Stablecoin Development Corp SDEV
We have undergone significant changes to our business and operations as a result of a series of completed transactions summarized below and discussed in further detail under the next section titled "Recent Developments" below. As a result of these transactions, we have significantly reduced our legacy pharmaceutical business operations and have adopted a new strategic direction as a business, shifting to a capital allocation strategy that focuses on acquiring digital assets that provide exposure to economic participation within open digital financial networks.
We were historically focused on the development and sale of scientifically-created and clinically-proven eyecare, wound care, and skin care products. In the past year, we completed a comprehensive realignment of our business. We have adopted a capital allocation strategy focused on acquiring digital assets that provide exposure to economic participation within open digital financial networks.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $9.8M | $10.5M | $14.4M | $10.2M | $9.9M | $6.6M | $12.5M | $18.2M | $11.9M |
| Cost of revenue | — | $3.3M | $4.4M | $6.6M | $3.7M | $4.0M | $1.7M | $1.5M | $2.8M | $2.5M |
| Gross profit | — | $6.5M | $6.1M | $7.8M | $6.5M | $6.0M | $4.9M | $11.0M | $15.4M | $9.4M |
| R&D | — | $42.0K | $34.0K | $174.0K | $44.0K | $285.0K | $184.0K | $259.0K | $410.0K | $1.4M |
| SG&A | $7.6M | $7.4M | $5.4M | $7.5M | $7.2M | $5.9M | $5.3M | $5.8M | $8.6M | $7.2M |
| Total operating expenses | $8.4M | $7.4M | $10.2M | $22.2M | $15.4M | $12.4M | $14.3M | $18.9M | $22.8M | $20.4M |
| Operating income | -$8.4M | -$7.4M | -$4.1M | -$14.4M | -$8.9M | -$6.4M | -$9.4M | -$7.9M | -$7.3M | -$11.0M |
| Pre-tax income | -$630.8M | -$7.2M | -$9.6M | -$10.6M | -$5.8M | -$11.0M | -$9.7M | -$6.5M | -$7.4M | -$13.1M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $5.0K | $6.0K | $4.0K | $3.0K | $2.0K |
| Net income | -$630.8M | -$7.2M | -$9.6M | -$10.6M | -$5.8M | -$11.0M | -$9.7M | -$6.5M | -$7.4M | -$13.2M |
| EPS, basic | -108.39 | -12.68 | -139.14 | -10.10 | -5.26 | -0.31 | -0.48 | -0.39 | -0.48 | -1.40 |
| EPS, diluted | — | — | — | — | -150.00 | -310.00 | -480.00 | -0.46 | -0.48 | -1.40 |
| Shares, diluted (wtd. avg.) | 5.8M | 679,000 | 120,000 | 1.6M | 1.2M | 35.1M | 21.6M | 17.1M | 15.3M | 9.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $8.0M | $430.0K | $3.6M | $5.4M | $7.5M | $12.0M | $6.9M | $3.2M | $3.2M | $9.5M |
| Short-term investments | — | — | — | — | — | — | — | — | — | $0 |
| Receivables | — | — | $759.0K | $2.0M | — | — | — | — | — | — |
| Inventory | — | $765.0K | $501.0K | $3.4M | $3.2M | $608.0K | $492.0K | $280.0K | $504.0K | $873.0K |
| Total current assets | $8.7M | $1.9M | $7.2M | $11.3M | $13.2M | $14.2M | $9.4M | $8.6M | $9.0M | $14.5M |
| Property, plant and equipment | — | $53.0K | $87.0K | $119.0K | $193.0K | $84.0K | $110.0K | $201.0K | $471.0K | $371.0K |
| Goodwill | — | — | $0 | $348.0K | $4.5M | $0 | — | — | — | — |
| Other intangibles | — | — | $0 | $2.3M | $5.2M | $0 | — | — | — | — |
| Total assets | $9.0M | $3.4M | $9.0M | $16.4M | $24.0M | $15.2M | $11.2M | $9.4M | $10.1M | $15.4M |
| Accounts payable | $257.0K | $109.0K | $906.0K | $1.1M | $1.0M | $302.0K | $331.0K | $551.0K | $466.0K | $455.0K |
| Total current liabilities | $1.1M | $2.8M | $4.3M | $4.3M | $3.4M | $2.8M | $5.7M | $3.8M | $5.0M | $4.3M |
| Total liabilities | $640.5M | $3.6M | $5.7M | $5.8M | $13.8M | $2.9M | $10.2M | $4.4M | $7.5M | $8.3M |
| Retained earnings | -$819.1M | -$183.5M | -$174.8M | -$158.2M | -$141.9M | -$136.1M | -$125.0M | -$115.0M | -$111.1M | -$103.7M |
| Total equity | -$631.8M | -$129.0K | $3.3M | $10.6M | $10.2M | $12.3M | $973.0K | $5.0M | $2.6M | $7.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$8.4M | -$7.5M | -$4.3M | -$6.7M | -$9.2M | -$4.7M | -$7.9M | -$5.6M | -$6.3M | -$11.7M |
| Depreciation and amortisation | — | $40.0K | $51.0K | $120.0K | $59.0K | $51.0K | $65.0K | $266.0K | $95.0K | $114.0K |
| Capital expenditure | — | $6.0K | $19.0K | $112.0K | $52.0K | $26.0K | $19.0K | $44.0K | $244.0K | $160.0K |
| Investing cash flow | — | $1.1M | -$19.0K | -$112.0K | -$12.0M | -$26.0K | -$19.0K | -$44.0K | -$244.0K | -$160.0K |
| Financing cash flow | $4.6M | $1.5M | $1.9M | $4.6M | $16.8M | $9.8M | $11.7M | $5.6M | $201.0K | $19.4M |
| Dividends paid | $4.8M | $0 | — | — | — | — | $0 | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-013913.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.9M | $18.2M | $12.5M | $6.6M | $9.9M | $10.2M | $14.4M | $10.5M | $9.8M | — |
| Gross profit | $9.4M | $15.4M | $11.0M | $4.9M | $6.0M | $6.5M | $7.8M | $6.1M | $6.5M | — |
| Net income | -$13.2M | -$7.4M | -$6.5M | -$9.7M | -$11.0M | -$5.8M | -$10.6M | -$9.6M | -$7.2M | -$630.8M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Accounts can no longer be relied on The company is telling investors that figures it has already published are wrong. Rare, and about as direct as a filing gets. Item 4.02
- Results announced Item 2.02
- Officer or director change Item 5.02
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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