VIVOS INC Annual Report: A Plain-English Guide

I’ve put together this guide to help you understand how VIVOS INC performed this year. My goal is to cut through the corporate jargon and help you decide if this company is a smart investment for you.

VIVOS INC recently filed its official 10-K report for the year ending December 31, 2025. Here is the breakdown.

1. The Big Picture

VIVOS INC is a medical technology company based in Kennewick, Washington. They use "precision radiation" to treat cancer in humans (RadioGel®) and animals (IsoPet®). Their technology uses a special gel to hold radioactive material, which doctors inject directly into a tumor. This delivers a high dose of radiation locally, protecting healthy tissue better than traditional radiation methods.

2. The "Animal Division" Growth

The Animal Therapy division is the company’s main source of income while the human side remains in development.

• Massive Growth: Administered therapies jumped 1,200% compared to last year. This shows they have successfully moved from pilot programs to active clinical use.
• New Strategy: They are shifting from simple product sales to a recurring revenue model. By charging clinics for certification and training, they are building a predictable income stream. The company aims to break even in this division by late 2026, provided they expand their network of veterinary centers.

3. Intellectual Property & Manufacturing

VIVOS is strengthening its "moat"—the patents that protect its market share from competitors.

• New Patents: In January 2026, they received a major U.S. patent for their core gel technology. They now hold protections in over 60 countries covering both the gel and how it is delivered.
• In-House Production: They are building a 5,000-square-foot production facility in Richland, Washington. This move ends their reliance on a single outside manufacturer, which previously caused supply chain issues. The facility should be running by late 2026, allowing them to triple their production capacity.

4. The Human Therapy Struggle (FDA)

This is the "make or break" part of the business. Human trials are the gateway to the much larger human cancer market. In August 2025, the FDA rejected their drug application, asking for more safety data and manufacturing proof. The company is currently fixing these issues and plans to resubmit its application by April 30, 2026.

5. Financial Health & Red Flags

This is the most important section for you as an investor:

• The "Going Concern" Warning: Auditors have issued a formal warning that the company may not have enough cash to cover its expenses for the next 12 months.
• Dilution: To stay afloat, the company sells more shares. In March 2026, they qualified to raise $75 million by selling stock and warrants. This will issue more shares, which reduces your ownership percentage and future earnings per share.
• Cash Needs: The company burns through about $250,000 per month. They need $3 million annually to operate, plus another $9 million over the next three years to fund FDA trials and clinic expansion.

Final Thoughts for Investors

VIVOS has promising technology and real success in the pet market. However, they are in a high-stakes race. They must secure more funding and win FDA approval before their cash runs out. This is a high-risk, speculative investment. Before buying, ask yourself if you are comfortable with the possibility of share dilution and the uncertainty surrounding the upcoming FDA resubmission. If you choose to invest, keep a close eye on their April 2026 filing and their ability to hit the break-even goal for the animal division.