Cuprina Holdings (Cayman) Limited Class A (CUPR) AI Stock Analysis

• Market Cap: $2.57M
• Dividend Yield: N/A
• Average Volume (3M): 2.90M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.00
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 15
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): N/A
• Shares Outstanding: 7,365,000
• 10 Day Avg. Volume: 197,362
• 30 Day Avg. Volume: 2,899,437
• PEG Ratio: -2.01
• Price to Book (P/B): -27.64
• Price to Sales (P/S): 2550.55
• P/FCF Ratio: -97.98
• Enterprise Value/Market Cap: 48.06
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 41 Neutral
• Price Target: $0.40 ▲(6.05% Upside)
• Action: Upgraded Date: 01/31/26
• Date: Action: Upgraded 01/31/26

The score is driven primarily by weak financial performance (sharp revenue decline, negative margins, negative equity, and negative operating/free cash flow). Technicals also remain bearish with the stock below major moving averages and a negative MACD. Valuation provides limited support given the negative P/E and no dividend yield data.

Positive Factors

Strategic JV expands product pipeline

The JV opens a clear, durable entry into the wound care market with planned clinical studies in 2026 and exposure to a large, growing addressable market. Successful development and approval would create a recurring product revenue stream beyond current offerings.

Partnership leverages complementary capabilities

The deal structure assigns product development to Aiodine and commercialization to Cuprina, reducing the company’s R&D burden and fixed-cost investment. This leverages external technical know-how while using Cuprina’s go-to-market role to accelerate adoption with limited incremental headcount.

Slight free cash flow improvement

Reported modest FCF improvement indicates initial progress toward better cash generation. If sustained, this trend can extend operating runway, reduce immediate financing needs, and provide more flexibility to fund clinical work or commercial launches tied to the JV.

Negative Factors

Sharp revenue decline

A >50% revenue drop signals loss of customer traction or failed commercialization, undermining the company’s ability to scale. Continued top-line contraction pressures margins, hampers reinvestment capacity, and increases dependence on external capital to sustain operations.

Negative shareholders' equity

Negative equity is a structural solvency concern that limits borrowing capacity and financial flexibility. It raises the likelihood of dilution, asset sales, or restructuring to restore balance-sheet health, increasing execution risk for multi-stage clinical or commercialization plans.

Negative operating cash flow

Sustained negative operating cash flow drains reserves and forces repeated external financing. This weak cash-generation profile risks delaying clinical trials, product development, or commercialization of JV products and elevates execution and survival risk over the medium term.

Cuprina Holdings (Cayman) Limited Class A Business Overview & Revenue Model

Company Description

Cuprina Holdings (Cayman) Limited is a Singapore-based biomedical and biotechnology company dedicated to developing and commercializing innovative products for managing chronic wounds. The company manufactures and distributes medical-grade sterile blowfly larvae bio-dressing products under the MEDIFLY brand, used as a biological debridement tool for chronic wounds. Additionally, Cuprina operates in the health and beauty sectors, offering cosmeceutical products.

How the Company Makes Money

Cuprina Holdings (Cayman) Limited Class A Financial Statement Overview

Summary

Financial statements indicate severe weakness: revenue declined sharply (-52.05%), profitability metrics are negative (gross profit, net profit, EBIT, EBITDA), the balance sheet shows negative stockholders' equity (liabilities exceed assets), and operating/free cash flow are negative despite slight free cash flow improvement.

Income Statement

Cuprina Holdings has experienced significant revenue decline with a negative revenue growth rate of -52.05% in the latest year. The company is facing severe profitability challenges, as indicated by negative gross profit, net profit, EBIT, and EBITDA margins. This suggests that the company is struggling to cover its costs and generate profits, which is a major concern for its financial health.

Balance Sheet

The balance sheet reveals a negative stockholders' equity, indicating that liabilities exceed assets, which is a critical financial risk. The debt-to-equity ratio is negative due to negative equity, and the return on equity is positive but misleading due to the negative equity base. Overall, the balance sheet reflects financial instability and high leverage risk.

Cash Flow

The cash flow statement shows negative operating and free cash flows, though there is a slight improvement in free cash flow growth. The operating cash flow to net income ratio is negative, indicating that the company is not generating sufficient cash from operations to cover its net losses. The free cash flow to net income ratio is slightly above 1, suggesting that free cash flow is marginally better than net income, but overall cash flow health remains weak.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	48.32K	100.77K	56.60K	58.50K
Gross Profit	-3.02K	36.60K	19.98K	23.06K
EBITDA	-1.43M	-994.12K	-1.06M	-489.44K
Net Income	-1.56M	-1.12M	-1.09M	-519.69K
Balance Sheet
Total Assets	1.75M	1.59M	1.44M	953.05K
Cash, Cash Equivalents and Short-Term Investments	116.47K	35.26K	564.58K	767.29K
Total Debt	254.79K	121.82K	183.63K	170.03K
Total Liabilities	6.20M	4.48M	3.21M	1.64M
Stockholders Equity	-4.46M	-2.90M	-1.78M	-683.52K
Cash Flow
Free Cash Flow	-1.26M	-1.61M	-1.87M	-224.72K
Operating Cash Flow	-1.24M	-1.54M	-1.85M	-221.86K
Investing Cash Flow	-21.88K	-67.98K	-31.28K	-2.86K
Financing Cash Flow	1.34M	1.08M	1.68M	991.39K

Cuprina Holdings (Cayman) Limited Class A Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
CUPR	41 Neutral	$2.57M	-3.49	―	―	―	―
BDRX	41 Neutral	$625.72K	-0.02	-60.37%	―	-100.00%	86.75%
HSDT	41 Neutral	$87.56M	>-0.01	―	―	87.45%	72.30%
WINT	39 Underperform	$386.98K	>-0.01	―	―	―	99.09%
SHPH	32 Underperform	$3.09M	-0.04	-9999.00%	―	―	79.31%

Cuprina Holdings (Cayman) Limited Class A Corporate Events

Cuprina Holdings Releases Mid-2025 Financial Results

Cuprina Holdings (Cayman) Limited released its unaudited financial results for the six months ending June 30, 2025, on December 9, 2025. The report includes financial statements and management’s analysis, highlighting the company’s financial condition and operational results for the period. The announcement provides stakeholders with insights into Cuprina’s financial performance and strategic positioning during the first half of 2025.

Cuprina Holdings Receives Nasdaq Notice for Bid Price Deficiency

On November 26, 2025, Cuprina Holdings received a notice from Nasdaq indicating that its Class A ordinary shares had fallen below the $1.00 minimum bid price requirement for 30 consecutive business days. The company has been given a 180-day compliance period, until May 26, 2026, to rectify this issue. If compliance is not regained, Cuprina may qualify for an additional 180-day grace period by meeting other listing standards and potentially executing a reverse stock split. The notification does not immediately affect the trading of Cuprina’s shares, which will continue under the symbol ‘CUPR.’ Cuprina is actively exploring options to regain compliance, though there is no assurance of success.

Cuprina Holdings Forms Joint Venture with Aiodine for Iodine-Based Wound Care

On November 18, 2025, Cuprina Holdings announced a joint venture with Aiodine Laboratory to develop and market a novel iodine-based solution for wound care therapy. This partnership aims to utilize Aiodine’s proprietary iodine technology to create antiseptic solutions for chronic and acute wounds, with plans to begin clinical studies for regulatory approval in 2026. Cuprina will handle global sales and marketing, while Aiodine provides technical expertise. The iodine solution has shown promising results in a study, indicating significant wound healing and reduced infection, potentially positioning Cuprina to expand its offerings in the growing wound care market, valued at $21 billion in 2024 and projected to reach $36 billion by 2032.