Cell Source Inc (OTC: CLCS) is a clinical-stage biotechnology company developing cell-based therapies for blood cancers and organ transplantation. The company has no product revenue as of its 10-K filed April 7, 2026, and is funded through convertible promissory notes and debt instruments rather than product sales. Its pipeline centers on Veto Cell technology, licensed exclusively from Yeda Research and Development Company Limited under a research and license agreement. The lead programs are VETO CAR-T, targeting haploidentical hematopoietic stem cell transplantation (HSCT) combined with CAR-T cell therapy for lymphoma, leukemia, and multiple myeloma, and Veto Cell Organ Transplantation, targeting kidney disease by reducing post-transplant anti-rejection therapy. The company does not own any patents and depends entirely on its exclusive license from Yeda. A planned multi-center registration study is targeted for 2027 to 2028, with commercial product introduction to U.S. HSCT centers targeted for 2029 to 2030, per the April 2026 filing.

Revenue model

No product revenue. The company is pre-commercial and funds operations through convertible promissory notes, including 8% and 10% OID convertible notes, as disclosed in the 10-K filed April 7, 2026. Future revenue, if any, is contingent on FDA and international regulatory approval of product candidates.

Products and services

VETO CAR-T: a cell therapy combining Veto Cell technology with CAR-T for haploidentical HSCT in B-cell malignancies, with Phase 1/2 safety and efficacy work targeted for 2026 and a multi-center registration study targeted for 2027 to 2028. Veto Cell Organ Transplantation: a kidney transplant application targeting engraftment and reduction of ongoing anti-rejection therapy, with Phase 1/2 study targeted for 2026 to 2027. Both programs are pre-approval as of the April 2026 filing.

Customers and end markets

Target end markets are blood cancers (lymphoma, leukemia, multiple myeloma) and kidney disease, with planned expansion to solid tumors, liver failure, sickle cell disease, beta thalassemia, and diabetes. The patient population is end-stage and refractory, with limited existing treatment options. The global blood cancer therapeutics market was cited at $80 billion in 2025 in the April 2026 10-K filing.

Value-chain role

Clinical-stage drug developer with no owned manufacturing. The company relies on contract manufacturing organizations for product candidate supply and holds an exclusive worldwide license to Veto Cell intellectual property from Yeda Research and Development Company Limited. Loss of the Yeda license would effectively cease operations.

Geographic exposure

Planned commercial focus on the United States, Europe, and Asia, per the April 2026 10-K. Clinical and regulatory activities reference FDA, EMA, and Health Canada. No current commercial operations in any geography.

Source: SEC 10-K, filed 2026-04-07

Industry: Pharmaceutical Preparations Peers: PREDICTIVE TECHNOLOGY GROUP, INC. GENEREX BIOTECHNOLOGY CORP KIWA BIO-TECH PRODUCTS GROUP CORP