BioKey (Cayman), Inc.
BioKey (Cayman), Inc. filed its Q3 FY2026 10-Q showing no revenue for the three and nine months ended September 30, 2026. Net loss widened to $397,578 for the quarter (vs $239,758 a year ago) and $873,721 for the nine months (vs $538,188). Cash fell to $110 from $2,883 at year-end, and the company disclosed a $6,278,643 working capital deficit and substantial doubt about its ability to continue as a going concern.
- Zero revenue for both the three and nine months ended September 30, 2026.
- Nine-month net loss of $873,721, up 62% from $538,188 a year earlier.
- Cash and cash equivalents fell to $110 from $2,883 at December 31, 2025.
- Working capital deficit of $6,278,643 and stockholders' deficit.
- Due to related parties (ABVC) totaled $4,898,776, funding ongoing operations.
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A pre-revenue biotech with $110 in cash and a going-concern warning is a high-risk situation for any investor.
A pre-revenue CRO/CDMO platform still dependent on controlling shareholder ABVC BioPharma for funding, following an August 2026 partial spin-off that distributed 15% of shares to ABVC stockholders.
Management states substantial doubt about going concern, citing the $873,721 net loss, $6,278,643 working capital deficit, and $266,773 operating cash outflow. The company may be unable to meet short-term obligations without new capital or related-party support.