The filing confirms a severe liquidity crisis with zero revenue, massive losses, and a going concern warning. The manufacturing agreement with CMTS is a potential catalyst but is conditional and pre-revenue. Traders should monitor for any equity or debt financing announcements, as the company's cash position ($20,305) is critically low and it is entirely dependent on related-party credit lines. The massive warrant overhang (5.7B shares) presents extreme dilution risk.
Price Chart
Executive Summary
ALR Technologies SG Ltd. filed its annual report on Form 20-F for the fiscal year ended December 31, 2025, reporting zero revenue, a net loss of $22,057,792, and an accumulated deficit of $158,043,706. The auditor's report includes a going concern qualification, and the company has a working capital deficiency of $39,858,629 with $39,906,003 in current liabilities. The company entered into a manufacturing agreement with CGM Medical Technology Shen Zhen Ltd. for GluCurve Pet CGM supply and secured additional related-party financing, but the core financial deterioration and going concern risk dominate the filing.
Key Facts
- Zero revenue for FY2025 (vs $25,536 in FY2023).
- Net loss of $22,057,792 in FY2025, up 39% from $15,877,514 in FY2024.
- Accumulated deficit of $158,043,706 as of December 31, 2025.
- Working capital deficiency of $39,858,629.
- Total current liabilities of $39,906,003, including $23,196,540 in related-party lines of credit.
- Auditor's report includes a going concern qualification.
- Cash balance of only $20,305 as of December 31, 2025.
- Cash used in operating activities was $1,868,274 in FY2025.
- Interest expense of $19,735,503, including $17,291,230 in non-cash share-based compensation from warrant modifications.
- Entered into a manufacturing agreement with CGM Medical Technology Shen Zhen Ltd. for GluCurve Pet CGM supply on September 19, 2025.
- CEO and VP hold warrants to acquire 4,910,001,500 shares at $0.002 per share, expiring December 31, 2026.
- Total outstanding shares: 645,466,844; potential dilution from 6,119,871,500 options and warrants.
- Promissory notes payable and related interest totaling $11,487,000 in default.
Financial Impact
Net loss of $22,057,792; accumulated deficit of $158,043,706; working capital deficiency of $39,858,629; zero revenue; cash burn of $1,868,274 in operations.
Risk Factors
- Going concern risk is substantial; company may be forced to cease operations without additional financing.
- Extreme dilution risk from 5,700,501,500 outstanding warrants and 419,370,000 options.
- All debt is due on demand or in default; creditors may take legal action.
- Zero revenue and no clear path to profitability; product commercialization is uncertain.
- Related-party concentration: 95.7% of shares controlled by CEO and VP; governance risk.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 10 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001903596-26-000182 |
| Exhibit: ex10_8.htm | 0001903596-26-000182 |
| Exhibit: ex10_7.htm | 0001903596-26-000182 |
| Exhibit: ex10_6.htm | 0001903596-26-000182 |
| Exhibit: ex12_2.htm | 0001903596-26-000182 |
| Exhibit: ex12_1.htm | 0001903596-26-000182 |
| Exhibit: ex13_1.htm | 0001903596-26-000182 |
| Document: 0001903596-26-000182-index-headers.html | 0001903596-26-000182 |
| Document: 0001903596-26-000182-index.html | 0001903596-26-000182 |
| Document: 0001903596-26-000182.txt | 0001903596-26-000182 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 30, 2026 16w ago | 6-K | $0.0170 $0.0170 | · 0.00% | ▼ −3.84% | $0.0160 (−5.88%) |
May 20, 2026 22w ago | 6-K | $0.0148 $0.0180 | ▲ +21.62% | ▲ +16.62% | $0.0160 (+8.11%) |
May 15, 2026 23w ago | 3 | $0.0150 $0.0164 | ▲ +9.13% | ▲ +4.62% | $0.0160 (+6.67%) |
Apr 30, 2026 25w ago | 20-F | $0.009200 $0.0205 | ▼ −122.83% | ▼ −119.76% | $0.0160 (−73.91%) |
Apr 6, 2026 29w ago | 3 | $0.0125 $0.0160 | ▲ +28.00% | ▲ +14.53% | $0.0160 (+28.00%) |
US Market Status
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