Genprex, Inc. Annual Report: A Plain-English Guide

I’ve put together this guide to help you understand how Genprex performed this year. My goal is to turn complex financial filings into clear information so you can decide if this company fits your investment strategy.

1. What does the company do?

Genprex is a research-focused gene therapy company developing new technologies to treat cancer and diabetes. Their primary projects include REQORSA®, a therapy for lung cancer, and a gene therapy program for diabetes.

Because they are in the research phase, they currently generate no revenue from product sales. You should measure their progress by the success of their clinical trials—such as the Acclaim-1 and Acclaim-2 studies—and their ability to manage cash to keep research operations running.

2. Financial performance

Genprex is currently operating at a loss, reporting approximately $24.8 million in losses for 2025, compared to $22.1 million in 2024. The majority of these funds were directed toward research, development, and clinical trial manufacturing. By the end of 2025, the company held approximately $8.4 million in cash.

A significant factor this year was the issuance of additional shares. To fund ongoing operations, the company sold more stock to investors. As of March 2026, there were over 9 million shares outstanding. This increase in share count reduces the ownership percentage of existing shareholders and impacts the value of each individual share.

3. Major wins and challenges

• The Strategy: Genprex is expanding its research network to build a robust patent portfolio. In 2025, they signed exclusive license agreements with institutions including NYU, the University of Michigan, and UTHealth Houston. These deals provide Genprex with rights to new gene therapy technologies, allowing them to expand their pipeline beyond cancer into metabolic diseases.
• The Challenge: The company’s financial structure is sensitive. To maintain its Nasdaq listing, the company completed a 1-for-40 reverse stock split in 2023 to boost its share price. Because clinical trials are capital-intensive, the company will likely need to issue more shares to raise cash, which will continue to dilute existing ownership.

4. Financial health

The company’s ability to remain in business depends on its ability to raise additional capital. With an annual burn rate of approximately $20–$25 million and $8.4 million in cash at the end of 2025, the company does not expect to generate revenue from product sales in the near term. You should view Genprex as a high-risk, speculative investment that depends entirely on the clinical success of their gene therapy programs.

5. Key risks

The primary risk is the company’s reliance on the stock market for funding. Because they have no commercial products, they must frequently issue new shares to cover operating costs. If market conditions are unfavorable, they may struggle to raise the necessary funds.

Additionally, Genprex faces significant competition from large pharmaceutical companies with substantially greater financial resources. Finally, the failure of a major clinical trial, such as Acclaim-1, would likely result in a significant decrease in company value and could jeopardize their ability to secure future funding.

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How to use this information: When considering an investment in Genprex, ask yourself if you are comfortable with a "binary" outcome. Because the company is entirely dependent on the success of its clinical trials and its ability to raise money through the stock market, your investment is essentially a bet on the scientific breakthrough of their gene therapy technology. If you are looking for steady dividends or established revenue, this company likely does not fit your current strategy.