Polyrizon reports $8,410 thousand in cash at June 30, 2026

Polyrizon Ltd. (Nasdaq: PLRZ) furnished unaudited condensed consolidated financial statements as of June 30, 2026 in a 6-K filed September 28, 2026. The company is a clinical development stage biotech that says it has not generated revenue.

Cash and cash equivalents were $8,410 thousand at June 30, 2026, up from $1,306 thousand at December 31, 2025. The company also held a short term deposit of $3,029 thousand, down from $10,184 thousand at year-end, and a long term deposit of $6,159 thousand. Investments in shares were $3,607 thousand and investments in warrants were $1,026 thousand. Total assets were $24,862 thousand, and total liabilities were $448 thousand.

The loss and what offset it

Research and development expenses for the six months were $1,382 thousand, against $776 thousand a year earlier. General and administrative expenses were $2,942 thousand, against $1,709 thousand. The operating loss was $4,324 thousand, compared with $2,485 thousand.

Financial income, net, was $2,900 thousand, against $2,308 thousand in the first half of 2025. That income narrowed the net loss to $1,424 thousand, from $177 thousand. The basic and diluted loss per share was $0.79, against $0.73. The cash flow statement adjusts for fair value revaluation and for share-based payment of $1,716 thousand, compared with $398 thousand a year earlier.

The accumulated deficit was $9,825 thousand at June 30, 2026, up from $8,401 thousand at the end of 2025.

Investments and the Taurus Gold stake

Note 3 describes investments in Taurus Gold Corp, a company listed on the Toronto Stock Exchange under the ticker TAUR.CN. In October 2025 Polyrizon bought 111,065 common shares for CAD 66,639, about $47 thousand, and classified them as short-term trading securities. On October 24, 2025 it subscribed for 13,020,000 units, each with a common share and a warrant, for CAD 651,000, about $465 thousand.

Note 3 shows purchases of shares of $1,009 thousand and fair value gains of $1,815 thousand on them, along with a $57 thousand purchase of warrants and $778 thousand of fair value gains on those. Note 7 breaks the $2,900 thousand of financial income into $2,593 thousand of fair value revaluation of those investments and $313 thousand of interest on short-term deposits. The company's reported narrowing of the loss therefore rests mainly on revaluation, not on operations.

Share count, financing and the split

Issued and outstanding shares were 2,125,659 at June 30, 2026, up from 1,608,266 at December 31, 2025. The statements say all share amounts reflect the share splits and a reverse share split, and they restate prior periods on that basis. Weighted average shares for the half-year were 1,809,598, against 240,530 a year earlier.

The company received $3,128 thousand from issuing ordinary shares, warrants and pre-funded warrants in the period. Those issuances include a registered direct offering of 87,777 ordinary shares and 190,000 pre-funded warrants at $9.00, and a concurrent private placement of 111,111 pre-funded warrants and 388,888 common warrants with a $9.00 exercise price. The gross proceeds were $3,500 thousand, which the statements show as $3,128 thousand net of issuance costs.

Subsequent events include the July 2, 2026 exercise of warrants for 228,571 shares of Quantum X Labs Inc. for $600 thousand.

Liquidity language and the security backdrop

The liquidity note says the company has not generated revenues and plans to keep securing investments. If it cannot obtain enough investment, it says it may need to cut costs, scale back research and development, or delay programs. Management believes existing resources will be sufficient to sustain planned operations for at least the next 12 months. The statements are unaudited, so that view has not been checked by an auditor.

The notes also describe the security situation in Israel. They say joint United States and Israeli combat operations in Iran began on February 28, 2026, and that a June 17, 2026 memorandum of understanding did not end hostilities, which the company says may continue or escalate. It says the economic effect on its business and on Israel's economy is hard to predict.

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