NASDAQ: VBIO
Valion Bio, Inc.CIK 0001787740 · SIC 3845 · Electromedical Equipment
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Valion Bio files for up to $15M best-efforts IPO at $0.51/share plus warrants; no minimum raise
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Valion Bio shareholders approve 2.6M share equity plan expansion and multiple dilutive financings
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net income -$6.2M. No material changes vs prior filing
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Valion Bio reports Q1 2026 financial results in routine earnings disclosure
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Valion Bio hires Melinda Lackey as General Counsel with $321K salary and 45K options
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Tivic Health Systems changes name to Valion Bio, ticker to VBIO effective April 28
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net income -$8.9M. Valion Bio exits ClearUP device business, acquires CDMO assets; losses jump 56%
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Latest financial statements
From 10-Q filed Aug 14, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
consolidated statements of operations (Unaudited)
(unaudited in thousands)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenue | (39) | 86 | (15) | 156 |
| Cost of Sales | 6 | 32 | 9 | 52 |
| Gross Profit | (45) | 54 | (24) | 104 |
| Operating Expenses | ||||
| Selling, general and administrative | (1) | 310 | 1 | 489 |
| Total operating expenses | (1) | 310 | 1 | 489 |
| Loss from discontinued operations | (46) | (256) | (23) | (385) |
| Net loss from discontinued operations | (46) | (256) | (23) | (385) |
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per share data)
| Description | June 30, 2026 (unaudited) | December 31, 2025 |
|---|---|---|
| Current assets | ||
| Cash and cash equivalents | 2,108 | 12,645 |
| Prepaid expenses and other current assets | 524 | 346 |
| Inventory, net | 750 | — |
| Current assets of discontinued operations | — | 15 |
| Total current assets | 3,382 | 13,006 |
| Property and equipment, net | 12,343 | 12,641 |
| Deferred offering costs | 631 | 136 |
| Licensed technology, net | 2,243 | 2,243 |
| Operating lease right-of-use assets, net | 9,835 | — |
| Goodwill | 3,457 | 3,457 |
| Restricted cash | 368 | — |
| Other assets | 214 | 124 |
| TOTAL ASSETS | 32,473 | 31,607 |
| LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities | ||
| Accounts payable | 639 | 264 |
| Accrued expenses | 1,831 | 376 |
| Operating lease liabilities, current | 533 | — |
| Current liabilities of discontinued operations | 43 | 6 |
| Total current liabilities | 3,046 | 646 |
| Convertible note payable, net | 7,388 | 6,454 |
| Derivative liability | 212 | 292 |
| Operating lease liabilities, non-current | 9,488 | — |
| Other non-current liabilities | 454 | 48 |
| Total liabilities | 20,588 | 7,440 |
| COMMITMENTS AND CONTINGENCIES (Note 10) | ||
| Temporary equity | ||
| Series B preferred stock, par value $0.001, 8,400 shares authorized and 2,075 and 2,155 shares issued and outstanding as of June 30, 2026, and December 31, 2025, respectively. | 1,421 | 1,379 |
| Series C preferred stock, par value $0.001, 75,000 shares authorized and 11,687 and 12,000 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively. | 6,218 | 5,991 |
| STOCKHOLDERS' EQUITY | ||
| Preferred stock, $0.0001 par value, 10,000,000 shares authorized; 403 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively. | — | — |
| Common stock, $0.0001 par value, 200,000,000 shares authorized; 4,151,919 and 2,525,778 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively. | 2 | 2 |
| Additional paid in capital | 70,750 | 69,392 |
| Accumulated deficit | (66,506) | (52,597) |
| Total Stockholders’ equity | 4,246 | 16,797 |
| TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY | 32,473 | 31,607 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities | ||
| Net loss | (13,305) | (3,433) |
| Less: Net loss from discontinued operations | (23) | (385) |
| Net loss from continuing operations | (13,282) | (3,048) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Stock-based compensation | 341 | 276 |
| Depreciation | 362 | 2 |
| Amortization of debt discount and debt issuance costs | 934 | — |
| Non-cash interest expense | 406 | — |
| Change in fair value of derivative liability | (80) | — |
| Amortization of right-of-use asset | 428 | — |
| Changes in operating assets and liabilities: | ||
| Prepaid expenses and other current assets | (178) | (113) |
| Inventory | (750) | — |
| Other assets | (90) | (2) |
| Accounts payable | 375 | 109 |
| Accrued expenses | 1,455 | 353 |
| Lease liabilities | (242) | — |
| Net cash used in operating activities continuing operations | (10,321) | (2,423) |
| Net cash provided by (used in) operating activities discontinued operations | 29 | (293) |
| Net cash used in operating activities | (10,292) | (2,716) |
| Cash flows from investing activities | ||
| Acquisition of property and equipment | (64) | (3) |
| Acquisition of licensed technology | — | (543) |
| Net cash used in investing activities | (64) | (546) |
| Cash flows from financing activities | ||
| Proceeds from issuance of common stock, net of issuance costs | 69 | 1,908 |
| Proceeds from issuance of preferred stock and common stock warrants, net of issuance costs | 241 | 585 |
| Proceeds from warrant exercises, net of fees | (3) | 109 |
| Offering costs in advance of sale of common stock | (120) | (158) |
| Net cash provided by financing activities | 187 | 2,444 |
| Net decrease in cash and cash equivalents | (10,169) | (818) |
| Cash and cash equivalents | ||
| Beginning of period | 12,645 | 2,002 |
| End of period | 2,476 | 1,184 |
| Less: Cash and cash equivalents included in discontinued operations | — | — |
| Cash and cash equivalents included in continuing operations | 2,476 | 1,184 |
| Cash and cash equivalents is comprised of: | ||
| Cash and cash equivalents | 2,108 | 1,184 |
| Restricted cash | 368 | — |
| Total cash and cash equivalents included in continuing operations | 2,476 | 1,184 |
| Supplemental disclosure on non-cash investing and financing activities | ||
| Issuance of common stock warrant | — | 36 |
| Issuance of common stock and preferred stock in exchange for license | — | 1,700 |
| Issuance of common stock for equity line of credit commitment fee | 375 | 94 |
| Dividends declared | 235 | — |
| Lease liabilities arising from right-of-use assets | 10,264 | — |
| Issuance of 10,755 shares of common stock in settlement of RSUs | — | — |
Amounts as printed on the EDGAR/iXBRL face — (unaudited in thousands); (in thousands, except share and per share data); (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗