Bone Biologics (BBLG) reported a FY 2025 net loss of USD 3.1 million (down 24.4%) and a loss from operations of USD 3.2 million (down 23.3%). The company generated no revenue from planned operations. FY 2025 operating expenses were USD 3.2 million (down 23.3%), including R&D expense of USD 1.1 million (down 50.2%) and G&A expense of USD 2.2 million (up 4.1%). Interest income was USD 0.1 million (up 119.2%), and the change in fair value of warrant liability was USD 0.004 million (down 92.2%). Net cash used in operating activities was USD 2.7 million in FY 2025, and cash was USD 5.3 million as of December 31, 2025; operating expenditures for the next 12 months are estimated at USD 4.9 million, and the company said it expects available cash to fund operations into Q4 2026. On the business side, Bone Biologics said it is focused on bone regeneration in spinal fusion using NELL-1 combined with demineralized bone matrix (NB1), and that FDA guidance indicates NELL-1/DBM will be regulated as a device/drug combination product requiring an FDA-approved PMA before U.S. commercialization. The company highlighted that it began treating the first subjects in 2024 in a multicenter, prospective, randomized pilot clinical study of NB1 in up to 30 adult TLIF patients in Australia, with the study design previously reviewed and agreed upon by the FDA’s Division of Orthopedic Devices in a pre-submission to support progression to a U.S. pivotal trial. Bone Biologics also noted a 1-for-6 reverse stock split effective June 10, 2025, and reported financing activity including net proceeds of USD 4.4 million from a June 2025 public offering and USD 0.3 million of net proceeds from ATM sales during FY 2025.

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