APDN Company Report

BNB Plus (BNBX), which merged with Applied DNA Sciences in September 2025, operates as a digital asset treasury focused on generating yield from BNB (Binance Coin).
The company targets an annualized yield of 9%-12% in-kind in BNB, achieved through non-directional strategies such as native staking, Binance Launchpool airdrops, and liquidity provision on decentralized exchanges.
BNB Plus considers BNB as a tokenized equity of Binance, highlighting Binance's quarterly token burns (over $1 billion per quarter in the last 12 months) and the $782 million in Launchpool fees passed to BNB holders last year as direct claims on Binance's earnings.
The legacy Applied DNA Sciences business has been rightsized, achieving its first profitable months since October 2025, and is no longer a drain on the company's operations.

3 days ago

Transcript

BNB Plus Outlines Digital Asset Treasury Strategy and Yield Targets

APDN

New Projects/Investments

Guidance Update

BNB Plus (formerly Applied DNA Sciences) implemented a Digital Asset Treasury (DAT) strategy in September 2025 following a PIPE, focusing on the BNB token.
The company targets 9%-12% annualized yield from BNB through four non-directional strategies: native staking, Binance Launchpool airdrops, liquidity provision on decentralized exchanges, and collateralizing BNB for delta-neutral DeFi activities.
BNB Plus positions itself as offering indirect exposure to Binance's ecosystem, viewing BNB as its "tokenized equity," given Binance is not publicly traded.
To execute its strategy, BNB Plus established an offshore structure in the British Virgin Islands and an offshore asset management team, as Binance does not accept direct U.S. investment.
The legacy DNA business has been rightsized, achieving its first profitable months since October 2025, and is projected to be break-even or slightly profitable, with strategic alternatives under consideration.

3 days ago

Transcript

BNB Plus (APDN) Details Digital Asset Treasury Strategy and Binance Ecosystem Exposure

APDN

New Projects/Investments

Guidance Update

M&A

BNB Plus (APDN) has transitioned to a digital asset treasury (DAT) strategy, having started the BNB opportunity in June 2025 and completing a PIPE with Applied DNA Sciences in September 2025.
The company targets an annualized yield of 9%-12% from its BNB holdings through non-directional strategies including native staking, Binance Launchpool airdrops, and liquidity provision on decentralized exchanges.
BNB Plus aims to provide investors with exposure to the Binance ecosystem, which they state is seven times larger than Coinbase, through a Nasdaq-listed equity, viewing BNB as the tokenized equity of Binance.
The legacy DNA business has been rightsized, achieving its first profitable months since October 2025, with strategic alternatives currently under exploration.

3 days ago

Transcript

BNB Plus Details Digital Asset Treasury Strategy and Yield Targets

APDN

New Projects/Investments

Guidance Update

M&A

BNB Plus (BNBX), a digital asset treasury company, focuses on the BNB ecosystem to generate yield, distinguishing itself from Bitcoin-only treasuries.
The company employs four core yield strategies: native staking, Launchpool participation, providing liquidity on PancakeSwap, and collateralized delta-neutral strategies, targeting an 8%-12% annualized yield on its liquid treasury.
BNB Plus highlights the deflationary tokenomics of BNB, with over $1 billion burned each quarter for the last four quarters, and views BNB as a proxy for Binance, the world's largest crypto exchange.
The legacy LineaRx (Applied DNA Sciences) business achieved its first profitable month in October 2025 following restructuring efforts.
BNB Plus provides transparency through its bnbx.io dashboard, which shows real-time metrics, including an M-NAV of 0.85, indicating the company is trading approximately 15% below its fair value based on assets.

Jan 27, 2026, 6:00 PM

Transcript

BNB Plus Discusses Digital Asset Treasury Strategy and BNB Ecosystem

APDN

New Projects/Investments

M&A

Guidance Update

BNB Plus operates as a digital asset treasury company, primarily focused on the BNB and Binance ecosystem to generate yield, differentiating itself from Bitcoin-only treasuries.
The company utilizes four distinct yield strategies (native staking, Launchpool, PancakeSwap liquidity, and collateralized borrowing) with a target of 8%-12% annualized returns on its liquid BNB treasury.
BNB tokenomics are designed to be systematically deflationary, with over $1 billion in tokens burned quarterly over the last four quarters, aiming to reduce the total supply towards 100 million.
BNB Plus offers real-time transparency through its BNBX.io dashboard, which reports metrics such as an M-NAV of 0.85, suggesting the stock is trading approximately 15% below its fair value based on assets.
The legacy LinearDNA business has been restructured to achieve profitability and is viewed as a potential source of earnings for reinvestment into BNB, with a possibility of future divestment.

Jan 27, 2026, 6:00 PM

Transcript

Applied DNA Sciences Appoints Joshua Kruger as Chairman and Details Strategic Digital Asset Agreements

APDN

Board Change

New Projects/Investments

Joshua Kruger was appointed as Chairman and a director of Applied DNA Sciences, Inc. on November 6, 2025, replacing Judith Murrah, who will continue to serve as a director.
The Board determined that Mr. Kruger does not satisfy the independence criteria set forth in Nasdaq rules.
Mr. Kruger holds an approximately 33% economic interest in Cypress Management LLC and Cypress LLC, with which Applied DNA Sciences entered into strategic agreements on September 29, 2025.
Under the Strategic Advisor Agreement, the company pays Cypress Management LLC a monthly fee of $60,000 for strategic advice and issued five-year warrants to purchase 1,986,634 shares of Common Stock.
The company also engaged Cypress LLC for BNB-focused treasury strategy and other digital asset management, incurring a fixed-rate management fee of 1/12 of 1.25% per annum of net asset value and a 10% incentive fee on net returns.

Nov 10, 2025, 10:01 PM

8-K

Applied DNA Sciences Enters At The Market Offering Agreement and Consulting Agreement

APDN

Applied DNA Sciences, Inc. entered into an At The Market Offering Agreement with Lucid Capital Markets, LLC on November 4, 2025, allowing the company to sell up to $8,157,932 of its common stock.
Lucid Capital Markets, LLC will serve as the sales agent for this offering and will receive a 3.0% commission on the gross sales price of the shares sold.
The company also entered into a Consulting Agreement with Patrick Horsman, effective October 1, 2025, for consulting services.

Nov 4, 2025, 1:08 PM

8-K

Applied DNA Sciences Announces Ticker Change to 'BNBX' and Restructuring Plan

APDN

New Projects/Investments

Layoffs

Applied DNA Sciences, Inc. (APDN) will change its ticker symbol on the Nasdaq Capital Market from "APDN" to "BNBX", effective October 7, 2025.
This change reflects the company's strategic commitment to a BNB-based digital asset treasury strategy aimed at optimizing yield generation and token accumulation within the Binance ecosystem.
On September 30, 2025, the company authorized a restructuring plan that includes a 60% reduction of its current workforce (sixteen employees) to focus resources on its BNB-focused treasury strategy.
The restructuring is expected to incur approximately $1.4 million in pre-tax charges and result in estimated annualized cost savings of $2.9 million.

Oct 6, 2025, 8:06 PM

8-K

Applied DNA Sciences to Change Nasdaq Ticker to BNBX

APDN

Delisting/Listing Issues

New Projects/Investments

Demand Weakening

Applied DNA Sciences will change its Nasdaq ticker symbol from APDN to BNBX effective October 7, 2025, reflecting a strategic shift towards a yield-focused BNB digital asset treasury strategy within the Binance ecosystem.
Despite this new direction, the company faces significant financial challenges, including stagnant revenue and an Altman Z-Score of -55.1, which indicates distress and a possibility of bankruptcy within the next two years.
The company recently secured a follow-on order exceeding $600,000 for its LineaDNA product, which is used in cancer diagnostic testing.
Applied DNA Sciences operates through three business segments, with the majority of its revenue coming from the MDx Testing Services segment.

Oct 6, 2025, 12:20 PM

Morningstar

Applied DNA Sciences announces private placement to initiate BNB treasury strategy

APDN

New Projects/Investments

Convertible Preferred Issuance

Applied DNA Sciences (APDN) announced a private investment in public equity (PIPE) offering to initiate a digital asset treasury strategy based on BNB, the native cryptocurrency of the Binance blockchain ecosystem.
The company secured $27 million in initial commitments, with the potential for up to an additional $31 million in gross proceeds from warrant exercises, totaling up to $58 million.
The closing of the PIPE is expected to occur on or about October 1, 2025.
APDN intends to change its ticker symbol to "BNBX" to reflect its strategic focus on the BNB treasury strategy.
The new strategy aims to generate additional yield and accumulate BNB tokens through actively managed decentralized finance protocols and Binance ecosystem specific strategies.