Quarterly ResultMay 14, 2026, 06:09 AM
Silo Pharma Q1 Net Loss Widens to $1.65M; Forms AI Subsidiary
AI Summary
Silo Pharma reported a net loss of $1.65 million for the first quarter of 2026, an increase from $1.03 million in the prior year, primarily due to a significant rise in research and development expenses. The company also announced the formation of Qwikagentsai Inc., a new wholly-owned subsidiary, to diversify its business into artificial intelligence technology, focusing on web-based AI agent platforms. Despite the increased loss, Silo Pharma maintains a positive working capital of $6.10 million and believes it has sufficient liquidity for at least the next twelve months.
Key Highlights
- Formed Qwikagentsai Inc. on April 15, 2026, to diversify into AI technology.
- Reported a net loss of $1,647,117 for Q1 2026, up from $1,031,437 in Q1 2025.
- Research and development expenses increased to $1,013,265 in Q1 2026 from $593,962 in Q1 2025.
- Cash and cash equivalents decreased to $3,902,514 as of March 31, 2026, from $4,748,700 at year-end 2025.
- Accumulated deficit grew to $21,139,506 as of March 31, 2026.
- Maintained positive working capital of $6,098,849 as of March 31, 2026.
- Issued 2,100,000 common shares for $714,000 in acquired technology during Q1 2026.
- Net loss per common share improved to $(0.12) in Q1 2026 from $(0.23) in Q1 2025.