olivLaw · US equity research
Z Squared Inc. ZSQR
Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)
Z Squared Inc. (formerly Coeptis Therapeutics Holdings) is, after the merger completed in April 2026, a company combining cryptocurrency mining assets, AI infrastructure and cell therapy programs kept through GEAR Therapeutics. For investors the change in profile and the control held by the majority shareholder call for close attention. The company reported a net loss above 12 million dollars for 2025.
At the close of 04 Nov 2026, Z Squared Inc. (ZSQR) stock was 3.63 USD (−2.68% on the day), with market capitalisation 192.4 m USD, beta 0.65, 52-week range 2.29–18.80 USD. Latest reported quarter (Q2 2026): revenue of 1.6 m USD, net income of -13.8 m USD, diluted EPS -0.28 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)
- 44.4
- weak (30–45)
- Bollinger (20, 2)
- 2.92 – 5.48
- in the lower half of the band · %B 0.28 · band width 60.9%
- SMA 50 / 200
- 3.72 / 8.78
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.10 / -0.02
- 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 | −9.3% | −1.1% | −8.2 pp | — |
| 3 months | −11.7% | −0.5% | −11.2 pp | — |
| 6 months | −74.1% | +4.4% | −78.4 pp | — |
| Year to date | −74.5% | +12.3% | −86.8 pp | — |
| 1 year | −75.4% | +13.5% | −88.9 pp | −47.5% |
| 3 years | −81.3% | +76.4% | −157.7 pp | −48.3% |
| 5 years | −98.2% | +63.7% | −161.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 62.9 k | 0 | 237.4 k | 862.0 k | 113.8 k | 1.6 m |
| Cost of revenue | 0 | 0 | 45.2 k | 0 | 45.2 k | 45.2 k | 45.2 k | 3.3 m |
| Gross profit | 0 | 0 | 17.7 k | 0 | 192.3 k | 816.9 k | 68.6 k | -1.8 m |
| Research & development | 811.8 k | 343.9 k | 86.7 k | 290.3 k | 587.3 k | 312.9 k | 235.5 k | — |
| Operating income | -2.1 m | -2.2 m | -4.1 m | 0 | -2.5 m | -2.0 m | -3.9 m | -13.8 m |
| Depreciation & amortisation | 250.0 k | 250.2 k | 295.3 k | 250.0 k | 885.9 k ≈ | 295.3 k | 295.3 k | 862.2 k ≈ |
| Interest expense | 50.9 k | -71.4 k | 71.5 k | 0 | 62.6 k | -105.1 k | 5.3 k | 226 |
| Pre-tax income | -1.8 m | -3.0 m | -3.4 m | 0 | -2.9 m | -1.6 m | -4.0 m | -13.8 m |
| Income tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net income | -1.8 m | -2.8 m | -3.4 m | 0 | -2.9 m | -1.3 m | -30 | -13.8 m |
| Diluted EPS | -0.05 | — | -1.10 | 0.00 | -0.58 | -0.23 ≈ | -0.65 | -0.28 |
| Operating cash flow | -1.9 m ≈ | -1.4 m | -2.4 m | 2.4 m ≈ | -6.9 m ≈ | -1.7 m | -1.8 m | 1.6 m ≈ |
≈ 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 year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | 75.0 k | 0 | 0 | 0 | 1.4 m |
| Revenue YoY | unavailable | unavailable | unavailable | −100.0% | unavailable | unavailable | unavailable |
| Net income | -2.2 k | -17.3 m | -13.4 m | -37.6 m | -21.3 m | -10.7 m | -11.9 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -5.63 | -1.23 | -2.63 | -16.56 | -5.56 | -2.81 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | -17,932.4% | unavailable | unavailable | unavailable | -874.3% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.4 k USD
- Financial debt
- 150.0 k USD
- Net debt
- 148.6 k USD
- Equity
- 1.3 k USD
- Total assets
- 1.4 k USD
- Debt / equity
- 117.00x
- Current ratio
- 11.68x
- ROE
- unavailable
- ROA
- -267.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | — | 75.0 k | 0 | 0 | 0 | 1.4 m | SEC (XBRL)· 19 Mar 2026verified |
| Cost of revenue | — | 0 | 0 | 0 | 0 | 180.6 k | SEC (XBRL)· 19 Mar 2026verified |
| Gross profit | — | 75.0 k | 0 | 0 | 0 | 1.2 m | SEC (XBRL)· 19 Mar 2026verified |
| Research & development | — | 0 | 20.9 k | 6.7 m | 2.3 m | 1.3 m | SEC (XBRL)· 19 Mar 2026verified |
| Operating income | -68.4 k | -14.0 m | -34.2 m | -21.5 m | -10.1 m | -13.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Depreciation & amortisation | — | 447.4 k | 1.0 m | 1.0 m | 1.0 m | 1.2 m | SEC (XBRL)· 19 Mar 2026verified |
| EBITDA | — | -13.6 m ≈ | -33.2 m ≈ | -20.5 m ≈ | -9.1 m ≈ | -11.9 m ≈ | SEC (XBRL)· 19 Mar 2026derived |
| Interest expense | — | 187.1 k | 218.4 k | 107.7 k | 246.1 k | 96.7 k | SEC (XBRL)· 19 Mar 2026verified |
| Pre-tax income | — | -13.4 m | -37.6 m | -21.3 m | -10.9 m | -12.3 m | SEC (XBRL)· 19 Mar 2026verified |
| Income tax | — | 0 | 0 | 0 | 0 | 0 | SEC (XBRL)· 19 Mar 2026verified |
| Net income | -17.3 m | -13.4 m | -37.6 m | -21.3 m | -10.7 m | -11.9 m | SEC (XBRL)· 19 Mar 2026verified |
| Diluted EPS | -5.63 | -1.23 | -2.63 | -16.56 | -5.56 | -2.81 | SEC (XBRL)· 19 Mar 2026verified |
| Weighted average diluted shares | — | 10.9 m | 14.3 m | 1.3 m | 1.9 m | 4.2 m | SEC (XBRL)· 19 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 907.2 k | 404.3 k | 3.8 m | 1.5 m | 0 | 1.4 k | SEC (XBRL)· 13 Aug 2026verified |
| Receivables | — | 0 | 8.1 k | 0 | 0 | — | SEC (XBRL)· 14 Aug 2025verified |
| Current assets | 959.0 k | 2.2 m | 3.9 m | 1.7 m | 1.1 m | 1.4 k | SEC (XBRL)· 13 Aug 2026verified |
| Property, plant & equipment, net | — | 13.9 k | 12.5 k | 11.3 k | 10.5 k | 0 | SEC (XBRL)· 13 Aug 2026verified |
| Goodwill | — | — | — | — | — | 0 | SEC (XBRL)· 13 Aug 2026verified |
| Intangibles (excl. goodwill) | 5.0 m | — | — | — | 541.9 k | 361.3 k | SEC (XBRL)· 19 Mar 2026verified |
| Total assets | 76.7 m | 6.8 m | 7.9 m | 4.6 m | 8.9 m | 1.4 k | SEC (XBRL)· 13 Aug 2026verified |
| Accounts payable | 5.0 k | 134.1 k | 99.0 k | 1.4 m | 1.3 m | 0 | SEC (XBRL)· 13 Aug 2026verified |
| Long-term debt | — | 1.7 m | 150.0 k | 150.0 k | 150.0 k | 150.0 k | SEC (XBRL)· 19 Mar 2026verified |
| Current liabilities | 5.0 k | 2.8 m | 2.2 m | 3.0 m | 4.5 m | 120 | SEC (XBRL)· 13 Aug 2026verified |
| Total liabilities | 23.0 m | 4.4 m | 3.5 m | 3.8 m | 5.0 m | 120 | SEC (XBRL)· 13 Aug 2026verified |
| Equity | -22.0 m | 2.4 m † | 4.5 m | 814.0 k | -120 | 1.3 k | SEC (XBRL)· 13 Aug 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 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -115.7 k | -4.5 m | -3.9 m | -7.2 m | -6.6 m | -8.6 m | SEC (XBRL)· 19 Mar 2026verified |
| Investing cash flow | -75.8 m | -1.8 m | 0 | 0 | 0 | 0 | SEC (XBRL)· 19 Mar 2026verified |
| Financing cash flow | 76.8 m | 8.2 m | 5.5 m | 4.9 m | 5.7 m | 13.7 m | SEC (XBRL)· 19 Mar 2026verified |
| Share repurchases | — | 247.2 k | — | — | — | — | SEC (XBRL)· 29 Mar 2023verified |
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: 16.7% 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: 192.4 m USD
Key indicators
Coverage and freshness
Score by group
17% · 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 · 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: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -642.0% | 14 (vs peers) | 38% |
| 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 | -598.5x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 7.7x | 100 (on a fixed band) | 25% |
| 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 sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial14/100 · 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
Z Squared Inc. (ZSQR). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.4 m USD in 2025; net margin -642.0%; ROE -25.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% 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: 7.7x
What contradicts it
- Net margin: -642.0%
- Interest coverage: -598.5x
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, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 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 | |
|---|---|---|---|---|---|---|
| AXPAmerican Express Co | 223.0 bn | 18.7 | 35.9% | 27.9% | +6.4% | −9% / +95% |
| ARBKArgo Blockchain PLC | 45.2 bn | — | — | -117.2% | −7.0% | −97% / −99% |
| COINCoinbase Global, Inc. | 40.1 bn | — | -4.7% | -12.5% | +9.4% | −44% / +21% |
| SOFISoFi Technologies, Inc. | 22.4 bn | 36.3 | 7.1% | 104.3% | +23.1% | −42% / +138% |
| MARAMara Holdings, Inc. | 2.7 bn | — | -107.2% | -430.2% | +38.2% | −42% / −43% |
| UPSTUpstart Holdings, Inc. | 2.3 bn | 39.9 | 8.0% | 4.9% | +64.0% | −48% / −13% |
| PURRHyperliquid Strategies Inc | 1.9 bn | 3.0 | 32.6% | 3,229.8% | unavailable | unavailable / unavailable |
| CLSKCleanSpark, Inc. | 1.7 bn | — | -68.6% | -130.2% | +102.2% | −55% / +9% |
| BTDRBitdeer Technologies Group | 1.5 bn | — | -196.7% | -171.3% | −5.1% | −51% / +45% |
| RHLDResolute Holdings Management, Inc. | 1.0 bn | 24.1 | — | 4.2% | +9.9% | −26% / unavailable |
| CDChaince Digital Holdings Inc. | 741.4 m | — | -12.3% | -182.5% | +277.9% | −30% / +622% |
| GDOTGreen Dot Corp | 727.1 m | — | -2.8% | -1.1% | +20.7% | +2% / +59% |
| TRONTron Inc. | 664.1 m | 96.8 | 3.8% | 135.6% | +10.0% | −24% / −48% |
| JFU9F Inc. | 536.7 m | 23.2 | 4.7% | 125.2% | +12.2% | −52% / −43% |
| BTBTBit Digital, Inc. | 300.9 m | — | -56.7% | -237.2% | +5.1% | −65% / −68% |
| CANGCango Inc. | 272.7 m | — | -130.8% | -90.4% | +524.3% | −92% / −76% |
| ZSQRZ Squared Inc. | 192.4 m | — | -25.9% | -642.0% | unavailable | −75% / −81% |
| CNTNCanton Strategic Holdings, Inc. | 172.1 m | — | -43.1% | — | unavailable | −17% / −83% |
| USBCUsbc, Inc. | 166.5 m | — | -414.1% | — | −100.0% | −47% / −97% |
| SNFCASecurity National Financial Corporation | 166.1 m | 6.5 | 9.0% | 11.1% | +3.0% | +15% / +37% |
| TONXTon Strategy Company | 159.7 m | — | -75.5% | -532.8% | +1,327.8% | −15% / −93% |
| BMHLBluemount Holdings Limited | 79.0 m | 61,098.2 | 26.2% | 18.8% | unavailable | −8% / unavailable |
| UPXIUpexi, Inc. | 62.9 m | — | -1,356.3% | -984.3% | +58.1% | −73% / −95% |
| SGRXSangrix Inc. | 40.8 m | — | -300.3% | -36,190.3% | −98.6% | −99% / −100% |
| AVXAvax One Technology Ltd. | 34.9 m | — | -189.6% | -1,533.9% | +8,709.3% | −80% / −100% |
1- and 3-year price returns: for ZSQR 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.
In brief
Z Squared Inc. (formerly Coeptis Therapeutics Holdings) is, after the merger completed in April 2026, a company combining cryptocurrency mining assets, AI infrastructure and cell therapy programs kept through GEAR Therapeutics. For investors the change in profile and the control held by the majority shareholder call for close attention. The company reported a net loss above 12 million dollars for 2025 1.
SWOT
Strengths
- The company keeps a cell therapy portfolio with exclusive licence rights and potential expansion into solid tumours, as well as a fleet of mining assets acquired in the merger 12.
- Partnerships with universities and specialist companies provide access to technology and preclinical data without full proprietary investment at every stage 1.
- The majority shareholder brought new assets that could expand the operating base, although its control also changes governance 2.
Weaknesses
- The company has recorded repeated net losses and a large accumulated deficit, which limits its ability to sustain plans without additional funding 1.
- Biopharmaceutical products are still at preclinical or discovery stage, with no clinical data yet confirming their efficacy 1.
- Financial history has become harder to compare after the reverse merger and spin-out, and reliance on the majority shareholder adds governance risk 2.
Opportunities
- If SNAP-CAR and GEAR preclinical studies progress, the company could enter partnerships or licensing deals that bring outside funding 1.
- Mining and AI infrastructure assets could generate recurring revenue if operated efficiently and at favourable energy costs 2.
- Exercise of the CHI option over GEAR could bring liquidity, depending on the fair market value fixed at the time of exercise 2.
Threats
- The auditor's doubts about going concern could make it harder to obtain financing or conclude partnerships on acceptable terms 1.
- Falling cryptocurrency prices or rising energy costs could quickly reduce the profitability of mining activity 2.
- Competitors with far greater resources in cell therapy could reach the market first with approved products 1.
Risks
- Doubts about going concernhigh
The auditor included an explanatory paragraph on the company's ability to continue as a going concern, which could make access to capital more difficult 1.
- Repeated net losseshigh
The company reported losses in consecutive years and expects losses could continue if revenue grows more slowly than expenses 1.
- Control by the majority shareholderhigh
After the merger BSG controls a majority of shares, which could limit the influence of minority shareholders on strategic decisions 2.
- Volatility of mining activitymedium
Revenue from cryptocurrency mining depends on digital asset prices, network difficulty and energy costs, all volatile factors 2.
- Uncertainty of clinical studiesmedium
Preclinical results do not guarantee success in clinical trials, and failure at a later stage could eliminate the value of programmes 1.
Investment thesis
What would need to be true (bull case)
- If the mining and AI infrastructure assets are operated efficiently, the company could change its revenue profile, and the GEAR option could bring additional liquidity 2.
- The SNAP-CAR platform targets solid tumours, an area without approved CAR-T therapies, and favourable preclinical progress could attract partners 1.
- An agreement with strategic partners for clinical development could reduce the company's financial burden and validate its technology 1.
What would break the thesis
- The auditor flagged doubts about going concern, and repeated losses could force dilution of shareholders through new share issues 1.
- Control by the majority shareholder and the change in business profile could make it difficult to assess the company on the basis of its history 2.
- If cryptocurrency prices fall or energy costs rise, mining activity could quickly become unprofitable 2.
What to watch
- Exercise of the CHI option over GEAR Therapeutics and its price termsafter October 2026
- Operating results of mining activity and energy costsQ3 2026
- Any new financing or share issues to support operations2026
- Progress of SNAP-CAR and GEAR preclinical studies and any partnershipsnext 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
Until the merger closed on April 24, 2026, the company (then named Coeptis Therapeutics Holdings) operated through subsidiaries developing cell therapy platforms for cancer, autoimmune and infectious diseases, plus a technology division with AI-powered marketing software 1. Through the merger with Z Squared, the company acquired a fleet of mining machines, and after the spin-out of the biopharmaceutical division it retained GEAR Therapeutics and the majority stake in SNAP Biosciences 2. BSG now controls the company 2. The business description is therefore in transition and should be read in light of the most recent documents 2.
The biopharmaceutical division described in the 2025 annual report included preclinical products such as CD38-GEAR-NK and the SNAP-CAR platform, developed with Vy-Gen and the University of Pittsburgh 1. The technology division included the NexGenAI platform, acquired in December 2024 1. After the 2026 transactions the company mainly keeps GEAR Therapeutics, and an option to acquire it can be exercised from October 2026 2.
The new mining and AI infrastructure activity described in the quarterly report is still at an early stage, and many of the company's plans depend on future financing and execution 2. Earlier financial statements are not directly comparable with current ones, which makes assessing results against history difficult 2.
Segments
Cell therapy (GEAR Therapeutics and SNAP-CAR)
The GEAR platform, developed within GEAR Therapeutics, stays in the portfolio and is subject to a repurchase option held by CHI 2. Preclinical research was largely funded and organised through licence agreements and partnerships, and no clinical data is yet available 1.
Cryptocurrency mining
Assets acquired from BSG include about 9,800 ASIC mining machines, mainly Bitmain Antminer L7 and L9 and ElphaPex DG1+ models 2. This activity changes the company's risk profile and depends on cryptocurrency prices and energy costs, factors outside its control 2.
Technology and AI marketing
The technology division offered automated AI-driven digital marketing services under its own brand, based on the NexGenAI platform acquired in December 2024 1. After the 2026 merger, the role of this division in the company's strategy has become less clear in public documents 2.
Market context
The global multiple myeloma market was estimated at 28.42 billion dollars in 2024, with a projection of 47.04 billion dollars by 2031, according to the source cited in the annual report 1. The CAR-T therapy market was estimated at 20.56 billion dollars by 2029, according to Polaris Market Research 1. These figures come from third-party sources and are not verified by the company.
The market for cryptocurrency mining infrastructure and AI data centres is more volatile, and its growth depends on demand, digital asset prices and access to cheap energy 2. The documents reviewed do not contain the company's own estimate of this market's size 2.
Trends
- Growing interest in CAR-T therapies for solid tumourstailwind
SNAP-CAR development targets solid tumours, where no CAR-T therapy is yet approved, which could open a new market if preclinical studies confirm the approach 1.
- Rising demand for compute capacity and data centresmixed
Interest in AI and mining infrastructure could support the use of the acquired assets, but depends on energy availability and investment cycles 2.
- Higher financing costs for small companiesheadwind
The auditor flagged substantial doubt about going concern, and access to capital could become more costly for companies with repeated losses 1.
- Volatility of cryptocurrency pricesheadwind
Revenue from cryptocurrency mining depends on digital asset prices and network difficulty, factors the company does not control 2.
Competitive position
In biopharmaceuticals the company competes with other firms developing CAR-T and NK cell therapies, some with far greater resources, a risk the annual report names explicitly 1. In cryptocurrency mining and AI infrastructure, competition comes from large operators with access to cheaper energy and capital 2.
Beyond direct competition, the company faces the difficulty of recruiting patients and study sites in an area where other clinical programmes are already active 1. Without scale advantages in mining, margins could depend more on energy costs than on operational efficiency 2.
- Vy-Gen-Bio, Inc. (partner)
Partner for CD38-GEAR-NK and CD38-Diagnostic, with which the company shared revenue and a steering committee, and a counterparty in the GEAR platform licence 1.
- Deverra Therapeutics, Inc.
Private company from which the company licensed a stem cell expansion platform and bought clinical assets 1.
- Vici Health Sciences, LLC
Co-development partner for an oral liquid product, whose rights the company intended to sell 1.
- Large-scale cryptocurrency mining operators
Mining competitors with access to cheaper energy and larger capital, cited as a pressure on the new activity 2.
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.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report03 Nov 2026Departure or appointment of officers · Financial statements and exhibits
- Current report14 Sept 2026Material agreement · Acquisition or disposition of assets · Item 3.02 · Amendments to articles or bylaws · Regulation FD disclosure · Financial statements and exhibits
- Current report10 Sept 2026Amendments to articles or bylaws · Financial statements and exhibits
- Current report26 Aug 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report13 Aug 2026
- Current report04 Aug 2026Material agreement · Termination of a material agreement · Item 3.02 · Regulation FD disclosure · Financial statements and exhibits
- Current report22 Jul 2026Termination of a material agreement · Regulation FD disclosure · Financial statements and exhibits
- Current report10 Jul 2026Material agreement · Financial statements and exhibits
- Current report07 Jul 2026Material agreement · Financial statements and exhibits
- Current report30 Jun 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Z Squared Inc. · 19 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Z Squared Inc. · 13 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.