$PALX

Palomino Laboratories Inc.

CIK:0001938569|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses:
General and administrative	$ 696,635	$ 337,445	$ 1,501,998	$ 355,273
Research and development	668,636		1,106,876
Total operating expenses	1,365,271	337,445	2,608,874	355,273
Loss from operations	(1,365,271)	(337,445)	(2,608,874)	(355,273)
Other income (expense):
Change in fair value of SAFE notes		726,850		(241,300)
Interest income	237	12	410	821
Net (loss) income	$ (1,365,034)	$ 389,417	$ (2,608,464)	$ (595,752)
Net loss per common share - basic	$ (0.06)	$ 0.15	$ (0.13)	$ (0.25)
Net loss per common share - diluted	$ (0.06)	$ 0.15	$ (0.13)	$ (0.25)
Weighted average common shares outstanding - basic	21,818,476	2,584,135	20,174,547	2,405,559
Weighted average common shares outstanding - dilutive	21,818,476	2,584,135	20,174,547	2,405,559

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (2,608,464)	$ (595,752)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation related to employees and non-employees	256,006	166,667
Depreciation expense	15,213
Change in fair value of SAFE notes		241,300
Changes in operating assets and liabilities:
Prepaids and other assets	126,547	(17,332)
Accounts payable	106,786	124,086
Accrued expenses and other liabilities	(135,164)
Change in right of use and lease liability	1,101
Net cash used in operating activities	(2,237,975)	(81,031)
Investing activities:
Purchase of property and equipment	(1,259,652)
Net cash used in investing activities	(1,259,652)
Cash flows from financing activities:
Proceeds from sale of common stock and warrants in private placement, net of issuance costs	14,820,975
Proceeds from issuance of restricted stock awards		20
Payment of deferred financing costs		(25,000)
Proceeds from issuance of SAFE notes		1,695,000
Net cash provided by financing activities	14,820,975	1,670,020
Net increase in cash and cash equivalents	11,323,348	1,588,989
Cash and cash equivalents at beginning of the period	8,121,445	134,657
Cash and cash equivalents at end of the period	19,444,793	1,723,646
Supplemental schedule of non-cash activities:
Right of use asset acquired in exchange for lease liability	$ 189,582

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 19,444,793	$ 8,121,445
Prepaids and other current assets	148,566	312,700
Total current assets	19,593,359	8,434,145
Property and equipment, net	1,244,439
Right of use asset, net	166,781
Other assets	37,587
Total assets	21,042,166	8,434,145
Current liabilities:
Accounts payable	162,473	55,687
Accrued expense and other liabilities	145,607	280,771
Operating lease liability, current	60,805
Total current liabilities	368,885	336,458
Operating lease liability, noncurrent	107,077
Total liabilities	475,962	336,458
Commitments and contingencies (Note 6)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding at June 30, 2026 and December 31, 2025
Common stock, $0.0001 par value; 300,000,000 shares authorized; 23,164,539 and 18,770,686 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	2,316	1,877
Additional paid-in capital	26,353,914	11,277,372
Accumulated deficit	(5,790,026)	(3,181,562)
Total stockholders’ equity	20,566,204	8,097,687
Total liabilities and stockholders’ equity	$ 21,042,166	$ 8,434,145