| Subsequent events |
The
Company has assessed all subsequent events through the date that the consolidated financial statements were issued, there are no further
material subsequent events that require disclosure in these consolidated financial statements other than as follows:
| (a) | On
November 18, 2025, Cuprina Pte. Ltd., a wholly-owned subsidiary of the Company has signed a joint venture company
agreement with Singapore-based Aiodine Laboratory Pte Ltd. (“Aiodine”) to develop, test and market that company’s
novel iodine-based disinfectant solution as a treatment for chronic and acute wounds, and in other common antiseptic
applications. |
Subsequently
on January 29, 2026, the joint venture entity, namely Cuprina & Aiodine Pte. Ltd. has been incorporated with an issued and paid-up
capital of S$250,000, of which Cuprina Pte. Ltd. owns 50.1% of the proportionate ownership interest.
This
event represents a non-recognized subsequent event as it occurred after the balance sheet date. The Company is currently evaluating the
appropriate accounting treatment for its interest in the joint venture, including whether the entity will be consolidated or accounted
for under the equity method. The financial impact, if any, are not yet finalized as of the date of issuance of these consolidated financial
statements.
| (b) | On
March 11, 2026, Cuprina MENA Co. Ltd, an 49%-owned affiliate of the Company, has received
official product classification from the Saudi Food and Drug Authority (“SFDA”)
for MEDIFLY, the medical-grade maggot debridement therapy of the entity. The SFDA has classified
MEDIFLY as a Medical Device–Drug combination product, with the primary mode of action
regulated under the medical device framework. This classification, which allows the entity
to finalize the scientific and technical requirements necessary for the commercial distribution
of MEDIFLY across Saudi Arabia’s healthcare network, is a critical milestone in Company’s
expansion strategy for the Middle East and North Africa (“MENA”) region. |
| |
(c) |
On March 11, 2026, the
Company announced the appointment of Enming Yong (“Dr. Yong”) to its Medical and Scientific Advisory Board. Dr. Yong is
a highly respected consultant surgeon with the Vascular and Endovascular Service, Department of General Surgery at Tan Tock Seng
Hospital (“TTSH”) in Singapore and concurrently Head of the Vascular Diagnostic Laboratory. A graduate of the Yong Loo
Lin School of Medicine, National University of Singapore (“NUS”) and a member of the Royal College of Surgeons of Edinburgh,
Dr. Yong brings deep clinical expertise in managing complex vascular and endovascular conditions, particularly those intersecting with
chronic wound care. |
| |
(d) |
On April 21, 2026, the Company announced certain proposed corporate actions, all of which are subject to shareholders’ approval in the Annual General Meeting to be held on May 14, 2026, and therefore were not effective as of the balance sheet date. |
The proposals include but not limited to:
| (i) | a share consolidation of the Company’s issued and authorized Class A and Class B ordinary shares
on 8-for-1 basis, with a corresponding increase in par value from US$0.001 to US$0.008 per share, and the rounding of fractional shares
(the “Share Consolidation”); |
| (ii) | a subsequent increase in authorized share capital from US$50,000 to US$100,000 immediately after the Share
Consolidation; |
| (iii) | adoption of the Cuprina 2026 Employee Incentive Plan; and |
| (iv) | authorization for potential future issuances of ordinary shares, in one or more public or non-public financing
transactions, which may result in a change of control under Nasdaq Listing Rules or the issuance exceeds 20% or more of the Company’s
outstanding Class A ordinary shares. |
Subsequently on May 15, 2026, following
the completion of the Annual General Meeting, the Company announced that all the proposed corporate actions have been approved by the
shareholders, including the above.
| |
|
The Company evaluated these events in accordance with ASC 855-10-25. The Company determined that they represent non-recognized subsequent events under ASC 855, and accordingly, no adjustments have been made to the accompanying financial statements, except for (i) above, which are required to be retroactively restated in accordance with ASC 260-10-55-12 and ASC
505-20-25. |
|