Vitro Biopharma Narrows Q1 Loss to $1.1M as Revenue Climbs 18%

Vitro Biopharma, Inc., a Nevada-based biopharmaceutical company, reported a net loss of $1.1 million for the three months ending January 31, 2026, a 61% improvement from the $2.8 million loss recorded in the same period a year earlier. The company posted revenue of $529,417 for the quarter, up 18% from $449,874 in the prior-year period. Read more earnings reports.

Operating expenses fell sharply to $583,195 from $1.2 million year-over-year, driving the narrower loss despite a modest increase in cost of goods sold. Research and development spending more than doubled to $169,221 from $73,883, while selling, general and administrative expenses declined to $1.3 million from $2.1 million.

The company reported an operating loss of $1.2 million for the quarter, compared to an operating loss of $1.8 million in the year-ago period. Gross profit increased to $411,954 from $356,782, reflecting a gross margin of approximately 78% versus 79% in the prior year.

Cash Position and Financing

Cash and restricted cash totaled $492,923 as of January 31, 2026, down from $604,183 at the end of the prior fiscal year on October 31, 2025. The company burned $1.1 million in cash from operations during the quarter, compared to $428,336 in the year-earlier period.

Vitro Biopharma raised $997,294 from financing activities during the quarter, offsetting operational cash burn. Long-term debt stood at $9.4 million as of January 31, with total debt obligations of $12.7 million. The company remains in a negative equity position with a stockholders' deficit of $16.1 million, though this improved slightly from $16.3 million at the prior fiscal year-end.

Balance Sheet Snapshot

Total assets declined marginally to $4.9 million from $4.9 million at the end of fiscal 2025. Current assets edged up to $868,300 from $862,103, while inventory decreased to $127,211 from $134,833. The company carries $3.2 million in goodwill and $319,989 in intangible assets as of the quarter-end.

Current liabilities fell to $5.4 million from $5.7 million sequentially, while total liabilities decreased to $21.0 million from $21.3 million. The company had 4.5 million shares outstanding as of January 31, up from 4.5 million shares at the end of October 2025.

Per Share Metrics

The company reported a loss per share of $0.26 on both a basic and diluted basis, compared to a loss of $0.64 per share in the year-ago quarter. Weighted average shares outstanding totaled 4.5 million for the period.