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Vitro Biopharma, Inc.

What Do They Do?

Develops stem cell therapies for inflammatory and autoimmune diseases, and sells stem cell products, research materials and skin-care products to clinics, researchers and consumers.

How Do They Make Money?

Customers pay for products when they ship. For consulting work, payment is tied to reaching contractual milestones.

FY2025 revenue

Who Are Their Customers?

The company sells stem cell products and research materials directly to biopharmaceutical institutions, university labs and clinics, and supplies AlloRx Stem Cells to foreign clinics and medical centers. Its cosmetic products are sold to surgeons, aestheticians and consumers, while Fitore supplements are sold online.

Customers above 10% of revenue, FY2025
of revenue from three customers (37%, 20%, 15%)
FY2024: 64% from two customers

Do Revenues Turn Into Profits?

No. It lost $10.9M in FY2025.

Operating income, FY2025
−244% of revenue
▼ −45% (Loss) vs FY2024 (−$9.2M, −493%)
Net income, FY2025
−528% of revenue
▲ +10% (Loss) vs FY2024 (−$9.9M, −532%)
Free cash flow, FY2025
−124% of revenue

How Are They Changing?

Since the FY2025 annual report
Latest quarter: Q3 FY2026, the three months to Jul 31, 2026
Revenue
▼ −6%
vs $608.6K in Q3 FY2025
Net income
▲ +403% (Loss)
vs −$1.7M in Q3 FY2025

Shrinking. Revenue fell 38% in 3 years, from $3.3M in FY2022 to $2.1M in FY2025, about 15% a year.

Who Do They Compete With?

Competes with Athersys, BrainStorm Cell Therapeutics, Celularity, Corestem, Coya Therapeutics, Fate Therapeutics, Healios, Longeveron, Medipost, Mesoblast, Pluristem Therapeutics, SanBio, Stemedica Cell Technologies, Axcella Health, GlaxoSmithKline, Tonix Pharmaceuticals, Vir Biotechnology, and Neuren Pharmaceuticals

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