Cuprina Holdings (Cayman) LTD
CUPR · Orthopedic, Prosthetic & Surgical Appliances & Supplies · EDGAR filings ↗
Grade
F38Early-stage Singapore wound-care biotech with negligible revenue, deep losses, and near-term cash exhaustion.
Strengths
- Recently IPO'd (~US$10.8M raised) with low debt and a large addressable chronic-wound market
- Revenue inched up and pipeline products (bullfrog collagen, leech, iodine) are in development
Risks
- Negative gross and net margins (net margin -9,367%) on tiny S$50k revenue with ~1.4 quarters of cash runway
- History of losses, accumulated deficit, and dependence on unproven pipeline commercialization
Notable findings
- No interest coverageInterest coverage -328.02 (cannot cover interest)
- Net lossNet loss (net margin -9366.7%)
- Cash burnNegative free cash flow (-7.1M)
- Customer concentration~89% of revenue from one customer/distributor — 2%, and 88
Key metrics
Gross margin
-1.3%
Operating margin
-9680.1%
Net margin
-9366.7%
Return on equity
-92.4%
Return on assets
-55.0%
ROIC
-73.6%
Revenue growth (QoQ)
9.4%
Debt / equity
0.0×
Interest coverage
-328.0×
Current ratio
2.4×
Free cash flow
-$7M
EBITDA
-$4M
Tangible book value
$4M
Cash & investments
$2M
Cash runway
1q
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-27 | 2025-12-31 | 0001493152-26-019085 ↗ |
| 20-F | 2025-05-14 | 2024-12-31 | 0001641172-25-010302 ↗ |