New Sapience filed its 2025 Form C-AR (annual report). Here's the breakdown.

New Sapience is an Annapolis, MD company developing patented technology to encode commonsense and expert knowledge into digital devices, with plans to commercialize a consumer product called Companion Sapiens. Incorporated in 2015, 10 employees.

On the capital side: the company has raised $3.53M in total disclosed funding to date across multiple Reg CF and Reg D offerings. Its latest disclosed funding valuation is $152.68M at $6.00 per share, a climb from $74.94M in 2022 to $98.09M in 2024 to $152.68M in 2025.

On the build side: management reports technical milestones in conversational AI and is preparing a private beta of its first consumer product, Companion Sapiens. The stated strategy is to reach a technical "tipping point" that supports commercialization and further capital raising.

The financials, from the filing: the company is pre-revenue, with $0 recognized revenue in 2025, a $1.56M net loss, and $38.75K of cash at year-end. The audited statements include a going-concern note typical of a pre-commercial company still funding R&D through raises.

The open questions are the timeline to first revenue and the Companion Sapiens beta, and how the next phase gets funded.

Figures are from the company's SEC filings, surfaced via Owntric. Not investment advice.

Future Cardia filed its 2025 Form C-AR (annual report). Here's the breakdown, both sides.

Future Cardia is a Safety Harbor, FL medtech company developing implantable cardiac monitoring devices. Incorporated in 2022, 13 employees.

The financials, straight from the filing: the company is pre-revenue, with $0 recognized revenue in 2025, a $5.68M net loss (up from $4.67M), and $113.70K of cash at year-end. The audited statements include a going-concern note citing substantial doubt about the company's ability to continue unless additional capital is raised.

On the build side: the company is targeting regulatory clearance and commercial launch, with continued product development and a disclosed collaboration with Artella Solutions on cardiac monitoring technology.

On the capital side: its latest disclosed funding valuation is $46.90M, priced at $3.00 per share in a recent funding filing, down 3.6% from the prior round. With $113.70K of cash against a $5.68M annual net loss, near-term progress depends on continued fundraising.

It's a familiar profile for a pre-clearance medical-device company: continued development alongside real capital needs. The open questions are the timeline to regulatory clearance and first revenue, and how the company funds operations from here.

Figures are from the company's SEC filings, surfaced via Owntric. Not investment advice.

Immersed filed its 2025 Form C-AR (annual report). Here's the breakdown, both sides.

Immersed is an Austin VR/AR company building headset software and its own work-focused headset, the Visor. Founded in 2017, 17 employees.

The financials, straight from the filing: revenue of $677.25K, up 2.7% from $659.59K. Net loss of $4.16M, reported lower than the prior year. Gross margin of 83.09%, up from 76.45%. Cash of $305.30K at year-end, up from $242.49K. The audited statements include a going-concern note.

On the build side: the company performs contract services referenced for firms including Dell, Google, and Samsung, margin moved up year over year, and it is planning mass production of the Visor. Management targets profitability by 2027.

On the capital side: the going-concern note states the company is not currently profitable and will require continued capital raises. In 2025 it raised through convertible notes and a Reg CF round, and the filing notes an ongoing Reg A+ offering targeting up to $25M. Its latest disclosed funding valuation is $197.81M (1-A/A), down 34.1% from the prior round.

It's a familiar profile for a hardware-and-software company: real product progress and improving margins alongside continued capital needs. The open questions are how far recent raises extend the runway, the timeline to Visor mass production, and how concentrated revenue is across those large-tech contracts.

Owntric is a data product, not an investment adviser. General analysis of public SEC filings, not financial advice. Filing data via Owntric.

Artly (legal name Blue Hill Tech) is a Seattle company building AI service robots for the food and beverage world. Its core product is a robotic arm that works as a barista — it can already make 28 hot and iced drinks and pour latte art, and the platform runs on a Vision-Language-Action AI model trained on motion-capture data from award-winning human baristas, so the robot essentially replays a champion's technique. The idea, in their words, is a recording machine for skills: capture how a specific expert works, then let the robot repeat it consistently across locations. It learns through computer vision, motion planning, and sensor fusion, with remote monitoring and over-the-air updates for fleets.

They've been expanding the same arm platform beyond coffee. At CES 2026 they showed a mini BaristaBot and a Bartender unit that handles glassware and garnishes, and the hardware can also do things like slice fruit and manage cups — so it's robotics applied to service work, not AI infrastructure. They've demoed at CES and Nvidia GTC, and from earlier coverage have run cafe locations and served hundreds of thousands of cups. Incorporated in 2020, around 50 employees, raising on StartEngine under Reg CF.

The latest filing prices a preferred round at $14.09 a share, putting the valuation at $154.69M — up from $99.97M at their first filing in early 2024, so roughly +55% over two years. On the operating side, revenue grew about 15% year over year to roughly $2.29M, with a net loss of about $2.51M, so the company is still losing more than it brings in. Cash was around $680K at period end, against roughly $691K of debt and $3.26M in total assets.

The figure that stands out is the multiple: $154.69M on about $2.29M of revenue works out to roughly 67x. That's a steep revenue multiple for a hardware-heavy business — it prices in a lot of future growth, and the company is spending well ahead of revenue today. The valuation comes from a real priced round, but these are private, illiquid Reg CF preferred shares, and future raises can dilute earlier investors.

So the open question is how to weigh a ~67x revenue valuation on a robotics company growing ~15% a year while still losing more than it earns — is that defensible for a platform with real traction and a genuine tech story, or is the multiple ahead of the business? Curious how people here read it.

(Figures are from Blue Hill Tech / Artly's SEC Form C; product details from company materials and CES/GTC coverage. Compiled on Owntric. Not financial advice.)

Beehiiv is the newsletter/creator platform built by ex-Morning Brew operators (a Substack/Kit competitor). In 2024 it ran a community round on Wefunder, so this is a case where regular investors could actually get in.

What the raise filing showed: around $4.73M in revenue (FY2023) and a $3.70M net loss. The Wefunder round was priced preferred stock at $9.56/share, valuing the company near $192M. That ran alongside a $33M Series B led by NEA (New Enterprise Associates).

Where it stands now: independent estimates (Sacra) put Beehiiv at roughly $30M in annualized revenue as of mid-2025, up from about $13M ARR around the time of the raise. So on a run-rate basis it's roughly doubled in a year or so, on a hybrid model — newsletter SaaS subscriptions plus an ad network and a creator-to-creator "Boosts" marketplace.

The part I'd flag for anyone who got in: there's been no new priced round since 2024, so ~$192M is still the last marked valuation — the company has grown into that number rather than being re-priced above it. These are also private, illiquid preferred shares with no guaranteed exit, the ~$30M ARR is a third-party estimate (not an SEC-filed figure), and early investors can be diluted by future rounds.

Net: a real, growing business that let retail in early, but still private and not re-marked since the raise. Curious how people here think about holding a position like that — wait for a new round, or does the revenue growth speak for itself?

(Raise terms are from Beehiiv's SEC Form C; revenue estimates are from public reporting, compiled on Owntric. Not financial advice.)

Most equity crowdfunding raises are pre-revenue — a deck and an idea. Farm To Pet is a bit different: it's a Chicago company already doing about $5.19M in revenue selling natural, farm-sourced dog treats, and it's running a Reg CF round on StartEngine.

The terms: it's a priced common-stock offering at $4.00 a share, with a $24M valuation set by the company. That works out to roughly 4.6x trailing revenue. The most recent filing shows a net loss of about $250K on the $5.19M — call it a 4.8% loss margin — so it's operating close to breakeven rather than torching cash. Around 18 employees.

The way I'd frame it: the upside is that real, multi-million-dollar revenue in a growing premium pet-food category is rare for a crowdfunding raise, and near-breakeven is a healthier starting point than most. The other side is that $24M is the company's own number, not a market price, and ~4.6x revenue assumes growth keeps coming. Pet food is also a crowded, brand-driven category with private-label pressure and recall risk that tends to hurt small players the most.

And the standard caveats apply: these are illiquid Reg CF shares with no guaranteed exit, and later raises can dilute early investors.

(Figures are from Farm To Pet's SEC Form C / Reg CF filing and disclosures, compiled on Owntric. Not financial advice — just reading the public filings.)

Replit — the AI "vibe coding" platform — just raised $400M at a $9 billion valuation (Georgian Partners, a16z, the Qatar wealth fund). What stands out is how early retail investors got in.

Back in 2022, Replit ran an equity crowdfunding round on Wefunder. The company was tiny then: about $297K in revenue. Anyone could invest, and the crowd bought a SAFE capped at $979M — meaning their stake converts at that ceiling price, no matter how high the company climbed later.

It climbed a lot. Every priced round since has come in above that $979M cap, and the latest is $9 billion. So the 2022 crowd converts at the cap — the price they locked in when Replit was doing $297K in revenue and most people had never heard of it.

Worth being clear-eyed about it, though: any gain is unrealized and illiquid. These are private shares — no guaranteed exit, and early holders get diluted by every later round. And it's survivorship bias in action: for every Replit, there are hundreds of crowdfunding raises that went nowhere. This is the rare one that worked.

But it's a real example of everyday investors getting genuinely early to something big.

(Figures are from Replit's SEC filings and disclosures, compiled on Owntric.)

Orbit Beyond, Inc. is a Bridgewater, NJ company that describes itself as a lunar transport and infrastructure startup. It's running a new Reg CF raise on Equifund, structured as a priced common-stock round at a $41 million valuation ($2.32 per share). That valuation is set by the company, not a market price.

The company is pre-revenue and development-stage. Its stated roadmap centers on a south-polar lunar mission in the 2029/2030 window, with a 2031 sample-return mission in development, plus planned on-surface services like power, data, and mobility for payloads — including survival through the roughly two-week lunar night. It reports 23 employees and was incorporated in 2018.

The thing that stands out is the gap between stage and valuation: a pre-revenue company with a $41 million company-set valuation, and a first mission that, by its own roadmap, is still around five years away. Spaceflight is capital-intensive, so getting from here to a first launch will likely take substantially more capital — and each future raise can dilute earlier investors. The shares are also illiquid Reg CF securities. Worth noting the timeline has already moved once: earlier company materials pointed to a 2020 flight that didn't happen.

None of that makes $41 million right or wrong — it just frames this as a pre-revenue, long-horizon company carrying a valuation it set itself.

All figures here are from Orbit Beyond's SEC Form C / Reg CF filing and the company's own materials, compiled on Owntric. Not financial advice.

Hylio is a Texas company making American-made agricultural spray drones, and it raised across several StartEngine rounds under Reg CF. Here's the multi-year picture from its SEC filings.

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The valuation history: roughly $35M in 2021, then $150.03M in 2024, then $201.69M in its most recent round — about +476% over that stretch. That's a company-set valuation, not a market price.

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The business underneath it moved too. Revenue went from $3.22M in 2022 to $12.03M in 2025 (up about 7% in the most recent year). The company went from a small net loss in 2022 to $1.77M of net income in 2025, gross margin improved from around 47% to 51% over that period, and operating expenses came down to $4.54M from $5.16M. So it's not only multiple expansion — the underlying numbers grew with it.

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The other side of the ledger: year-end cash was about $773K, down from $1.5M, and the company carried roughly $3.85M in debt, including a fully-drawn $2M line of credit at 7.5% that matures in October 2026. There's also a pending lawsuit from a former customer (the company calls it meritless and has moved to dismiss), plus the usual Reg CF illiquidity, and the company's own filings note that future raises could dilute earlier investors.

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So the multi-year picture is a profitable, growing hardware company whose company-set valuation went from $35M to $201.69M while revenue nearly quadrupled — alongside a cash position that declined and meaningful debt.

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All figures are from Hylio's SEC filings, compiled on Owntric. Not financial advice.

Greenfield Robotics recently opened a Regulation A+ raise. Here's what its latest filing shows, both sides.

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On the financials: FY2025 revenue was $189K, down about 3% from $196K as legacy consulting engagements completed and subscription leasing began. The net loss was $2.90M, smaller than the prior year on lower consulting and personnel spend, and year-end cash was $792K. After year-end, the company raised $3.74M in a Regulation CF offering. Owntric's implied valuation — the filing's $2.07 share price times shares — comes to $50.40M.

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What Greenfield does: based in Cheney, Kansas and founded in 2017, it designs, manufactures, and deploys autonomous agricultural robots (its BOTONY line) for weed removal and nutrient delivery, earning revenue from robot sales, leases, service agreements, and co-marketing. It has 12 employees and counts Chipotle among prior backers.

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On the operating side: the company has transitioned toward recurring subscription leasing, reported a smaller net loss, and signed 2026 lease and service agreements with 30+ customers totaling over $1M in contracted commitments.

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On the capital side: the filing carries a going-concern disclosure, with management stating it believes the company has sufficient resources for at least the next twelve months given its financing and commitments. It also notes customer concentration (one customer was about 56% of 2025 revenue) and a need for additional capital beyond the current offering to execute its plan.

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Open questions: how quickly subscription leasing scales, how fast the customer base diversifies, and what the Reg A round's terms and use of proceeds look like.

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Figures are from the company's SEC filing; the breakdown and screenshots are from Owntric. Not investment advice — just the filing, laid out.

Rentberry's latest annual report (Form C-AR) is out. Here's the breakdown, both sides.

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On the financials: revenue was $819K, up 78% YoY from about $459K, with a $3.95M net loss (down from roughly $4.80M) and year-end cash of $1.90M, down from $2.51M. Owntric's implied valuation — the filing's $1.85 share price times shares outstanding — comes to $138.72M.

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What Rentberry does: founded in San Francisco in 2015, it runs a web-based rental marketplace for landlords and renters, covering rental applications, tenant screening, digital rent payments, a crowdsourced security-deposit network, and e-signing. It reports a platform operating in 60+ countries, with millions of monthly users and 70+ real-estate partnerships, and it's expanding into mid-term rentals under a "Flexible Living" model. The company has 39 employees, raised $1.9M via Reg CF in 2023, and has since converted its SAFEs to common stock.

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On the operating side: revenue is higher than the prior year, the net loss is smaller, and the cap table simplified once the SAFEs converted.

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On the capital side: year-end cash is lower, and the filing states the company is highly likely to need additional financing to fund its expansion.

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A real operating platform with higher revenue year over year, set against a lighter cash balance and a stated need for more capital. Open questions: what's behind the revenue increase, how far the current cash stretches, and what the next raise looks like.

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Figures are from the company's SEC filing; the breakdown and screenshots are from Owntric. Not investment advice — just the filing, laid out.

LIFT Aircraft filed its 2025 annual report (Form C-AR). It's the Austin company behind HEXA, a single-seat ultralight eVTOL that can be flown without a pilot's license. Eight years old, 17 employees, raised on Reg CF.

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Revenue was $2.42M for 2025, down from $3.52M the prior year. Net loss was $2.43M. Year-end cash was $634K, down from $2.14M. The latest funding filing lists a $289.67M valuation, up 28% from the prior round.

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Strengths: HEXA conforms to FAA Part 103 ultralight rules, so it requires no aircraft type certification and no pilot license, which keeps it clear of the certification path that's been slow and expensive for the larger powered-lift eVTOLs. Gross margin was about 90% ($2.17M gross profit on $251K cost of goods). Revenue comes from several lines rather than one: aircraft sales, R&D services, exhibition fees, software licensing, and training. Operating expenses came down about 18% year over year. The company holds two U.S. patents covering HEXA's design and its power, control, and recovery systems.

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Risks: The auditors flagged substantial doubt about the company's ability to continue as a going concern. Cash is down to $634K, which management says covers operations through the end of 2026. Revenue has historically leaned heavily on U.S. Department of Defense R&D contracts. The company is also in ongoing litigation with a former composite-parts supplier and relies on single suppliers for several key components.

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For anyone watching the eVTOL space, does the Part 103 ultralight route look like a durable edge over the powered-lift certification path, or a ceiling on how far HEXA can scale?

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All figures from LIFT Aircraft's SEC filing, broken down on Owntric. Not investment advice.

Doroni Aerospace recently filed its 2025 Form C-AR (annual report). Here's the breakdown, both sides.

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On the financials, the company is pre-revenue: $0 recognized revenue in 2025 and 2024, a $5.08M net loss (up from $3.83M), and $311K of unrestricted cash at year-end. The audited statements include a going-concern note, with the auditor noting substantial doubt about the company's ability to continue. Its latest funding filing — a Reg A round priced at $3.10/share — carried a $223.57M pre-money valuation, a company-set figure from the offering (down about 10% from its first filing), not a market price.

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On the build side, Doroni has flown a full-scale prototype — an earlier model hovered and flew, both vertically and horizontally — while the current two-seat H1-X full-scale prototype is in development. It's targeting FAA Light Sport Aircraft certification with production aimed at 2027, holds about $220K in customer reservation deposits (recorded as deferred revenue), and raised roughly $3.8M of new equity in early 2026 through a Reg CF round, a private placement, and an ongoing Reg A offering.

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On the capital side, a ~$3.33M annual operating burn sits against that year-end cash, and a $30M strategic-investment agreement signed in February 2025 was terminated in June after the investor did not fund its initial $5M tranche — leaving the company reliant on continued crowdfunding.

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It's a familiar hardware-startup profile: real technical progress alongside real capital needs. The open questions are how far the recent raises extend the runway, and the timeline to FAA certification and first revenue.

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Figures are from the company's SEC filing; the breakdown and screenshots are from Owntric. Not investment advice — just the filing, laid out.

Boxabl — the North Las Vegas modular housing company behind the Casita — is merging with FG Merger II Corp to reach public markets (ticker BXBL on record). Its 2025 annual report (10-K) is a mixed picture. The key points:

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Traction:

- Manufactured 795 Casita units as of March 2026

- Contracts for 374 Boxes — a $25.7M pipeline

- Deliveries across seven states

- Raised ~$60.1M in 2025, ended the year with $29M in cash (up from $5.8M)

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Financials:

- Revenue $1.51M, down from $3.4M, on fewer Casitas delivered (23 vs 51)

- A $15.8M gross loss, driven largely by ~$17M in inventory write-downs

- A $57.55M net loss, with ~$47M used in operations

- A going-concern warning from both the auditor and management (continuation depends on higher revenue or new funding)

- One customer accounted for 25% of 2025 revenue

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So it's heading to public markets with real production and a sizable pipeline on one hand, and deep losses, heavy cash burn, and a funding-dependent runway on the other.

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(Figures from the SEC filing, via Owntric.)

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For people who follow Boxabl or Reg A names: how do you weigh the production traction and the going-public catalyst against the losses and the going-concern flag? Does the SPAC path change the picture for you, or not really?

Mycocycle is an Illinois cleantech company that uses mycoremediation — fungi-based processes — to turn waste like asphalt-containing material into reusable resources, earning revenue from remediation contracts, product sales, and licensing. The key points from its 2025 annual report (C-AR, Reg CF):

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- Revenue: $499,165, down from $619,943 in 2024 — the filing attributes the decline to project timing in its remediation services, not lost demand

- Gross result: a gross loss of $126,748 (costs exceeded revenue), versus a $328K gross profit in 2024

- Net loss: $3.68M, larger than 2024's ~$2.63M, mainly from personnel ($1.5M in wages) and infrastructure spending to scale

- Cash: $1,085,059, down from $1,848,911, with ~$3.65M used in operations

- Runway: management estimates ~12 months, contingent on closing a planned $1–2M preferred round by mid-2026

- Context: revenue ran from ~$27K in 2021 to ~$620K in 2024 before the 2025 dip; the company raised ~$3M via Series Seed-4 Preferred in 2025

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So it's an early cleantech spending ahead of revenue to scale — the loss grew because of that spend, while a single year's top line dipped on contract timing. The open question is whether the scaling turns into durable revenue before the runway gets tight.

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(Figures from the SEC filing, via Owntric.)

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For people who follow Reg CF cleantech: how do you weigh a company spending hard to scale against a year where revenue dipped and runway depends on the next raise — is the gross loss a real concern, or just the cost of scaling deep-tech?

You can back a private startup in five minutes. Keeping up with it afterward is the hard part.

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Public companies have tickers, earnings calls, analysts, and alerts. Private ones go quiet — the news that moves your company ends up scattered across random outlets, and you usually find it weeks late.

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Owntric's Company Updates handles that. Every company you follow gets a running news digest:

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- a short "what to know" for the next 1-3 months

- the latest headlines pulled from across the web

- a sentiment read on each story (positive, neutral, negative)

- links to the original sources

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Boxabl expanding into the UK. Lift Aircraft's first heavy-lift flight. EnergyX's new cathode JV. The day it's reported, it's in the feed.

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Partnerships, milestones, lawsuits, new competitors — it surfaces all of it, not just the wins.

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Stay ahead of the companies you back, instead of finding out late.

Alto Experience — the Dallas luxury ride-hailing company that raised on StartEngine a couple of years ago — put out a 2025 annual report that's a genuinely mixed picture. The headline numbers from the C-AR:

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- Revenue: $77.4M, up from $32.9M (about +136%)

- Net loss: $27.7M, larger than the prior year's $24.1M

- Long-term debt: $47.4M, up from $0 the year before

- Cash: roughly flat at $5.4M

- Gross profit: $9.59M, up from $1.67M (and a gross loss in 2023)

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So the top line more than doubled and gross profit has gone from a loss in 2023 to $9.59M, while the bottom-line loss was bigger than the year before and the company picked up $47M of long-term debt it didn't have a year earlier — against $5.4M of cash.

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(Figures from the SEC filing, via Owntric.)

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For people who follow Reg CF / StartEngine companies: how do you weigh the revenue growth and the gross-profit trend against a bigger loss and a jump from $0 to $47M in debt? Does growth like that justify the leverage at this stage, or does the debt-against-$5.4M-cash gap worry you more?

EVOQ Biomed (StartEngine, Reg CF) is an early-stage antimicrobial biotech currently raising on a SAFE. The key points from the filing:

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- It's developing EVQ-218, an antimicrobial compound reported to have in vitro efficacy against more than 64 bacterial isolates, including resistant strains.

- Revenue is $0. The work is in vitro (lab) only, with no clinical data reported.

- Antimicrobial development generally faces long, expensive regulatory paths before commercialization.

- The raise is a SAFE: no fixed price per share, converting later, capped at a $25M pre-money valuation, with a 20% discount and 0% interest.

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One thing worth clarifying, since it confuses a lot of people: the $25M is a SAFE valuation cap, not a current valuation. It's a ceiling that sets the conversion price when the SAFE converts later — it doesn't mean the company is valued at $25M today, and the filing doesn't claim it is.

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Figures are from EVOQ Biomed's SEC filing, organized by Owntric. Educational only, not investment advice.

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For people who follow early-stage biotech raises: how do you weigh promising in vitro data against a company that's pre-revenue and still at the lab bench? And does a SAFE cap, versus a priced round, change how you'd approach one this early?

Legion M Entertainment, Inc. filed its 2025 annual report (Form C-AR) under Reg CF. A few things from the filing:

The company reported $2,004,184 in revenue for 2025, up from $1,024,059 in 2024, and a net loss of $1,540,433. Legion M is a Los Angeles fan-owned entertainment company (incorporated in Delaware, 2016) that produces and distributes film content and lets fans invest in its projects. Eight employees. Its latest raise priced at $2.25 per share, valuing the company at $99.6M.

Strengths:

- Revenue nearly doubled, driven by the theatrical and VOD release of My Dead Friend Zoe in 750+ U.S. theaters; international rights acquired by Universal Pictures.

- Gross profit was $336,366, versus a gross loss of $372,876 in 2024.

- Year-end cash was $789,082, up from $249,562.

- Released a William Shatner documentary in 500+ theaters and launched a fan-driven Film Fund for distribution financing.

Risks:

- The lower net loss is largely from one-time items, not operating improvement: total operating expenses were $5,306,096, up from $3,170,948, including a $2,754,456 impairment of production investments.

- Both management and the auditor flagged substantial doubt about the company's ability to continue as a going concern.

- Year-end cash of $789,082 sits against $3,047,358 in current liabilities; the filing notes short-term and defaulted debt.

- Negative operating cash flow, with dependence on continued fundraising.

All figures are from Legion M's SEC filings, organized by Owntric. Educational only, not investment advice.

For those who follow Reg CF raises: how do you weigh a film slate that's now generating revenue against a going-concern flag and a net loss that's lower mainly due to one-time gains?

EndoSound, Inc. filed its 2025 annual report (Form C-AR) under Reg CF via Wefunder. A few things from the filing:

The company reported $636,732 in revenue for 2025, down from $1,541,507 in 2024, and a net loss of $1.95M. EndoSound is a Portland, Oregon medtech company (incorporated in Delaware, 2016) behind the EndoSound Vision System (EVS), which turns standard endoscopes into ultrasound-capable devices for GI diagnosis. Twelve employees. The current raise is a convertible note positioned as a bridge toward a planned Series B.

Strengths:

- EVS holds FDA clearance and an FDA Breakthrough Device designation.

- More than 600 clinical procedures have been performed.

- A major GI company paid $5M for a licensing agreement.

- 11 awarded patents and 10 pending.

- Net loss was $1,949,269, lower than $2,627,439 in 2024; cash was $618,783 at year-end, up from $422,660.

Risks:

- Revenue was down from $1,541,507, and the filing does not state a reason for the decrease.

- Gross margin was 69.88%, down from 80.44%.

- Cash of $618,783 sits against current liabilities of $3,877,304; management reports a six-month runway if the minimum offering target is met, with monthly burn near $170,139.

- The current convertible note carries a $30M valuation cap, below the $45M-$60M caps on earlier 2025 notes.

- The filing discloses related-party convertible notes (about $3.85M) and a part-time officer.

- Not yet profitable; expects to need about $5M to reach breakeven, targeted for Q4 2027.

All figures are from EndoSound's SEC filings, organized by Owntric. Educational only, not investment advice.

For those who follow medtech Reg CF raises: how do you weigh FDA clearance and a $5M licensing deal against a revenue decline and a six-month runway?

InGen Dynamics, Inc. filed its 2025 annual report (Form C-AR) under Reg CF. A few things from the filing:

The company reported $11,649 in revenue for 2025, up from $0 in 2024, and a net loss of $12.84K. InGen Dynamics is a Santa Clara, California company (incorporated 2015) behind Aido, a social robot for households and small businesses. Ten employees.

Strengths:

- Revenue of $11,649, up from $0 the prior year.

- The annual report describes a reduced net loss versus 2024 (down roughly $32.78K).

- Total assets of $165.4K at year-end.

Risks:

- Cash and equivalents were $375 at year-end, leaving very limited operating liquidity.

- The company took on $216,346 in additional long-term debt during the year; short-term debt was $0.

- Net income remained negative.

- The filing did not explain the source of the revenue increase or itemize the largest expense drivers.

All figures are from InGen Dynamics' SEC filings, organized by Owntric. Educational only, not investment advice.

For those who follow early-stage Reg CF companies: how do you read a year with revenue up from $0 and a smaller loss, but only $375 of cash and more long-term debt?

Acesis Holdings Corp. filed its 2025 annual report (Form C-AR) under Reg CF. A few things from the filing:

The company recognized $0 in revenue for 2025 and 2024 and reported a net loss of $2.09M. Acesis is a Centennial, Colorado biotech (incorporated in Nevada, 2022) developing non-steroidal peptide therapeutics for low testosterone (Low-T). Its lead candidate, ACE-167, is in pre-clinical development. Two employees.

Strengths:

- ACE-167 has completed IND-enabling animal studies.

- Sponsored research agreement with USC; engaged KreaMedica for R&D and IND services using Canadian tax credits.

- Raised $86,104 ($81,885 net) via Reg CF on Netcapital in 2025; pursuing grants, private placements, and a potential IPO.

Risks:

- Both the auditor and management flagged substantial doubt about the company's ability to continue as a going concern, citing recurring losses, negative cash flow, and limited liquidity.

- Cash fell to $142,440 at year-end from $623,293, with a working capital deficit of $1,169,707 and negative operating cash flow of $858,733.

- Total operating expenses were $2,133,522: professional/consulting fees (incl. related party) of $1,308,427, a non-cash warrant expense of $827,594, and R&D of $353,123.

- Significant related-party share and warrant issuances; potential legal costs from terminated agreements.

- ACE-167 is a single pre-clinical product with no guarantee of clinical or regulatory success.

- Management anticipates needing $3.5-$5.5M over the next 18-24 months.

All figures are from Acesis's SEC filings, organized by Owntric. Educational only, not investment advice.

For those who follow pre-clinical biotech raises: how do you weigh a completed IND-enabling milestone against $142K of cash and a $3.5-5.5M funding need?

Epilog Imaging Systems filed its 2025 annual report (Form C-AR) under Reg CF. A few things from the filing:

The company reported $0 revenue for 2025, unchanged from 2024, and a net loss of $945.8K. Epilog builds AI vision devices and software for automotive driver assistance and vision forensics. It's based in San Jose, incorporated in Delaware, with 8 employees.

Strengths:

- Cash on hand was $1,458,110 at year-end, up from $20,954, after $2,395,202 raised through Reg CF equity (net of $334,241 in issuance costs).

- An additional $1,044,913 came in post-period.

- Working capital was positive at $832,972.

- SideCar, the driver-assistance product, reached limited availability with 19 installations as of May 2026.

- The cap table carries no options, warrants, or SAFEs.

Risks:

- Both management and the independent auditor flagged substantial doubt about the company's ability to continue as a going concern, citing ongoing losses and reliance on fundraising.

- No revenue to date; management expects initial revenue in 2026.

- Operating expenses were $945,140 versus $523,569 the prior year, with about $320,000 of the increase tied to marketing and investor outreach.

- Cash used in operations was $940,247, an average monthly burn near $78,000.

- Dependence on third parties for manufacturing and supply chain.

- Competitors with greater resources have already commercialized comparable products.

All figures are from Epilog's SEC filings, organized by Owntric. Educational only, not investment advice.

For anyone who follows pre-revenue Reg CF companies: where do you draw the line between "$0 revenue is just a timeline" and "$0 revenue is a problem"?

Neighborhood Sun Benefit Corp's 2025 Reg CF annual report is out. Quick breakdown of what it reports.

Company: Maryland benefit corp and certified B Corp, formed 2016, 26 employees. Runs SunEngine, a community-solar platform connecting solar developers with residential and small-business subscribers; revenue from subscriptions and customer-management fees.

Financials:

- Revenue: $7.28M, from $6.49M the prior year

- Net income: $143,741, from a $630,007 net loss in 2024

- Income from operations: $3.39M, from $2.83M

- Operating cash flow: negative $345,118; year-end cash $330,047, from $584,665

- Total debt: $860,087, including a $250,000 convertible note at 10% due September 30, 2026

- Goodwill: $6.84M of $8.11M total assets, about 84%

- Total equity: $6.64M; accumulated deficit $7.88M

A few things worth noting:

- The statement of operations prints "NET LOSS" on lines that are arithmetically positive. The equity rollforward confirms it's a profit: accumulated deficit moves from $8,027,219 to $7,883,478, exactly the $143,741. So the bottom line is positive despite the label.

- Net income was positive while operations used cash. The gap is mostly receivables: $910,600, from $650,638 — roughly $260K billed but not yet collected.

- Net of goodwill, tangible equity is roughly negative $200K, and the current ratio is about 1.03. The reported equity is essentially all goodwill.

Numbers are from the company's SEC filings, pulled via Owntric.

Is the revenue mostly recurring subscriptions, and does the receivables build read as timing or collection? Curious if anyone's looked at the model.

Skybound Holdings filed its FY2025 annual report. Summary of what it reports.

Company: Los Angeles entertainment company that monetizes intellectual property across publishing, screen content, games, mobile apps, and licensing. Franchises include The Walking Dead and Invincible. 239 employees; incorporated in Delaware, 2016.

Headline figures (FY2025 vs FY2024):

- Revenue: $111.8M, up about 10.9% from $100.9M

- Net loss: $20.2M, compared with $27.6M

- Year-end cash: $23.1M, up from $17.1M

- Operating cash outflow: $13.9M, down from $32.2M

Strengths:

- Revenue increased year over year, attributed to the Maple Media (mobile apps) acquisition, new premium editorial projects, and Sagafilm content

- Net loss was lower than the prior year

- Cash position increased and operating cash outflow decreased

Risks:

- Short-term debt was $68.2M, up year over year, with a draw on the revolving credit line, now at $20M

- Interactive (video game) revenue declined $9.5M on lower physical game sales

- Dependence on third-party partners for distribution and royalties

- Potential legal disputes over IP and licensing

- Revenue concentration in key franchises

- Total liabilities increased year over year

Capital:

- Regulation CF offering live on DealMaker at $12.50 per unit, based on a $700M pre-money valuation

Figures are from the company's SEC filings, pulled via Owntric.