NutriBand Inc. Annual Report - How They Did This Year

I’m writing this guide to help you understand NutriBand Inc.’s performance. My goal is to turn complex filing data into plain English so you can decide if this company belongs in your portfolio.

1. What does this company do?

NutriBand Inc. creates technology for skin patches that deliver medication. They operate through two main divisions:

• Pocono Pharmaceuticals: A manufacturing partner that produces health and wellness products for other companies.
• 4P Therapeutics: A research firm that handles development and regulatory consulting for pharmaceutical clients.

Their "big bet" is AVERSA™. This technology prevents people from tampering with or misusing skin patches containing controlled substances, like opioids. It keeps the medicine effective for patients while making it useless if someone tries to abuse it.

2. Major wins this year

The company made significant progress on their lead product, AVERSA™ Fentanyl.

• FDA Progress: In October 2025, the company met with the FDA to discuss the path to approval. The FDA provided clear feedback on their clinical plan, and NutriBand is now updating their protocols to prepare for upcoming studies.
• Strategic Partnership: In February 2025, they signed an exclusive agreement with Kindeva Drug Delivery. Both companies now share development costs and tasks. This partnership is vital because it uses Kindeva’s infrastructure, helping NutriBand save money while moving AVERSA™ through the regulatory process.

3. Financial health: The "Building" Phase

NutriBand is currently in a growth phase. They are not yet profitable because they spend heavily on clinical trials and research.

• Funding: The company raises money by selling more shares and warrants. For you as an investor, this means more shares are issued, which reduces your ownership percentage.
• Revenue: They earn money through service fees at Pocono and 4P. These earnings do not yet cover their total costs, so they must keep raising outside capital to fund their AVERSA™ research.

4. Key risks

• Customer Dependency: A few clients provide most of the company’s revenue. Losing any major contract would significantly hurt their cash flow.
• Regulatory Hurdles: The company’s value depends on the FDA approving AVERSA™. The approval process is uncertain. If the FDA demands more trials or denies the product, the company’s main value could disappear.
• Debt & Dilution: The company has debts to pay. Since they aren't making a profit, they must keep selling stock to stay afloat. They need to reach a major milestone or sign a licensing deal before their cash runs out.

5. Future outlook

The company is focused on getting AVERSA™ Fentanyl approved. Their partnership with Kindeva is the engine driving this goal. If they succeed, they plan to use the AVERSA™ platform for other medications.

Investor Takeaway: This is a high-risk, high-reward investment. If the technology is approved, NutriBand could become a leader in safe drug delivery. If they fail to get approval or run out of money, the company faces serious financial trouble. Before investing, consider whether your portfolio can handle the volatility of a company that is still in the research and development phase.