Kadimastem Ltd., a subsidiary of NLS Pharmaceutics AG, reported its actual financial results for the six months ended June 30, 2025. The company recorded research and development expenses, net, of $576,000, compared to $410,000 in the same period of 2024. General and administrative expenses totaled $685,000, up from $376,000 a year earlier. Kadimastem also reported other expenses of $101,000 related to its merger with NLS, whereas no such expenses were recorded in the prior-year period. The operating loss for the first half of 2025 was $1.36 million, compared to $786,000 in the same period last year. Net finance expenses reached $9.89 million, significantly higher than $485,000 in the prior-year period, primarily due to finance expenses related to derivatives of conversion components of a convertible loan, warrants, and shareholder loans. Loss before tax benefit was $11.26 million, compared to $1.27 million in the first half of 2024. After a tax benefit of $51,000, the net loss for the period amounted to $11.20 million, compared to a net loss of $1.24 million in the same period last year. Kadimastem continues to focus on financing its operations through loans from investors and the sale of equity securities. The company is progressing with its merger transaction with NLS Pharmaceutics Ltd., including filing several amendments to a registration statement following feedback from the Securities and Exchange Commission. The merger transaction has been approved by Kadimastem's shareholders' meeting.