aibioiTonic Holdings extends maturity of bank loan to March 2027
Tickers ITOC
Beijing Rural Commercial Bank is the lender. A director gave an unsecured personal guarantee for the loan without consideration, and the company held $779,367 in cash and cash equivalents at June 30, 2026.
Key facts
- Company
- iTonic Holdings Ltd (NASDAQ: ITOC)
- News type
- Debt Financing
- Primary source
- iTonic Holdings Ltd 8-K (2026-09-30)
The loan and its extension
iTonic Holdings Ltd entered into a loan agreement with Beijing Rural Commercial Bank on March 18, 2025, for a loan of $147,392, or RMB1,000,000. The loan was originally due March 18, 2026. The parties later amended the agreement to extend the maturity date to March 16, 2027. The filing says all other material terms, including the annual interest rate of 4.95%, remain unchanged. The company pays interest monthly, with principal due at maturity.
The filing does not give the date of the amendment. It does not say how the loan proceeds are used.
The company has borrowed from this bank before. An earlier loan from the same lender, for $136,999 or RMB1,000,000, ran from March 22, 2024 to March 22, 2025 at the same 4.95% rate. The company repaid it on March 18, 2025, the day the new loan was made.
A director's guarantee
Mr. Pengfei Zhang, a director of the company, provided an unsecured personal guarantee to Beijing Rural Commercial Bank for the loan. The guarantee continued after the maturity extension. Mr. Zhang received no consideration for providing it. He also guaranteed the earlier loan.
The filing names no placement agent, financial advisor or counsel.
Who iTonic is
The notes describe iTonic Holdings Ltd as formerly known as Pheton Holdings Ltd. It was established under the laws of the Cayman Islands on November 2, 2022. The notes also say the company has no substantive operations other than holding the shares of Pheton BVI Ltd. Through that chain, it consolidates Beijing Feitian Zhaoye Technology Co., Ltd., a healthcare solution provider whose treatment software is used for brachytherapy.
The company completed an initial public offering on September 6, 2024, of 2,250,000 Class A ordinary shares at $4.00 per share.
The 2025 results
The annual report figures show revenue of $523,031 for 2025, up from $448,196 for 2024. Research and development expense was $459,135 in 2025, compared with $93,324 in 2024. The net loss was $5.1 million for 2025, against $660,588 for 2024. Cash used in operations was $3.2 million in 2025 and $775,000 in 2024.
Cash and cash equivalents were $1.5 million at the end of 2025 and $6.2 million at the end of 2024. Short-term investments were $1.4 million at the end of 2025.
The first half of 2026
The interim statements for the six months to June 30, 2026 show revenues of $100,906, up from $67,507 a year earlier. General and administrative expense rose to $4,508,510 from $2,010,363. Research and development expense rose to $568,221 from $35,557.
The company recorded a goodwill impairment loss of $977,841 and an impairment loss on intangible assets of $718,258. Share-based payments were $3,301,143. The net loss was $6,782,691, compared with $2,037,496 a year earlier.
Net cash used in operating activities fell to $729,098 from $2,830,921. Cash and cash equivalents were $779,367 at June 30, 2026, down from $1,490,129 at December 31, 2025. Short-term investments were $1,435,901 at both dates.
The $20 million
The company received $20,000,000 from an issuance of equity securities in the first half of 2026. The notes describe it as a private placement of 100,000,000 Class A ordinary shares at $20,000,000. Class A shares outstanding rose from 9,382,000 at December 31, 2025 to 109,382,000 at June 30, 2026.
The cash flow statement shows a $20,000,000 advance for business combinations in investing activities. Prepayments and other current assets rose from $805,270 at December 31, 2025 to $21,150,371 at June 30, 2026. The interim statements do not name the business being combined or the terms of the deal. Accumulated deficit reached $11,476,168 at June 30, 2026, up from $5,620,752 at the start of the year.
What comes next
The loan is due March 16, 2027. Until then, the company pays interest monthly at 4.95%. The filing does not say how the company will repay the principal at maturity, and it gives no timetable for the business combination behind the $20,000,000 advance.