CytoMed Therapeutics Ltd Annual Report - How They Did This Year

I’ve put together this guide to help you understand how CytoMed Therapeutics performed this year. My goal is to turn complex financial filings into plain English so you can decide if this company fits your investment goals.

1. What does this company do?

CytoMed is a biotech company based in Singapore and Malaysia. Think of them as a high-tech "cell factory." They aren't selling finished medicines yet. Instead, they are building the infrastructure and "recipes" to create cell therapies that could eventually treat cancer.

They focus on two main areas:

• Gamma-delta T cells: Their lead candidate, CTM-N2D, targets solid tumors.
• iPSCs: This program aims to create "off-the-shelf" therapies. These are cheaper and easier to scale than treatments made specifically for one patient.

2. Financial Health: The "Burn" Phase

CytoMed is not yet profitable. They are in a "burn" phase, meaning they spend much more money than they bring in to fund research and build facilities.

• Growing Losses: The company has lost money since 2018. Their total losses grew from S$14.85 million in 2024 to S$18.83 million in 2025.
• Shrinking Cash: Their cash reserves dropped from S$4.97 million in 2024 to S$2.10 million in 2025. That is a 57.7% decrease.
• Rising Costs: Research and development costs rose from S$1.91 million to S$2.22 million. This reflects the cost of advancing their manufacturing processes.
• Minimal Revenue: The company brought in only S$0.02 million in 2025 from small research agreements. This is nowhere near enough to cover their annual operating costs of over S$3.9 million.

3. The "Going Concern" Warning

The company was very clear in its filing: there is "substantial doubt" about their ability to stay in business. In plain English, they don't have enough cash to fund operations for the next 12 months. They must raise more money—by selling more shares, taking on debt, or finding partners—to keep the lights on. Without more cash, the company faces a high risk of running out of money entirely.

4. What this means for you

If you want immediate profits, CytoMed is not the right fit. This is a high-risk, high-reward investment.

The main risks:

• More shares issued: Because they need cash, they will likely sell more shares. This reduces your ownership percentage and can lower the value of your current shares.
• Clinical Hurdles: Their value depends on their "recipes" working. If these don't pass clinical trials—which are expensive and often fail—the company may have little value left.
• External Shocks: Global events can delay supply chains and clinical trials. Any delay in regulatory approval could force the company to burn through their remaining cash faster than expected.

5. Future Outlook

The company is betting everything on advancing their products through clinical trials. Their success depends on securing more funding without giving away too much of the company or taking on unmanageable debt. They are currently operating on a cost-recovery basis. Their goal is to complete Phase 1 clinical trials, which will require significant spending beyond their current cash.

Final Thought for Investors: Before considering an investment, weigh the potential of their "cell factory" technology against the immediate reality of their financial situation. Because they are currently reliant on raising new capital to survive the next year, it is worth watching their upcoming announcements closely for any news on funding partnerships or clinical trial progress.