | :--- | | 2025 | Stephano Slack LLC | **$47,000** | | 2024 | Assurance Dimensions | **$34,486** | - The Audit Committee's policy is to pre-approve all audit and permissible non-audit services, and **100%** of all services were pre-approved in fiscal 2025 and 2024[300](index=300&type=chunk) Part IV [Exhibits, Financial Statement Schedules](index=49&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists all exhibits filed with the Form 10-K, including corporate documents, employment agreements, and required certifications from executive officers - Lists key corporate documents, including employment agreements for executive officers, the 2020 Equity Compensation Plan, and distribution services agreements[304](index=304&type=chunk)[306](index=306&type=chunk) - Includes required certifications from the Principal Executive Officer and Principal Financial Officer pursuant to the Sarbanes-Oxley Act[306](index=306&type=chunk) Financial Statements and Supplementary Data [Report of Independent Registered Public Accounting Firm](index=53&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) The report includes opinions from two independent auditors, both expressing substantial doubt about the company's ability to continue as a going concern due to recurring negative cash flows, net losses, and a significant accumulated deficit - The auditor for the fiscal year 2025, Stephano Slack LLC, expressed substantial doubt about the Company's ability to continue as a going concern due to negative cash flows from operations[317](index=317&type=chunk) - The auditor for the fiscal year 2024, Assurance Dimensions, also expressed substantial doubt about the Company's ability to continue as a going concern due to recurring losses and an accumulated deficit[325](index=325&type=chunk) [Consolidated Financial Statements](index=56&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements show a net loss of **($8.40 million)** in FY2025, an improvement from **($11.0 million)** in FY2024, with total assets increasing to **$9.34 million** and total liabilities to **$5.12 million** Consolidated Balance Sheets (as of March 31) | (in thousands) | 2025 | 2024 | | :--- | :--- | :--- | | **Assets** | | | | Total Current Assets | **$5,610** | **$1,042** | | Total Assets | **$9,339** | **$3,115** | | **Liabilities & Equity** | | | | Total Current Liabilities | **$4,317** | **$1,412** | | Total Liabilities | **$5,120** | **$2,429** | | Total Stockholders' Equity | **$4,219** | **$686** | Consolidated Statements of Operations (for the Year Ended March 31) | (in thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Revenues | **$1,133** | **$969** | | Gross Profit | **$995** | **$867** | | Total Operating Expenses | **$9,051** | **$11,488** | | Operating Loss | **($8,056)** | **($10,621)** | | Net Loss | **($8,399)** | **($10,955)** | | Net Loss Per Share | **($0.41)** | **($0.78)** | Consolidated Statements of Cash Flows (for the Year Ended March 31) | (in thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash Used In Operating Activities | **($5,322)** | **($7,420)** | | Net Cash Used in Investing Activities | **($563)** | **($309)** | | Net Cash Provided by Financing Activities | **$6,026** | **$7,341** | | Net increase (decrease) in Cash | **$140** | **($388)** | | Cash at End of the Year | **$228** | **$87** | [Notes to Consolidated Financial Statements](index=61&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail revenue concentration, accounting for convertible notes and derivative liabilities, stock-based compensation, lease obligations, going concern uncertainty, and a **$44.3 million** net operating loss carryforward, with subsequent financing events - For FY2025, revenue from key distributors was: MWI (**38%**), Vedco (**26%**), Clipper (**17%**), and Covetrus (**4%**)[361](index=361&type=chunk)[363](index=363&type=chunk)[365](index=365&type=chunk)[366](index=366&type=chunk) - The company entered into a five-year exclusive licensing agreement with VetStem, Inc. in February 2025 for a total fee of **$2 million**, paid with cash, stock, and future payments[385](index=385&type=chunk) - As of March 31, 2025, the company had total convertible notes payable of **$1.77 million**. Certain notes contained embedded conversion features that were bifurcated and accounted for as derivative liabilities with a fair value of **$448,089**[397](index=397&type=chunk)[399](index=399&type=chunk) - The company has a net operating loss carryforward of approximately **$44.3 million** as of March 31, 2025, but a full valuation allowance has been recorded against the resulting deferred tax asset[454](index=454&type=chunk) - Subsequent to year-end, in May and June 2025, the company received the remaining **$4.4 million** from its Series B Preferred Stock financing[464](index=464&type=chunk)

Financial Data and Key Metrics Changes - PetVivo reported a record revenue of $1.1 million for fiscal year 2025, reflecting a 17% increase compared to the previous year [4][7] - Gross profit totaled $995,000, representing a gross margin of 87.8%, which is a slight decrease from 89.5% in fiscal year 2024 [8] - Operating expenses decreased by 21% to $9.1 million, primarily due to a strategic cost reduction program [8] - The net loss improved by 27% to $8 million, or $0.39 per share, compared to a net loss of $11 million, or $0.78 per share in fiscal year 2024 [9] Business Line Data and Key Metrics Changes - The expanding nationwide distributor network contributed $958,000 in sales, accounting for 86% of total revenues, with a 31% increase in their combined sales [7][8] - The company is focusing on increasing its market share in the companion animal segment while maintaining growth in the equine market [4][5] Market Data and Key Metrics Changes - The veterinary healthcare market in Mexico is projected to grow at a 6% CAGR, reaching nearly $2 billion by 2026, presenting a significant opportunity for PetVivo [3] - The U.S. animal health market is projected to double to $11.3 billion by 2030, providing substantial growth potential for the company [18] Company Strategy and Development Direction - The company aims to drive greater adoption of its products, particularly Spring and Precise PRP, by increasing awareness among key decision-makers in the veterinary field [11][12] - Strategic partnerships and collaborations, such as with Digital Landia and Commonwealth Markets, are expected to enhance product visibility and market penetration [16][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong sales momentum and market penetration expected in fiscal year 2026 [17] - The company is well-positioned to accelerate growth and expand into high-growth markets, driven by trends in pet ownership and advancements in veterinary care [18][19] Other Important Information - The company filed for an extension for its Form 10-K filing to allow auditors to complete their review, meaning all financial results presented are preliminary and unaudited [2][7] - The company raised net proceeds of $4.7 million from a Series B convertible preferred stock offering to support growth strategies [10] Q&A Session Summary Question: How much dilution do you expect from the conversion of the Series B preferred? - Management indicated that the conversion is on a one-to-one basis, with an additional 5 million shares expected if fully converted [30][32] Question: What is the average price per vial of the Spring injection that veterinarians are charging for canines? - The average charge by veterinary doctors is around $800 per joint, with variations between $500 to $1,200 depending on the complexity of the issue [36] Question: Can you talk a little bit about the human trials and their projected outcomes? - Management discussed ongoing studies with BioPiezo, showing promising results in small and large animals, with potential applications in the human market for osteoarthritis [46]