CNBX Pharmaceuticals Reports Quarterly Loss

CNBX Pharmaceuticals Inc. posted a wider net loss for the quarter ended November 30, 2025, as higher operating costs and financing related expenses continued to weigh on results. The update reflects the realities of running an early stage oncology company with no commercial revenue, limited cash, and an ongoing need to raise capital while preparing for future clinical development.

The company did not record any revenue during the quarter. Operating expenses increased to roughly $64,000, up from about $37,000 in the same period last year. The change was driven primarily by higher general and administrative costs, with salary expenses accounting for most of the increase. As those costs rose, the operating loss widened compared with the prior year period.

Financing activity also had a noticeable impact on results. CNBX reported a financial loss of nearly $50,000 for the quarter, compared with modest financial income a year earlier. The shift was largely tied to interest associated with outstanding and converted loans. Taken together, these factors pushed the quarterly net loss to approximately $114,000, more than three times the loss recorded in the comparable period last year.

Liquidity pressures remain front and center

The balance sheet continues to show significant strain. As of November 30, 2025, CNBX held about $7,700 in cash and cash equivalents, down from more than $15,000 at the end of August. Total assets were just over $11,000. At the same time, current liabilities exceeded $2.5 million, driven largely by convertible loans and amounts owed to related parties.

Stockholders’ equity remained deeply negative, reflecting cumulative losses that now exceed $25 million. During the quarter, the company issued more than 199 million shares of common stock through the conversion of debt and accrued interest. That activity increased the number of outstanding shares to more than 753 million by the end of November.

Additional debt conversions after quarter end continued to add to the share count, extending a pattern of dilution tied directly to financing needs.

Cash flow from operations remained negative. CNBX used approximately $47,000 in operating cash during the quarter, compared with about $39,000 in the prior year period. The outflow reflected the quarterly net loss, partially offset by noncash interest adjustments and changes in working capital. The company reported no investing activity. Financing provided some relief, with proceeds from a $40,000 short term loan helping to partially offset operating cash use.

Going concern uncertainty and development plans

Management again flagged substantial doubt about the company’s ability to continue as a going concern. The financial statements assume the business will continue operating, but recurring losses, minimal cash resources, and heavy reliance on external funding create ongoing uncertainty. Management stated that the company’s future depends on its ability to raise additional capital, eventually generate revenue, or pursue strategic arrangements.

CNBX remains focused on developing RCC-33, its lead drug candidate targeting colorectal cancer. The company is positioning the therapy for use around the time of diagnosis, including potential use before surgery to reduce tumor activity and in patients whose disease has not responded to existing treatments. Management continues to plan for early stage clinical trials, potentially beginning in 2025, subject to funding availability and regulatory progress.

Research and development activity remains limited. The company did not record any research and development expenses during the quarter, reflecting both its early development stage and its constrained financial position. Management expects future progress toward clinical trials to require higher spending, including payments to outside medical centers, regulatory preparation, and trial execution.

Financing structure and outlook

Related party transactions remain a meaningful component of the company’s cost structure and liabilities. During the quarter, CNBX paid and accrued compensation and professional fees to its chief executive officer, chief financial officer, and directors. As of November 30, amounts owed to directors and officers totaled more than $1 million.

The company’s capital structure continues to be shaped by a series of convertible notes and promissory notes issued over several years. Many of these instruments allow investors to convert debt into common stock at prices linked to market levels. During the quarter and in the months that followed, investors exercised these conversion rights, resulting in additional share issuance.

Looking ahead, management expects to incur at least $150,000 in expenses over the next twelve months, largely tied to overhead, professional fees, and anticipated research activity. With limited cash on hand and no committed financing arrangements, the company expects to continue seeking capital through loans, equity issuance, or strategic partnerships. Management cautioned that an inability to raise funds would severely affect the company’s ability to operate.

The filing reported no legal proceedings, no off balance sheet arrangements, and no adoption or termination of trading plans by directors or officers during the quarter. Overall, the results underscore the financial constraints shaping CNBX’s near term operations as it works toward potential clinical milestones.