The company has no revenue, is deeply unprofitable, and has a market cap of only $2 million. The reverse stock splits and dilutive convertible financings suggest ongoing capital needs. Monitor for further cash burn, potential Nasdaq listing compliance issues, and any clinical or regulatory milestones for Lokahi's pipeline that could provide a path to revenue.
Price Chart
Executive Summary
Glucotrack filed an 8-K reporting a 1-for-2 reverse stock split effective October 23, 2026, and providing unaudited pro forma financial statements reflecting its July 14, 2026 merger with Lokahi Therapeutics. The pro forma statements show the combined entity had no revenue and a net loss of $19.7 million for the six months ended June 30, 2026, with a market cap of only $2 million.
Key Facts
- Effective October 23, 2026, Glucotrack effected a 1-for-2 reverse stock split, reducing outstanding shares from 2,368,237 to approximately 1,184,119.
- The reverse stock split follows a prior 1-for-15 reverse split effective August 28, 2026, for a combined 1-for-30 split.
- On July 14, 2026, Glucotrack completed a merger with Lokahi Therapeutics, issuing consideration valued at $34,290,345, with former Lokahi holders receiving 90% of the combined entity's equity.
- Pro forma combined net loss for the six months ended June 30, 2026 was $19,699,822, with no revenue.
- Pro forma combined net loss for the year ended December 31, 2025 was $28,135,308, with no revenue.
- The company issued $4.45 million in senior secured convertible notes (Bridge Financing) and $3.5 million in additional notes, both with 22% OID and 8% coupon, plus an interim PIPE of $2 million.
- A $50 million ELOC was established but has not been drawn upon.
- Market cap is approximately $2 million as of the analysis time.
Financial Impact
Pro forma combined net loss of $19.7 million for H1 2026 and $28.1 million for FY 2025, with zero revenue. The company has raised approximately $9.9 million in debt and equity financing since the merger, but the convertible notes carry significant day-one losses and high interest costs.
Risk Factors
- No revenue and substantial operating losses; going concern risk is high.
- Significant dilution from convertible notes and warrants; the $50 million ELOC, if drawn, would add further dilution.
- Nasdaq listing may be at risk given the low market cap and repeated reverse stock splits.
- The company has a history of reverse stock splits (1-for-15 and 1-for-2 in quick succession), which can signal financial distress.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-048981 |
| Exhibit: ex3-1.htm | 0001493152-26-048981 |
| Document: form8-k.htm | 0001493152-26-048981 |
| Document: 0001493152-26-048981-index-headers.html | 0001493152-26-048981 |
| Document: 0001493152-26-048981-index.html | 0001493152-26-048981 |
| Document: 0001493152-26-048981.txt | 0001493152-26-048981 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 1d ago | 8-K | $1.36 | awaiting T+60 | awaiting T+60 | $1.39 (−2.21%) |
Oct 28, 2026 2d ago | 8-K | $2.05 | awaiting T+60 | awaiting T+60 | $1.39 (+32.20%) |
Oct 22, 2026 7d ago | 8-K | $0.4032 | awaiting T+60 | awaiting T+60 | $1.39 (−244.74%) |
Oct 19, 2026 11d ago | 8-K | $0.6511 | awaiting T+60 | awaiting T+60 | $1.39 (+113.48%) |
Oct 13, 2026 16d ago | S-1/A | $0.8873 | awaiting T+60 | awaiting T+60 | $1.39 (−56.66%) |
Oct 13, 2026 17d ago | 425 | $0.8873 | awaiting T+60 | awaiting T+60 | $1.39 (+56.66%) |
Sep 28, 2026 4w ago | 8-K | $1.74 | awaiting T+60 | awaiting T+60 | $1.39 (−20.11%) |
Sep 24, 2026 5w ago | 424B5 | $1.82 | awaiting T+60 | awaiting T+60 | $1.39 (+23.63%) |
Sep 24, 2026 5w ago | 8-K | $1.82 | awaiting T+60 | awaiting T+60 | $1.39 (+23.63%) |
Sep 23, 2026 5w ago | 425 | $2.03 | awaiting T+60 | awaiting T+60 | $1.39 (−31.53%) |
US Market Status
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