SL Science Advances Allogeneic Gamma Delta T Cell Platform Toward IND, Reports 2025 Financial Results Following Nasdaq Listing
核心洞察
SL Science invested over $2.07 million in R&D during 2025 to advance its off-the-shelf Gamma Delta T (GDT) cell platforms targeting blood, pancreatic, and brain cancers.
The company completed its Nasdaq listing via a business combination with Horizon Space Acquisition II Corp. (搜索) and closed a concurrent $7.8 million PIPE financing in June 2026.
SL Science is targeting a Pre-IND meeting and IND submission for its CD-19 (搜索) Armed-T blood cancer (搜索) program in Q1 2027, with a separate IND filing for its unmodified GDT platform in Q3 2027.
SL Science Holding Limited (搜索) (Nasdaq: SLBT), a Taiwan-headquartered biomedical company focused on cellular and gene therapies, reported its full-year 2025 financial results alongside a detailed update on its allogeneic Gamma Delta T (GDT) cell therapy pipeline, marking a pivotal transition toward next-generation immuno-oncology programs.
The company, which completed its business combination with Horizon Space Acquisition II Corp. (搜索) and listed on the Nasdaq Global Market on June 12, 2026, is advancing two distinct cell therapy platforms: a CD-19 (搜索) Armed-T program for blood cancers and an unmodified Vδ2+ Gamma Delta T cell (搜索) platform targeting solid tumors including pancreatic and brain cancers.
"We entered 2026 with tremendous momentum, culminating in the recently announced completion of our business combination and successful listing on the Nasdaq Global Market," said Mr. William Wang, Chairman and Chief Executive Officer of SL Science. "This milestone, combined with our concurrent $7.8 million PIPE financing, provides the enhanced financial flexibility necessary to accelerate our growth strategy."
Pipeline Progress and Regulatory Roadmap
SL Science's GDT cell platform is designed as an allogeneic, off-the-shelf therapy, contrasting with traditional autologous approaches that face high costs and production delays. The company maintains an active U.S. FDA Drug Master File (DMF Number: 041080) for its unmodified Vδ2+ Gamma Delta T Cell (搜索) technology framework.
In July 2025, the company completed manufacturing technology transfer to an FDA-compliant contract development and manufacturing organization (CDMO), followed by the successful installation of a closed-system alpha-beta T-cell depletion infrastructure in February 2026. In May 2026, SL Science submitted import review documentation to the Taiwan FDA (TFDA) for clinical-grade manufacturing reagents.
For the CD-19 (搜索) Armed-T blood cancer (搜索) program, the company is addressing FDA initial feedback through additional nonclinical validation and manufacturing scale-ups, targeting a Pre-Investigational New Drug (Pre-IND) meeting and formal IND submission in the first quarter of 2027. The unmodified GDT platform is expected to initiate GLP toxicology evaluations following Q1 2027 reagent delivery, supporting a targeted IND filing in Q3 2027.
"Unlike traditional autologous therapies, our GDT cell approach is designed to create scalable, ready-to-use treatments, aiming to address the high costs and production delays currently facing the oncology market," Wang stated.
Financial Performance
For the year ended December 31, 2025, SL Science reported net revenue of approximately $2.20 million, a 35% decline from $3.36 million in 2024. This decrease reflects the company's planned strategic shift from direct retail sales of exosome concentrate products to a wholesale distribution model through corporate distributors in Taiwan, a move intended to free operational resources for clinical R&D.
The company operates across three segments: Exosome products, CD-19 (搜索) Armed-T products, and GDT Cell Therapy products. Net revenue for 2025 represented exosome product sales exclusively, with no revenue generated from the cell therapy segments.
Research and development expenses remained robust at approximately $2.07 million, essentially flat compared to $2.02 million in 2024, supporting parallel asset validation for both the CD-19 (搜索) Armed-T and GDT cell therapy programs. Total operating expenses increased 47% to $4.61 million, driven primarily by a 123% expansion in general and administrative expenses, including a $1.16 million increase in office salaries related to management team expansion.
Net loss for the full year widened to approximately $3.82 million, compared to $1.19 million in 2024. As of December 31, 2025, the company's restricted and unrestricted cash balances stood at approximately $1.26 million, down from $4.14 million at year-end 2024, with approximately $1.91 million used in operating activities and $0.88 million in deferred offering costs.
Strategic Outlook
Wang emphasized the company's long-term vision: "With the vision of establishing one of the leading allogeneic Gamma Delta T cell platforms in Asia with global commercialization potential, our focus is squarely on regulatory preparedness and preclinical execution." The company aims to position itself as a global clinical leader in cellular therapies, leveraging its proprietary cell expansion and bispecific antibody engineering platforms to target the multi-billion-dollar solid tumor therapeutics market.