aibioTwo Polomar Health directors resign, leaving three on the board
Tickers PMHS
Alexandra Peterson and Gabrielle Toledano resigned effective October 14, 2026, and the board reduced its size from five to three. The board has not decided whether to fill the vacancies.
Key facts
- Company
- Polomar Health Services, Inc. (OTC: PMHS)
- News type
- Company Updates
- Primary source
- Polomar Health Services, Inc. 8-K (2026-10-19)
Polomar Health Services, Inc. reported in a Form 8-K filed October 19, 2026 that two directors had resigned from its board. Alexandra Peterson notified the board of her resignation on October 15, 2026, effective October 14, 2026. Gabrielle Toledano gave notice on the same date, also effective October 14, 2026. Ms. Peterson served on the audit committee and Ms. Toledano served on the compensation committee. The company said neither decision resulted from a disagreement with the company on any matter relating to its operations, policies or practices, and it thanked both directors for their service.
The smaller board
On October 15, 2026, the board reduced its size from five directors to three, effective upon the resignations. The board now consists of George Hornig, George Caruolo and Gabriel Del Virginia. The filing says the board has not yet determined whether to fill the resulting vacancies or reduce the size of the board further. The 8-K was signed by Terrence M. Tierney, the company's interim chief executive officer.
The company's position
The annual report filed May 6, 2026 describes Polomar as a development stage company with a limited operating history. Its risk factor summary says the company has not yet established any material and recurring revenues and that it may be unable to reach sustainable or profitable operations on its projected timetable, or at all. The same summary says the company is subject to significant related party short term debt and other current liabilities that it may be unable to repay.
The report also says the company depends substantially on licensed patent and other proprietary rights, and that its largest shareholder and its affiliates have substantial control over the company and its policies. Management and the company's independent auditors have identified certain internal control deficiencies, which they believe constitute material weaknesses.
The risk summary also says there is a limited trading market for the common stock, which could make it difficult to sell shares in a timely manner. The company cannot assure holders that the stock will ever be listed on a securities exchange. It says the common stock is subject to the penny stock rules of the SEC, and that it intends to issue more shares to raise capital, which will result in substantial dilution.
Financial figures
SEC XBRL data reports revenue of $648,231 for the fiscal year ended December 31, 2025, up from $58,824 for 2024. Net loss was $10.7 million for 2025, compared with $1.3 million for 2024. Cash from operations was negative $395,995 in 2025 and negative $1.0 million in 2024. Year-end cash and cash equivalents were $132,150 at the end of 2025, compared with $6,191 a year earlier. The data also shows cash and cash equivalents of $87,818 at March 31, 2026, as reported in a quarterly report.
What comes next
The filing does not say who will fill the open seats or when. Ms. Peterson's seat on the audit committee and Ms. Toledano's seat on the compensation committee are now open, and the filing does not name replacements for either committee role. The three remaining directors will carry the board's work until the vacancies are filled or the board size changes again. The annual report says that if the company fails to obtain additional financing, it may be unable to complete the roll-out of its business and services, and it says it intends to issue more shares to raise capital, which will result in substantial dilution.