Core Viewpoint - Bio Green Med Solution, Inc. has transitioned from the biopharmaceutical industry to focus on fire safety protection and distribution activities, following its acquisition of Fitters Sdn. Bhd. and recent financial updates indicate a shift in operational focus and financial performance [9]. Financial Highlights - As of September 30, 2025, cash and cash equivalents increased to $3.8 million from $3.1 million as of December 31, 2024 [2]. - Net cash used in operating activities was $0.4 million for the three months ended September 30, 2025, with current cash resources expected to fund operations into the first quarter of 2026 [2]. - Product revenue from fire safety equipment sales was $81,000 for the three months ended September 30, 2025, with a cost of sales of $64,000 [3]. Operational Changes - The company completed a one-for-fifteen reverse stock split on July 7, 2025, to meet Nasdaq Capital Market requirements [4]. - In September 2025, the company entered into a Warrant Exchange Agreement to exchange existing warrants for shares of common stock [4]. - The acquisition of Fitters Sdn. Bhd. was finalized on September 12, 2025, making it a wholly-owned subsidiary [4]. - An Asset Purchase Agreement was signed in October 2025 to sell certain assets related to Plogosertib for $300,000, plus potential milestone payments [4]. Research and Development - Research and development expenses were $0 for the three months ended September 30, 2025, a significant decrease from $1.0 million for the same period in 2024, due to the liquidation of the UK subsidiary [5]. - The company paused expenditures related to Plogosertib while exploring alternative formulations [5]. Income and Loss - The net loss for the three months ended September 30, 2025, was $1.0 million, compared to a net loss of $2.0 million for the same period in 2024 [8]. - Total operating expenses decreased from $2.2 million in 2024 to $1.1 million in 2025, primarily due to reduced research and administrative costs [6]. Tax Credits - There were no research and development tax credits for the three months ended September 30, 2025, following the liquidation of the UK subsidiary, which resulted in the loss of eligibility for recoverable tax credits [7]. Shareholder Returns - A quarterly cash dividend of $0.15 per share on the company's 6% Convertible Exchangeable Preferred Stock was declared and paid on November 1, 2025 [4].