NovelStem International Corp. (OTC: NSTM) is a development-stage company that holds a license from Yissum, the technology transfer company of the Hebrew University of Jerusalem, targeting physician and patient needs through new product development in an unspecified medical or life-sciences area. The company generated $0 in administrative fee income for the year ended December 31, 2025, down from $12,000 in FY2024, and reported no product revenue in either period. NSTM recorded a net income of approximately $2,380,000 for FY2025, driven by non-operating items including gain on disposal of an equity method investment and relief of indebtedness income, not operating activity. As of December 31, 2025, the company carried current assets of approximately $16,000 against current liabilities of approximately $2,157,000, and its auditors prepared financial statements on a going-concern basis. The company has not commercialized any product as of the filing date of March 26, 2026. Jan H. Loeb serves as President and Executive Chairman, a role he has held since January 2023 and September 2022, respectively.

Revenue model

No product or service revenue was generated in FY2025. The sole prior revenue was $12,000 in administrative fee income recorded in FY2024, which was not repeated in FY2025. The company is pre-revenue and dependent on equity financing and the eventual commercialization of a license held from Yissum.

Products and services

The company references development of products requiring physician and patient identification, safety and efficacy demonstration, and regulatory clearance or approval, consistent with a medical or life-sciences product pipeline. No specific products or brands are named in the filing excerpts. The company holds a license referred to as 'the License' from Yissum, the commercialization of which is identified as central to going-concern continuation.

Customers and end markets

The filing references physicians and patients as the intended end users of products under development. No commercial customers are identified, as the company had not generated product revenue as of December 31, 2025.

Value-chain role

NSTM operates as a development-stage license holder, sitting between an academic technology licensor (Yissum) and eventual commercialization. It has not yet reached manufacturing, distribution, or sales stages.

Source: SEC 10-K, filed 2026-03-26

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