NASDAQ: REFR
RESEARCH FRONTIERS INCCIK 0000793524 · SIC 6794 · Patent Owners & Lessors
Information included in this Annual Report on Form 10-K may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but rather reflect our current expectations concerning future… About this business →
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Research Frontiers receives Nasdaq delisting warnings for bid price and market value failures
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revenue $136,319, net income -$525,365. Research Frontiers revenue plunges 76% as one-time license lapses; liquidity outlook cut to 12 months
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Latest financial statements
From 10-Q filed Aug 6, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 | Three months ended June 30, 2026 | Three months ended June 30, 2025 |
|---|---|---|---|---|
| Fee income | 222,665 | 689,680 | 86,346 | 129,904 |
| Operating expenses | 1,148,598 | 1,412,398 | 627,216 | 775,922 |
| Research and development | 274,234 | 331,963 | 128,884 | 169,086 |
| Total expenses | 1,422,832 | 1,744,361 | 756,100 | 945,008 |
| Operating loss | (1,200,167) | (1,054,681) | (669,754) | (815,104) |
| Net interest income | 14,634 | 25,811 | 9,586 | 11,278 |
| Other income | - | 47,357 | - | - |
| Net loss | (1,185,533) | (981,513) | (660,168) | (803,826) |
| Basic and diluted net loss per common share | (0.03) | (0.03) | (0.02) | (0.02) |
| Weighted average number of common shares outstanding | 34,513,740 | 33,648,221 | 34,867,786 | 33,648,221 |
Condensed Consolidated Balance Sheets
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| (Unaudited) | ||
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | 1,087,956 | 664,299 |
| Royalties receivable, net of reserves of $1,534,850 and $1,384,850, respectively | 207,955 | 408,666 |
| Prepaid expenses and other current assets | 159,730 | 70,969 |
| Total current assets | 1,455,641 | 1,143,934 |
| Fixed assets, net | 2,867 | 3,393 |
| Operating lease ROU assets | 960,989 | 1,048,352 |
| Deposits and other assets | 56,066 | 56,066 |
| Total assets | 2,475,563 | 2,251,745 |
| Liabilities and Shareholders’ Equity | ||
| Current liabilities: | ||
| Current portion of operating lease liability | 152,960 | 146,043 |
| Accounts payable | 135,206 | 132,666 |
| Deferred revenue | 69,068 | - |
| Accrued expenses | 53,651 | 19,168 |
| Total current liabilities | 410,885 | 297,877 |
| Operating lease liability, net of current portion | 941,585 | 1,020,242 |
| Total liabilities | 1,352,470 | 1,318,119 |
| Shareholders’ equity: | ||
| Common stock, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 34,867,786 in 2026 and 33,648,221 in 2025 | 3,487 | 3,365 |
| Additional paid-in capital | 129,926,946 | 128,552,068 |
| Accumulated deficit | (128,807,340) | (127,621,807) |
| Total shareholders’ equity | 1,123,093 | 933,626 |
| Total liabilities and shareholders’ equity | 2,475,563 | 2,251,745 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net loss | (1,185,533) | (981,513) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 631 | 6,166 |
| Share-based compensation | - | 175,204 |
| Credit loss expense | 150,000 | 124,253 |
| ROU asset amortization | 87,363 | 86,925 |
| Change in assets and liabilities: | ||
| Royalty receivables | 50,711 | (2,413) |
| Prepaid expenses and other assets | (88,761) | (67,791) |
| Accounts payable and accrued expenses | 37,023 | (68,297) |
| Deferred revenue | 69,068 | 71,563 |
| Operating lease liability | (71,740) | (63,798) |
| Net cash used in operating activities | (951,238) | (719,701) |
| Cash flows from investing activities: | ||
| Purchases of fixed assets | (105) | (209) |
| Net cash used in investing activities | (105) | (209) |
| Cash flows from financing activities: | ||
| Net proceeds from sale of common stock and warrants | 1,375,000 | - |
| Net cash provided by financing activities | 1,375,000 | - |
| Net increase (decrease) in cash and cash equivalents | 423,657 | (719,910) |
| Cash and cash equivalents at beginning of period | 664,299 | 1,994,186 |
| Cash and cash equivalents at end of period | 1,087,956 | 1,274,276 |
Amounts as printed on the EDGAR/iXBRL face. Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
About RESEARCH FRONTIERS INC
Source: Item 1 (Business) from the 10-K filed March 5, 2026. Description as filed by the company with the SEC.
ITEM
1.
BUSINESS
Forward-Looking
Statements
Information
included in this Annual Report on Form 10-K may contain forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are not statements of historical facts, but rather reflect our current expectations concerning
future events and results. We generally use the words “believes,” “expects,” “intends,” “plans,”
“anticipates,” “likely,” “will” and similar expressions to identify forward-looking statements. Such
forward-looking statements, including those concerning our expectations, involve risks, uncertainties and other factors, some of which
are beyond our control, which may cause our actual results, performance or achievements, or industry results, to be materially different
from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks, uncertainties
and factors include, but are not limited to, those factors set forth in this Annual Report on Form 10-K under “