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 | $679.0K | $120.0K | $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.
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