olivLaw · US equity research
Cuprina Holdings (Cayman) Ltd CUPR
Orthopedic, Prosthetic & Surgical Appliances & Supplies · SIC 3842 · Vertical: Orthopedic, Prosthetic & Surgical Appliances & Supplies (SIC 3842)
Cuprina Holdings is a Singapore-based biotechnology company developing and selling products for chronic wound care, most notably the MEDIFLY sterile maggot bio-dressing. The company is small and still loss-making, and its relevance lies in the growing chronic wound care market driven by an ageing population, with revenue of S$49,894 thousand in fiscal 2025 and a net loss of S$4,673,447.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Cuprina Holdings (Cayman) Ltd (CUPR) stock was 1.92 USD (+2.67% on the day), with market capitalisation 14.1 m USD, beta 1.46, 52-week range 1.60–8.41 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 46.8
- neutral
- Bollinger (20, 2)
- 1.72 – 2.05
- in the upper half of the band · %B 0.60 · band width 17.5%
- SMA 50 / 200
- 2.26 / 3.00
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.11 / -0.13
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −14.7% | −2.0% | −12.7 pp | — |
| 3 months | −46.4% | −2.2% | −44.2 pp | — |
| 6 months | −8.7% | +4.3% | −13.0 pp | — |
| Year to date | −40.0% | +10.6% | −50.6 pp | — |
| 1 year | −73.5% | +10.5% | −84.0 pp | −0.5% |
| 3 years | unavailable | +73.7% | unavailable | −2.2% |
| 5 years | unavailable | +61.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | unavailable | unavailable | 35.5 k | 38.8 k |
| Revenue YoY | unavailable | unavailable | unavailable | +9.2% |
| Net income | unavailable | unavailable | -1.1 m | -3.6 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -6.38 | -17.75 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | -3,229.5% | -9,366.7% |
| Free cash flow | unavailable | unavailable | -924.7 k | -7.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.4 m USD
- Financial debt
- 128.2 k USD
- Net debt
- -2.3 m USD
- Equity
- 3.9 m USD
- Total assets
- 6.6 m USD
- Debt / equity
- 0.03x
- Current ratio
- 2.35x
- ROE
- unavailable
- ROA
- -92.0%
- FCF margin
- -18,423.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | — | 35.5 k | 38.8 k | SEC (XBRL)· 27 Apr 2026verified |
| Cost of revenue | — | 37.7 k | 39.3 k | SEC (XBRL)· 27 Apr 2026verified |
| Gross profit | — | -2.2 k | -501 | SEC (XBRL)· 27 Apr 2026verified |
| Research & development | 177.4 k | 177.4 k | 176.4 k | SEC (XBRL)· 27 Apr 2026verified |
| SG&A | — | 1.0 m | 3.6 m | SEC (XBRL)· 27 Apr 2026verified |
| Operating income | — | -1.2 m | -3.8 m | SEC (XBRL)· 27 Apr 2026verified |
| Depreciation & amortisation | — | 31.0 k | 28.4 k | SEC (XBRL)· 27 Apr 2026verified |
| EBITDA | — | -1.2 m ≈ | -3.7 m ≈ | SEC (XBRL)· 27 Apr 2026derived |
| Interest expense | — | 1.3 k | 11.4 k | SEC (XBRL)· 27 Apr 2026verified |
| Pre-tax income | — | -1.1 m | -3.6 m | SEC (XBRL)· 27 Apr 2026verified |
| Net income | — | -1.1 m | -3.6 m | SEC (XBRL)· 27 Apr 2026verified |
| Diluted EPS | — | -6.38 | -17.75 | SEC (XBRL)· 27 Apr 2026verified |
| Weighted average diluted shares | 18.0 m | 18.0 m | 20.5 m | SEC (XBRL)· 27 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | — | 85.6 k | 2.4 m | SEC (XBRL)· 27 Apr 2026verified |
| Receivables | — | 19.4 k | 14.2 k | SEC (XBRL)· 27 Apr 2026verified |
| Inventories | — | 1.3 k | — | SEC (XBRL)· 14 May 2025verified |
| Current assets | — | 1.2 m | 5.7 m | SEC (XBRL)· 27 Apr 2026verified |
| Property, plant & equipment, net | — | 42.7 k | 60.3 k | SEC (XBRL)· 27 Apr 2026verified |
| Total assets | — | 1.3 m | 6.6 m | SEC (XBRL)· 27 Apr 2026verified |
| Accounts payable | — | — | 915 | SEC (XBRL)· 27 Apr 2026verified |
| Short-term debt | — | 40.6 k | 30.1 k | SEC (XBRL)· 27 Apr 2026verified |
| Long-term debt | — | 120.4 k | 98.1 k | SEC (XBRL)· 27 Apr 2026verified |
| Current liabilities | — | 4.4 m | 2.4 m | SEC (XBRL)· 27 Apr 2026verified |
| Total liabilities | — | 4.6 m | 2.7 m | SEC (XBRL)· 27 Apr 2026verified |
| Equity | -3.3 m † | -3.3 m † | 3.9 m † | SEC (XBRL)· 27 Apr 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | — | -908.6 k | -7.1 m | SEC (XBRL)· 27 Apr 2026verified |
| Capex | — | 16.1 k | 45.3 k | SEC (XBRL)· 27 Apr 2026verified |
| Free cash flow | — | -924.7 k ≈ | -7.1 m ≈ | SEC (XBRL)· 27 Apr 2026derived |
| Investing cash flow | — | -16.1 k | -45.3 k | SEC (XBRL)· 27 Apr 2026verified |
| Financing cash flow | — | 985.8 k | 9.5 m | SEC (XBRL)· 27 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 14.1 m USD
Key indicators
Coverage and freshness
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -9,366.7% | 5 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -328.0x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 2.4x | 100 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -50.5% | 0 (on a fixed band) | 33% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial5/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Cuprina Holdings (Cayman) Limited (CUPR). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 38.8 k USD in 2025; YoY growth 9.2%; net margin -9,366.7%; ROE -1,115.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.4x
What contradicts it
- Net margin: -9,366.7%
- Interest coverage: -328.0x
- FCF yield: -50.5%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Orthopedic, Prosthetic & Surgical Appliances & Supplies (SIC 3842) · same industry (4-digit SIC) · compared with 23 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ISRGIntuitive Surgical, Inc. | 152.8 bn | 53.3 | 18.0% | 25.5% | +20.5% | −23% / +42% |
| EWEdwards Lifesciences Corporation | 54.9 bn | 54.8 | 9.5% | 15.4% | +11.5% | +10% / +41% |
| SNNSmith & Nephew plc | 28.5 bn | 45.3 | 11.8% | 10.1% | +6.1% | −2% / +25% |
| STESTERIS plc | 22.6 bn | 28.0 | 11.4% | 13.3% | +8.7% | −13% / +15% |
| ZBHZimmer Biomet Holdings, Inc. | 18.5 bn | 23.6 | 6.4% | 9.5% | +7.2% | −0% / −17% |
| ALGNAlign Technology, Inc. | 11.7 bn | 28.7 | 10.2% | 10.0% | +0.9% | +12% / −23% |
| MSAMsa Safety Inc | 6.8 bn | 22.8 | 22.1% | 15.0% | +3.7% | +10% / +2% |
| ESTAEstablishment Labs Holdings Inc. | 2.0 bn | — | -175.3% | -15.8% | +27.1% | −3% / +161% |
| ENOVEnovis Corp | 1.4 bn | — | -54.3% | -48.0% | +6.7% | −19% / −51% |
| CDRECadre Holdings, Inc. | 1.3 bn | 38.0 | 10.6% | 5.3% | +7.5% | −28% / −4% |
| AVRAnteris Technologies Global Corp. | 596.4 m | — | -75.1% | -4,619.3% | −29.2% | +49% / unavailable |
| COCHEnvoy Medical, Inc. | 549.6 m | — | — | -11,304.8% | +7.1% | +749% / +216% |
| ZJYLJin Medical International Ltd. | 483.7 m | 309.0 | 4.1% | 5.8% | −12.0% | −39% / −87% |
| SMTISanara Medtech Inc. | 297.0 m | — | -147.7% | -29.2% | +19.0% | +55% / −0% |
| INGNInogen, Inc. | 191.6 m | — | -13.1% | -6.9% | +3.9% | +2% / +24% |
| LAKELakeland Industries, Inc. | 88.7 m | — | -19.6% | -14.0% | +15.2% | −41% / −39% |
| NTRBNutriband Inc. | 73.9 m | — | -100.7% | -430.4% | −4.8% | +23% / +140% |
| APTAlpha Pro Tech, Ltd. | 58.6 m | 14.1 | 6.6% | 6.8% | +2.3% | +25% / +17% |
| CLGNCollPlant Biotechnologies Ltd | 54.2 m | — | -117.6% | -484.6% | +360.4% | −81% / −92% |
| MYOMyomo, Inc. | 51.5 m | — | -123.8% | -33.5% | +25.7% | +46% / −58% |
| MLSSMilestone Scientific Inc. | 29.2 m | — | -121.7% | -44.0% | +4.0% | +6% / −61% |
| LFWDLifeward Ltd. | 17.2 m | — | -225.6% | -141.3% | −14.1% | −13% / −90% |
| CUPRCuprina Holdings (Cayman) Limited | 14.1 m | — | -1,115.0% | -9,366.7% | +9.2% | −74% / unavailable |
| BBLGBone Biologics Corporation | 1.2 m | — | -47.5% | — | 0.0% | −77% / −98% |
1- and 3-year price returns: for CUPR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 27 Apr 2026; since then the company filed 6-K (20 Oct 2026), 6-K (02 Oct 2026), 6-K (29 Sept 2026), 6-K (18 Sept 2026), 6-K (15 Jun 2026).
In brief
Cuprina Holdings is a Singapore-based biotechnology company developing and selling products for chronic wound care, most notably the MEDIFLY sterile maggot bio-dressing. The company is small and still loss-making, and its relevance lies in the growing chronic wound care market driven by an ageing population, with revenue of S$49,894 thousand in fiscal 2025 and a net loss of S$4,673,447.
SWOT
Strengths
- The company already sells one product, MEDIFLY, with a hospital customer base that has stayed loyal from one year to the next.
- Its pipeline is built on exclusive licences and university collaborations, which reduces the upfront investment needed to develop products.
- The company holds ISO 13485 certification for its Singapore manufacturing facility, supporting product quality.
Weaknesses
- The company records repeated net losses and has not yet demonstrated profitability.
- Revenue depends heavily on one product and one market, Singapore, which increases vulnerability.
- The company has a very small team, which limits its capacity to execute an extensive plan.
Opportunities
- Expansion into the Middle East and mainland China could open large markets if regulatory registrations are completed.
- Launching the collagen and iodine products could diversify the portfolio and reduce dependence on a single product.
- FDA clearance could open access to the US market.
Threats
- Regulatory delays or refusals could postpone launches of products in development.
- Competition from surgical treatments and conventional dressings could limit product adoption.
- A reduction or end of government grants could affect the company's financial position.
Risks
- Recurring losses and no profitabilityhigh
The company has not achieved profitability and cannot assure it ever will, which could make it harder to finance the business.
- Liquidity and negative operating cash flowhigh
The company has had net operating cash outflows in recent years, and if this continues, its working capital could become constrained.
- Uncertain regulatory approvalshigh
FDA clearance and other approvals are lengthy and unpredictable, and a refusal would seriously affect the company's plans.
- Dependence on a single productmedium
Most revenue comes from MEDIFLY, so market or regulatory problems with this product would have a major impact.
- Discontinuation of government grantslow
The company benefits from employment-related grants, and their removal could affect financial results.
Investment thesis
What would need to be true (bull case)
- The chronic wound care market keeps growing, and an already commercial product with loyal customers gives the company a concrete base for expansion.
- If pipeline products obtain the necessary approvals, the portfolio could expand significantly and reduce dependence on one product.
- University partnerships and joint ventures let the company develop several products without large infrastructure investment.
What would break the thesis
- The company is not profitable and spends more than it earns, which could make costly additional financing necessary.
- Revenue is concentrated in one product and one market, so a fall in demand in Singapore would have a serious effect.
What to watch
- The company's response to the FDA request for additional information on MEDIFLY and the 510(k) clearance decision2026
- Start of clinical trials for the bullfrog collagen sponge dressingend of 2026
- Trend in net loss and operating cash flownext 10-K
- Progress of product registrations in Saudi Arabia and mainland China2026-2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 27 Apr 2026; since then the company filed 6-K (20 Oct 2026), 6-K (02 Oct 2026), 6-K (29 Sept 2026), 6-K (18 Sept 2026), 6-K (15 Jun 2026).
The business
Cuprina Holdings (Cayman) Ltd is a biomedical and biotechnology company based in Singapore, incorporated as a Cayman Islands holding company in September 2023 and listed on Nasdaq under CUPR since April 2025. Its main operations run through Cuprina Pte. Ltd. in Singapore and focus on chronic wound care products, alongside a cosmeceutical segment. The company had 10 full-time employees at the end of 2025.
Its commercial product, MEDIFLY, is a sterile medical grade blowfly larvae device used for biological debridement in Maggot Debridement Therapy, an alternative to surgical debridement. Products are sold mainly to public and private hospitals and clinics in Singapore, and since March 2023 also in Hong Kong. The company is working toward FDA 510(k) clearance for its products.
The pipeline includes collagen dressings derived from bullfrog skin waste, medical leech products and, through a joint venture with Aiodine Laboratory, iodine-based antiseptic wound care products. Commercial availability is expected over 2026 and 2027, subject to regulatory approval.
Segments
Chronic wound care (MEDIFLY)
This segment generates most of the revenue, with MEDIFLY accounting for 88.6% of revenue in fiscal 2025 according to the company's filing. Products are sold to hospitals and clinics, and the customer base has shown loyalty, with 70.6% of chronic wound care customers in 2024 continuing to buy in 2025.
Cosmeceuticals
The cosmeceutical segment launched in 2023 with three products (a hydrating balm, a muscle energy cream and a muscle pain relief patch) and is sold through retailers, gyms and online platforms. Planned bullfrog collagen cosmeceuticals depend on the progress of R&D work.
Market context
The global chronic wound care market was valued at US$15.27 billion in 2025 and is projected to reach US$29.22 billion by 2034, a CAGR of 7.5%, according to a source cited by the company. Growth is supported by an ageing population and rising prevalence of diabetes, obesity and peripheral vascular disease.
The company plans to expand into Southeast Asia, the GCC countries and mainland China, where it has begun registration steps with local authorities. If these registrations are completed, the new markets could become a growth source, but this remains uncertain.
Trends
- Ageing population and chronic diseasetailwind
A rising number of older people and growing rates of diabetes, obesity and cardiovascular disease increase the number of chronic wounds needing treatment, supporting demand for the company's products.
- Antimicrobial resistancetailwind
Growing concern over hard-to-treat infections such as MRSA may favour alternative treatments such as maggot therapy, which the company promotes.
- Stricter regulatory requirementsheadwind
The FDA 510(k) clearance and other approval processes are lengthy and uncertain, and delays could postpone launches of products in development.
- Pressure on healthcare budgetsmixed
How insurers and governments reimburse medical products can influence market access and pricing, and a lack of insurance coverage could limit sales.
Competitive position
The company competes with other chronic wound care options, including surgical debridement and conventional dressings, which are already accepted by physicians and hospitals. Its claimed advantage of lower total cost and faster healing has not yet been widely demonstrated in the markets it targets.
The sources reviewed do not identify US-listed competitors that can be directly compared with the company. As collagen and iodine-based products enter the market, competition with advanced dressing makers could increase.
- Surgical debridement services
Surgical debridement is the alternative the company names to larval therapy and is a standard hospital practice.
- Conventional wound dressings
Standard dressing products used in hospitals and clinics are the direct competition for larval or collagen-based products.
- Collagen dressing manufacturers
Other companies developing collagen or other biological dressings compete for the same hospital customers.
- Iodine antiseptic producers
Iodine-based antiseptic products are already present in the wound care market, and the company enters it through a joint venture.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)20 Oct 2026
- Current report (foreign issuer)02 Oct 2026
- Current report (foreign issuer)29 Sept 2026
- Current report (foreign issuer)18 Sept 2026
- Current report (foreign issuer)18 Sept 2026
- Current report (foreign issuer)15 Jun 2026
- Current report (foreign issuer)12 Jun 2026
- Current report (foreign issuer)14 May 2026
- Annual report (foreign issuer)27 Apr 2026
- Current report (foreign issuer)21 Apr 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Cuprina Holdings (Cayman) Ltd · 27 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.