Alzamend Neuro, Inc. (ALZN)·Q4 2025 Earnings Summary

Executive Summary

• Alzamend reported FY2025 results and Q4 2025 updates: cash improved to $3.9M and stockholders’ equity swung to $3.9–$4.0M from a prior deficit; liabilities fell to $0.6M . Topline results from AL001 “Lithium in Brain” healthy volunteer study are targeted by year-end 2025, with Phase II studies in BD, MDD, PTSD, and Alzheimer’s sequenced through early FY2026 .
• Financing accelerated: completion of a $5M Series C Preferred/Warrants structure in June 2025, months ahead of schedule, further bolstering liquidity and funding for five Phase II trials in partnership with MGH/Harvard .
• Consensus shows Q4 2025 EPS estimate of -$2.70 vs S&P Global “Primary EPS” actual of -$9.48, and revenue estimate of $0.0, reflecting the pre-revenue status; target price consensus mean stands at $42 from one estimate (thin coverage) [Values retrieved from S&P Global]*.
• Catalyst: near-term clinical readouts (healthy volunteer topline by year-end 2025) and visible trial starts (PTSD/Alzheimer’s Q4 2025) plus strengthened balance sheet and accelerated financing support execution .

What Went Well and What Went Wrong

What Went Well

• Financial position strengthened: cash increased to $3.9M (from $0.4M) and equity moved to ~$3.9–$4.0M; liabilities reduced to $0.6M, improving runway for clinical execution .
• Financing completed ahead of schedule: the $5M private placement (Series C + warrants) finished in June 2025, accelerating funding for five Phase II imaging trials with MGH .
• Clinical enablement: completion of a one-of-a-kind lithium head coil enabling high-resolution whole-brain lithium imaging; management highlighted potential for safer dosing and reduced systemic exposure vs lithium carbonate .

“‘The successful completion of this Financing, months ahead of schedule, reflects confidence in our mission and strong belief in our vision,’” — CEO Stephan Jackman .
“‘We believe that our upcoming studies, utilizing the head coil, has the potential to broaden the application of lithium treatment across numerous neurodegenerative diseases and psychiatric disorders,’” — CEO Stephan Jackman .

What Went Wrong

• No revenues; operations remain loss-making with continued net losses given R&D and G&A spend .
• Execution friction for ALZN002: CRO terminated in Feb 2024; the company continues working to engage a new CRO, delaying that program’s progress .
• Internal controls remain a work-in-progress: company disclosed material weaknesses in ICFR, with remediation continuing (user access/change management, resourcing) .

Financial Results

Quarterly P&L Trend vs Estimates

Notes:

• Q2 2025 is quarter ended Oct 31, 2024; Q3 2025 is quarter ended Jan 31, 2025; Q4 2025 is quarter ended Apr 30, 2025 (company fiscal).
• *Values retrieved from S&P Global.

Q4 2025 vs S&P Global Consensus

• Source: S&P Global consensus; actual shown is S&P Global “Primary EPS” for Q4 2025. Coverage is very thin (single estimate).*
• The company is pre-revenue; reported revenue is $0.

Operating Expense Trend (Quarterly)

• *Values retrieved from S&P Global.

Balance Sheet Snapshot (FY2025 year-end)

Guidance Changes

Earnings Call Themes & Trends

Note: No Q4 2025 earnings call transcript found.

Management Commentary

• “The capital raised will be used to support the five Phase II clinical trials of AL001 ‘Lithium in Brain’ Studies in partnership with Massachusetts General Hospital and Harvard Medical School.” — CEO Stephan Jackman .
• “We believe the time and effort was necessary to allow us unprecedented knowledge as to how lithium interacts within our brains…[studies] have the potential to broaden the application of lithium treatment across numerous neurodegenerative diseases and psychiatric disorders.” — CEO Stephan Jackman on the head coil .
• “While recent market fluctuations have challenged our stock performance, I am confident that our upcoming studies will significantly advance our product candidates and enhance stockholder value.” — CEO Stephan Jackman .

Q&A Highlights

• No Q4 2025 earnings call transcript available; the company’s disclosures came via an 8-K press release and prior 10-Qs .
• Clarifications stem from filings/press releases: trial start timings (BD Q3 2025; PTSD/Alzheimer’s Q4 2025) and topline timing (healthy volunteers by YE2025) .
• Financing cadence clarified: $5M completed early in June 2025; warrants outstanding provide potential additional proceeds .

Estimates Context

• Q4 2025 S&P Global consensus: Revenue $0.0; Primary EPS -$2.70; target price $42 (one estimate). Actual S&P Global “Primary EPS” marked -$9.48 (thin coverage; methodology differences can drive discrepancies). Coverage is limited, and the company’s reported EPS per filings differs from “Primary EPS.” [Values retrieved from S&P Global]*.
• Given pre-revenue status and continued opex, estimates likely need to reflect financing terms (preferred dividends, share conversions), R&D cadence, and potential non-cash items that can swing “Primary EPS.”

Key Takeaways for Investors

• Funding runway improved: accelerated $5M financing completion and reduced liabilities materially support multi-trial AL001 execution .
• Visible clinical milestones: dosing commenced in healthy volunteers and multiple Phase II starts slated across BD, PTSD, Alzheimer’s in Q3–Q4 2025, with healthy volunteer topline by year-end 2025—a near-term data catalyst .
• Technology moat: custom head coil enables whole-brain lithium imaging with potential for better brain targeting and reduced systemic exposure vs lithium carbonate, underpinning AL001’s safety/efficacy thesis .
• Execution risk remains: ALZN002 progression slowed by CRO termination; watch for CRO re-engagement and timeline certainty .
• Controls remediation ongoing: material weaknesses in ICFR persist; monitor remediation milestones as future financings and trial operations scale .
• Trading implications (near term): expect sentiment to hinge on healthy volunteer topline by YE2025 and confirmation of Q4 2025 trial starts; thin sell-side coverage can amplify EPS headline volatility given preferred structures and non-cash items .
• Medium-term thesis: AL001’s differentiated lithium delivery and imaging validation could unlock multi-indication optionality (BD/MDD/PTSD/AD) if human brain-targeting and safety advantages translate from nonclinical to clinical outcomes .

Footnote: *Values retrieved from S&P Global.