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olivLaw · US equity research

Impact BioMedical Inc. IBO

Pharmaceutical Preparations · SIC 2834 · Vertical: Pharmaceutical Preparations (SIC 2834)

4.10USD+1.99% · 1 dayClose 04 Nov 2026

Impact BioMedical develops and patents scientific technologies that it licenses or co-develops with health and wellness partners, including medicines for neurological, oncologic and inflammatory diseases. The company has very small revenue, almost entirely from sales of its Celios air purifiers, and 2026 filings show a slowdown worth watching as it pursues a planned merger.

At the close of 04 Nov 2026, Impact BioMedical Inc. (IBO) stock was 4.10 USD (+1.99% on the day), with market capitalisation 442.1 m USD, P/E 560.3 on diluted EPS of -0.38 USD over the last 12 months, beta -0.67, 52-week range 2.68–9.87 USD. Latest reported quarter (Q2 2026): revenue of 3.0 k USD (−57.1% YoY), net income of -699.0 k USD, diluted EPS -0.01 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
442.1 m USD
shares as of 04 Aug 2026
P/E (TTM)
560.3
Diluted EPS TTM -0.38 · TTM to 31 Dec 2025
E/P (TTM)
-9.27%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
-0.67
Volatility (1y) 114%
52-week range
2.689.87

Price history

Loading chart…

Technical reading

RSI (14)
48.1
neutral
Bollinger (20, 2)
2.91 – 4.53
in the upper half of the band · %B 0.73 · band width 43.6%
SMA 50 / 200
5.06 / 6.23
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.29 / -0.43
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

CompanyS&P 500vs S&P 500Vertical median
1 month−15.3%−1.1%−14.2 pp—
3 months−24.7%−0.5%−24.2 pp—
6 months−49.0%+4.4%−53.4 pp—
Year to date−35.9%+12.3%−48.2 pp—
1 year−39.2%+13.5%−52.8 pp+8.9%
3 yearsunavailable+76.4%unavailable+13.0%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
−72.9%
20 Mar 2026 → 16 Oct 2026
Max drawdown (5y)
−95.7%
21 Mar 2025 → 16 Oct 2026
Compound annual growth (5y)
unavailable
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
3.0 k USD
−57.1% YoY
Net income
-699.0 k USD
unavailable YoY
Diluted EPS
-0.01
unavailable YoY
net / operating
-23,300.0% / -23,400.0%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue———7.0 k18.0 k7.0 k7.0 k3.0 k
Cost of revenue———1.0 k1.0 k422.0 k—1.0 k
Research & development82.0 k-108.0 k103.0 k75.0 k52.0 k110.0 k46.0 k76.0 k
SG&A132.0 k294.0 k248.0 k246.0 k261.0 k118.0 k1.6 m167.0 k
Operating income-1.1 m-26.2 m-1.0 m-1.2 m-948.0 k-1.2 m-2.3 m-702.0 k
Depreciation & amortisation281.0 k279.0 k283.0 k288.0 k288.0 k286.0 k285.0 k284.0 k
Interest expense305.0 k270.0 k271.0 k260.0 k262.0 k0——
Pre-tax income4.2 m-27.1 m-1.3 m-14.4 m-1.5 m2.7 m-2.3 m-700.0 k
Net income4.2 m-27.1 m-1.3 m-14.3 m-1.5 m5.2 m-2.3 m-699.0 k
Diluted EPS0.06—-0.11-1.18-0.12—-0.02-0.01
Operating cash flow-1.0 m ≈-986.0 k-682.0 k-694.0 k ≈-613.0 k ≈99.0 k-464.0 k470.0 k ≈

≈ derived quarter (cumulative difference / share-days average)

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 year2022202320242025
Revenue50.0 kunavailableunavailable32.0 k
Revenue YoYunavailableunavailableunavailableunavailable
Net income-7.3 m-4.3 m-24.7 m-11.8 m
Net income YoYunavailableunavailableunavailableunavailable
Diluted EPS-0.10-0.07-2.30-0.38
Diluted EPS YoYunavailableunavailableunavailableunavailable
net %-14,510.0%unavailableunavailable-36,993.8%
Free cash flowunavailableunavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
3.0 k USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
15.6 m USD
Total assets
17.4 m USD
Debt / equity
unavailable
Current ratio
0.35x
ROE
-103.9%
ROA
-62.8%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
—
2024
—
2025
32.0 k

SEC (XBRL)· 11 Mar 2026verified

Cost of revenue
2023
—
2024
—
2025
424.0 k

SEC (XBRL)· 11 Mar 2026verified

Gross profit
2023
—
2024
—
2025
-392.0 k ≈

SEC (XBRL)· 11 Mar 2026derived

Research & development
2023
1.7 m
2024
278.0 k
2025
340.0 k

SEC (XBRL)· 11 Mar 2026verified

SG&A
2023
315.0 k
2024
718.0 k
2025
873.0 k

SEC (XBRL)· 11 Mar 2026verified

Operating income
2023
-4.0 m
2024
-28.8 m
2025
-4.3 m

SEC (XBRL)· 11 Mar 2026verified

Depreciation & amortisation
2023
1.1 m
2024
1.1 m
2025
1.1 m

SEC (XBRL)· 11 Mar 2026verified

EBITDA
2023
-2.9 m ≈
2024
-27.6 m ≈
2025
-3.1 m ≈

SEC (XBRL)· 11 Mar 2026derived

Interest expense
2023
444.0 k
2024
1.1 m
2025
793.0 k

SEC (XBRL)· 11 Mar 2026verified

Pre-tax income
2023
-4.4 m
2024
-24.7 m
2025
-14.5 m

SEC (XBRL)· 11 Mar 2026verified

Income tax
2023
—
2024
33.0 k
2025
-2.6 m

SEC (XBRL)· 11 Mar 2026verified

Net income
2023
-4.3 m
2024
-24.7 m
2025
-11.8 m

SEC (XBRL)· 11 Mar 2026verified

Diluted EPS
2023
-0.07
2024
-2.30
2025
-0.38

SEC (XBRL)· 11 Mar 2026verified

Balance sheet · USD

Cash
2023
1.0 k
2024
2.0 m
2025
3.0 k

SEC (XBRL)· 11 Mar 2026verified

Receivables
2023
0
2024
—
2025
5.0 k

SEC (XBRL)· 11 Mar 2026verified

Inventories
2023
—
2024
—
2025
63.0 k

SEC (XBRL)· 11 Mar 2026verified

Current assets
2023
332.0 k
2024
2.4 m
2025
411.0 k

SEC (XBRL)· 11 Mar 2026verified

Property, plant & equipment, net
2023
287.0 k
2024
17.0 k
2025
—

SEC (XBRL)· 28 Mar 2025verified

Goodwill
2023
25.1 m
2024
25.1 m
2025
—

SEC (XBRL)· 14 May 2025verified

Intangibles (excl. goodwill)
2023
18.9 m
2024
17.8 m
2025
17.0 m

SEC (XBRL)· 11 Mar 2026verified

Total assets
2023
44.6 m
2024
20.3 m
2025
17.4 m

SEC (XBRL)· 11 Mar 2026verified

Accounts payable
2023
832.0 k
2024
314.0 k
2025
347.0 k

SEC (XBRL)· 11 Mar 2026verified

Current liabilities
2023
13.1 m
2024
9.8 m
2025
1.2 m

SEC (XBRL)· 11 Mar 2026verified

Total liabilities
2023
16.4 m
2024
13.1 m
2025
1.9 m

SEC (XBRL)· 11 Mar 2026verified

Equity
2023
28.3 m
2024
7.2 m
2025
15.6 m

SEC (XBRL)· 11 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-2.9 m
2024
-2.9 m
2025
-1.9 m

SEC (XBRL)· 11 Mar 2026verified

Investing cash flow
2023
-15.0 k
2024
2.0 k
2025
3.0 k

SEC (XBRL)· 11 Mar 2026verified

Financing cash flow
2023
2.9 m
2024
4.9 m
2025
-109.0 k

SEC (XBRL)· 11 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
unavailable
input data missing
Revenue CAGR 3Y
-13.8%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
-1,111.4%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
-11,331.4%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
-14,597.1%
computed by olivLawTTM to 30 Jun 2026
Net margin
2,254.3%
computed by olivLawTTM to 30 Jun 2026
FCF margin
unavailable
input data missing

Returns

ROE
371.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
4.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
-34.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
-6.4x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
0.2x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
0.1x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
unavailable
input data missing

Cash

Operating cash flow
-508.0 k USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
236 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
439 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
442.1 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
560.3x
computed by olivLawTTM to 30 Jun 2026
P/E (TTM)
560.3x
computed by olivLawTTM to 30 Jun 2026
Earnings yield
0.2%
computed by olivLawTTM to 30 Jun 2026
P/B
41.1x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
12,630.5x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 35.4% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

4.10 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 442.1 m USD

Key indicators

Market capitalisation
442.1 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
560.3x
computed by olivLawTTM to 30 Jun 2026
P/B
41.1x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
371.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
2,254.3%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
unavailable
input data missing
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

28/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 04 Aug 2026
Source: SEC (XBRL)published 07 Aug 2026
verified 513derived 43

Score by group

35% · Insufficient data

Estimated value range

Low
0.11
USD per share
Mid
0.16
USD per share
High
0.32
USD per share
Price: 4.10 USD
The price is above the range
Potential to the central value: -96.1% (value / price − 1)
Margin of safety: -2,437.5% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.11 – 0.32 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/E0.11 – 0.32 (Mid 0.16)
    16 companies used · median multiple 22.1x · quartiles 14.6x – 43.2x
    ABBV, ABT, ALNY, BMY, COLL, HRMY, JNJ, KMDA, LLY, OMER, PFE, REGN, RPRX, UTHR, VRTX, ZTS
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Multiple comparisons use the SIC vertical: Pharmaceutical Preparations (SIC 2834)

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: 5 of at least 6; score weight coverage: 35.4% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality2,254.3%100 (vs peers)18%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-13.8%0 (on a fixed band)24%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-6.4x0 (on a fixed band)18%
Current ratio · Balance sheet0.2x0 (on a fixed band)12%
P/E (TTM) · Valuation560.3x5 (vs peers)29%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet0/100 · 2/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality· partial100/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial5/100 · 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

Impact BioMedical, INC. (IBO). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 32.0 k USD in 2025; net margin 2,254.3%; ROE 371.3%.

The estimated value range is 0.11–0.32 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.16 USD, the price of 4.10 USD leaves a potential of -96.1% (value / price − 1) and a margin of safety of -2,437.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Net margin: 2,254.3%

What contradicts it

  • Revenue CAGR 3Y: -13.8%
  • Interest coverage: -6.4x
  • Current ratio: 0.2x
  • P/E (TTM): 560.3x
  • The price is above the estimated value range

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Pharmaceutical Preparations (SIC 2834) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
560.3x
vertical median 35.3x
above median (+1,485.7%)
EV/EBITDA
—
vertical median 20.2x
P/S
12,630.5x
vertical median 4.3x
above median (+293,390.9%)
P/B
41.1x
vertical median 4.0x
above median (+920.2%)
ROE
371.3%
vertical median -12.2%
above median
Net margin
2,254.3%
vertical median 6.3%
above median (+35,463.8%)
EBIT margin
-14,597.1%
vertical median 10.2%
below median (−142,704.4%)
Revenue YoY
—
vertical median 5.1%
Net debt/EBITDA
—
vertical median -0.2x
Dividend yield
—
vertical median 2.2%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
LLYEli Lilly And Company1,334.0 bn46.086.1%31.9%+44.7%+32% / +140%
JNJJohnson & Johnson665.2 bn41.920.0%16.2%+6.0%+34% / +79%
ONCBeone Medicines Ltd.558.4 bn869.914.7%10.7%+40.2%+11% / +102%
ABBVAbbVie Inc.521.1 bn50.7—15.7%+8.6%+29% / +107%
MRKMerck & Co., Inc.370.7 bn154.75.1%3.6%+1.3%+43% / +47%
ABTAbbott Laboratories200.1 bn43.09.2%9.7%+5.7%−10% / +11%
PFEPfizer Inc175.5 bn43.94.4%6.3%−1.6%+20% / +1%
VRTXVertex Pharmaceuticals Inc139.2 bn35.320.8%30.7%+8.9%+27% / +55%
BMYBristol-Myers Squibb Company131.2 bn14.244.1%18.5%−0.2%+30% / +30%
TEVATeva Pharmaceutical Industries Limited48.8 bn97.46.6%3.6%+4.3%+56% / +326%
ZTSZoetis Inc.36.9 bn14.764.4%27.5%+2.3%−30% / −50%
ROIVRoivant Sciences Ltd.27.6 bn—-6.2%-3,535.0%−71.6%+84% / +300%
RPRXRoyalty Pharma plc26.2 bn47.76.9%25.7%+5.1%+69% / +150%
UTHRUnited Therapeutics Corporation25.9 bn23.019.1%38.6%+10.6%+25% / +154%
INSMInsmed Inc24.1 bn—-72.5%-39.9%+66.7%−47% / +340%
VTRSViatris Inc.22.1 bn—-23.6%-23.9%−3.0%+80% / +109%
ALNYAlnylam Pharmaceuticals, Inc.21.6 bn8.1126.6%52.8%+65.2%−64% / −4%
ORKAOruka Therapeutics, Inc.6.7 bn—-18.2%—unavailable+237% / +364%
HRMYHarmony Biosciences Holdings, Inc.2.0 bn11.418.7%18.1%+21.5%−2% / +18%
OMEROmeros Corp1.3 bn10.5——−34.0%+88% / +730%
VSTMVerastem, Inc.892.0 m—-471.2%-231.6%+209.1%−7% / +43%
COLLCollegium Pharmaceutical, Inc.770.6 m19.117.6%5.9%+23.6%−49% / −8%
IBOImpact BioMedical, INC.442.1 m560.3371.3%2,254.3%unavailable−39% / unavailable
KMDAKamada Ltd428.0 m21.27.6%11.2%+12.1%+11% / +57%
EPRXEupraxia Pharmaceuticals Inc.240.9 m—-66.8%—unavailable+9% / unavailable

1- and 3-year price returns: for IBO 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.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
2.19
Total return -47% · Per year -47%
3.90
Total return -5% · Per year -5%
5.89
Total return 44% · Per year 44%
3 years
1.74
Total return -58% · Per year -25%
3.52
Total return -14% · Per year -5%
5.89
Total return 44% · Per year 13%
5 years
1.38
Total return -66% · Per year -20%
3.17
Total return -23% · Per year -5%
5.89
Total return 44% · Per year 8%
What moves the 3-year price the most
  • Exit P/E± 0.88
  • Net margin± 0.62
  • Annual revenue growth± 0.56
  • Annual dilution± 0.05

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.

In brief

Impact BioMedical develops and patents scientific technologies that it licenses or co-develops with health and wellness partners, including medicines for neurological, oncologic and inflammatory diseases. The company has very small revenue, almost entirely from sales of its Celios air purifiers, and 2026 filings show a slowdown worth watching as it pursues a planned merger.1

SWOT

Strengths

  • Extensive portfolio of issued and pending patents that supports the value of licensed technologies.
  • Active licensing agreement with a pharmaceutical partner that could generate milestone and royalty payments.
  • Major debt settled through conversion, simplifying the balance sheet and removing non-trade debt obligations.

Weaknesses

  • Very small revenue and near-total dependence on a single product line, Celios.
  • Recurring operating losses and an uncertain timeline to profitability.
  • Very small workforce and reliance on shared services with another shareholder.

Opportunities

  • If a licensing partner brings products to market, the company could receive milestone and royalty payments.
  • Interest in air purification could support expansion of the Celios line.
  • Completing the planned merger could bring capital and manufacturing resources.

Threats

  • Sales difficulties and impaired inventory could continue to weigh on Celios revenue.
  • Larger competitors may have superior resources and could develop similar technologies faster.
  • Changes in patent law could raise costs and reduce licensing revenue.

Risks

  • Protection of intellectual propertyhigh

    If patents are not adequately protected or are challenged, the company could lose potential revenue and suffer operational harm. 1

  • Need for fundinghigh

    The company states it may not obtain the funds its business plan requires, which could materially affect its financial condition. 1

  • Dependence on partnersmedium

    The loss of a partner or its failure to perform could delay development and commercialization of products. 1

  • Clinical trial outcomesmedium

    Clinical trials may fail or reveal side effects, which could reduce the value of products for partners. 1

  • Cybersecuritylow

    Breaches of the company's or third-party vendors' systems could expose sensitive data and interrupt operations. 1

Investment thesis

What would need to be true (bull case)

  • The patent portfolio and licensing agreements could generate significant revenue if partners bring products to market.
  • Elimination of major debt and the planned merger could strengthen the balance sheet and accelerate new product development.
  • The Celios line could become a steadier revenue source if demand for air purification keeps growing.

What would break the thesis

  • Revenue is nearly nonexistent and operating losses could continue without a clear timeline to profitability.
  • Celios sales declined in the second quarter of 2026, and impaired inventory suggests sales difficulties.
  • The company depends on partners and outside funding; if these do not materialize, plans could be delayed.

What to watch

  • Status of the merger with Dr. Ashleys Limited and the structure of the new entity2026
  • Celios revenue and inventory trendsQ3 2026
  • Payments from ProPhase Laboratories under the Linebacker and Equivir licensesnext 10-K
  • Need for additional funding and how it is coverednext 10-K

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.

The business

Impact BioMedical Inc. (NYSE American: IBO) discovers, confirms and patents unique scientific technologies that can be developed into new health and wellness offerings, in collaboration with external partners through licensing, co-development or joint ventures. Its operations run through four principal subsidiaries, and its business model includes partnering and potentially direct sales. 1 Reported revenue is minimal: in fiscal 2025 the company recorded 32000 USD from retail sales of the Celios technology, acquired in February 2025. 1

The company manages an intellectual property portfolio that it describes as central to its value: at the end of 2025 it had sixty issued and over sixty pending patents, and its annual report states it holds rights to sixty-nine issued patents. 1 Management presents this portfolio as the core asset, although it has not yet generated significant revenue from it. 1

Impact BioMedical was incorporated in Nevada in 2018 and has a very small workforce: two full-time employees and six employees shared with DSS as of December 31, 2025. 1 The company has announced a reverse merger with Dr. Ashleys Limited and a debt conversion with DSS, Inc. that settled about 15 million USD of debt, which could change its financial structure. 1

Segments

Licensed and developing technologies

The Linebacker and Equivir platforms are licensed to ProPhase Laboratories (NASDAQ: PRPH), from which Impact could receive milestone and royalty payments. Laetose, with a composition patent allowed in the United States, targets consumer or biopharmaceutical products, while 3F, developed with Chemia Corporation, targets antimicrobial and industrial additive uses. 1

Celios air purification

Celios is the only product line generating sales in the periods reviewed. Acquired in 2025, the technology uses a three-stage mechanical filtration system that the company says could generate immediate revenue. Sales run through online channels and third-party distributors; revenue in the first six months of 2026 rose versus the same period of 2025, but the second quarter declined. 12

Operating costs

Total costs fell to 705000 USD in the second quarter of 2026 from 1160000 USD a year earlier, while for the first six months total costs rose to 3000000 USD, influenced by a large stock-based compensation charge. 2

Market context

The company operates in antivirals, antimicrobials, specialty biopharmaceuticals and consumer wellness products, often derived from natural elements. It targets both developed and emerging markets and argues its solutions address unmet medical needs. 1

Revenue depends mainly on licensing, milestone payments and royalties from pharmaceutical and consumer-goods partners, while direct sales remain limited. If partners fail to commercialize the technologies, revenue could remain small. 1

Trends

  • Interest in indoor air qualitytailwind

    Demand for air purifiers with advanced filtration could rise after concerns about airborne disease, which would support the Celios line. The company names tuberculosis and influenza among its target areas. 1

  • Pressure on purifier revenueheadwind

    Celios sales declined in the second quarter of 2026, and storage costs and impaired inventory point to sales difficulties. If the decline continues, the effect on revenue could become visible. 21

  • Consolidation in biotechnologymixed

    Mergers and acquisitions in pharmaceuticals could concentrate resources among a few large players, which could intensify competition for smaller companies. Impact relies on partnerships to offset this disadvantage. 1

  • Patent regulationheadwind

    Legislative changes on obtaining and enforcing patents, including at the United States Patent and Trademark Office, could raise litigation costs and reduce licensing revenue. 1

Competitive position

Impact BioMedical competes with major pharmaceutical companies, specialty pharmaceutical and biotechnology firms, academic institutions, governmental agencies and public and private research institutes. The company says many competitors have substantially greater financial, technical and human resources. 1

Its stated advantages are its technology, development experience, scientific knowledge and patent portfolio. Success could nevertheless depend on attracting qualified personnel, obtaining regulatory approvals and negotiating competitive pricing and reimbursement. 1

  • ProPhase LaboratoriesPRPH

    Partner that holds licenses for Linebacker and Equivir with worldwide development and commercialization rights.

  • Chemia Corporation

    Development partner for the 3F technology, a developer and manufacturer of fragrances and flavors.

  • Major pharmaceutical companies

    Competitors with far greater resources that could develop or license similar compounds.

  • Biotechnology companies and research institutes

    Competitors that could accelerate discovery of novel compounds and affect the success of products.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Impact BioMedical Inc. · 11 Mar 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Impact BioMedical Inc. · 07 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.