olivLaw · US equity research
iTonic Holdings Ltd ITOC
Electromedical & Electrotherapeutic Apparatus · SIC 3845 · Vertical: Electromedical & Electrotherapeutic Apparatus (SIC 3845)
iTonic Holdings Ltd, formerly Pheton Holdings, is a healthcare solutions provider operating mainly through Beijing Feitian in China, which develops and sells treatment planning software (TPS) for brachytherapy. Revenue edged up in 2025 while the net loss grew sharply on general and administrative costs, and the company is now extending into the United States through its acquisition of iTonic Corporation.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, iTonic Holdings Ltd (ITOC) stock was 1.93 USD (−14.60% on the day), with beta 0.84, 52-week range 1.93–14.43 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 26.3
- oversold (≤ 30)
- Bollinger (20, 2)
- 1.89 – 4.51
- in the lower half of the band · %B 0.01 · band width 81.9%
- SMA 50 / 200
- 4.12 / 5.15
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.55 / -0.46
- MACD below 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 | −52.5% | −1.1% | −51.4 pp | — |
| 3 months | −58.4% | −0.5% | −58.0 pp | — |
| 6 months | −64.5% | +4.4% | −68.9 pp | — |
| Year to date | −71.3% | +12.3% | −83.7 pp | — |
| 1 year | −80.5% | +13.5% | −94.1 pp | −0.4% |
| 3 years | unavailable | +76.4% | unavailable | −18.0% |
| 5 years | unavailable | +63.7% | 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 | 679.8 k | 628.6 k | 448.2 k | 523.0 k |
| Revenue YoY | unavailable | −7.5% | −28.7% | +16.7% |
| Net income | 84.0 k | -241.2 k | -660.6 k | -5.1 m |
| Net income YoY | unavailable | −387.2% | unavailable | unavailable |
| Diluted EPS | 0.01 | -0.02 | -0.05 | -0.32 |
| Diluted EPS YoY | unavailable | −385.7% | unavailable | unavailable |
| net % | 12.4% | -38.4% | -147.4% | -974.7% |
| Free cash flow | unavailable | unavailable | -775.9 k | -3.2 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.5 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 8.1 m USD
- Total assets
- 9.1 m USD
- Debt / equity
- unavailable
- Current ratio
- 8.83x
- ROE
- -71.2%
- ROA
- -64.5%
- FCF margin
- -618.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 679.8 k | 628.6 k | 448.2 k | 523.0 k | SEC (XBRL)· 30 Mar 2026verified |
| Cost of revenue | 121.6 k | 157.8 k | 67.0 k | 195.7 k | SEC (XBRL)· 30 Mar 2026verified |
| Gross profit | 558.2 k | 470.8 k | 381.2 k | 327.4 k | SEC (XBRL)· 30 Mar 2026verified |
| Research & development | 73.7 k | 84.5 k | 93.3 k | 459.1 k | SEC (XBRL)· 30 Mar 2026verified |
| Operating income | 27.5 k | -306.7 k | -770.3 k | -5.2 m | SEC (XBRL)· 30 Mar 2026verified |
| Pre-tax income | 71.0 k | -260.5 k | -638.8 k | -5.1 m | SEC (XBRL)· 30 Mar 2026verified |
| Income tax | -13.0 k | -19.3 k | 21.8 k | — | SEC (XBRL)· 20 Mar 2025verified |
| Net income | 84.0 k | -241.2 k | -660.6 k | -5.1 m | SEC (XBRL)· 30 Mar 2026verified |
| Diluted EPS | 0.01 | -0.02 | -0.05 | -0.32 | SEC (XBRL)· 30 Mar 2026verified |
| Weighted average diluted shares | 12.0 m | 12.0 m | 12.7 m | 16.0 m | SEC (XBRL)· 30 Mar 2026verified |
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 72.3 k | 217.9 k | 6.2 m | 1.5 m | SEC (XBRL)· 30 Mar 2026verified |
| Receivables | — | 206.3 k | 281.6 k | 288.5 k | SEC (XBRL)· 30 Mar 2026verified |
| Inventories | — | 52.3 k | 117.4 k | 52.5 k | SEC (XBRL)· 30 Mar 2026verified |
| Current assets | — | 532.5 k | 6.7 m | 4.1 m | SEC (XBRL)· 30 Mar 2026verified |
| Property, plant & equipment, net | — | 58.9 k | 45.6 k | 37.8 k | SEC (XBRL)· 30 Mar 2026verified |
| Goodwill | — | — | — | 2.0 m | SEC (XBRL)· 30 Mar 2026verified |
| Intangibles (excl. goodwill) | — | — | — | 2.4 m | SEC (XBRL)· 30 Mar 2026verified |
| Total assets | — | 1.6 m | 6.7 m | 9.1 m | SEC (XBRL)· 30 Mar 2026verified |
| Accounts payable | — | 18.0 k | 10.4 k | 66.9 k | SEC (XBRL)· 30 Mar 2026verified |
| Current liabilities | — | 1.2 m | 538.6 k | 462.8 k | SEC (XBRL)· 30 Mar 2026verified |
| Total liabilities | — | 1.3 m | 538.6 k | 969.8 k | SEC (XBRL)· 30 Mar 2026verified |
| Equity | 556.3 k | 306.3 k | 6.2 m | 8.1 m | SEC (XBRL)· 30 Mar 2026verified |
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -116.2 k | -63.6 k | -775.0 k | -3.2 m | SEC (XBRL)· 30 Mar 2026verified |
| Capex | — | — | 861 | 3.8 k | SEC (XBRL)· 30 Mar 2026verified |
| Free cash flow | — | — | -775.9 k ≈ | -3.2 m ≈ | SEC (XBRL)· 30 Mar 2026derived |
| Investing cash flow | — | — | -861 | -1.4 m | SEC (XBRL)· 30 Mar 2026verified |
| Financing cash flow | 78.1 k | 220.6 k | 6.7 m | -91.6 k | SEC (XBRL)· 30 Mar 2026verified |
| Dividends paid | 398.4 k | — | — | 8.9 k | SEC (XBRL)· 30 Mar 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: 3 of at least 6
- score weight coverage: 18.8% 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: unavailable
Key indicators
Coverage and freshness
Score by group
19% · 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 · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
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: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -974.7% | 5 (vs peers) | 33% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -8.4% | 0 (on a fixed band) | 44% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 8.8x | 100 (on a fixed band) | 22% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| 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 sheet· partial100/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial5/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
iTonic Holdings Ltd (ITOC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 523.0 k USD in 2025; YoY growth 16.7%; net margin -974.7%; ROE -82.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% 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: 8.8x
What contradicts it
- Net margin: -974.7%
- Revenue CAGR 3Y: -8.4%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Electromedical & Electrotherapeutic Apparatus (SIC 3845) · same industry (4-digit SIC) · compared with 24 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 | |
|---|---|---|---|---|---|---|
| MDTMedtronic plc | 134.3 bn | 25.8 | 10.7% | 13.9% | +8.4% | −0% / +32% |
| LIVNLivaNova PLC | 5.2 bn | 31.3 | 15.5% | 13.0% | +10.7% | +48% / +110% |
| ITGRInteger Holdings Corporation | 4.3 bn | 42.5 | 6.0% | 5.7% | +8.0% | +75% / +45% |
| AXGNAxogen, Inc. | 3.1 bn | — | -10.3% | -12.0% | +20.2% | +79% / +684% |
| TMDXTransMedics Group, Inc. | 2.5 bn | 18.9 | 36.3% | 22.7% | +37.1% | −50% / −4% |
| BLFSBioLife Solutions, Inc. | 1.9 bn | 33.5 | 15.1% | 56.4% | +28.9% | unavailable / unavailable |
| CNMDConmed Corporation | 1.6 bn | 21.8 | 7.1% | 5.4% | +5.2% | +24% / −50% |
| CBLLCeriBell, Inc. | 1.1 bn | — | -52.5% | -68.0% | +36.1% | +61% / unavailable |
| INMDInMode Ltd. | 899.7 m | 9.9 | 13.5% | 25.3% | −6.2% | −0% / −40% |
| CVCapsoVision, Inc | 342.8 m | — | — | -214.7% | +15.3% | +23% / unavailable |
| ELMDElectromed, Inc. | 234.3 m | 21.5 | 23.3% | 15.3% | +15.3% | +5% / +172% |
| FOCLEdap Tms SA | 162.9 m | — | -321.7% | -49.1% | +1.6% | +81% / −17% |
| VANIVivani Medical, Inc. | 96.5 m | — | -220.4% | — | unavailable | −21% / +13% |
| STXSStereotaxis, Inc. | 95.9 m | — | -325.9% | -74.2% | +20.3% | −61% / −42% |
| NRXSNeuraxis, Inc. | 86.1 m | — | -139.8% | -144.4% | +32.9% | +147% / +117% |
| OMOutset Medical, Inc. | 83.8 m | — | -63.0% | -58.3% | +5.1% | −3% / −94% |
| ECORelectroCore, Inc. | 77.5 m | — | — | -33.5% | +27.2% | +66% / +49% |
| POCIPrecision Optics Corporation, Inc. | 53.1 m | — | -22.3% | -11.5% | +65.2% | +3% / −18% |
| NXLNexalin Technology, Inc. | 34.4 m | — | -240.3% | -4,139.4% | +78.8% | −95% / −87% |
| QTIQt Imaging Holdings, Inc. | 32.1 m | — | -2,125.0% | -77.3% | +287.9% | −64% / −99% |
| NUWENuwellis, Inc. | 19.2 m | — | — | -125.6% | −5.4% | −94% / −100% |
| IRIXIridex Corp | 12.6 m | — | -73.1% | -6.9% | unavailable | −26% / −72% |
| NDRAEndra Life Sciences Inc. | 7.4 m | — | -152.0% | — | unavailable | −16% / −100% |
| ITOCiTonic Holdings Ltd | — | — | -82.8% | -974.7% | +16.7% | −81% / unavailable |
| HYPRHyperfine, Inc. | 0 | — | -97.0% | -210.8% | +5.2% | −30% / −41% |
1- and 3-year price returns: for ITOC 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
Scenarios are not available. input data missing
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 30 Mar 2026; since then the company filed 6-K (02 Oct 2026), 6-K (30 Sept 2026), 6-K (10 Sept 2026), 6-K (27 Aug 2026), 6-K (26 Aug 2026), 6-K (23 Jun 2026).
In brief
iTonic Holdings Ltd, formerly Pheton Holdings, is a healthcare solutions provider operating mainly through Beijing Feitian in China, which develops and sells treatment planning software (TPS) for brachytherapy. Revenue edged up in 2025 while the net loss grew sharply on general and administrative costs, and the company is now extending into the United States through its acquisition of iTonic Corporation 1.
SWOT
Strengths
Weaknesses
- The company depends almost entirely on one product and one market, China, which concentrates its exposure 1.
- General and administrative expenses rose sharply in 2025, pushing the net loss far above revenue 1.
- The gross margin fell in 2025 and FTTPS unit sales declined, showing how sensitive revenue is to the number of contracts 1.
Opportunities
- If iTonic Corporation develops its home-care system, the company could diversify its revenue sources 1.
- Expansion into Southeast Asia, where an export certificate for FTTPS was obtained, could add new customers if the plan is restarted 1.
- FTTPS upgrade services, including support for new isotopes, could generate recurring revenue 1.
Threats
Risks
- Large net loss and rising costshigh
General and administrative costs multiplied in 2025 and the net loss reached many times revenue, which could limit financing capacity 1.
- Nasdaq delisting riskhigh
The company was not meeting the minimum bid price requirement and had until April 2026 to remedy it. Failure could lead to exclusion from the exchange 1.
- Exposure to Chinese regulationhigh
All revenue comes from China and authorities have signaled tighter control over offshore offerings, which could affect operations and the value of the securities 1.
- Dependence on a single productmedium
FTTPS sales make up most revenue and the number of contracts can vary widely from year to year, making results volatile 1.
- Acquisitions and dilutionmedium
The company issued shares and warrants for the iTonic and Geri-Safe acquisitions and is placing a new block of shares, which could dilute existing shareholders 1.
Investment thesis
What would need to be true (bull case)
- FTTPS holds a strong technological position in a market with high barriers, and if unit volumes recover, revenue could rise again 1.
- The iTonic Corporation acquisition could open a new home-care market if the planned development succeeds 1.
- The supplies segment has grown quickly, pointing to genuine demand from hospitals 1.
What would break the thesis
- The net loss rose more than sevenfold in 2025, and without lower spending the company could remain dependent on outside financing 1.
- If the Nasdaq notice is not remedied, the shares could be delisted, reducing liquidity 1.
- The company is exposed to Chinese regulation and to a single product, which could amplify the impact of any adverse change 1.
What to watch
- Completion of the March 2026 private placement and the resulting dilutionQ2 2026
- Remedy of the Nasdaq minimum bid price requirementApril 2026
- Early results and business plan of iTonic Corporation2026
- Trend in general and administrative costs and net loss after the acquisitionsnext 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.
Possibly outdated: the newest document it read is from 30 Mar 2026; since then the company filed 6-K (02 Oct 2026), 6-K (30 Sept 2026), 6-K (10 Sept 2026), 6-K (27 Aug 2026), 6-K (26 Aug 2026), 6-K (23 Jun 2026).
The business
The company is a Cayman Islands holding company that conducts its operations through Beijing Feitian, a limited liability company formed in the PRC in 1998. Beijing Feitian develops and commercializes brachytherapy TPS, mainly its lead product FTTPS, a planning system that determines dose distribution for patients with malignant tumors 1. Revenue comes from sales of FTTPS and of Medical Auxiliary Supplies such as implant needles and 3D guided molds. In fiscal 2025 revenue was $523,031 and the net loss was $5,098,384 1.
In August 2025 the company acquired 51% of iTonic Corporation, a development-stage entity that aims to build an operating system for intergenerational care integrating AI, medical device automation and clinical expertise for home care 1. It also acquired 30% of Geri-Safe, Ltd. The US activity does not yet generate revenue, so its weight in the current profile is limited 1.
In January 2026 the legal name changed from Pheton Holdings Ltd to iTonic Holdings Ltd and the Nasdaq Capital Market ticker from PTHL to ITOC 1. The company also received a Nasdaq notice of non-compliance with the minimum bid price requirement, with a deadline of April 20, 2026 to regain compliance 1.
Segments
FTTPS (brachytherapy planning system)
The lead product accounted for 69.37% of fiscal 2025 revenue, with 10 systems sold in 2025 versus 12 in 2024 and an average contract price of $36,285 1. Sales were roughly flat in value as the lower volume was offset by more tailored, higher-priced contracts.
Market context
Trends
- Shift toward personalized treatmenttailwind
The company argues that re-planning during treatment could become a trend for patients receiving internal radiation. If this holds, it could support demand for FTTPS 1.
- Cost and pricing pressureheadwind
Cost of revenues rose far faster than revenue in 2025 and the gross margin fell from 85.04% to 62.59%, suggesting that costly customization could weigh on profitability 1.
- Tighter oversight in Chinamixed
Chinese authorities have indicated an intent to exert more control over offshore offerings and foreign investment in China-based issuers, and licenses must be renewed periodically. These changes could affect access to capital and operations 1.
Competitive position
The source states that six TPS products for brachytherapy are approved in China and that FTTPS is considered technologically advanced with a wide range of clinical indications 1. Entry barriers are high because of technical requirements, NMPA registration procedures and the need for extensive clinical data 1.
The company cites its quality system, ISO 13485:2016 certification and the experience of its leadership as advantages, but gives no quantitative market share comparison 1. The US competitors that iTonic Corporation will face are not identified in the source.
- Other Chinese brachytherapy TPS makers
The source mentions five other approved TPS products in China without naming their producers 1.
- Brachytherapy consumables suppliers
The supplies segment competes with other distributors of implant needles and equipment, which the source does not identify 1.
- Elderly home-care system developers
iTonic Corporation enters a home-care technology market where the source names no competitors 1.
- Radiotherapy planning software vendors abroad
The company compares its system with foreign TPS products, but the source names no international competitors 1.
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)02 Oct 2026
- Current report (foreign issuer)30 Sept 2026
- Current report (foreign issuer)10 Sept 2026
- Current report (foreign issuer)27 Aug 2026
- Current report (foreign issuer)26 Aug 2026
- Current report (foreign issuer)23 Jun 2026
- Current report (foreign issuer)13 May 2026
- Current report (foreign issuer)23 Apr 2026
- Annual report (foreign issuer)30 Mar 2026
- Current report (foreign issuer)24 Mar 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / iTonic Holdings Ltd · 30 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.