Silo Pharma Inc (NASDAQ: SILO) is a clinical-stage pharmaceutical company that develops psychedelic-inspired and ketamine-based therapeutics for neurological and psychiatric disorders. The company has no product revenue as of the fiscal year ended December 31, 2025, operating exclusively on license fee revenue with a net loss reported for both FY2025 and FY2024. Silo holds an exclusive global license from Columbia University, executed July 1, 2024, to develop and commercialize SPC-14, a compound targeting glutamate receptor NMDAR and serotonin 5-HT4 for cognitive and neuropsychiatric symptoms in Alzheimer's disease. The company is pre-commercial, funding operations through investment income, short-term investments, and staking income on crypto assets, with research and development and professional fees comprising the primary operating expenses. Incorporated in Nevada following a conversion from Delaware in December 2023, Silo is subject to DEA controlled substance registration requirements given the Schedule I and II nature of its research compounds.

Revenue model

License fee revenue is the only disclosed revenue line as of FY2025 and FY2024, with no commercial product sales. The company also records interest and dividend income, net realized gains on short-term investments, and staking income on crypto assets (Solana) as other income sources. The business operates at a net loss.

Products and services

SPC-14: a ketamine-based compound targeting NMDAR and serotonin 5-HT4, licensed exclusively from Columbia University (license effective July 1, 2024), in development for Alzheimer's disease cognitive and neuropsychiatric symptoms. Research conducted under a sponsored research agreement with Columbia University, extended October 13, 2022.

Customers and end markets

Pre-commercial stage with no disclosed commercial customers. End market is Alzheimer's disease therapeutics. The filing references a projected global Alzheimer's therapeutics market exceeding $30.8 billion by 2033, though this is a market projection cited in the filing, not company revenue.

Value-chain role

Drug developer and licensor operating upstream in the pharmaceutical value chain. Relies on third-party research institutions (Columbia University) for sponsored research and IP origination. Subject to FDA and DEA regulatory oversight for clinical development of controlled substances.

Geographic exposure

United States-focused clinical development, with exclusive global commercialization rights to SPC-14 under the Columbia University license. No disclosed international revenue or operations.

Source: SEC 10-K, filed 2026-03-27

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