Core Viewpoint - Cuprina Holdings reported a decrease in revenue and an increase in net loss for the first half of 2025, but highlighted significant advancements in product diversification and geographic expansion [2]. Financial Performance - Revenue for the six months ended June 30, 2025, was $18.04 million, down 40% from $30.18 million in the same period last year, primarily due to lower sales of cosmeceutical and MEDIFLY MDT products [9]. - Gross profit was $302, with a gross margin declining to 1.7% from 44.8% year-over-year, reflecting fixed production costs amid reduced sales volume [9]. - Operating expenses increased by 163% year-over-year to $1,559,535, driven by higher professional fees for capital raising and consultancy [10]. - Net loss for the period was $1,528,121, or $(0.08) per share, compared to a net loss of $518,238, or $(0.03) per share, for the same period in 2024 [10]. - Cash and cash equivalents at June 30, 2025, were $3,216,540, supported by IPO proceeds, compared to $85,622 at December 31, 2024 [11]. Diversification and Expansion Achievements - In May 2025, the company completed construction of an IVF media production facility in Singapore, which is expected to commence commercial sales by Q4 2026 upon regulatory approval [3]. - Cuprina MENA Co. Ltd, a 49%-owned associate, set up a laboratory in Saudi Arabia for manufacturing MEDIFLY MDT products, with plans to begin supplying these products in the MENA region after regulatory approval [4]. - The company secured an FDA-approved license to market medical maggots in the U.S. in July 2025 [5]. - Cuprina obtained exclusive licensing rights to Southeast Asia's first medical waste recycling technology, which aims to transition from incineration to a sustainable model [6]. - A Memorandum of Understanding was signed with Singapore Biowaste Solutions Pte Ltd to integrate Cuprina's medical waste recycling technology into existing waste management facilities [7]. - In November 2025, a joint venture agreement was signed with Aiodine Laboratory to develop and market an iodine-based disinfectant solution for wound treatment [8]. Strategic Initiatives for 2026 - The company anticipates 2026 to be its most active commercial year, with multiple revenue streams expected to advance in parallel [14]. - Growth is projected to be driven by the MEDIFLY MDT business, with expansion into new clinical markets and increased hospital adoption, particularly in the Middle East [14]. - Cuprina plans to commercialize its medical waste recycling technology in partnership with SBS, aiming for recurring revenue [15]. - The company will also advance its amphibian collagen platform through human clinical trials to evaluate its efficacy in wound healing [15]. - To support these initiatives, Cuprina aims to strengthen its organizational leadership and internal capabilities by onboarding top talent and collaborating with industry experts [16]. - Total revenue for 2026 is projected to be between $1.0 million and $1.5 million [17].