Exhibit 99.1

 

CYTOMED THERAPEUTICS LIMITED AND ITS SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

INDEX

 

    Page
Unaudited Interim Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Loss for the Six months ended June 30, 2025 and 2026   2
     
Unaudited Interim Condensed Consolidated Statements of Financial Positions as of December 31, 2025 and June 30, 2026   3
     
Unaudited Interim Condensed Consolidated Statements of Cash Flows for the Six months ended June 30, 2025 and 2026   4
     
Unaudited Interim Condensed Consolidated Statements of Changes in Equity for the Six months ended June 30, 2025 and 2026   5
     
Notes to the Unaudited Interim Condensed Consolidated Financial Statements   6

 

1
 

 

CYTOMED THERAPEUTICS LIMITED AND ITS SUBSIDIARIES

 

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE LOSS FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2026

 

    Notes     2025     2026     2026  
          Unaudited six months ended June 30,  
    Notes     2025     2026     2026  
          S$     S$     US$  
Revenue     5       155,887       157,289       121,543  
Other operating income     6       385,779       254,719       196,831  
Lab consumables and private blood banking expenses             (18,631 )     (28,768 )     (22,230 )
Other (losses)/gains including fair value changes on financial instruments - net     7       (272,848 )     10,263       7,931  
Research expenses     8       (1,162,467 )     (1,095,558 )     (846,579 )
Amortization of intangible assets             (14,369 )     (14,082 )     (10,882 )
Depreciation of property, plant and equipment             (80,279 )     (127,811 )     (98,764 )
Employee benefits expenses     9       (386,091 )     (362,319 )     (279,978 )
Finance expenses     10       (10,310 )     (10,139 )     (7,835 )
Other expenses     11       (831,898 )     (577,740 )     (446,441 )
Share of result of associate             (10,601 )     -       -  
Loss before income tax             (2,245,828 )     (1,794,146 )     (1,386,404 )
Income tax expense             -       -       -  
Loss for the period             (2,245,828 )     (1,794,146 )     (1,386,404 )
                                 
Other comprehensive (loss)/profit:                                
Exchange differences arising from translation of foreign operation             (23,435 )     16,724       12,923  
Total comprehensive loss for the period             (2,269,263 )     (1,777,422 )     (1,373,481 )
                                 
Loss attributable to:                                
Equity holders of the Company             (2,243,760 )     (1,770,452 )     (1,368,095 )
Non-controlling interest             (2,068 )     (23,694 )     (18,309 )
                                 
Total             (2,245,828 )     (1,794,146 )     (1,386,404 )
                                 
Total comprehensive loss attributable to:                                
Equity holders of the Company             (2,267,195 )     (1,753,728 )     (1,355,172 )
Non-controlling interest             (2,068 )     (23,694 )     (18,309 )
Total             (2,269,263 )     (1,777,422 )     (1,373,481 )
                                 
Loss per share for loss attributable to equity holders of the Company                                
-Basic and diluted             (0.19 )     (0.15 )     (0.12 )

 

    Unaudited six months ended June 30,  
    2025     2026  
             
Weighted average number of ordinary shares used in computing basis and diluted loss     11,540,000       11,880,430  

 

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

 

2
 

 

CYTOMED THERAPEUTICS LIMITED AND ITS SUBSIDIARIES

 

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITIONS AS OF DECEMBER 31, 2025 AND JUNE 30, 2026

 

    Notes     December 31, 2025     June 30, 2026     June 30, 2026  
          Audited     Unaudited     Unaudited  
    Notes     December 31, 2025     June 30, 2026     June 30, 2026  
          S$     S$     US$  
ASSETS                                
Current assets                                
Trade and other receivables     12       1,567,486       1,777,318       1,373,401  
Cash and bank balances     13       2,095,489       1,458,764       1,127,242  
Total current assets             3,662,975       3,236,082       2,500,643  
                                 
Non-current assets                                
Property, plant and equipment     14       3,691,592       3,648,852       2,819,606  
Intangible assets     15       124,894       104,396       80,671  
Financial assets, at FVOCI     16       18,210       18,210       14,072  
Trade and other receivables     12       487,282       7,553       5,836  
Total non-current assets             4,321,978       3,779,011       2,920,185  
                                 
Total assets             7,984,953       7,015,093       5,420,828  
                                 
LIABILITIES AND EQUITY                                
Current liabilities                                
Trade and other payables     17       443,867       1,032,730       798,030  
Contract liabilities     18       179,793       108,214       83,621  
Warrant liabilities     19       25,064       20,698       15,994  
Bank borrowings     20       40,847       41,845       32,335  
Lease liabilities     20       19,598       20,574       15,898  
Total current liabilities             709,169       1,224,061       945,878  
                                 
Non-current liabilities                                
Bank borrowings     20       368,656       348,607       269,382  
Lease liabilities     20       53,461       43,108       33,311  
Total non-current liabilities             422,117       391,715       302,693  
                                 
Total liabilities             1,131,286       1,615,776       1,248,571  
                                 
Capital and reserves                                
Share capital     21       24,656,909       24,791,206       19,157,102  
Capital reserve     22       526,631       685,566       529,763  
Share-based payment reserve     23       111,225       -       -  
Translation reserve             78,273       94,997       73,408  
Accumulated losses             (18,828,592 )     (20,599,044 )     (15,917,660 )
Attributable to equity holders of the Company             6,544,446       4,972,725       3,842,613  
Non-controlling interests             309,221       426,592       329,644  
Total equity             6,853,667       5,399,317       4,172,257  
                                 
Total liabilities and equity             7,984,953       7,015,093       5,420,828  

 

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

 

3
 

 

CYTOMED THERAPEUTICS LIMITED AND ITS SUBSIDIARIES

 

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2026

 

   Notes   2025   2026   2026 
       Unaudited six months ended June 30, 
   Notes   2025   2026   2026 
       S$   S$   US$ 
Operating activities                    
Loss before income tax        (2,245,828)   (1,794,146)   (1,386,404)
Adjustments for:                    
Amortization of intangible assets        14,690    20,931    16,174 
Depreciation of property, plant and equipment        164,769    215,835    166,784 
Loss on disposal of property, plant and equipment        243    250    193 
Fair value changes on warrant liabilities        76,323    (4,366)   (3,374)
Written off of intangible asset        5,350    -    - 
Share of results of associate        10,601    -    - 
Share-based payment   23    448,327    14,935    11,541 
Interest expense   10    10,310    10,139    7,835 
Interest income        (85,794)   (9,550)   (7,380)
Unrealized currency translation losses        175,743    5,852    4,522 
Operating cash flows before movement in working capital        (1,425,266)   (1,540,120)   (1,190,109)
                     
Trade and other receivables        (182,122)   68,756    53,130 
Contract liabilities        (28,443)   (71,579)   (55,312)
Trade and other payables        36,667    (110,737)   (85,570)
Cash used in operations        (1,599,164)   (1,653,680)   (1,277,861)
Interest received        -    7,941    6,136 
Net cash used in operating activities        (1,599,164)   (1,645,739)   (1,271,725)
                     
Investing activities                    
Purchase of property, plant and equipment   14    (347,797)   (186,459)   (144,084)
Fixed deposits with maturity over 3 months        273,320    -    - 
Loan to a third party - net        -    200,000    154,548 
Investment at fair value through other comprehensive income        (18,210)   -    - 
Proceeds from disposal of property, plant and equipment        61    28,798    22,253 
Interest received        70,061    2,750    2,125 
Net cash (used in)/generated from investing activities        (22,565)   45,089    34,842 
                     
Financing activities                    
Proceeds from issuance of ordinary shares        -    5,256    4,062 
Proceeds from loan from a director        -    699,600    540,607 
Proceeds from issuance of ordinary shares by a subsidiary to non-controlling interests        -    300,000    231,821 
Principal payment of bank borrowing        (18,694)   (21,222)   (16,399)
Principal payment of lease liabilities        (5,866)   (9,831)   (7,597)
Interest paid   10    (10,310)   (10,139)   (7,835)
Net cash (used in)/generated from financing activities        (34,870)   963,664    744,659 
                     
Net change in cash and cash equivalents        (1,656,599)   (636,986)   (492,224)
Cash and cash equivalents at beginning of financial period        4,697,047    2,095,489    1,619,264 
Effects of currency translation on cash and cash equivalents        (185,490)   261    202 
Cash and cash equivalents at end of financial period   13    2,854,958    1,458,764    1,127,242 

 

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

 

4
 

 

CYTOMED THERAPEUTICS LIMITED AND SUBSIDIARIES

 

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR SIX MONTHS ENDED JUNE 30, 2025 AND 2026

 

    Share     Capital     payment     Translation     Accumulated     Total     controlling     Total  
    Attributable to equity holders of the Company              
                Share-based                       Non-        
    Share     Capital     payment     Translation     Accumulated           controlling     Total  
    capital     reserve     reserve     reserve     losses     Total     interests     equity  
    S$     S$     S$     S$     S$     S$     S$     S$  
                                                 
Balance as at January 1, 2025     23,793,950       73,982       -       (53,757 )     (14,848,135 )     8,966,040       77,749       9,043,789  
Total comprehensive loss for the period     -       -       -       (23,435 )     (2,243,760 )     (2,267,195 )     (2,068 )     (2,269,263 )
Transactions with owners of the Company recognized directly in equity                                                                
Share-based payment     -       -       447,680       -       -       447,680       -       447,680  
Total transactions with owners of the Company     -       -       447,680       -       -       447,680       -       447,680  
Unaudited balance as at June 30, 2025     23,793,950       73,982       447,680       (77,192 )     (17,091,895 )     7,146,525       75,681       7,222,206  

 

   Attributable to equity holders of the Company         
          

Share-based

               Non-     
   Share   Capital   payment   Translation   Accumulated       controlling   Total 
   capital   reserve   reserve   reserve   losses   Total   interests   equity 
   S$   S$   S$   S$   S$   S$   S$   S$ 
                                 
Balance as at January 1, 2026   24,656,909    526,631    111,225    78,273    (18,828,592)   6,544,446    309,221    6,853,667 
Balance   24,656,909    526,631    111,225    78,273    (18,828,592)   6,544,446    309,221    6,853,667 
Total comprehensive loss for the period   -    -    -    16,724    (1,770,452)   (1,753,728)   (23,694)   (1,777,422)
Transactions with owners of the Company recognized directly in equity                                        
Issuance of shares   5,256    -    -    -    -    5,256    -    5,256 
Effect of dilution of ownership interests in subsidiaries   -    158,935    -    -    -    158,935    141,065    300,000 
Share-based payment   129,041    -    (111,225)   -    -    17,816    -    17,816 
Total transactions with owners of the Company   134,297    158,935    (111,225)   -    -    182,007    141,065    323,072 
Unaudited balance as at June 30, 2026   24,791,206    685,566    -    94,997    (20,599,044)   4,972,725    426,592    5,399,317 
Balance   24,791,206    685,566    -    94,997    (20,599,044)   4,972,725    426,592    5,399,317 
Unaudited balance as at June 30, 2026 (US$)   19,157,102    529,763    -    73,408    (15,917,660)   3,842,613    329,644    4,172,257 

 

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements

 

5
 

 

CYTOMED THERAPEUTICS LIMITED AND SUBSIDIARIES

 

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

 

Note 1 General Information

 

These unaudited interim condensed consolidated financial statements are the unaudited interim financial statements of CytoMed Therapeutics Limited (the “Company”) and its subsidiaries (the “Group”), for the six months ended June 30, 2026 (the “Financial Statements”).

 

The Company was incorporated in the Republic of Singapore on March 9, 2018. The Company is a public limited company incorporated and domiciled in Singapore with registered office situated at 1 Commonwealth Lane, #08-22, Singapore 149544. The Company is headquartered in Singapore and conducts its operations domestically and in Malaysia. The Company is listed on the Nasdaq Stock Exchange under the ticker symbol “GDTC” on April 14, 2023.

 

The principal activities of the Company are to carry on the business of innate immune cell-based immunotherapy, pluripotent stem cell-based therapy and undertaking the research and development of immune cell and stem cell-based therapy. The Company operates primarily through its wholly owned subsidiary, CytoMed Therapeutics (Malaysia) Sdn. Bhd., which is incorporated and domiciled in Malaysia. This subsidiary focuses on manufacturing innate immune cell-based immunotherapy and pluripotent stem cell-based therapy, providing consultancy services, and conducting research and development in immune cell and stem cell-based therapies to advance cellular immunotherapy for cancer treatment. Additionally, the Company is involved in cord blood banking and cord blood-derived cell therapy through its indirect subsidiary, IPSC Depository Sdn. Bhd.

 

The principal activities of the subsidiaries of the Company are as follows:

 

 Schedule of principal activities of subsidiaries

Name of entity  Principal activities  Country of business / incorporation  Group’s effective equity interest held 
         December 31,   June 30, 
         2025   2026 
         %   % 
CytoMed Therapeutics (Malaysia) Sdn. Bhd.  Research, development and manufacturing of stem cells and innate immune cell-based immune-therapeutics, research and development of induced pluripotent stem cell-based immune-therapeutics  Malaysia   100    100 
                 

CytoMed International Pte. Ltd.

(Formerly known as Advance Cancer Centre Pte. Ltd.)

  Investment, research and development of medical technologies  Singapore   100    100 
                 
LongevityBank Pte. Ltd.  Stem cell and immune cell banking  Singapore   77+    72 
                 
Held by LongevityBank Pte. Ltd.                
                 
IPSC Depository Sdn. Bhd.  Processing and banking of cells including cord blood stem cells, research and development on cord blood derived cell-based therapy  Malaysia   77+    72 
                 
Puricell Lab Pte. Ltd.  Research and development of induced pluripotent stem cell-based biologics and medical technologies  Singapore   73+    68+ 

 

+Rounded to the nearest whole %

 

On August 22, 2025, the Company transferred its entire equity interest in Puricell Lab Pte Ltd (“Puricell Lab”) to its subsidiary, LongevityBank Pte Ltd (“LongevityBank”) for a nominal cash consideration of S$1. As a result, the effective equity interest held in Puricell Lab diluted from 95% to 86%.

 

On December 26, 2025, the Company injected additional capital to its subsidiary, CytoMed Therapeutics (Malaysia) Sdn. Bhd. (“CytoMed Malaysia”) amounting approximately MYR7.5 million. As a result of this capital injection, the effective equity interest held in CytoMed Malaysia remains at 100%.

 

On December 12, 2025, LongevityBank issued and allotted 140,000 ordinary shares amounting to S$700,000 to a third party and a related party. As a result of this capital injection, the effective equity interest held in LongevityBank diluted from 90% to 77% whereas effective equity interest held in Puricell Lab further diluted from 86% to 73%.

 

On June 24, 2026, LongevityBank issued and allotted 60,000 ordinary shares amounting to S$300,000 to a related party. As a result of this capital injection, the effective equity interest held in LongevityBank diluted from 77% to 72% whereas effective equity interest held in Puricell Lab further diluted from 73% to 68%.

 

These activities do not result in loss of control which are accounted for as transactions with owners in their capacity as owners. The carrying amounts of the controlling and non-controlling interests are adjusted to reflect the changes in their relative ownership. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to the owners of the parent.

 

6
 

 

Note 2 Summary of significant accounting policies

 

2.1 Basis of preparation

 

The unaudited condensed interim consolidated financial statements for the six-month ended June 30, 2026 have been prepared in accordance with IAS 34 Interim Financial Reporting.

 

The unaudited interim consolidated financial statements do not include all the information and footnotes required by the International Financial Reporting Standards (“IFRS”) for complete financial statements. Certain information and note disclosures normally included in the annual financial statements prepared in accordance with the IFRS have been condensed or omitted consistent with Article 10 of Regulation S-X. In the opinion of the Company’s management, the unaudited interim consolidated financial statements have been prepared on the same basis as the audited financial statements and include all adjustments, in normal recurring nature, as necessary for the fair statements of the Company’s financial positions as of June 30, 2026, and results of operations and cash flows for the six-month period ended June 30, 2026. The unaudited interim condensed consolidated statements of financial positions as of December 31, 2025 has been derived from the audited financial statements at that date but does not include all the information and footnotes required by the IFRS. Interim results of operations are not necessarily indicative of the results expected for the full fiscal year or for any future period. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the years ended December 31, 2025, 2024 and 2023, and related notes included in the Company’s audited consolidated financial statements.

 

2.2 Adoption of new and amended standards and interpretations

 

The accounting policies adopted are consistent with those of the previous financial year except that in the current financial year, the Group has adopted all the new and amended standards which are relevant to the Group and are effective for annual financial period beginning on January 1, 2026. The adoption of these standards did not have any material effect on the unaudited interim condensed consolidated financial statements of the Group.

 

2.3 New standards, amendments and interpretations issued but not yet effective

 

There are a number of standards, amendments to standards, and interpretations, which have been issued by the International Accounting Standards Board, that are effective in future accounting periods and the Group has not decided to early adopt. Unless otherwise disclosed, the Group is currently evaluating the potential impact of adopting these standards on its consolidated financial statements and related disclosures in the year of initial application.

 

2.4 Convenience translation

 

All translations from Singapore dollars to US dollars and from US dollars to Singapore dollars in this Report are made at a rate of S$1.2941 to US$1.00, the exchange rate in effect as of June 30, 2026 as set forth in the H.10 statistical release of the US Board of Governors of the Federal Reserve System.

 

2.5 Going concern assumptions

 

Prudent liquidity risk management implies sufficient cash to finance the Group’s and the Company’s operations and development activities. The Group manages the liquidity risk by maintaining a level of cash and cash equivalents deemed adequate to finance the Group’s business operations and development activities. The Group’s objective is to maintain a balance between continuing of funding and flexibility through the use of borrowings.

 

As of June 30, 2026, the Group has negative cash flow from operating activities of S$1,645,739. The Group’s working capital was S$2,012,021. As of June 30, 2026, the Group had S$1,458,764 in cash and bank balances, which is unrestricted as to withdrawal and use as of June 30, 2026. In view of these circumstances, the management of the Group has given consideration to the future liquidity and performance of the Group and its available sources of finance in assessing whether the Group will have sufficient financial resources to continue as a going concern, at least, for the next twelve months from the date of this report.

 

7
 

 

Note 3 Significant accounting judgements and estimates

 

The preparation of the unaudited condensed interim consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the end of each reporting period. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in the future periods.

 

The significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as of and for the year ended December 31, 2025.

 

Note 4 Segment information

 

The Group has identified two operating segments i.e. (i). the business of innate immune cell-based immunotherapy, pluripotent stem cell-based therapy and undertaking the research and development of immune cell and stem cell-based therapy as well as (ii) the business of processing and banking of cells including cord blood stem cells, research and development on cord blood derived cell-based therapy.

 

Note 5 Revenue

 

The Group’s revenues are primarily derived from the provision of cord blood and cells storage services (“private blood banking services”). The Company derives revenue from transfer of services over time or at a point in time in the following major type of services.

 

Disaggregation of revenue from contracts with customers

 Schedule of disaggregation of revenue from contracts with customers

  

Unaudited

June 30, 2025

  

Unaudited

June 30, 2026

 
   S$   S$ 
Over time          
Revenue from private blood banking services   130,280    150,788 
           
At a point in time          
Revenue from processing, retrieval and enrollment of private blood banking services   25,607    6,501 
Total   155,887    157,289 

 

Note 6 Other operating income

 Schedule of other operating income

  

Unaudited

June 30, 2025

  

Unaudited

June 30, 2026

 
   S$   S$ 
Grant income   2,862    8,848 
Research income   294,799    221,590 
Interest income   85,794    9,550 
Rental income   -    10,610 
Others   2,324    4,121 
Total   385,779    254,719 

 

Note 7 Other losses/(gains) including fair value changes on financial instruments - net

 Schedule of other (losses)/gains - net

  

Unaudited

June 30, 2025

  

Unaudited

June 30, 2026

 
   S$   S$ 
Fair value loss/(gain) on warrant liabilities (Note 19)   76,323    (4,366)
Loss on disposal of property plant and equipment   243    250 
Written off of intangible asset   5,350    - 
Net currency exchange loss/(gain)   190,932    (6,147)
Total   272,848    (10,263)

 

The Group measures the warrant liabilities at fair value using Black-Scholes option pricing model.

 

8
 

 

Note 8 Research expenses

 Schedule of research expenses

  

Unaudited

June 30, 2025

  

Unaudited

June 30, 2026

 
   S$   S$ 
Employee benefits expense (Note 9)   423,613    455,709 
Depreciation of property, plant and equipment   84,490    88,024 
Amortization of intangible assets   321    6,849 
Laboratory consumables   144,597    128,987 
Facility-related expenses   81,138    60,500 
Clinical trial expenses   283,559    310,842 
Pre-clinical trial expenses   62,068    - 
Professional expenses   7,970    5,742 
Royalty expenses   9,951    5,707 
Utilities   34,734    30,080 
Others   30,026    3,118 
Total   1,162,467    1,095,558 

 

Research expenses include research personnel costs, depreciation of research equipment and laboratory consumables for research activities.

 

Note 9 Employee benefits expenses

 Schedule of employee benefits expenses

  

Unaudited

June 30, 2025

  

Unaudited

June 30, 2026

 
   S$   S$ 
Salaries and bonuses   563,674    607,841 
Directors’ fee   42,477    39,094 
Employer’s contribution to defined contribution plans   85,423    92,808 
Share-based payments (Note 23)   86,941    43,592 
Other short-term benefits   31,189    34,693 
 Total   809,704    818,028 
Less: Classified as “Research expenses” (Note 8)   (423,613)   (455,709)
Total   386,091    362,319 

 

Employee benefits are recognized as an expense, unless the cost qualifies to be capitalized as a development expenditure.

 

Note 10 Finance expenses

 Schedule of finance expenses

  

Unaudited

June 30, 2025

  

Unaudited

June 30, 2026

 
   S$   S$ 
Bank borrowings   9,439    8,589 
Lease liabilities   871    1,550 
Total   10,310    10,139 

 

Finance expenses arising from bank borrowings and leases liabilities are presented as financing activities in the Unaudited Interim Condensed Consolidated Statements of Cash Flows.

 

9
 

 

Note 11 Other expenses

 Schedule of other expenses

  

Unaudited

June 30, 2025

  

Unaudited

June 30, 2026

 
   S$   S$ 
Advertising   11,621    23,287 
Annual listing fee   47,261    46,821 
Cleaning fee   3,255    3,567 
Entertainment   1,404    231 
Delivery/freight charges   8,401    3,845 
Information technology expenses   13,410    12,721 
Investor relations expenses   40,697    218,948 
Professional fees   195,517    155,146 
Property tax   4,941    4,627 
Printing and stationery   18,017    8,974 
Legal fees   61,548    46,030 
Lease of low-value assets   2,680    3,187 
Repairs and maintenance   7,151    18,554 
Service fee   28,570    30,961 
Share-based payment (Note 23)   361,386    (28,657)
Subscription fee   818    753 
Transportation and travelling   10,757    9,917 
Tools and supplies   1,114    1,433 
Utilities   7,139    9,093 
Others   6,211    8,302 
Total   831,898    577,740 

 

Note 12 Trade and other receivables

 Schedule of trade and other receivables

  

Audited

December 31, 2025

  

Unaudited

June 30, 2026

 
   S$   S$ 
Current          
Trade receivables   103,859    49,629 
Other receivables   21,808    329,378 
Interest receivables   1,141    171 
Sundry deposits   29,134    29,265 
Prepaid consumables   1,067,502    1,043,356 
Prepayments   338,796    319,545 
Goods and services tax receivable   5,246    5,974 
Total trade and other receivables current   1,567,486    1,777,318 
           
Non-current          
Other receivable   487,282    7,553 
           
Total trade and other receivables   2,054,768    1,784,871 

 

The current other receivables of S$329,378 include a S$272,249 loan to a third party (“Third Party Loan”) with a maturity tenure of 3 years and collectible by the end of 3-year (December 31, 2025: 3-year) tenure which bears interest rate of 5.0% (December 31, 2025: 5.0%) per annum to carry out an investigator initiated trial in People’s Republic of China. As the Third Party Loan is scheduled to mature and become collectible within twelve months from the interim reporting date, it has been classified as a current asset.

 

The remaining commitments and details of the said investigator initiated trial have been disclosed in the Note 25 to these unaudited interim condensed consolidated financial statements.

 

Note 13 Cash and bank balances

 

For the purpose of the consolidated statements of cash flows, cash and cash equivalents comprise the following:

 Schedule of cash and cash equivalents

  

Audited

December 31, 2025

  

Unaudited

June 30, 2026

 
   S$   S$ 
Cash at banks and on hand   1,215,806    1,258,764 
Short-term fixed deposits   879,683    200,000 
Cash and cash equivalents on unaudited interim condensed consolidated statements of cash flows   2,095,489    1,458,764 

 

10
 

 

Note 14 Property, plant and equipment

 

The Group acquired property, plant and equipment, excluding right-of-use assets, amounting to approximately S$156,329 as of June 30, 2026 (December 31, 2025: S$337,850) and there was negligible disposal of assets as of June 30, 2026 and December 31, 2025. The acquisition is mainly due to the purchase of lab equipment for private blood banking business. As of June 30, 2026, bank borrowing is secured by a freehold land and a building of the Group with the carrying amount of S$964,170 (December 31, 2025: S$964,845).

 

Property, plant and equipment is tested for impairment when there is any objective evidence or indication that these assets may be impaired. Impairment exists when the carrying value of an asset or cash-generating-units (“CGU”) exceeds its recoverable amount. The recoverable amount of property, plant and equipment has been determined based on higher of the fair value less costs to sell or value-in use (“VIU”) calculations. If the carrying amount exceed the recoverable amount, an impairment is recognized to profit or loss for the differences.

 

Property, plant and equipment mainly consist of freehold land, building, and laboratory equipment. Management has assessed that there were no objective evidence or indication that the carrying amount of the Group’s property, plant and equipment may not be recoverable as at the end of reporting date. Accordingly, impairment assessment is not required.

 

Note 15 Intangible assets

 Schedule of intangible assets

  

Audited

December 31, 2025

  

Unaudited

June 30, 2026

 
   S$   S$ 
Goodwill   355    355 
Intellectual properties licenses   1,284    963 
Acquired customer relationship   47,855    45,410 
Acquired private blood bank license   11,204    - 
Acquired technical disclosure   64,196    57,668 
Total   124,894    104,396 

 

Note 16 Financial assets, at FVOCI

 

The investment represents an equity investment in an entity in Malaysia engaged in the provision of general medical clinic services. The management considers and assesses that adjusted cost represents an appropriate estimate of fair value for the unquoted equity investment as at the reporting date. The investment is not quoted in an active market and therefore does not have an observable market price. It was acquired during the financial year ended December 31, 2025, and the investee operates with minimal revenue generation and limited operating history. In view of its unaudited financials, there have been no significant changes in the investee’s financial position, performance, or external market conditions since acquisition, and no recent observable transactions for the shares exist.

 

Based on the procedures performed and information available at the interim reporting date, management is not aware of any events or changes in circumstances that would indicate that the fair value of the investment differs materially from its adjusted acquisition cost. Accordingly, the adjusted acquisition cost is considered to represent a reasonable estimate of fair value as at the interim reporting date. Consistent with the requirements of IAS 34, interim measurements are based on information available as at the reporting date and may be updated as additional information becomes available. Management will continue to monitor the performance and financial position of the investee and will perform a comprehensive reassessment of the fair value of the investment as part of the annual financial reporting process.

 

The fair valuation methodology is considered at Level 3 fair value hierarchy as these inputs are unobservable inputs for the financial asset.

 

11
 

 

Note 17 Trade and other payables

 Schedule of trade and other payables

  

Audited

December 31, 2025

  

Unaudited

June 30, 2026

 
   S$   S$ 
Trade payables   124,742    25,079 
Other payables - third parties   61,077    78,279 
Loan from a director   -    699,600 
Accrued operating expenses   252,379    225,174 
Deposit received   -    2,099 
Deferred income   3,014    - 
Sales and services tax payable   2,655    2,499 
Total   443,867    1,032,730 

 

Trade payables are unsecured, non-interest bearing and normally settled within 60 (2025: 60) days’ terms.

 

Other payables including loan from a director were unsecured, non-interest bearing, and repayable on demand. The loan from a director was to support the Group’s short-term working capital and operational funding requirements.

 

Note 18 Contract liabilities

 

(a) Contract balances

 Schedule of contract liabilities

  

Audited

December 31, 2025

  

Unaudited

June 30, 2026

 
   S$   S$ 
           
Contract liabilities   179,793    108,214 

 

A contract liability is recognized if a payment is received or a payment is due (whichever is earlier) from a customer before the Group transfers the related goods or services mainly derived from the private blood banking business. Contract liabilities are recognized as revenue when the Group performs under the contract (i.e., transfers control of the related goods or services to the customer.

 

These liabilities are reported as contract liabilities on a contract by contract basis at the end of each reporting period. Significant changes in the contract liabilities balances during the financial year was mainly arriving from the increases due to cash received, excluding amounts recognized as revenue during the financial year.

 

(b) Unsatisfied performance obligations

 

Management expects that the approximate transaction price allocated to unsatisfied performance obligations as at the end of the reporting periods may be recognized as revenue in the next reporting periods as follows:

 Schedule of unsatisfied performance obligations

   Unaudited   Unaudited   Unaudited 
   More than 1 year
but less than 5 years
   More than 5 years
but less than 10 years
   More than
10 years
 
   S$   S$   S$ 
Partially and fully unsatisfied performance obligations as at:               
June 30, 2025   335,000    219,000    23,000 
June 30, 2026    1,049,000     776,000    162,000 

 

The management is not disclosing the transaction price allocated to unsatisfied (or partially unsatisfied) performance obligations as at the reporting date that may be recognized as revenue in the next 12 months as permitted under the IFRS 15 due to the aggregated transaction price allocated to the period of these unsatisfied contracts was one year or less, or are billed based on time incurred. These amounts do not include variable consideration, which is subject to significant risk of reversal.

 

12
 

 

Note 19 Warrant liabilities

 Schedule of warrant liabilities

   Number of warrants  

Audited

December 31, 2025

  

Unaudited

June 30, 2026

 
       S$   S$ 
At beginning of financial year and financial period   72,371    11,945    25,064 
Fair value changes to profit or loss   -    13,119    (4,366)
Currency realignment   -    -    - 
At end of financial year and financial period   72,371    25,064    20,698 

 

On April 13, 2023, the Company entered into underwriting agreements (the “Underwriting Agreements”) with various third parties as representative of the several underwriters (the “Representative”), relating to the Initial Public Offering (“Offering”) of 2,412,369 shares of the Company’s ordinary shares, with no par value, at an Offering price of US$4.00 per share. Pursuant to the Underwriting Agreements, the Company agreed to issue 120,618 warrants (the “Representative’s Warrants”) to the Representative to purchase the Company’s ordinary shares, representing five percent (5%) of the shares sold in the Offering, excluding the over-allotment option, at an exercise price of US$4.00, which is equal to 100% of the Offering price. The Representative’s Warrants can be exercised on a cashless basis by the holder into a variable number of shares based on the volume weighted average observable price of the Company’s ordinary shares at the time of exercise. The Representative’s Warrants may be exercised beginning on October 11, 2023 until April 14, 2028 and will expire in five (5) years from the date of the issuance. As of June 30, 2026, 48,247 Representative’s Warrants had been exercised.

 

The outstanding Representative’s Warrants are recognized as a warrant liability as of June 30, 2026 and are measured at fair value at their inception date and subsequently remeasured using Black-Scholes option pricing model at each reporting period with changes being recorded in the statement of profit or loss.

 

The Representative’s Warrants are considered at Level 2 fair value hierarchy. The fair value of the warrants was determined by using Black-Scholes option pricing model using the key assumptions as follows:

 Schedule of fair value of warrants

As at December 31, 2025 (Audited)    
Expected volatility   79.28%
Risk-free interest rate   4.15%
Expected term (years)   2.3 
Exercise price   US$4.00 
Spot price   US$1.34 
Fair value of warrant/unit   US$0.27 

 

As at June 30, 2026 (Unaudited)    
Expected volatility   102.49%
Risk-free interest rate   4.42%
Expected term (years)   1.8 
Exercise price   US$4.00 
Spot price   US$1.03 
Fair value of warrant/unit   US$0.22 

 

Note 20 Borrowings

 Schedule of borrowings

  

Audited

December 31, 2025

  

Unaudited

June 30, 2026

 
   S$   S$ 
Borrowings          
Current          
Bank borrowings   40,847    41,845 
Lease liabilities   19,598    20,574 
Borrowings current   60,445    62,419 
Non-current          
Bank borrowings   368,656    348,607 
Lease liabilities   53,461    43,108 
 Borrowings, non-current   422,117    391,715 
Total   482,562    454,134 

 

13
 

 

Note 21 Share capital

 Schedule of share capital

   Number of     
   Ordinary shares   Amount 
       S$ 
December 31, 2025 (Audited)          
Beginning of the financial year   11,540,000    23,793,950 
Issuance of ordinary shares   288,435    283,094 
Capitalization of share-based payment reserve   -    579,865 
End of the financial year   11,828,435    24,656,909 
           
June 30, 2026 (Unaudited)          
Beginning of the financial period   11,828,435    24,656,909 
Issuance of ordinary shares   4,400    5,256 
Capitalization of share-based payment reserve   102,073    129,041 
End of the financial period   11,934,908    24,791,206 

 

On July 1, 2025, the Company issued 130,431 ordinary shares pursuant to the 2023 Equity Incentive Plan with an aggregate value of S$397,003.

 

On July 1, 2025, the Company issued 63,281 ordinary shares in recognition of the contributions made by its affiliates to the development and growth of the Group’s business with an aggregate value of S$182,862.

 

During the financial year ended December 31, 2025, the Company issued and sold 94,723 ordinary shares pursuant to its At-the-Market (“ATM”) offering program for aggregate gross proceeds of S$300,512. Offering expenses of S$17,418 directly attributable to the issuance of the new shares were deducted from equity.

 

On January 14, 2026 the Company issued and sold 4,400 ordinary shares pursuant to its At-the-Market (“ATM”) offering program for aggregate gross proceeds of S$7,843. Offering expenses of S$2,587 directly attributable to the issuance of the new shares were deducted from equity.

 

On April 6, 2026, the Company issued 38,790 ordinary shares pursuant to the 2023 Equity Incentive Plan with an aggregate value of S$49,038.

 

On April 6, 2026, the Company issued 63,283 ordinary shares in recognition of the contributions made by its affiliates to the development and growth of the Group’s business with an aggregate value of S$80,003.

 

Note 22 Capital reserve

 

Capital reserve constitutes changes in ownership interests in subsidiaries that do not result in a loss of control that are accounted for as equity transactions. Any difference between the amount by which the non-controlling interests is adjusted and the fair value of the consideration paid or received is recognized directly in equity as capital reserve and attributed to the owner of the Company. The carrying amounts of the controlling interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries.

 

14
 

 

Note 23 Share-based payment reserve

 

Share-based payment reserve

 

On April 18, 2023, the Directors of the Company approved the CytoMed Therapeutics Limited 2023 Equity Incentive Plan (subsequently amended and restated as “2023 Equity Incentive Plan”). The securities registered hereby consist of 1,279,117 ordinary shares of no par value of the Company (the “Ordinary Shares”), which represent the number of Ordinary Shares that were authorized under the 2023 Equity Incentive Plan. Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the “Securities Act”), this is also covers an indeterminate number of additional shares which may be offered and issued to prevent dilution from share splits, share dividends or similar transactions as provided in the 2023 Equity Incentive Plan. Any Ordinary Shares covered by an award granted under the 2023 Equity Incentive Plan (or portion of an award) that terminates, expires, lapses or repurchased for any reason will be deemed not to have been issued for purposes of determining the maximum aggregate number of Ordinary Shares that may be issued under the 2023 Equity Incentive Plan.

 

On April 6, 2026, the Company granted a total of 38,790 (December 31, 2025: 130,431) ordinary shares to its employees and advisors (“Qualified Person”). The Company recognizes share based payment reserve based on the cumulative value of services received from the Qualified Person of the Company recorded over the vesting period commencing from the grant date of equity compensation plan awards (i.e. 2023 Equity Incentive Plan), and is increase by the expiry of the equity compensation plan awards. The fair values of the equity compensation plan awards were determined by reference to the grant date fair value and recognized over the vesting period.

 

Share-based payment reserve arising from granting of ordinary shares to employees and advisors represents the difference between the market price and the settlement price on ordinary shares which were transferred from the Company, to employees and advisors of Group as a reward for their services with the Group.

 Schedule of share-based payment reserve

  

Audited

December 31, 2025

  

Unaudited

June 30, 2026

 
   S$   S$ 
At beginning of financial year and financial period   -    111,225 
Share-based payment to advisors (Note 11)   384,952    (28,657)
Share-based payment to employees (Note 9)   309,248    43,592 
Currency realignment   (3,110)   2,881 
Share issued and capitalised in the year   (579,865)   (129,041)
At end of financial year and financial period   111,225    - 

 

For equity-settled share-based payment transactions, the fair value of the services received is recognized as an expense with a corresponding increase in equity over the vesting period during which the employees and advisors become unconditionally entitled to the equity instrument. The fair value of the services received is determined by reference to the fair value of the equity instrument granted at the grant date. At each reporting date, the number of equity instruments that are expected to be vested are estimated. The impact on the revision of original estimates is recognized as an expense and as a corresponding adjustment to equity over the remaining vesting period, unless the revision to original estimates is due to market conditions. No adjustment is made if the revision or actual outcome differs from the original estimate due to market conditions. The Group recognizes the effect of modification that increase the total fair value of the share-based payment arrangement. The incremental fair value granted is included in the measurement of the amount recognized for services received over the period from modification date until the date when the modified equity-settled share-based payments transactions vest. During the period, the Group recognized the share-based payment to reflect the revision of the original estimates in accordance with IFRS 2 Share-based Payment.

 

15
 

 

Note 24 Segment information

 

Operating segments are identified on the basis of internal reports about components of the Group that are regularly reviewed by the Chairman for the purpose of resource allocation and performance assessment. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.

 

The Company operates in two business segments:

 

  1. The business of innate immune cell-based immunotherapy, pluripotent stem cell-based therapy and undertaking the research and development of immune cell and stem cell-based therapy.

 

  2. The business of collecting, harvesting, processing, cryopreserving and banking of cells including cord blood stem cells in general; and to carry out research and development on cord blood derived cell-based therapy.

 

Geographical segment

 

Non-current assets (excluding investment in associate) information based on the location of assets are as follows:

 Schedule of geographical information in non-current assets

  

Audited

December 31, 2025

  

Unaudited

June 30, 2026

 
   S$   S$ 
Malaysia   3,272,486    3,279,368 
Singapore   1,049,492    499,643 
Total   4,321,978    3,779,011 

 

Non-current assets information presented above consist of property, plant and equipment, intangible assets and other receivable as presented in the consolidated statement of financial position.

 

Business segment

 Schedule of business segment

   Unaudited
Jun 30,2025
   Unaudited
Jun 30,2025
   Unaudited
Jun 30,2025
   Unaudited
Jun 30,2026
   Unaudited
Jun 30,2026
   Unaudited
Jun 30,2026
 
   S$   S$   S$   S$   S$   S$ 
   Immune cell   CBU service &       Immune cell   CBU service &     
   therapy   related therapy   Consolidated   therapy   related therapy   Consolidated 
Revenue   -    155,887    155,887    -    157,289    157,289 
Lab consumables and private blood banking expenses   -    (18,631)   (18,631)   -    (28,768)   (28,768)
Operating results   (2,230,755)   (15,073)   (2,245,828)   (1,693,293)   (100,853)   (1,794,146)
Non-current assets   3,266,514    1,007,405    4,273,919    2,516,849    1,262,162    3,779,011 
Total assets   7,126,696    1,230,371    8,357,067    4,926,291    2,088,802    7,015,093 
Non-current liabilities   372,502    59,267    431,769    348,607    43,108    391,715 
Total liabilities   986,010    148,851    1,134,861    1,417,438    198,338    1,615,776 
Equity   6,444,025    778,181    7,222,206    3,856,396    1,542,921    5,399,317 

  

16
 

 

Note 25 Capital and other commitments

 

The following table summarizes the Group’s capital commitments as of June 30, 2026:

Schedule of capital commitment

   Total   Less than
1 year
   Between
1 and 2 years
   Between
2 and 5 years
   Over
5 years
 
   Payment Due by Period (Unaudited) 
   Total   Less than
1 year
   Between
1 and 2 years
   Between
2 and 5 years
   Over
5 years
 
   S$   S$   S$   S$   S$ 
Commitment:                         
Minimum royalty commitments (1)   126,233    10,900    10,900    32,700    71,733 
Loan commitment (2)   500,000    500,000    -    -    - 

 

(1) Relating to the minimum royalty payments under the licensing agreements.
(2) Loan to a third party at 5.0% interest per annum to set up our presence in China.

 

Note 26 Events occurring after balance sheet date

 

The Company has assessed all events which occurred from June 30, 2026, up through September 30, 2026, which is the date that these unaudited interim condensed consolidated financial statements are available to be issued. Other than the events disclosed below, there are no material subsequent events that would require disclosure in the unaudited interim condensed consolidated financial statements.

 

On September 29, 2026, the Company entered into a shareholder loan agreement with a director for a principal amount of S$1 million, with a tenure of six months and an interest rate of 2.75% per annum.

 

17