Regencell Bioscience Holdings Limited (RGC): Business Model Canvas [Dec-2025 Updated]

As someone who has mapped out complex strategies for decades, I can tell you Regencell Bioscience Holdings Limited's (RGC) model is a pure high-risk, high-reward bet: standardizing Traditional Chinese Medicine for neurocognitive disorders. To be fair, they are deep in the investment phase, reporting $948 thousand in Research and Development and $2.822 million in Sales, General, and Administrative costs for FY2025, with total revenue still sitting at $0.0. This canvas distills their entire operating blueprint-from their unique TCM practitioner partnership to their reliance on capital raises-so you can see the exact structure supporting this ambitious pivot in biotech. Dive in below to see the full, precise breakdown of where they are putting their chips.

Regencell Bioscience Holdings Limited (RGC) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that underpin Regencell Bioscience Holdings Limited's strategy, especially as they push forward with both neurocognitive disorder treatments and the legacy COVID-19 distribution agreement. Here's the breakdown of the key players, grounded in the latest figures we have.

Strategic partner: Mr. Sik-Kee Au, the TCM Practitioner

The entire basis of Regencell Bioscience Holdings Limited's Traditional Chinese Medicine (TCM) research relies on the formulae transferred by Mr. Sik-Kee Au, who is the father of the CEO and director, Mr. Yat-Gai Au. Mr. Sik-Kee Au granted Regencell Bioscience Holdings Limited the exclusive rights and ownership of all his TCM formulas and the associated Intellectual Property Rights. This dependency is noted as a material factor for the company's success or failure. The TCM formulae were developed based on the Sik-Kee Au TCM Brain Theory™, which is not recognized in general TCM literature. Mr. Au was found guilty of professional misconduct by the Chinese Medicine Practitioners Board of the Chinese Medicine Council of Hong Kong in August 2021.

Joint Venture with Honor Epic Enterprises Limited for COVID-19 treatment distribution

Regencell Bioscience Limited, the Hong Kong subsidiary, entered a joint venture (JV) with Honor Epic Enterprises Limited to market and distribute TCM formulae products for COVID-19 treatment across ASEAN countries, India, Japan, Australia, and New Zealand. Regencell Bioscience Holdings Limited holds a 60% ownership stake in this JV, subject to a customary drag-along option. The initial development phase involved treating 12 patients (suspected or confirmed COVID cases), showing health record improvements after an average treatment period of 5 days. This JV's principal business includes trading, manufacturing, marketing, and distributing these TCM products.

Collaborations with research institutions for clinical studies

Regencell Bioscience Holdings Limited maintains collaborations to advance its pipeline, particularly for its three standardized TCM formulae candidates targeting mild, moderate, and severe Attention Deficit Hyperactivity Disorder (ADHD) and Autism Spectrum Disorder (ASD). For instance, in 2022, the company announced interim results from its second efficacy trial showing a reduction in ADHD and ASD symptoms. The company also previously announced results for its investigational liquid-formula RGC-COV19™ from its EARTH Efficacy Trial. As of the fiscal year ended June 30, 2025, total research and development costs were reported at $0.95 million, down 20% from the prior year.

Suppliers of high-quality Traditional Chinese Medicine raw materials

The operational continuity of Regencell Bioscience Holdings Limited depends on securing high-quality raw materials for its TCM formulae development and potential commercialization. While specific supplier names and contract values aren't public, the company's ability to manage its cost structure is evident in its FY2025 results, where total operating expenses decreased 20% to $3.77 million, with general and administrative expenses at $2.81 million.

Institutional investors like Squarepoint Ops and BNP Paribas

Institutional investors maintain positions in Regencell Bioscience Holdings Limited, though their exposure has seen recent shifts. As of the filing date of September 30, 2025, the total institutional ownership represented 0.13% of the stock, totaling 633,811 shares. The total value of these holdings was approximately $10 million.

Here's a look at the specific activity for Squarepoint Ops LLC and BNP Paribas Financial Markets SNC as of the third quarter of 2025:

Institutional Holder	Shares Held (9/30/2025)	Quarterly Change (Shares)	Quarterly Change (%)	Value Held (In 1,000s USD)
Squarepoint Ops Llc	51,249	-48,594	-48.67%	$832
Bnp Paribas Financial Markets	4,682	-40,368	-89.607%	$76

To give you context on the last two years of activity, Squarepoint Ops LLC was noted as a seller of $48.59K worth of stock, while BNP Paribas Financial Markets purchased $45.05K worth of stock.

The largest holder as of that date was GEODE CAPITAL MANAGEMENT, Llc, with 419,970 shares.

Regencell Bioscience Holdings Limited (RGC) - Canvas Business Model: Key Activities

You're looking at the operational engine of Regencell Bioscience Holdings Limited (RGC), which, as of late 2025, is almost entirely focused on the pre-commercial phase of drug development. The key activities revolve around science, compliance, and capital management, since the company remains revenue-free.

Research and development (R&D) of TCM formulae candidates

The core activity is the research and development of Traditional Chinese Medicine (TCM) formulae for neurocognitive disorders. This effort is funded almost entirely through equity raises and related party loans, as the company has not generated product revenue.

Here's a look at the spending footprint, which shows a recent trend of cost management:

Metric	Value (2025 Fiscal Year Data)	Comparison/Context
Annual R&D Expenses (FY2025 Estimate)	$0.001B (or $1 million)	11.07% decline from 2024.
R&D Expenses (Twelve Months Ended June 30, 2024)	$0M	0% increase year-over-year for that period.
Net Loss (H1 2025, six months ended Dec 31, 2024)	$1.85 million	Improvement from $2.19 million loss in the prior year period.
Total Net Losses (FY2023)	$6.06 million	Incurred operating losses since formation.
Cash and Short-Term Investments (As of June 30, 2024)	$8.0 million	Up from $1.56 million the year before.

The company has historically trimmed R&D spending; for the year ending June 30, 2024, R&D spending was trimmed by about a third compared to the prior year. Honestly, for a company valued at around $8.6B at one point, that R&D spend is quite lean.

Conducting clinical trials/research studies for ADHD and ASD

Regencell Bioscience Holdings Limited's pipeline activity centers on its TCM formulae for Attention Deficit Hyperactivity Disorder (ADHD) and Autism Spectrum Disorder (ASD). The company relies on parents or caregivers to provide initial data for these assessments.

Key historical milestones in this activity include:

• Interim results of the second efficacy trial showing reduced ADHD and ASD symptoms announced on September 12, 2022.
• The company expects updates from larger efficacy trials in Malaysia or Hong Kong potentially landing in the fourth quarter of 2025.

The future hinges on pushing the herbal ADHD/ASD treatment through further trials.

Securing regulatory approvals (e.g., pCm registration in Hong Kong)

A critical activity is navigating the regulatory pathway for its proprietary Chinese medicine (pCm) formulae. To get pCm registration with the Hong Kong Chinese Medicine Council, Regencell Bioscience Holdings Limited must provide documents showing safety, stability, quality, and efficacy.

The timeline for this key activity is near-term, but not immediate:

• Dates for submitting regulatory applications in Asia could arrive in early 2026.

Establishing manufacturing and supply chain capabilities

The search results confirm that Regencell Bioscience Holdings Limited operates solely as a research and development shop, with no commercial products or revenue streams yet. While the company has a Hong Kong subsidiary, Regencell Limited, which is reserved for future expansion use, the immediate focus is on R&D and securing regulatory sign-off to enable future commercialization via licensing or royalties.

Managing investor relations and NASDAQ compliance

Given the company's listing on the NASDAQ Capital Market under the symbol RGC, managing investor relations and compliance is a major ongoing task, especially given recent market volatility.

Key compliance and investor-related actions and events in 2025 include:

• The company effected a 38-for-one forward stock split, announced on June 2, 2025, and effected on June 17, 2025.
• The Annual Report on Form 20-F for the fiscal year ended June 30, 2025, was filed on October 31, 2025.
• As of January 15, 2025, directors and employees agreed to extend their stock option lock-up undertaking until April 20, 2026.
• On October 31, 2025, Regencell Bioscience Holdings Limited disclosed receiving correspondence and a subpoena from the U.S. Department of Justice (DOJ) investigating trading in its Ordinary Shares.
• The company expects to incur significant legal costs related to the DOJ investigation.
• Following the DOJ news, the stock price fell 18.56% to close at $13.56 per share on November 3, 2025.

The company is eligible to utilize certain exemptions from Nasdaq corporate governance requirements because the founder, Mr. Yat-Gai Au, continues to own a controlling interest.

Finance: draft the expected legal cost impact for the Q4 2025 cash flow projection by next Tuesday.

Regencell Bioscience Holdings Limited (RGC) - Canvas Business Model: Key Resources

You're looking at the core assets that Regencell Bioscience Holdings Limited (RGC) relies on to execute its strategy, which centers on developing Traditional Chinese Medicine (TCM) for neurocognitive disorders. These aren't just abstract concepts; they are tangible and intellectual properties that form the foundation of the business.

The most critical assets are the intellectual property surrounding the TCM treatments. Regencell has exclusive rights over the medicinal formulas developed by Mr. Sik-Kee Au, which are trademarked under the name Brain Theory. This IP is the engine for their value proposition. To be fair, the company's financial health, while showing extreme volatility in its stock price, has recently demonstrated strong short-term liquidity based on the latest reported figures.

Here is a breakdown of the key resources, including the most recent financial snapshot we have for the fiscal year ending around late 2025.

Proprietary TCM Formulae and IP Details

• Three liquid-based standardized TCM formulae candidates are under development targeting mild, moderate, and severe Attention Deficit Hyperactivity Disorder (ADHD) and Autism Spectrum Disorder (ASD) conditions.
• The formulae are derived from a TCM base formula and an adjustable formula developed by the TCM Practitioner based on his proprietary theory.
• Regencell Bioscience Holdings Limited is contractually obligated to donate 3.0% of net revenue generated from the use and/or commercialization of the TCM formulae for charitable causes.
• The company commenced operations in Hong Kong in 2014, establishing its main R&D and operational center there.

Financial Strength and Liquidity Metrics

Here's the quick math on the balance sheet strength as of the most recent reporting periods. Monitor these closely, as the company has posted net losses in prior years.

Metric	Value (Latest Reported)	Period Ending
Current Ratio	7.38	Dec '25
Quick Ratio	7.38	Dec '25
Net Loss	$4.4 million	Fiscal Year Ended Jun 2024
Net Loss	$6.1 million	Fiscal Year Ended Jun 2023
Historical Mean Current Ratio (10 Years)	14.96	N/A

Key Personnel and Operational Center

The human capital and physical location are essential for driving the R&D and commercialization efforts. The relationship with the TCM Practitioner is central to the entire product line.

• TCM Practitioner: Mr. Sik-Kee Au, who developed the core formulae and the "Sik-Kee Au TCM Brain Theory™".
• Management Team: Led by CEO and director, Yat-Gai Au, who is the son of the TCM Practitioner.
• Key Vacancy: The Chief Medical Officer position has been vacant since 2022.
• Operational Center: The headquarters occupies the whole 9th floor of a tower in Hong Kong's bustling Causeway Bay.

Finance: draft 13-week cash view by Friday.

Regencell Bioscience Holdings Limited (RGC) - Canvas Business Model: Value Propositions

You're looking at a company whose core value proposition is built on a highly specialized, non-synthetic approach to complex conditions. Regencell Bioscience Holdings Limited (RGC) offers a non-traditional, holistic TCM treatment for neurocognitive disorders like Attention Deficit Hyperactivity Disorder (ADHD) and Autism Spectrum Disorder (ASD). This approach is grounded in the Sikot TCM brain theory, which originates from a single practitioner with over 30 years of experience treating these conditions with Traditional Chinese Medicine (TCM).

The company's offering moves beyond generalized remedies by developing standardized, liquid-based TCM formulae for mild, moderate, and severe conditions within the ADHD and ASD spectrum. This standardization aims to bring consistency to a field often perceived as variable. Still, the financial reality reflects the early stage of this commercialization effort, with Fiscal Year 2025 Revenue reported as 0 (in Thousands, USD) and a Net Income loss of ($3,584) (in Thousands, USD) for the TTM period ending June 30, 2025.

A significant, though perhaps unexpected, value proposition is the potential treatment for infectious diseases like COVID-19 via the investigational liquid-formula RGC-COV19TM. Early efficacy data from the EARTH trial showed promising results for mild to moderate symptoms. Here's a quick look at those trial numbers:

• 37 individuals were enrolled in the EARTH efficacy trial.
• 97.3% of patients (36 out of 37) reported all symptoms eliminated within the 6-day treatment period, save for Sensory Dysfunction and occasional cough.
• 83.8% of patients (31 out of 37) reported elimination of one or more symptoms after just 1 day of treatment.

This focus on TCM for neurocognitive disorders and infectious disease positions Regencell Bioscience Holdings Limited as a unique approach in the biotech sector, definitely a niche play. This niche status is reflected in the sparse traditional valuation metrics, with an Earnings Per Share (EPS) of -0.01 and a Return on Equity (ROE) of -47.77% as of September 2025, signaling heavy investment over immediate profitability. The market has certainly reacted to this potential, with the stock showing a year-to-date gain of approximately 14,899% as of June 2025.

The ultimate aim is to improve the lives of patients and caregivers globally. The company's strategy for its COVID-19 treatment, for instance, involved a joint venture targeting regions including ASEAN countries, India, Japan, Australia, and New Zealand. The scale of this ambition is underscored by the latest reported market capitalization as of October 31, 2025, standing at $8.23B with 494M shares outstanding. You can see the key financial context here:

Metric (As of Late 2025)	Value	Unit/Context
Stock Price (31-Oct-2025)	$16.65	Per Share
Market Capitalization (31-Oct-2025)	$8.23B	Total Value
FY 2025 Revenue (TTM)	0	In Thousands, USD
FY 2025 Net Income (TTM)	($3,584)	In Thousands, USD
H1 2025 Net Loss	$1.85 million	Improvement from prior year's $2.19 million loss

Regencell Bioscience Holdings Limited (RGC) - Canvas Business Model: Customer Relationships

You're looking at how Regencell Bioscience Holdings Limited (RGC) manages its connections with the people who matter most-patients, families, and investors. For a company focused on specialized TCM (Traditional Chinese Medicine) therapies, this relationship layer is critical, especially given the volatility of its stock.

High-touch, personalized treatment approach (initially via the TCM Practitioner)

Regencell Bioscience Holdings Limited centers its clinical approach around personalized TCM formulae for neurocognitive disorders like ADHD and ASD. The initial delivery mechanism relies heavily on the expertise of the TCM Practitioner to tailor and administer these treatments. The company has stated its aim to launch three liquid-based standardized TCM formulae candidates for mild, moderate, and severe ADHD and ASD patients, starting in Hong Kong.

Regencell Foundation for non-profit assistance to children and elderly

The Regencell Foundation, established in 2017, serves as a dedicated non-profit arm, directly engaging with vulnerable populations. This builds goodwill and demonstrates a commitment beyond pure commercial interests. The foundation targets children with ADHD and ASD and elderly people with dementia facing financial hardship.

Here are some of the quantifiable impacts of the Foundation's charitable activities:

• Established in 2017.
• Past cash donations benefited over 130 Children and their Families.
• Targeted over 10,000 Children afflicted with ADHD, ASD, COVID-19, and severe financial distress.
• Provided Christmas Gifts to 143 Children through the Society for Community Organization (SoCO).
• Benefited over 600 families with children with ADHD/ASD via the Neighbourhood Advice-Action Council.
• Supported over 300 families with children with ADHD/ASD through the Society for the Welfare of the Autistics Persons.
• Donated 20 iPads and scholarships to Aberdeen Technical School.

Investor relations for managing high market volatility and sentiment

Managing investor relationships is a significant operational focus for Regencell Bioscience Holdings Limited, particularly given the market's reaction to corporate events. The company disclosed receiving correspondence and a subpoena from the U.S. Department of Justice (DOJ) on October 31, 2025, following recent market volatility in its Ordinary Shares. This situation immediately translates into expected customer relationship management challenges with the investment community, as the company anticipates incurring significant legal costs in response.

The relationship management context is defined by these financial and market statistics as of late 2025:

Metric	Value (as of late 2025)
Shares Outstanding	494.49 Million
Market Capitalization	$8.03 Billion
Stock Price Drop Post-DOJ News (Nov 3, 2025)	18.56% (to close at $13.56 per share)
Short Sale Ratio (as of Dec 5, 2025)	19.03%
Institutional Ownership Percentage	0.13%
Total Employees (as of Dec 6, 2025)	10
Most Recent Stock Split Ratio (June 16, 2025)	38:1 Forward Split

The low institutional ownership at 0.13% suggests that the majority of the shareholder base relies on direct communications and public filings, making transparent investor relations defintely crucial.

Direct engagement with patient families and caregivers

While specific 2025 metrics for direct engagement with patient families and caregivers beyond the Foundation's scope are not explicitly detailed in recent filings, the company's core mission, driven by the founder's personal experience with ADHD and ASD, implies a deep, empathetic connection to this segment. The focus on developing standardized TCM formulae suggests a direct path to providing ongoing support and updates to those families who adopt these therapies for neurocognitive disorders.

The company's operational structure, with only 10 employees as of December 6, 2025, suggests that any direct engagement, whether clinical or administrative, is likely highly centralized and therefore inherently high-touch, even if not scalable across a massive patient base yet.

Regencell Bioscience Holdings Limited (RGC) - Canvas Business Model: Channels

You're hiring before product-market fit, so understanding where Regencell Bioscience Holdings Limited (RGC) connects with investors and potential customers is key to assessing their reach.

Direct launch and distribution in Hong Kong (initial target market)

Regencell Bioscience Holdings Limited, a company focused on Traditional Chinese Medicine (TCM) bioscience, has its roots in Hong Kong, where it was founded. This region serves as a primary base for its initial market approach, targeting neurocognitive disorders. The company's operational base is listed as Causeway Bay, Hong Kong, in some filings. The focus remains on developing treatments for Attention Deficit Hyperactivity Disorder (ADHD) and Autism Spectrum Disorder (ASD).

Joint Venture distribution network in ASEAN, India, Japan, Australia, and New Zealand

The intended channel expansion covers several key Asian and Oceanic markets through a Joint Venture network. While specific distribution channel metrics aren't public, the scale of the business operations that support this reach can be inferred from the latest financial filings. The company reported net losses of $3.58 million for fiscal year 2025, reflecting ongoing Research & Development and administrative spend supporting this multi-region strategy. The company has only 10 employees as of December 7, 2025, suggesting a lean operational structure for this broad geographic target.

Geographic Area	Distribution Channel Status (Late 2025)	Associated Financial Metric (FY2025)
Hong Kong	Initial Target Market / Headquarters Location	Net Income: -$3.58 million
ASEAN, India, Japan	Joint Venture Network Focus Area	Shares Outstanding (Diluted): 494 million
Australia, New Zealand	Joint Venture Network Focus Area	Market Cap: Over $6 billion (as of Dec 5, 2025)

Investor relations platforms (NASDAQ, SEC filings, press releases)

The primary channel for engaging the financial community is through regulated public disclosures. Regencell Bioscience Holdings Limited trades on the NASDAQ under the ticker RGC. You can track their official communications via these platforms. The company filed its annual Form 20-F on October 31, 2025. Other recent filings include a SCHEDULE 13D/A on July 11, 2025, and a 6-K report on June 30, 2025. Institutional ownership remains quite low, reported at 0.13% as of December 6, 2025. The stock price was $16.24 on December 6, 2025.

The key investor relations touchpoints include:

• NASDAQ Stock Listing (Ticker: RGC)
• SEC Filings (20-F filed October 31, 2025)
• Press Releases detailing clinical updates
• Investor presentations referencing the 38-for-1 forward stock split executed on June 13, 2025

Clinical trial sites and research study locations

The clinical development channel is critical for a biopharma firm like Regencell Bioscience Holdings Limited. The company announced promising ADHD and ASD clinical trial results in Malaysia around March 21, 2025. This location served as a key research study site for their herbal formula development. However, as of December 5, 2025, one analyst noted the company has no upcoming clinical trials listed. The company's focus is on developing TCM for neurocognitive disorders.

The known clinical channel activity includes:

• Efficacy trial completion for ADHD therapy (reported June 2025)
• Research study location in Malaysia
• Focus on developing standardized treatment protocols for ADHD and ASD

Finance: draft 13-week cash view by Friday.

Regencell Bioscience Holdings Limited (RGC) - Canvas Business Model: Customer Segments

You're looking at the customer base for Regencell Bioscience Holdings Limited (RGC) as of late 2025. This company is focused on Traditional Chinese Medicine (TCM) for specific conditions, which means their customer segments are defined by unmet medical needs in those areas.

The core segments are rooted in neurocognitive disorders. For instance, globally, ADHD is estimated to affect about 139.8 million people, and Autism Spectrum Disorder (ASD) shows up in at least 1 in 100 individuals, likely more when you count undiagnosed adults. So, the scale of the need isn't small; it's well-documented.

Children and Adolescents with Attention Deficit Hyperactivity Disorder (ADHD)

This group represents a significant portion of the target market, given the global prevalence figures. The market opportunity here is definitely not trivial. The global ADHD treatment market was valued at $15.8 billion a couple of years ago, with projections showing a steady 5.1% annual growth rate extending through 2032. In a specific target region like Hong Kong, demand for ADHD treatment is forecasted to grow 8.6% a year through 2029. Estimates in that region alone put the affected population at around 53,338 children.

Patients with Autism Spectrum Disorder (ASD) Across Severity Levels

Patients with ASD are another primary segment. The market for autism treatments is growing even faster than ADHD. A few years ago, this market was valued at $6.94 billion, but it's expected to nearly double to $13.14 billion by 2030, which is an 8.5% clip. In Hong Kong, ASD treatment demand is projected to rise at 5.2% annually.

Patients in Target Regions Needing Infectious Disease Treatment

Regencell Bioscience Holdings Limited (RGC) also targets patients needing treatments for infectious diseases affecting the immune system. While the company reported annual revenue of $0.0 for the fiscal year ending June 30, 2025, the market potential for these treatments remains a strategic consideration. The company's focus here is on its TCM formulas.

Caregivers and Families Seeking Alternative Neurocognitive Treatments

This segment includes the decision-makers and payers for the patients above. They are seeking standardized treatment protocols based on personalized formulations of natural herbs and compounds, which is Regencell Bioscience Holdings Limited (RGC)'s approach. The company's financial structure as of late 2025 shows a net loss of $3.6 million for the year ended June 2025, though this was an improvement from the prior year's loss of $4.3 million. The market capitalization as of October 31, 2025, was $8.23B, with 0.494B shares outstanding in 2025.

Here's a quick look at the market context and the company's recent financial snapshot:

Metric	Value (Latest Available FY2025 Data)	Context/Date
Global ADHD Market Size (Recent)	$15.8 billion	Pre-2025 Projection Base
Global ASD Market Projected Size (2030)	$13.14 billion	Projection
Hong Kong ADHD Growth Rate (Annual)	8.6%	Through 2029
Annual Revenue (FY ending Jun 30, 2025)	$0.0	Fiscal Year 2025
Net Loss (Year ended June 2025)	$-3.6 million	Fiscal Year 2025
Market Capitalization (Oct 31, 2025)	$8.23B	As of October 31, 2025

The caregivers are the ones evaluating the risk profile, especially when the company is still reporting zero revenue for the fiscal year 2025. Still, the stock price on December 2, 2025, was $12.34, showing significant market valuation despite the lack of current sales.

• Patients with ADHD: Global prevalence around 139.8 million.
• Patients with ASD: Prevalence at least 1 in 100.
• Caregivers are seeking TCM-based protocols.
• Insider ownership is high, about 89%, which can affect liquidity.

Finance: draft 13-week cash view by Friday.

Regencell Bioscience Holdings Limited (RGC) - Canvas Business Model: Cost Structure

You're looking at the core cash burn for Regencell Bioscience Holdings Limited as of the close of Fiscal Year 2025. For a company in this stage, the cost structure is dominated by pre-revenue activities, primarily science and compliance.

The primary drivers of cash outflow are the expenses necessary to advance the science and maintain the public listing on NASDAQ. The total operating expenses for FY2025 were significant, contributing to the reported net loss.

Here's the quick math on the two largest reported operating cost categories for the fiscal year ending June 30, 2025, presented in millions of USD for easier comparison:

Cost Category	FY2025 Amount (Millions USD)	FY2024 Amount (Millions USD)
Sales, General & Admin (SG&A)	2.82	3.78
Research & Development (R&D)	0.95	0.95
Total Operating Expenses	3.77	4.74
Net Income (Loss)	-3.58	-4.30

The net loss for FY2025 was reported at $3.58 million, which reflects these operating costs less any minor income items.

The cost structure elements you asked about break down like this:

• Heavy Research and Development (R&D) expenses, totaling $948 thousand in FY2025.
• Sales, General, and Administrative (SG&A) costs of $2.822 million in FY2025.
• Clinical trial and research study execution costs.
• Costs associated with establishing manufacturing and supply chain.
• Public company compliance and listing fees (NASDAQ).

The SG&A reduction from $3.78 million in FY2024 to $2.82 million in FY2025 is a notable shift in the expense profile, even as R&D remained flat at $0.95 million for both periods.

Regencell Bioscience Holdings Limited (RGC) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Regencell Bioscience Holdings Limited (RGC) right now, and honestly, it's what you'd expect from a company deep in the R&D phase. The current reality is that the top line is flatlining.

Currently pre-revenue for main products; Total Revenue was $0.0 in FY2025.

• Total Revenue for the fiscal year ending June 30, 2025: $0.0.
• Net Income for FY2025: a loss of USD 3.58 million.
• EBITDA for FY2025 was reported as (3,191) Thousand USD.
• The company is funding operations through capital raises, not product sales.

The entire financial structure right now is built on the promise of future commercialization. Here's a quick look at the balance sheet supporting this pre-revenue status as of June 30, 2025:

Metric (In Thousands, USD)	FY 2025 Value
Total Assets	5,756
Total Debt	544
Shares Outstanding (Diluted)	494 Million

Future sales of standardized TCM formulae for ADHD/ASD.

This is the core commercial target. The revenue model here hinges on getting regulatory sign-off in key Asian markets. If successful, revenue will flow from direct sales or royalties.

Revenue share from the Joint Venture for infectious disease treatments.

Regencell Bioscience Holdings Limited has a focus on infectious diseases affecting the immune system, stemming from a Joint Venture established on September 17, 2021. Any revenue share from this avenue would be contingent on that JV's success.

Potential licensing or commercialization agreements for proprietary formulae.

This is a classic biotech path to near-term cash flow. Revenue would materialize as upfront payments, milestone fees, or ongoing royalties from larger partners who take on late-stage development or market distribution. This is a key area to watch for announcements in late 2025 or early 2026.

Equity financing and capital raises to fund operations.

To be fair, this is the current, tangible revenue stream keeping the lights on. The company relies on issuing stock or debt instruments to cover its cash burn. The market valuation, as of October 31, 2025, was $8.23B with a stock price of $16.65. This high market capitalization, despite zero revenue, reflects the market's willingness to fund the pipeline via equity.

The market is definitely pricing in future success; the stock price has seen wild swings, for example, surging nearly 60,000% year-to-date at one point before a 38-for-1 stock split in June 2025.