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Vitro Biopharma earnings and revenue breakdown

Latest: Q3 FY26 · 10-Q filed Sep 18, 2026

Q3 FY26 Revenue down 6% year over year to $570K · operating margin -220.5%

Vitro Biopharma made $570K in Q3 FY26 (-6% Y/Y): AlloRx Stem Cells to Foreign Third-Party Clinics $394K, InfiniVive Products $102K, Research and Development Products $74K. Operating margin -220.5%, net loss $8.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Sep 18, 2026.

Revenue$570K
Year over year-6%
Operating margin-220.5%
Net earnings−$8.5M
Operating cash flow−$1.9M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $570K in Q3 FY26, down 6% year over year and up 28% from the previous quarter. AlloRx Stem Cells to Foreign Third-Party Clinics was the largest line at 69% of revenue. AlloRx Stem Cells to Foreign Third-Party Clinics lost $97K year over year (down 20%), 253% of the total change.

Gross margin was 74.6%, down 13.9 points from Q3 FY25. Operating costs exceeded revenue by $1.3M, an operating margin of -220.5%. Operating expenses grew 18% against a revenue fall of 6%. The fastest-growing cost line was Research & development (+132%). The quarter ended with a net loss of $8.5M, wider than the previous quarter's $1.6M loss. Net interest and other expense of $7.3M was the main reason.

Operating cash flow was −$1.9M. Non-cash charges added back $26K of depreciation and amortization and $256K of share-based compensation. Working capital and other items added $6.4M. Capital expenditures of $129K exceeded it, leaving free cash flow of −$2.0M.

Quarterly history

Vitro Biopharma revenue by quarterVitro Biopharma revenue by quarter$539KQ4 FY24$512KQ2 FY25$609KQ3 FY25$487KQ4 FY25$529KQ1 FY26$446KQ2 FY26$570KQ3 FY26
Vitro Biopharma net earnings by quarterVitro Biopharma net earnings by quarter−$2.0MQ4 FY24−$1.5MQ2 FY25−$1.7MQ3 FY25−$4.8MQ4 FY25−$1.1MQ1 FY26−$1.6MQ2 FY26−$8.5MQ3 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 FY2610-QSep 18, 2026$570K-6%-220.5%−$8.5M−$1.9M
Q2 FY2610-QJun 15, 2026$446K-13%-262.6%−$1.6M−$428K
Q1 FY2610-QMar 16, 2026$529K+18%-225.1%−$1.1M−$1.1M
Q4 FY2510-KFeb 13, 2026$487K-10%-247.6%−$4.8M−$738K
Q3 FY2510-QSep 12, 2025$609K+90%-146.2%−$1.7M−$681K
Q2 FY2510-QJun 20, 2025$512K-11%-211.6%−$1.5M−$690K
Q4 FY2410-KJan 28, 2025$539K+0.8%-385.8%−$2.0M−$954K

Charts

Vitro Biopharma: revenue growth, year over year and quarter over quarterVitro Biopharma: revenue growth, year over year and quarter over quarterY/YQ/Q+1%Q4 FY24-11%-5%Q2 FY25+90%+19%Q3 FY25-10%-20%Q4 FY25+18%+9%Q1 FY26-13%-16%Q2 FY26-6%+28%Q3 FY26
Latest (Q3 FY26): Y/Y -6%, Q/Q +28%.
Vitro Biopharma: where the cash came from (+) and went (−), TTM to Q3 FY26Vitro Biopharma: where the cash came from (+) and went (−), TTM to Q3 FY26Shares issued$9.1MCash drawn (+) / kept (−)−$5.6MOperating cash flow−$4.2MOther financing$883KCapital spending−$167KNet borrowing (+) / repaid (−)−$16KOther investing−$14K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Vitro Biopharma: profit against cash, quarter by quarterVitro Biopharma: profit against cash, quarter by quarterNet incomeOperating cash flow−$2.0M−$954KQ4 FY24−$2.8M−$428KQ1 FY25−$1.5M−$690KQ2 FY25−$1.7M−$681KQ3 FY25−$4.8M−$738KQ4 FY25−$1.1M−$1.1MQ1 FY26−$1.6M−$428KQ2 FY26−$8.5M−$1.9MQ3 FY26
Latest (Q3 FY26): Net income −$8.5M, Operating cash flow −$1.9M.
Vitro Biopharma: diluted shares by fiscal yearVitro Biopharma: diluted shares by fiscal year20MFY1420MFY154MFY224MFY234MFY244MFY25
-77.6% since FY14: buybacks shrank the count.
Vitro Biopharma: long-term debt falling due (FY25)Vitro Biopharma: long-term debt falling due (FY25)$594K2026$8.4M2027$1.7M2028$2.0M2030
Cash $604K, short-term investments —, long-term debt $12.7M at 2025-10-31.
Vitro Biopharma in its industry: growth against margin (76 companies, SIC 2836)Vitro Biopharma in its industry: growth against margin (76 companies, SIC 2836)revenue growth, year over year →↑ operating marginmedian +9%median -100%AMGNGILDBIIBMRNANBIXEXELHALOMGTXTECHVIRRGENTARSBCRXALECADMAKRYSIOVATWSTIPSCIMCRVISKVCELADPTNVAXKYMRGLUEIBRXAUTLAGENDNAPLXRXRXFENCCSBRCHRSIVVDCRSPEDITDTILVXRTSTRORGNXCCCCBSEMSCLXACOGTSHASRZNVYGRFDMTLENZALGSXFORELUTFATEOCGNSCTXCRBUCGONDBVTINBXMGXLCTXTCRXDYAIPRMEATRAHUMARLAYPLURBEAMPROKCRDFAIMVIVSVitro Biopharma (-6%, -100%)
Biological Products, (No Diagnostic Substances); dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Vitro Biopharma

We are an innovative biotechnology company targeting autoimmune diseases and inflammatory disorders, with an ancillary focus in the research services and cosmeceutical fields. With respect to our regenerative medicine business, we are developing novel cellular therapeutic candidates intended to address significant unmet medical needs. In the United States, we are authorized to conduct two clinical trials under two FDA IND applications to assess the safety and efficacy of AlloRx Stem Cell therapy in PTHS and PASC, or Long COVID, and expect to commence those trials in 2025. We generate revenue from our other technologies through a number of other activities, including through the sale of our stem cell products as well as cosmeceuticals through InfiniVive MD, our wholly-owned subsidiary, which helps to alleviate our capital expenses.

In its own words, from its annual report, filed Jan 28, 2025.

Vitro Biopharma against its Biological Products, (No Diagnostic Substances) peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -6% against the peers' median +11%. Operating margin: -220.5% against the peers' median 35.8%.

CompanyQuarterRevenueY/YOp. margin
Vitro BiopharmaQ3 FY26$570K-6%-220.5%
AMGN AmgenQ3 2026$10.4B+8%35.8%
GILD Gilead SciencesQ3 2026$8.3B+7%41.7%
BIIB BiogenQ3 2026$2.8B+11%-0.3%
MRNA ModernaQ3 2026$1.3B+29%9.9%
NBIX Neurocrine BiosciencesQ3 2026$1.1B+41%29.5%
EXEL ExelixisQ3 2026$659M+10%40.8%
HALO Halozyme TherapeuticsQ3 2026$493M+39%59.8%
MGTX MeiraGTx HoldingsQ2 2026$321M87×76.0%

Source: Vitro Biopharma 10-Q on SEC EDGAR · CIK 793171 · Biological Products, (No Diagnostic Substances)