Form 8-K/A
8-K/A — Aditxt, Inc.
Accession: 0001213900-26-041018
Filed: 2026-04-07
Period: 2026-03-10
CIK: 0001726711
SIC: 2834 (PHARMACEUTICAL PREPARATIONS)
Item: Financial Statements and Exhibits
Documents
8-K/A — ea0285319-8ka1_aditxt.htm (Primary)
EX-23.1 — CONSENT OF CBIZ CPAS P.C (ea028531901ex23-1.htm)
EX-99.1 — AUDITED FINANCIAL STATEMENTS OF IGNITE PROTEOMICS LLC AS OF DECEMBER 31, 2025 AND 2024 AND FOR THE YEAR ENDED DECEMBER 31, 2025 AND THE PERIOD FROM MAY 30, 2024 (INCEPTION) THROUGH DECEMBER 31, 2024 (ea028531901ex99-1.htm)
EX-99.2 — UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2025 (ea028531901ex99-2.htm)
EX-99.3 — UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2024 (ea028531901ex99-3.htm)
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8-K/A — AMENDMENT NO. 1 TO FORM 8-K
8-K/A (Primary)
Filename: ea0285319-8ka1_aditxt.htm · Sequence: 1
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
(Amendment No. 1)
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
March 10, 2026
Aditxt, Inc.
(Exact name of registrant as specified in its charter)
Delaware
001-39336
82-3204328
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
2569 Wyandotte St., Suite 101, Mountain View, CA
94043
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including
area code: (650) 870-1200
N/A
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-47(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b)
of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.001
ADTX
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Explanatory Note:
On March 13, 2026, Aditxt, Inc. (the “Company”)
filed a Current Report on Form 8-K (the “Original Report”) reporting the completion of the acquisition of Ignite Proteomics
LLC (“Ignite”) on March 11, 2026. The Original Report indicated that the financial statements of the business acquired, and
the pro forma financial information required by Item 9.01 of Form 8-K would be filed by amendment.
This Current Report on Form 8-K/A amends
the Original Report to provide the financial statements of Ignite and the unaudited pro forma consolidated financial information required
by Item 9.01 of Form 8-K. Except as described herein, this Form 8-K/A does not amend, modify, or update any other information contained
in the Original Report.
Item 9.01. Financial Statements and Exhibits.
(a) Financial statements of business acquired.
The audited balance sheet of Ignite as of December 31, 2025 and the related audited statements of operations, stockholders’ deficit,
and cash flows for the year ended December 31, 2025, and the audited balance sheet of Ignite as of December 31, 2024 and the related audited
statements of operations, stockholders’ deficit, and cash flows for the period from May 30, 2024 (inception) through December 31,
2024, are filed as Exhibit 99.1.
(b) Pro forma financial information.
The unaudited pro forma consolidated financial information of the Company
giving effect to the acquisition of Ignite Proteomics LLC, consisting of (i) the unaudited pro forma consolidated balance sheet as of
December 31, 2025 and the unaudited pro forma consolidated statement of operations for the year ended December 31, 2025, and (ii) the
unaudited pro forma consolidated balance sheet as of December 31, 2024 and the unaudited pro forma consolidated statement of operations
for the year ended December 31, 2024, are filed as Exhibit 99.3 and Exhibit 99.4, respectively, and are incorporated herein by reference.
(d) Exhibits.
Exhibit No.
Exhibit
23.1
Consent of CBIZ CPAs P.C.
99.1
Audited financial statements of Ignite Proteomics LLC as of December 31, 2025 and 2024 and for the year ended December 31, 2025 and the period from May 30, 2024 (inception) through December 31, 2024
99.2
Unaudited pro forma consolidated financial information as of and for the year ended December 31, 2025
99.3
Unaudited pro forma consolidated financial information as of and for the year ended December 31, 2024
104
Cover Page Interactive Data File (embedded within the XBRL document)
1
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
ADITXT, INC.
Date: April 7, 2026
By:
/s/ Amro Albanna
Amro Albanna
Chief Executive Officer
2
EX-23.1 — CONSENT OF CBIZ CPAS P.C
EX-23.1
Filename: ea028531901ex23-1.htm · Sequence: 2
Exhibit 23.1
CONSENT OF INDEPENDENT AUDITOR
We consent to the incorporation by reference in the Registration Statements on Forms S-3 (File No. 333-280757 and File No. 333-257645),
and S-1 (File No. 333-2888211, File No. 333-281988, File No. 333-275375, File No. 333-274539 and File No 333-266183) of Aditxt Inc., of
our report dated April 6, 2026, with respect to the financial statements of Ignite Proteomics LLC, which appears in this Current Report
on Form 8-K of Aditxt, Inc.
/s/ CBIZ CPAs P.C.
New York, New York
April 7, 2026
EX-99.1 — AUDITED FINANCIAL STATEMENTS OF IGNITE PROTEOMICS LLC AS OF DECEMBER 31, 2025 AND 2024 AND FOR THE YEAR ENDED DECEMBER 31, 2025 AND THE PERIOD FROM MAY 30, 2024 (INCEPTION) THROUGH DECEMBER 31, 2024
EX-99.1
Filename: ea028531901ex99-1.htm · Sequence: 3
Exhibit
99.1
Ignite
Proteomics LLC
Financial
Statements
For
the Year Ended December 31, 2025 and for the Period from May 30, 2024 (Inception) to December 31, 2024
IGNITE
PROTEOMICS LLC
TABLE
OF CONTENTS
Page
INDEPENDENT AUDITOR’S REPORT
2
Financial
Statements for the year ended December 31, 2025 and for the period from May 30, 2024 (Inception) to December 31, 2024:
Balance Sheets
4
Statement of Operations
5
Statement of Changes in Member’s Deficit
6
Statement of Cash Flows
7
Notes to Financial Statements
8
F-1
CBIZ CPAs P.C.
730 Third Avenue
11th Floor
New York, NY 10017
P: 212.485.5500
Independent
Auditors’ Report
To Those Charged with Governance
Ignite Proteomics, LLC
Opinion
We have audited the financial statements of Ignite Proteomics LLC (the
“Company”), which comprise the balance sheets as of December 31, 2025 and 2024, and the related statements of operations,
changes in member’s deficit, and cash flows for the year ended December 31, 2025, and for the period from May 30, 2024 (inception)
through December 31, 2024, and the related notes to the financial statements (collectively referred to as the “financial statements”).
In our opinion, the accompanying financial statements present fairly,
in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and
its cash flows for the year ended December 31, 2025 and for the period from May 30, 2024 (inception) through December 31, 2024, in accordance
with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audits in accordance with auditing standards generally
accepted in the United States of America (“GAAS”). Our responsibilities under those standards are further described in the
Auditors’ Responsibilities for the Audits of the Financial Statements section of our report. We are required to be independent of
the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Substantial Doubt About the Company’s
Ability to Continue as a Going Concern
The accompanying financial statements have been prepared assuming that
the Company will continue as a going concern. As discussed in Note 3 regarding the financial statements, the Company has incurred a loss
and generated negative cash flow from operating activities during the period. Management’s evaluation of the events and conditions
and management’s plans regarding these matters are also described in Note 3. The financial statements do not include any adjustments
that might result from the outcome of this uncertainty. Our opinion is not modified with respect to this matter.
CBIZCPAS.COM
F-2
Responsibilities of Management for the
Financial Statements
Management is responsible for the preparation and fair presentation
of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design,
implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are
free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate
whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to
continue as a going concern for one year after the date that the financial statements are available to be issued.
Auditors’ Responsibilities for the
Audits of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the
financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee
that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists.
In performing an audit in accordance with GAAS, we:
● Exercise professional judgment and maintain professional
skepticism throughout the audit.
● Identify and assess the risks of material misstatement of
the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks.
● Obtain an understanding of internal control relevant to the
audit in order to design audit procedures that are appropriate in the circumstances.
● Evaluate the appropriateness of accounting policies used
and the reasonableness of significant accounting estimates made by management.
● Conclude whether conditions or events raise substantial doubt
about the Company’s ability to continue as a going concern.
We are required to communicate with those charged with governance regarding,
among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters.
/s/ CBIZ CPAs P.C.
New York, New York
April 6, 2026
F-3
IGNITE
PROTEOMICS LLC
BALANCE
SHEETS
December 31,
2025
December 31,
2024
ASSETS
Current assets:
Cash
$ 13,228
$ 7
Accounts receivable, net
-
28,030
Inventory
131,435
83,897
Prepaid expenses and other current assets
112,548
70,454
Total current assets
257,211
182,388
Property and equipment, net
-
904,680
Total assets
$ 257,211
$ 1,087,068
LIABILITIES AND MEMBER’S EQUITY
Current liabilities:
Accounts payable and accrued expenses
$ 2,485,505
$ 448,523
Intercompany payables
4,578,815
1,744,595
Total current liabilities
7,064,320
2,193,118
Total liabilities
7,064,320
2,193,118
Contingencies – Note 6
Member’s deficit
(6,807,109 )
(1,106,050 )
Total liabilities and member’s deficit
$ 257,211
$ 1,087,068
See
accompanying notes to the financial statements
F-4
IGNITE
PROTEOMICS LLC
STATEMENTS
OF OPERATIONS
Year Ended
December 31,
2025
For the
period from
May 30,
2024 to
December 31,
2024
Revenues, net
$ 43,539
$ 72,050
Cost of revenues
402,063
311,832
Gross loss
(358,524 )
(239,782 )
Operating expenses:
General and administrative
4,594,573
2,000,901
Loss on impairment
748,101
-
Total operating expenses
5,342,674
2,000,901
Operating loss
(5,701,198 )
(2,240,683 )
Other income:
Interest income
139
-
Total other income
139
-
Net loss
$ (5,701,059 )
$ (2,240,683 )
See
accompanying notes to the financial statements.
F-5
IGNITE
PROTEOMICS LLC
STATEMENTS
OF CHANGES IN MEMBER’S DEFICIT
FOR
THE YEAR ENDED DECEMBER 31, 2025 AND FOR THE PERIOD FROM MAY 30, 2024
(INCEPTION) TO DECEMBER 31, 2024
Member’s
Deficit
Total
Balance, May 30, 2024 (inception)
$ -
$ -
Net loss
(2,240,683 )
(2,240,683 )
Member’s
contributions
1,134,633
1,134,633
Balance as of December 31, 2024
$ (1,106,050 )
(1,106,050 )
Net
loss
(5,701,059 )
(5,701,059 )
Balance as of December 31, 2025
$ (6,807,109 )
(6,807,109 )
See
accompanying notes to financial statements.
F-6
IGNITE
PROTEOMICS LLC
STATEMENTS
OF CASH FLOWS
For
The
Year Ended
December 31,
2025
For
the
Period from
May 30,
2024 to
December 31,
2024
Cash flows from operating activities:
Net loss
$ (5,701,059 )
$ (2,240,683 )
Adjustments to reconcile
net loss to net cash used in operating activities:
Depreciation expense
156,579
139,182
Loss on impairment of property
and equipment
748,101
-
Changes in operating assets
and liabilities:
Accounts receivable, net
28,030
(28,030 )
Inventory
(47,538 )
(83,897 )
Prepaid expenses and other
current assets
(42,094 )
20,317
Accounts
payable and accrued expenses
4,871,202
2,193,118
Net increase in cash
13,221
7
Cash, beginning of period
7
-
Cash, end of period
$ 13,228
$ 7
Non-cash
investing and financial activities:
Non-cash contribution
from the member in the form of medical equipment
$ -
$ 1,043,862
Non-cash contribution from the member in the
form of inventory
$ -
$ 90,771
Intercompany payables
$ 2,834,220
$ 1,744,595
See
accompanying notes to the financial statements.
F-7
IGNITE
PROTEOMICS LLC
NOTES
TO FINANCIAL STATEMENTS
Note
1. Description of Business
Ignite
Proteomics LLC (the “Company”) was formed on May 30, 2024, as a Delaware limited liability company under the Delaware Limited
Liability Company Act. The Company operates the medical laboratory acquired from Theralink Technologies, Inc., provides services related
to proteomic products pursuant to acquired licenses from George Mason University (“GMU”) and Vanderbilt University (“Vanderbilt”),
and collects fees for services rendered. The Company has obtained credentials to bill Medicare, a third-party payer, for reimbursement
of its Ignite proteomics test and is in the process of securing credentials for reimbursement from additional third-party payors. The
Company generates revenue through clinical diagnostic testing, research contracts with leading academic and biopharmaceutical institutions,
and participation in clinical trials and registries.
IMAC
Holdings, Inc. (the “Member”) is the sole member of the Company and owns 100% of its membership interests.
Note
2. Summary of Significant Accounting Policies
Basis
of Presentation
The
accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States
of America (“GAAP”) as promulgated by the Financial Accounting Standards Board (“FASB”) through the Accounting
Standards Codification (“ASC”).
The
financial statements present the Company’s financial position and results of operations for the year ended December 31, 2025. As
the Company was formed on May 30, 2024, the comparative financial information reflects the period from inception through December 31,
2024, representing approximately seven months of operations.
Use
of Estimates
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets, liabilities, revenues and expenses at the date and for the periods that the financial statements are prepared. On
an ongoing basis, the Company evaluates its estimates, including those related to contractual insurance adjustments on revenues and expected
credit losses, and impairment of long-lived assets. The Company bases its estimates on historical experience and on various other assumptions
that are believed to be reasonable under the circumstances. Actual results could materially differ from those estimates.
Revenue
Recognition
The
Company accounts for its revenue transactions under Financial Accounting Standards Board (“FASB”) through the Accounting
Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC Topic 606”).
In accordance with ASC Topic 606, the Company recognizes revenues when its customers obtain control of its product for an amount
that reflects the consideration it expects to receive from its customers in exchange for that product. To determine revenue recognition
for contracts that are determined to be in scope of ASC Topic 606, the Company performs the following five steps: (i)
identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction
price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the
Company satisfies the performance obligation. The Company only applies the five-step model to contracts when it is probable that
the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Once
the contract is determined to be within the scope of ASC Topic 606, the Company assesses the goods or services promised within each
contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The
Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when
such performance obligation is satisfied.
Revenue
is recognized at the point in time when the analysis report is submitted to the customer.
F-8
Cash
and Cash Equivalents
The
Company considers all short-term investments with an original maturity of three months or less to be cash equivalents. The Company had no cash
equivalents at December 31, 2025.
Property
and Equipment
Property
and equipment are stated at cost, less accumulated depreciation. Additions and improvements are capitalized, while expenditures for maintenance
and repairs are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the
assets.
Upon
sale or retirement of assets, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or
loss is recognized in other income (expense) in the period incurred.
Property
and equipment are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset
or asset group may not be recoverable. Recoverability is assessed by comparing the carrying amount of the asset group to the estimated
undiscounted future cash flows expected to result from the use and eventual disposition of the asset group.
If
the carrying amount exceeds the estimated undiscounted future cash flows, an impairment loss is recognized for the amount by which the
carrying value exceeds the fair value of the asset group. Fair value is generally determined using discounted cash flow analyses or other
valuation techniques.
Income
Taxes
The
Company is a single member limited liability company that has elected to be treated as a disregarded entity for federal and applicable
state tax purposes. Accordingly, all items of income, gain, loss, deduction, and credit of the Company (including, without limitation,
items not subject to federal or state income tax) are treated for federal and applicable state income tax purposes as items of income,
gain, loss, deduction, and credit of the Member. As a result, no income tax provision is included in the accompanying financial statements.
Transactions for which tax deductibility or the timing of deductibility is uncertain are reviewed based on their technical merits in
determining distribution of the Company’s income. Penalties and interest assessed by income taxing authorities, if any, are included
in selling, general, and administrative expenses; however, no such interest or penalties were recognized for the years ended December
31, 2025 and 2024, respectively.
F-9
Inventories
Inventories
are stated at the lower of cost or net realizable value (“NRV”) in accordance with ASC 330, Inventory (“ASC 330”).
Cost is determined using the weighted-average method, which approximates actual cost.
The
Company evaluates inventory regularly to identify items that are excess, obsolete, or slow-moving, and records valuation adjustments
when necessary to reduce the carrying amount to NRV. The determination of net realizable value considers factors such as current and
forecasted demand, expected selling prices, production costs, and normal profit margins. Inventory is not carried above amounts expected
to be recovered through sale or use.
Recently
Issued and Adopted Accounting standard
The
Company was not subject to nor did the Company adopt any other new accounting pronouncements during period ended December 31, 2025 that
had a material impact on the financial condition, results of operations, or cash flows.
Recently
Issued not yet Adopted Accounting Standards
In
November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income- Expense Disaggregation Disclosures (“ASU
2024-03"). ASU 2024-03 requires disclosure of specific information about certain costs and expenses in the notes to its financial
statements for interim and annual reporting periods. The objective of the disclosure requirements is to provide disaggregated information
to help financial statement users (a) better understand the Company’s performance, (b) better assess the Company’s prospects
for future cash flows, and (c) compare the Company’s performance over time and with that of other entities. ASU 2024-03 is effective
for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December
15, 2027. The Company is currently evaluating the impact that this guidance will have on its financial statements and related disclosures.
Note
3. Going Concern Considerations
The
Company’s financial statements are prepared in accordance with GAAP and includes the assumption of a going concern basis, which
contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has incurred losses
and generated negative cash inflows from operating activities during the reporting periods. As a result, management concludes that there
is substantial doubt to continue as a going concern twelve months from the issuance of these statements.
These
financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification
of liabilities that might be necessary should the Company be unable to continue as a going concern.
F-10
Note 4.
Property and Equipment
Property
and equipment consisted of the following at December 31, 2025 and 2024:
Estimated
Useful Life
December
31, 2025
December
31, 2024
Medical Equipment
5 years
$ 1,043,862
$ 1,043,862
Less: accumulated depreciation
(295,761 )
(139,182 )
Impairment of property and equipment
(748,101 )
-
Total property and equipment, net
$ -
$ 904,680
Depreciation
was approximately $156,579 and $139,182 for the year ended December 31, 2025 and for the period from May 30, 2024 (inception) through
December 31, 2024, respectively.
During
the year ended December 31, 2025, the Company recognized an impairment loss of $748,101 on the laboratory equipment that was acquired
May 2024 from Theralink Technologies, Inc. This impairment was triggered by a revenue shortfall that resulted in minimal cash flows generated
from the use of the laboratory equipment. The net revenue for the year ended December 31, 2025 was approximately $43,539. The carrying
amount of the laboratory equipment was $748,101 and it was determined that the fair value was $0. The impairment loss was measured
as the difference between the carrying amount of the asset group and its estimated fair value.
Note
5. Member’s Deficit
The
Company operates as a limited liability company without any authorized share capital and has not issued any share units to its Member,
as stipulated in its formation documents. Accordingly, there are no outstanding share units as of the balance sheet dates. On May 30,
2024, the Member contributed property and equipment and inventory valued at $1,043,862 and $90,771, respectively, which was recorded
as a capital contribution during the comparative period.
During
the year ended December 31, 2024, the Member entered into several financing transactions with Theralink Technologies, Inc. (“Theralink”)
that culminated in an acquisition of Theralink assets. Pursuant to the Settlement and Release Agreement dated May 1, 2024, the Member
acquired certain assets which resulted in the recording of long lived assets of $1.1 million. These assets were contributed to the
Company as a capital contribution on May 30, 2024.
During
the year ended December 31, 2025, the Member provided funding for various working capital and operational requirements which have been
recorded as intercompany payable.
The
Member is vested with full authority to manage and control the business and affairs of the Company, including, the power to appoint officers
and to take all actions deemed necessary, to carry out the purposes and operations of the Company.
Note
6. Contingencies
From
time to time the Company may become subject to threatened and/or asserted claims arising in the ordinary course of our business. Management
is not aware of any matters, either individually or in the aggregate, that are reasonably likely to have a material impact on the Company’s
financial condition, results of operations or liquidity for the periods presented.
F-11
Note
7. Segment Reporting
The
Company has determined that it currently operates in a single segment, precision medicine in cancer treatment, currently located in a
single geographic location, the United States. The accounting policies of the segment are the same as those described in the summary
of significant accounting policies. Since the Company operates in a single segment, the measure of segment total assets and loss from
operations is the same as that reported on the accompanying balance sheets as total assets, and the accompanying statement of operations
as loss from operations, respectively.
The
Company’s chief operating decision maker (“CODM”) is the chief executive officer of the Member. The Company’s
CODM reviews and evaluates the total consolidated net loss for purposes of assessing performance, making operating decisions, allocating
resources, and planning and forecasting for future periods. In addition to the significant expense categories included within the total
net loss presented on the Company’s Statements of Operations, the following table sets forth significant segment expenses:
For the
year ended
December 31,
2025
For the
period from
May 30,
2024 to
December 31,
2024
Revenue, net
$ 43,539
$ 72,050
Cost of revenue
(402,063 )
(311,832 )
(358,524 )
(239,782 )
Operating expenses
Employee expense
3,768,348
1,193,173
Professional fees
426,853
607,661
Occupancy
260,177
147,482
Insurance
7,594
2,811
Loss on impairment
748,101
-
Other
131,601
49,774
Total operating expenses
5,342,674
2,000,901
Operating loss
(5,701,198 )
(2,240,683 )
Other income
Interest income
139
-
Total other income
139
-
Net loss
$ (5,701,059 )
$ (2,240,683 )
F-12
Note
8. Related Party
The
Company primarily transacted with its sole related party, the Member, during the periods. At inception, the Member contributed medical
equipment and inventory valued at $1,043,862 and $90,771, respectively, as a capital contribution. Additionally, the Company engaged
in operational transactions with the Member during the period, including payroll expenses allocated between the Member and the Company,
among other items. Accordingly, the Company had an intercompany payables balance of $4,578,815 and $1,744,595 outstanding at December
31, 2025 and 2024, respectively.
Note
9. Subsequent Event
The
Company evaluated subsequent events and transactions that occurred after December 31, 2025 through the date the financial statements
were issued.
Subsequent
to December 31, 2025, Aditxt, Inc. (“Aditxt”) acquired 100% of the outstanding membership interests of Ignite Proteomics
LLC (“Ignite”) pursuant to a Securities Purchase Agreement with IMAC Holdings, Inc. (“IMAC”) and certain other
equity holders of Ignite. IMAC was the Company’s sole member during the periods presented and Ignite was formerly a wholly owned
subsidiary of IMAC.
The
acquisition was completed on March 11, 2026, at which time Ignite became a wholly owned subsidiary of Aditxt.
Under
the terms of the transaction, Aditxt issued 36,000 shares of its Series A-2 Convertible Preferred Stock, with an aggregate stated value
of $36.0 million, as consideration for the equity interests of Ignite.
The
financial statements presented herein reflect the historical operations and financial position of Ignite prior to the change in ownership.
The accounting for the acquisition and any related purchase accounting adjustments will be reflected in the consolidated financial statements
of Aditxt, Inc.
Management
evaluated additional events occurring after December 31, 2025 and determined that no other subsequent events requiring recognition or
disclosure in the accompanying financial statements had occurred.
F-13
EX-99.2 — UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2025
EX-99.2
Filename: ea028531901ex99-2.htm · Sequence: 4
Exhibit 99.2
Aditxt Inc.
Unaudited Pro Forma Consolidated Financial Statements
(In U.S. dollars)
As of December 31, 2025
Aditxt Inc.
Pro Forma Consolidated Statement of Financial Position
(Unaudited)
(In thousands of U.S. dollars)
As of December 31, 2025
Aditxt
Ignite
Pro Forma Adjustments
Notes
Pro Forma Consolidated
ASSETS
CURRENT ASSETS:
Cash
3,199
13
-
Note 3(a)
3,212
Accounts receivable, net
-
-
-
-
Inventory
6
131
-
137
Prepaid expenses
617
113
-
730
TOTAL CURRENT ASSETS
3,822
257
-
4,079
Fixed assets, net
880
-
-
880
Intangible assets, net
3
-
-
3
Deposits
62
-
-
62
Right of use asset - long term
1,205
-
-
1,205
Notes receivable, net of discount
3,900
-
-
3,900
Investment in Evofem
6,646
-
-
6,646
Goodwill
-
-
36,551
Note 3(b)
36,551
TOTAL ASSETS
16,517
257
36,551
53,325
The accompanying notes are an integral part of
these unaudited pro forma consolidated financial statements.
2
Aditxt Inc.
Pro Forma Consolidated Statement of Financial Position
(Unaudited)
(In thousands of U.S. dollars)
As of December 31, 2025
Aditxt
Ignite
Pro Forma Adjustments
Notes
Pro Forma Consolidated
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
CURRENT LIABILITIES:
Accounts payable and accrued expenses
7,693
2,486
(1,202 )
Note 3(c)
8,977
Mandatorily Redeemable A-1 Preferred Stock (678 and 0 shares)
779
-
-
779
Mandatorily Redeemable C-1 Preferred Stock (896 and 1,178 shares)
1,031
-
-
1,031
Notes payable and other short-term debt, net of discount
1,855
-
-
1,855
Deferred rent
53
-
-
53
Intercompany with IMAC
-
4,579
(4,579 )
Note 3(d)
-
Lease liability - short term
808
-
-
808
TOTAL CURRENT LIABILITIES
12,220
7,064
(5,781 )
13,504
Lease liability - long term
343
-
-
343
Derivative liability
-
-
-
-
TOTAL LIABILITIES
12,563
7,064
(5,781 )
13,847
STOCKHOLDERS’ EQUITY (DEFICIT)
Preferred stock, $0.001 par value, 3,000,000 shares authorized, no shares issued and outstanding
-
-
-
-
Series A-1 Preferred stock, $0.001 par value, 22,280 shares authorized, 20,375 and 22,071 shares issued and outstanding, as of December 31, 2025 and December 31, 2024, respectively
-
-
-
-
Series A-2 Preferred Stock, $0.001 par value; 36,000 shares authorized; 36,000 and zero shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively
-
-
-
Note 3(e)
-
Series B Preferred stock, $0.001 par value, 1 shares authorized, zero and zero shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively
-
-
-
-
Series B-1 Preferred stock, $0.001 par value, 6,000 shares authorized, 2,689 and 2,689 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively
-
-
-
-
Series B-2 Preferred stock, $0.001 par value, 2,625 shares authorized, 2,625 and 2,625 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively
-
-
-
-
Series C Preferred stock, $0.001 par value, 1 shares authorized, zero and zero shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively
-
-
-
-
Series D-1 Preferred stock, $0.001 par value, 1 shares authorized, zero and zero shares issued and outstanding, as of December 31, 2025 and December 31, 2024, respectively
-
-
-
-
Common stock
-
-
-
-
Treasury stock
(202 )
-
-
(202 )
Additional paid-in capital
214,365
-
36,000
250,365
Member's Deficit
-
(6,807 )
6,807
Note 3(f)
-
Accumulated deficit
(209,809 )
-
(475 )
Note 3(g)
(210,284 )
Accumulated other comprehensive income
1,254
-
-
1,254
TOTAL ADITXT, INC. STOCKHOLDERS' EQUITY (DEFICIT)
5,610
(6,807 )
42,332
41,135
NON-CONTROLLING INTEREST
(1,656 )
-
-
(1,656 )
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)
3,954
(6,807 )
42,332
39,479
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
16,517
257
36,551
53,325
The accompanying notes are an integral part of
these unaudited pro forma consolidated financial statements.
3
Aditxt Inc.
Pro Forma Consolidated Statement of Earnings
(Unaudited)
(In thousands of U.S. dollars, except share and earnings per share)
For the twelve months ended December 31, 2025
Aditxt
Ignite
Pro Forma Adjustments
Notes
Pro Forma Consolidated
REVENUE
Sales
3
44
-
47
Cost of goods sold
3
402
-
405
Gross profit (loss)
-
(358 )
-
(358 )
OPERATING EXPENSES
General and administrative expenses
15,975
4,595
475
Note 3(g)
21,044
Research and development
3,194
-
-
3,194
Sales and marketing
402
-
-
402
Loss on disposition or impairment
-
748
-
748
Total operating expenses
19,571
5,343
475
25,389
NET LOSS FROM OPERATIONS
(19,571 )
(5,701 )
(475 )
(25,747 )
OTHER EXPENSE
Interest expense
(681 )
-
-
(681 )
Interest income
199
-
-
199
Amortization of debt discount
(1,707 )
-
-
(1,707 )
Change in fair value of derivative liability
15
-
-
15
Change in fair value of Evofem warrants
2,807
-
-
2,807
Impairment of Evofem F-1 Preferred Stock
(23,766 )
-
-
(23,766 )
Impairment of fixed assets
(412 )
-
-
(412 )
Gain on Evofem note
328
-
-
328
Total other expense
(23,217 )
-
-
(23,217 )
Net loss before provision for income taxes
(42,788 )
(5,701 )
(475 )
(48,964 )
Provision for Income Taxes
-
-
-
-
NET LOSS
(42,788 )
(5,701 )
(475 )
(48,964 )
NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST
(1,073 )
-
-
(1,073 )
NET LOSS ATTRIBUTABLE TO ADITXT & SUBSIDIARIES
(41,715 )
(5,701 )
(475 )
(47,891 )
Deemed Dividends
(1,387 )
-
-
(1,387 )
NET EARNINGS/(LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
(43,103 )
(5,701 )
(475 )
(49,279 )
Net loss per share: - Continuing Operations
Basic and Diluted
(1,153.82 )
-
-
(1,319.20 )
Weighted average number of shares:
Basic and Diluted
37,355
-
-
37,355
The accompanying notes are an integral part of these unaudited pro
forma consolidated financial statements.
4
Aditxt Inc.
Notes to Pro Forma Consolidated Financial Statements
(Unaudited)
(In thousands of U.S. dollars)
For the twelve months ended December 31, 2025
1. Description of Transaction
Acquisition of Ignite Proteomics
LLC by Aditxt
On March 11, 2026, Aditxt, Inc. (“Aditxt”
or the “Company”) completed the acquisition of all of the equity interests of Ignite Proteomics LLC (“Ignite”),
a Delaware limited liability company and formerly a wholly owned subsidiary of IMAC Holdings, Inc., pursuant to a Securities Purchase
Agreement entered into between the Company, the investors listed on the schedule of buyers attached thereto and IMAC Holdings, Inc.
Under the terms of the Securities Purchase
Agreement, the Company acquired 100% of the issued and outstanding equity interests of Ignite. In connection with the transaction, the
investors transferred their equity interests in Ignite to the Company in exchange for 36,000 shares of the Company’s Series A-2
Convertible Preferred Stock with an aggregate stated value of $36.0 million.
In addition, approximately $0.5 million
of cash was directed through the closing funds flow to satisfy certain transaction-related expenses and obligations associated with the
acquisition. These amounts included payments for legal and administrative costs, as well as net amounts remitted to IMAC Holdings, Inc.,
including amounts previously advanced.
These payments were made to settle
seller obligations and transaction costs in connection with the acquisition and do not represent pre-existing relationships between Aditxt
and Ignite. Accordingly, such amounts have not been reflected as consideration transferred in the preliminary purchase price allocation.
In addition, Aditxt expects to settle
certain operating liabilities of Ignite Proteomics LLC following the acquisition, as identified in Schedule 2 to the transaction agreements
(approximately $808). Although these liabilities were not legally assumed as part of the acquisition, management determined that the settlement
of such obligations represents additional purchase consideration, as Aditxt does not receive a direct economic benefit from the original
incurrence of these liabilities. Accordingly, these amounts have been reflected as an increase to goodwill in the preliminary purchase
price allocation.
Business Combination
The Company evaluated the acquisition
of Ignite Proteomics LLC in accordance with the guidance in ASC 805-10-55 to determine whether the acquired set of activities and assets
constitutes a business.
The acquired set includes inputs, such
as intellectual property, laboratory equipment, and workforce; processes, including proprietary methodologies and operational protocols;
and the ability to generate outputs, including research and development activities and related services.
Based on this evaluation, management
concluded that the acquired set represents a business, as it includes a substantive process that, when applied to the inputs, has the
ability to contribute to the creation of outputs. Accordingly, the transaction has been accounted for as a business combination under
ASC 805.
Continuity of Operations
Following the acquisition, Aditxt has
retained and/or transitioned key employees of Ignite Proteomics LLC and continues to operate the acquired business using substantially
the same processes and operational infrastructure. This continuity of personnel and operations supports the Company’s conclusion
that the acquired set includes a substantive process and will continue to generate output.
5
Aditxt Inc.
Notes to Pro Forma Consolidated Financial Statements
(Unaudited)
(In thousands of U.S. dollars)
For the twelve months ended December 31, 2025
1. Description of Transaction (continued)
Basis of Preparation
The accompanying unaudited Pro Forma
Consolidated Financial Statements of Aditxt have been prepared to give effect to the acquisition of Ignite. The unaudited Pro Forma Consolidated
Statement of Financial Position gives effect to the transaction as if it had occurred on December 31, 2025. The unaudited Pro Forma Consolidated
Statement of Earnings for the twelve months ended December 31, 2025, gives effect to the transaction as if it had occurred on January
1, 2025.
The unaudited Pro Forma Consolidated
Statement of Financial Position combines the historical consolidated statement of financial position of Aditxt as of December 31, 2025,
and the historical statement of financial position of Ignite as of December 31, 2025. Certain amounts may not sum due to rounding.
The unaudited Pro Forma Consolidated
Financial Statements are based on, and should be read in conjunction with:
● the audited consolidated financial statements of Aditxt as
of and for the year ended December 31, 2024 (“Aditxt’s 2024 Annual Consolidated Financial Statements”) prepared in
U.S. dollars in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”);
● the audited financial statements of Ignite as of and for the
year ended December 31, 2024 (“Ignite’s 2024 Financial Statements”) prepared in U.S. dollars in accordance with U.S.
GAAP;
● the audited consolidated financial statements of Aditxt as
of and for the year ended December 31, 2025; and
● the audited financial statements of Ignite as of and for the
year ended December 31, 2025.
The audited consolidated financial
statements of Aditxt for the years ended December 31, 2025 and 2024 are incorporated herein by reference.
The unaudited Pro Forma Consolidated
Financial Statements have been presented for illustrative purposes only. The pro forma information is not necessarily indicative of what
the combined company’s financial position or financial performance would have been had the transaction been completed on the dates
indicated above, nor does it purport to project the future financial position or operating results of the combined company.
The unaudited Pro Forma Consolidated
Financial Statements do not reflect potential cost savings, operating synergies, or revenue enhancements that may be realized from the
transaction. The actual financial position and results of operations of Aditxt following the closing of the transaction may vary from
the amounts set forth in the unaudited Pro Forma Consolidated Financial Statements, and such variations could be material.
The pro forma adjustments are based
upon available information and certain assumptions believed to be reasonable under the circumstances. The purchase price allocation and
the corresponding fair value adjustments are provisional and subject to refinement as more detailed analyses are completed and additional
information about the fair value of assets acquired and liabilities assumed becomes available. Aditxt will finalize all amounts as it
obtains the necessary information to complete the measurement process, which will be no later than one year from the closing date of the
acquisition.
Accordingly, the pro forma adjustments
are preliminary and have been made solely for the purpose of providing the unaudited Pro Forma Consolidated Financial Statements. Differences
between these preliminary estimates and the final acquisition accounting may occur, and such differences could be material to the accompanying
unaudited Pro Forma Consolidated Financial Statements and Aditxt’s future financial performance and financial position.
6
Aditxt Inc.
Notes to Pro Forma Consolidated Financial Statements
(Unaudited)
(In thousands of U.S. dollars)
For the twelve months ended December 31, 2025
2. Preliminary
Purchase Price Allocation
The purchase consideration for the acquisition consists
of (i) 36,000 shares of the Company’s Series A-2 Convertible Preferred Stock and (ii) the estimated impact of approximately $808
of Ignite operating liabilities expected to be settled post-closing, which are treated as additional purchase consideration. In accordance
with ASC 805-30-30-1, the consideration transferred in the transaction will be measured at the fair value of the equity interests issued
as of the acquisition date.
The stated value of the preferred stock is $36.0 million;
however, the Company is in the process of evaluating the fair value of the Series A-2 Convertible Preferred Stock at the acquisition date,
which may differ from its stated value. The final determination of fair value will be completed as part of the preliminary purchase price
allocation.
The allocation of purchase consideration to the assets acquired
and liabilities assumed is preliminary and is based on currently available information and certain assumptions that management believes
are reasonable. The Company has not yet obtained an independent valuation of the identifiable intangible assets acquired in the transaction,
including technology, intellectual property, and other intangible assets.
Certain intellectual property associated with Ignite Proteomics LLC is held under license or other contractual arrangements. Accordingly,
Aditxt acquired rights to use such intellectual property pursuant to the terms of the assignment of the applicable license agreements,
rather than outright ownership. The Company is evaluating these arrangements as part of the preliminary purchase price allocation to determine
the appropriate accounting treatment.
As a result, the pro forma adjustments
presented herein reflect the excess of consideration transferred over the book value of the identifiable net tangible assets acquired
as goodwill. The Company intends to engage an independent valuation specialist to determine the fair value of identifiable intangible
assets acquired and to finalize the purchase price allocation.
Upon completion of the valuation and
related analyses, a portion of the amount currently recorded as goodwill may be reclassified to identifiable intangible assets, which
may be subject to amortization. The final allocation of purchase consideration could differ materially from the preliminary allocation
presented in these unaudited pro forma consolidated financial statements.
No adjustment has been made to reflect amortization of identifiable
intangible assets in the pro forma financial statements because the valuation of such assets, including their fair values and estimated
useful lives, has not yet been completed. Accordingly, amortization expense that will be recognized in future periods is not reflected
herein and could be material.
7
Aditxt Inc.
Notes to Pro Forma Consolidated Financial Statements
(Unaudited)
(In thousands of U.S. dollars)
For the twelve months ended December 31, 2025
2. Preliminary
Purchase Price Allocation (continued)
Notes
Ignite
$'000
Assets acquired
Cash
13
Restricted cash
-
Accounts receivable, net
-
Inventory
131
Prepaid expenses
113
Total Assets
257
Liabilities Assumed
-
Fair value of identifiable net assets/(liabilities) acquired
257
Goodwill arising on acquisition:
Cash consideration
-
Ignite operating liabilities
808
Series A-2 Preferred stock, $0.001 par value, 36,000 shares authorized, 36,000 shares issued and outstanding
36,000
Consideration paid
36,808
Less: fair value of identifiable net assets/(liabilities) acquired
(257 )
Goodwill arising from transaction
(a)
36,551
(a) As noted above, a preliminary estimate
of $36,551 has been allocated to goodwill for the Ignite Transaction. Goodwill is calculated as the excess of the preliminary estimate
of the acquisition date fair value of the consideration transferred, over the preliminary estimate of the fair values assigned to the
identifiable assets acquired and liabilities assumed. At this time, all amounts related to the Ignite Transaction have been included in
goodwill; however, once the purchase price allocation is finalized, some amounts currently included in goodwill will be moved to intangible
assets. The preliminary purchase consideration also includes the estimated impact of $808 of Ignite operating liabilities expected to
be settled by Aditxt post-closing. These amounts have been treated as additional purchase consideration and are reflected as an increase
to goodwill.
8
Aditxt Inc.
Notes to Pro Forma Consolidated Financial Statements
(Unaudited)
(In thousands of U.S. dollars)
For the twelve months ended December 31, 2025
3. Pro Forma Adjustments in Connection with the Transactions
The following notes describe the adjustments
reflected in the unaudited pro forma consolidated balance sheet of Aditxt, Inc. as of December 31, 2025, which gives effect to the acquisition
of Ignite Proteomics LLC as if the transaction had occurred on January 1, 2025.
The pro forma adjustments are based
on preliminary estimates and assumptions that are subject to change as additional information becomes available, and the purchase price
allocation is finalized.
(a) Cash
Represents the addition of Ignite Proteomics LLC’s
cash balance of approximately $13 to Aditxt’s consolidated cash balance as of December 31, 2025. No additional cash adjustments
were recorded in the pro forma presentation.
(b) Goodwill
Represents the preliminary recognition of goodwill of approximately
$36,551 resulting from the acquisition of Ignite Proteomics LLC.
Goodwill represents the excess of the preliminary purchase
consideration over the identifiable net tangible assets acquired.
The purchase price allocation is preliminary, as the Company
has not yet completed a third-party valuation of identifiable intangible assets acquired in the transaction, including potential technology,
intellectual property, or other identifiable intangible assets.
The Company has also evaluated the fair value of other assets
acquired and liabilities assumed in the transaction. Based on the preliminary assessment, the carrying values of cash, working capital
items, and other tangible assets are considered to approximate their respective fair values due to their short-term nature or the nature
of the underlying assets.
Accordingly, no material adjustments have been made to the
carrying values of these assets and liabilities in the unaudited pro forma consolidated financial statements.
Upon completion of the valuation and related analyses, a
portion of the amount currently recorded as goodwill may be reallocated to identifiable intangible assets, which may be subject to amortization.
Goodwill is not amortized but will be tested for impairment
at least annually or when indicators of impairment arise.
This includes the estimated impact of Ignite operating liabilities
treated as additional purchase consideration.
9
Aditxt Inc.
Notes to Pro Forma Consolidated Financial Statements
(Unaudited)
(In thousands of U.S. dollars)
For the twelve months ended December 31, 2025
3. Pro Forma Adjustments in Connection with the Transactions
(continued)
(c) Accounts Payable and Accrued Expenses
Represents the net adjustment to accounts payable and accrued
expenses related to the Ignite Transaction, including:
● $2,486 elimination of Ignite historical accounts payable
and accrued liabilities that were settled or otherwise resolved in connection with the transaction.
● $475 increase to record transaction-related costs incurred
by Aditxt in connection with the acquisition.
These adjustments result in a net reduction of $1,202 to
accounts payable and accrued expenses in the pro forma consolidated balance sheet.
The preliminary
purchase consideration also includes the estimated impact of $808 of Ignite operating liabilities expected to be settled by Aditxt post-closing.
These amounts have been treated as additional purchase consideration and are reflected as an increase to goodwill.
(d) Intercompany Payable to IMAC Holdings
Represents the elimination of $4,579 of intercompany balances
between Ignite and IMAC Holdings, Inc., which are not expected to remain outstanding following the acquisition.
These balances were eliminated as part of the consolidation
adjustments associated with the Ignite Transaction.
The intercompany balances between Ignite Proteomics LLC
and IMAC Holdings, Inc. were settled or otherwise extinguished prior to or in connection with the closing of the transaction. Accordingly,
such balances are not reflected as ongoing obligations of the acquired business and have been eliminated in the unaudited pro forma condensed
consolidated financial statements.
(e) Series A-2 Preferred Stock Issuance
Represents the issuance of 36,000 shares of Series A-2 Convertible
Preferred Stock by Aditxt in connection with the acquisition of Ignite Proteomics LLC.
The preferred stock is recorded at its stated value of $36,000,
which represents the preliminary purchase consideration transferred for the acquisition.
(f) Elimination of Ignite Member’s Equity
Represents the elimination of Ignite’s historical
member’s deficit of $6,807 as part of the consolidation of Ignite into Aditxt’s financial statements.
Upon acquisition, Ignite’s historical equity balances
are eliminated against the purchase consideration transferred.
(g) Transaction Costs
Represents $475 of acquisition-related transaction costs
incurred by Aditxt in connection with the Ignite Transaction.
In accordance with ASC 805-10-25-23, acquisition-related
costs are expensed as incurred and are not included as consideration transferred in a business combination. These costs are reflected
as an increase to general and administrative expenses in the pro forma consolidated statement of earnings.
10
EX-99.3 — UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2024
EX-99.3
Filename: ea028531901ex99-3.htm · Sequence: 5
Exhibit 99.3
Aditxt Inc.
Unaudited Pro Forma Consolidated Financial Statements
(In U.S. dollars)
December 31, 2024
Aditxt Inc.
Pro Forma Consolidated Statement of Financial Position
(Unaudited)
(In thousands of U.S. dollars)
As of December 31, 2024
Aditxt
Ignite
Pro Forma Adjustments
Notes
Pro Forma Consolidated
ASSETS
CURRENT ASSETS:
Cash
833
-
-
Note 3(a)
833
Restricted cash
-
-
-
-
Accounts receivable, net
43
28
-
71
Inventory
11
84
-
95
Prepaid expenses
3
70
-
73
Investment in Ignite / Aditxt
-
-
-
-
Subscription receivable
1,109
-
-
1,109
Other receivable
-
-
-
-
TOTAL CURRENT ASSETS
1,999
182
-
2,181
Fixed assets, net
1,548
905
-
2,453
Intangible assets, net
6
-
-
6
Deposits
88
-
-
88
Right of use asset - long term
1,226
-
-
1,226
Other assets
-
-
-
-
Goodwill
-
-
35,721
Note 3(b)
35,721
Investment in Evofem
27,277
-
-
27,277
Deposit on acquisition
-
-
-
-
TOTAL ASSETS
32,144
1,087
35,721
68,952
The accompanying notes are an integral part of
these unaudited pro forma consolidated financial statements.
2
Aditxt Inc.
Pro Forma Consolidated Statement of Financial Position
(Unaudited)
(In thousands of U.S. dollars)
As of December 31, 2024
Aditxt
Ignite
Pro Forma Adjustments
Notes
Pro Forma Consolidated
LIABILITIES AND STOCKHOLDERS’
EQUITY (DEFICIT) CURRENT LIABILITIES:
Accounts payable and accrued expenses
13,212
449
834
Note 3(c)
14,495
Mandatorily Redeemable C-1 Preferred Stock (896 and 1,178 shares)
1,355
-
-
1,355
Stock Payable
2,250
-
-
2,250
Notes payable - related party
115
-
-
115
Notes payable and other short-term debt, net of discount
5,538
-
-
5,538
Financing on fixed assets
148
-
-
148
Deferred rent
106
-
-
106
Intercompany Payable to IMAC
-
1,745
(1,745 )
Note 3(d)
-
Lease liability - current
683
-
-
683
TOTAL CURRENT LIABILITIES
23,407
2,193
(911 )
24,690
Financing on fixed assets - long term
-
-
-
-
Derivative liability
15
-
-
15
Lease liability - non-current
436
-
-
436
TOTAL LIABILITIES
23,858
2,193
(911 )
25,141
MEZZANINE EQUITY
Redeemable Series C-1 Preferred stock, $0.001 par value, 1 shares authorized, 7,195 shares authorized, zero shares issued and outstanding, December 31, 2024
7,195
-
-
7,195
TOTAL MEZZANINE EQUITY
STOCKHOLDERS’ EQUITY (DEFICIT)
Preferred stock, $0.001 par value, 3,000,000 shares authorized, no shares issued and outstanding
-
-
-
-
Series A-1 Preferred stock, $0.001 par value, 22,280 shares authorized, 22,071 shares authorized, zero shares issued and outstanding, December 31, 2024
-
-
-
-
Series A-2 Preferred Stock, $0.001 par value; 36,000 shares authorized, zero shares issued and outstanding, December 31, 2024
-
-
-
Note 3(e)
-
Series B Preferred stock, $0.001 par value, 1 shares authorized, zero shares issued and outstanding, December 31, 2024
-
-
-
-
Series B-1 Preferred stock, $0.001 par value, 6,000 shares authorized, 2,689 shares issued and outstanding, December 31, 2024
-
-
-
-
Series B-2 Preferred stock, $0.001 par value, 2,625 shares authorized, 2,625 shares issued and outstanding, December 31, 2024
-
-
-
-
Series C Preferred stock, $0.001 par value, 1 shares authorized, zero shares issued and outstanding, December 31, 2024
-
-
-
-
Series D-1 Preferred stock, $0.001 par value, 1 shares authorized, zero shares issued and outstanding, December 31, 2024
-
-
-
-
Common stock
-
-
-
-
Treasury stock
(202 )
-
-
(202 )
Additional paid-in capital
169,971
-
36,000
Note 3(e)
205,971
Accumulated other comprehensive income
-
-
-
-
Member’s Deficit
-
(1,106 )
1,106
Note 3(f)
-
Accumulated deficit
(168,095 )
-
(475 )
(168,570 )
TOTAL ADITXT, INC. STOCKHOLDERS' EQUITY (DEFICIT)
1,675
(1,106 )
36,631
37,200
NON-CONTROLLING INTEREST
(583 )
-
-
(583 )
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)
1,091
(1,106 )
36,631
36,616
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
32,144
1,087
35,721
68,952
The accompanying notes are an integral part of these unaudited
pro forma consolidated financial statements.
3
Aditxt Inc.
Pro Forma Consolidated Statement of Earnings
(Unaudited)
(In thousands of U.S. dollars, except share and earnings per share)
For the twelve months ended December 31, 2024
Aditxt
Ignite
Pro Forma Adjustments
Notes
Pro Forma Consolidated
REVENUE
Sales
134
72
-
206
Cost of goods sold
627
312
-
939
Gross profit (loss)
(493 )
(240 )
-
(733 )
OPERATING EXPENSES
General and administrative expenses
16,286
2,001
475
Note 3(g)
18,762
Research and development
10,886
-
-
10,886
Sales and marketing
198
-
-
198
Total operating expenses
27,370
2,001
475
29,846
NET LOSS FROM OPERATIONS
(27,864 )
(2,241 )
(475 )
(30,579 )
OTHER EXPENSE
Interest expense
(4,189 )
-
-
(4,189 )
Interest income
1
-
-
1
Other income
-
-
-
-
Amortization of debt discount
(3,175 )
-
-
(3,175 )
Gain on note exchange agreement
(209 )
-
-
(209 )
Change in fair value of derivative liability
415
-
-
415
Total other expense
(7,156 )
-
-
(7,156 )
Net loss before provision for income taxes
(35,020 )
(2,241 )
(475 )
(37,736 )
Provision for Income Taxes
-
-
-
-
NET LOSS
(35,020 )
(2,241 )
(475 )
(37,736 )
NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST
(574 )
-
-
(574 )
NET LOSS ATTRIBUTABLE TO ADITXT & SUBSIDIARIES
(34,446 )
(2,241 )
(475 )
(37,162 )
Deemed Dividends
(5,907 )
-
-
(5,907 )
NET EARNINGS/(LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
(40,353 )
(2,241 )
(475 )
(43,069 )
Earnings/(loss) per share: - Continuing Operations
Basic and Diluted
(22,147,415.00 )
-
-
(21,534,748.50 )
Weighted average number of shares:
Basic and Diluted
2
-
-
2
The accompanying notes are an integral part of
these unaudited pro forma consolidated financial statements.
4
Aditxt Inc.
Notes to Pro Forma Consolidated Financial Statements
(Unaudited)
(In thousands of U.S. dollars)
For the twelve months ended December 31, 2024
1. Description of Transaction
Acquisition of Ignite Proteomics
LLC by Aditxt
On March 11, 2026, Aditxt, Inc. (“Aditxt”
or the “Company”) completed the acquisition of all of the equity interests of Ignite Proteomics LLC (“Ignite”),
a Delaware limited liability company and formerly a wholly owned subsidiary of IMAC Holdings, Inc., pursuant to a Securities Purchase
Agreement entered into between the Company, the investors listed on the schedule of buyers attached thereto and IMAC Holdings, Inc.
Under the terms of the Securities Purchase
Agreement, the Company acquired 100% of the issued and outstanding equity interests of Ignite. In connection with the transaction, the
investors transferred their equity interests in Ignite to the Company in exchange for 36,000 shares of the Company’s Series A-2
Convertible Preferred Stock with an aggregate stated value of $36.0 million.
In addition, approximately $0.5 million
of cash was directed through the closing funds flow to satisfy certain transaction-related expenses and obligations associated with the
acquisition. These amounts included payments for legal and administrative costs, as well as net amounts remitted to IMAC Holdings, Inc.,
including amounts previously advanced.
These payments were made to settle
seller obligations and transaction costs in connection with the acquisition and do not represent pre-existing relationships between Aditxt
and Ignite. Accordingly, such amounts have not been reflected as consideration transferred in the preliminary purchase price allocation.
In addition, Aditxt expects to settle
certain operating liabilities of Ignite Proteomics LLC following the acquisition, as identified in Schedule 2 to the transaction agreements
(approximately $808). Although these liabilities were not legally assumed as part of the acquisition, management determined that the settlement
of such obligations represents additional purchase consideration, as Aditxt does not receive a direct economic benefit from the original
incurrence of these liabilities. Accordingly, these amounts have been reflected as an increase to goodwill in the preliminary purchase
price allocation.
Business Combination
The Company evaluated the acquisition
of Ignite Proteomics LLC in accordance with the guidance in ASC 805-10-55 to determine whether the acquired set of activities and assets
constitutes a business.
The acquired set includes inputs, such
as intellectual property, laboratory equipment, and workforce; processes, including proprietary methodologies and operational protocols;
and the ability to generate outputs, including research and development activities and related services.
Based on this evaluation, management
concluded that the acquired set represents a business, as it includes a substantive process that, when applied to the inputs, has the
ability to contribute to the creation of outputs. Accordingly, the transaction has been accounted for as a business combination under
ASC 805.
Continuity of Operations
Following the acquisition, Aditxt has
retained and/or transitioned key employees of Ignite Proteomics LLC and continues to operate the acquired business using substantially
the same processes and operational infrastructure. This continuity of personnel and operations supports the Company’s conclusion
that the acquired set includes a substantive process and will continue to generate output.
5
Aditxt Inc.
Notes to Pro Forma Consolidated Financial Statements
(Unaudited)
(In thousands of U.S. dollars)
For the twelve months ended December 31, 2024
1. Description of Transaction (continued)
Basis of Preparation
The accompanying unaudited Pro Forma
Consolidated Financial Statements of Aditxt have been prepared to give effect to the acquisition of Ignite. The unaudited Pro Forma Consolidated
Statement of Financial Position gives effect to the transaction as if it had occurred on December 31, 2024. The unaudited Pro Forma Consolidated
Statement of Earnings for the twelve months ended December 31, 2024, gives effect to the transaction as if it had occurred on January
1, 2024.
The unaudited Pro Forma Consolidated
Statement of Financial Position combines the historical consolidated statement of financial position of Aditxt as of December 31, 2024,
and the historical statement of financial position of Ignite as of December 31, 2024. Certain amounts may not sum due to rounding.
The unaudited Pro Forma Consolidated
Financial Statements are based on, and should be read in conjunction with:
● the audited consolidated financial statements of Aditxt as
of and for the year ended December 31, 2024 (“Aditxt’s 2024 Annual Consolidated Financial Statements”) prepared in
U.S. dollars in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”);
● the audited financial statements of Ignite as of and for the
year ended December 31, 2024 (“Ignite’s 2024 Financial Statements”) prepared in U.S. dollars in accordance with U.S.
GAAP;
● the audited consolidated financial statements of Aditxt as
of and for the year ended December 31, 2025; and
● the audited financial statements of Ignite as of and for the
year ended December 31, 2025.
The audited consolidated financial
statements of Aditxt for the years ended December 31, 2025 and 2024 are incorporated herein by reference.
Reclassification of Previously Reported
Preferred Stock Information. Certain prior period amounts have been reclassified to conform to the current presentation related to the
Company’s Preferred C-1 shares.
The unaudited Pro Forma Consolidated
Financial Statements have been presented for illustrative purposes only. The pro forma information is not necessarily indicative of what
the combined company’s financial position or financial performance would have been had the transaction been completed on the dates
indicated above, nor does it purport to project the future financial position or operating results of the combined company.
The unaudited Pro Forma Consolidated
Financial Statements do not reflect potential cost savings, operating synergies, or revenue enhancements that may be realized from the
transaction. The actual financial position and results of operations of Aditxt following the closing of the transaction may vary from
the amounts set forth in the unaudited Pro Forma Consolidated Financial Statements, and such variations could be material.
The pro forma adjustments are based
upon available information and certain assumptions believed to be reasonable under the circumstances. The purchase price allocation and
the corresponding fair value adjustments are provisional and subject to refinement as more detailed analyses are completed and additional
information about the fair value of assets acquired and liabilities assumed becomes available. Aditxt will finalize all amounts as it
obtains the necessary information to complete the measurement process, which will be no later than one year from the closing date of the
acquisition.
Accordingly, the pro forma adjustments
are preliminary and have been made solely for the purpose of providing the unaudited Pro Forma Consolidated Financial Statements. Differences
between these preliminary estimates
6
Aditxt Inc.
Notes to Pro Forma Consolidated Financial Statements
(Unaudited)
(In thousands of U.S. dollars)
For the twelve months ended December 31, 2024
1. Description of Transaction (continued)
and the final acquisition accounting
may occur, and such differences could be material to the accompanying unaudited Pro Forma Consolidated Financial Statements and Aditxt’s
future financial performance and financial position.
2. Preliminary
Purchase Price Allocation
The purchase consideration for the acquisition consists
of (i) 36,000 shares of the Company’s Series A-2 Convertible Preferred Stock and (ii) the estimated impact of approximately $808
of Ignite operating liabilities expected to be settled post-closing, which are treated as additional purchase consideration. In accordance
with ASC 805-30-30-1, the consideration transferred in the transaction will be measured at the fair value of the equity interests issued
as of the acquisition date.
The stated value of the preferred stock
is $36.0 million; however, the Company is in the process of evaluating the fair value of the Series A-2 Convertible Preferred Stock at
the acquisition date, which may differ from its stated value. The final determination of fair value will be completed as part of the preliminary
purchase price allocation.
The allocation of purchase
consideration to the assets acquired and liabilities assumed is preliminary and is based on currently available information and
certain assumptions that management believes are reasonable. The Company has not yet obtained an independent valuation of the
identifiable intangible assets acquired in the transaction, including technology, intellectual property, and other intangible
assets.
Certain intellectual property associated with Ignite Proteomics LLC is held under license or other contractual arrangements.
Accordingly, Aditxt acquired rights to use such intellectual property pursuant to the terms of the assignment of the applicable
license agreements, rather than outright ownership. The Company is evaluating these arrangements as part of the preliminary purchase
price allocation to determine the appropriate accounting treatment.
As a result, the pro forma adjustments
presented herein reflect the excess of consideration transferred over the book value of the identifiable net tangible assets acquired
as goodwill. The Company intends to engage an independent valuation specialist to determine the fair value of identifiable intangible
assets acquired and to finalize the purchase price allocation.
Upon completion of the valuation and
related analyses, a portion of the amount currently recorded as goodwill may be reclassified to identifiable intangible assets, which
may be subject to amortization. The final allocation of purchase consideration could differ materially from the preliminary allocation
presented in these unaudited pro forma consolidated financial statements.
No adjustment has been made to reflect
amortization of identifiable intangible assets in the pro forma financial statements because the valuation of such assets, including their
fair values and estimated useful lives, has not yet been completed. Accordingly, amortization expense that will be recognized in future
periods is not reflected herein and could be material.
7
Aditxt Inc.
Notes to Pro Forma Consolidated Financial Statements
(Unaudited)
(In thousands of U.S. dollars)
For the twelve months ended December 31, 2024
2. Preliminary Purchase Price Allocation (continued)
Notes
Ignite
$'000
Assets acquired
Cash
-
Accounts receivable, net
28
Inventory
84
Prepaid expenses
70
Fixed assets, net
905
Total Assets
1,087
Liabilities Assumed
-
Fair value of identifiable net assets/(liabilities) acquired
1,087
Goodwill arising on acquisition:
Cash consideration
-
Ignite operating liabilities
808
Series A-2 Preferred stock, $0.001 par value, 36,000 shares authorized, 36,000 and zero shares issued and outstanding, respectively
36,000
Consideration paid
36,808
Less: fair value of identifiable net assets/(liabilities) acquired
(1,087 )
Goodwill arising from transaction
(a)
35,721
(a) A preliminary estimate of $35,721 has been allocated to goodwill
for the Ignite Transaction. Goodwill is calculated as the excess of the preliminary estimate of the acquisition date fair value of the
consideration transferred, over the preliminary estimate of the fair values assigned to the identifiable assets acquired and liabilities
assumed. At this time, all amounts related to the Ignite Transaction have been included in goodwill; however, once the purchase price
allocation is finalized, some amounts currently included in goodwill will be moved to intangible assets. The preliminary purchase consideration
also includes the estimated impact of approximately $808 of Ignite operating liabilities expected to be settled by Aditxt post-closing,
which has been reflected as an increase to goodwill.
8
Aditxt Inc.
Notes to Pro Forma Consolidated Financial Statements
(Unaudited)
(In thousands of U.S. dollars)
For the twelve months ended December 31, 2024
3. Pro Forma Adjustments in Connection with the Transactions
The following notes describe the adjustments
reflected in the unaudited pro forma consolidated balance sheet of Aditxt, Inc. as of December 31, 2024, which gives effect to the acquisition
of Ignite Proteomics LLC as if the transaction had occurred on January 1, 2024.
The pro forma adjustments are based
on preliminary estimates and assumptions that are subject to change as additional information becomes available, and the purchase price
allocation is finalized.
(a) Cash
Represents the addition of Ignite Proteomics LLC’s
cash balance of approximately $7, which rounds to zero in the pro forma financial statements. No additional cash adjustments were recorded
in the pro forma presentation.
(b) Goodwill
Represents the preliminary recognition of goodwill of approximately
$35,721 resulting from the acquisition of Ignite Proteomics LLC.
Goodwill represents the excess of the preliminary purchase
consideration over the identifiable net tangible assets acquired.
The purchase price allocation is preliminary, as the Company
has not yet completed a third-party valuation of identifiable intangible assets acquired in the transaction, including potential technology,
intellectual property, or other identifiable intangible assets.
The Company has also evaluated the fair value of other assets
acquired and liabilities assumed in the transaction. Based on the preliminary assessment, the carrying values of cash, working capital
items, and other tangible assets are considered to approximate their respective fair values due to their short-term nature or the nature
of the underlying assets.
Accordingly, no material adjustments have been made to
the carrying values of these assets and liabilities in the unaudited pro forma consolidated financial statements.
Upon completion of the valuation and related analyses,
a portion of the amount currently recorded as goodwill may be reallocated to identifiable intangible assets, which may be subject to
amortization.
Goodwill is not amortized but will be tested for impairment
at least annually or when indicators of impairment arise.
This includes the estimated impact of Ignite operating liabilities
treated as additional purchase consideration.
9
Aditxt Inc.
Notes to Pro Forma Consolidated Financial Statements
(Unaudited)
(In thousands of U.S. dollars)
For the twelve months ended December 31, 2024
3. Pro Forma Adjustments in Connection with the Transactions
(continued)
(c) Accounts Payable and Accrued Expenses
Represents the net adjustment to accounts payable and accrued
expenses related to the Ignite Transaction, including:
● $449 elimination of Ignite historical accounts payable and
accrued liabilities that were settled or otherwise resolved in connection with the transaction.
● $475 increase to record transaction-related costs incurred
by Aditxt in connection with the acquisition.
These adjustments result in a net increase of $834 to accounts
payable and accrued expenses in the pro forma consolidated balance sheet.
The preliminary
purchase consideration also includes the estimated impact of $808 of Ignite operating liabilities expected to be settled by Aditxt post-closing.
These amounts have been treated as additional purchase consideration and are reflected as an increase to goodwill.
(d) Intercompany Payable to IMAC Holdings
Represents the elimination of $1,745 of intercompany balances
between Ignite and IMAC Holdings, Inc., which are not expected to remain outstanding following the acquisition.
These balances were eliminated as part of the consolidation
adjustments associated with the Ignite Transaction.
The intercompany balances between Ignite Proteomics LLC
and IMAC Holdings, Inc. were settled or otherwise extinguished prior to or in connection with the closing of the transaction. Accordingly,
such balances are not reflected as ongoing obligations of the acquired business and have been eliminated in the unaudited pro forma condensed
consolidated financial statements.
(e) Series A-2 Preferred Stock Issuance
Represents the issuance of 36,000 shares of Series A-2 Convertible
Preferred Stock by Aditxt in connection with the acquisition of Ignite Proteomics LLC.
The preferred stock is recorded at its stated value of $36,000,
which represents the preliminary purchase consideration transferred for the acquisition.
(f) Elimination of Ignite Member’s Equity
Represents the elimination of Ignite’s historical
member’s deficit of $1,106 as part of the consolidation of Ignite into Aditxt’s financial statements.
Upon acquisition, Ignite’s historical equity balances
are eliminated against the purchase consideration transferred.
(g) Transaction Costs
Represents $475 of acquisition-related transaction costs
incurred by Aditxt in connection with the Ignite Transaction.
In accordance with ASC 805-10-25-23, acquisition-related
costs are expensed as incurred and are not included as consideration transferred in a business combination. These costs are reflected
as an increase to general and administrative expenses in the pro forma consolidated statement of earnings.
10
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v3.26.1
Cover
Mar. 10, 2026
Cover [Abstract]
Document Type
8-K/A
Amendment Flag
true
Amendment Description
On March 13, 2026, Aditxt, Inc. (the “Company”)
filed a Current Report on Form 8-K (the “Original Report”) reporting the completion of the acquisition of Ignite Proteomics
LLC (“Ignite”) on March 11, 2026. The Original Report indicated that the financial statements of the business acquired, and
the pro forma financial information required by Item 9.01 of Form 8-K would be filed by amendment.
This Current Report on Form 8-K/A amends
the Original Report to provide the financial statements of Ignite and the unaudited pro forma consolidated financial information required
by Item 9.01 of Form 8-K. Except as described herein, this Form 8-K/A does not amend, modify, or update any other information contained
in the Original Report.
Document Period End Date
Mar. 10, 2026
Entity File Number
001-39336
Entity Registrant Name
Aditxt, Inc.
Entity Central Index Key
0001726711
Entity Tax Identification Number
82-3204328
Entity Incorporation, State or Country Code
DE
Entity Address, Address Line One
2569 Wyandotte St.
Entity Address, Address Line Two
Suite 101
Entity Address, City or Town
Mountain View
Entity Address, State or Province
CA
Entity Address, Postal Zip Code
94043
City Area Code
650
Local Phone Number
870-1200
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false
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false
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false
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Title of 12(b) Security
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Trading Symbol
ADTX
Security Exchange Name
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Entity Emerging Growth Company
true
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+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
+ Details
Name:
dei_PreCommencementTenderOffer
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Title of a 12(b) registered security.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
+ Details
Name:
dei_Security12bTitle
Namespace Prefix:
dei_
Data Type:
dei:securityTitleItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Name of the Exchange on which a security is registered.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
+ Details
Name:
dei_SecurityExchangeName
Namespace Prefix:
dei_
Data Type:
dei:edgarExchangeCodeItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
+ Details
Name:
dei_SolicitingMaterial
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Trading symbol of an instrument as listed on an exchange.
+ References
No definition available.
+ Details
Name:
dei_TradingSymbol
Namespace Prefix:
dei_
Data Type:
dei:tradingSymbolItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
+ Details
Name:
dei_WrittenCommunications
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration