PMGC Holdings Inc. (NASDAQ:ELAB) filed its fiscal 2025 annual report on Monday, reporting that total assets grew 43% year-over-year to about $12.87 million, up from $8.99 million in 2024, according to a company press release. The company currently has a market capitalization of roughly $0.9 million and a Price-to-Book ratio of 0.28, placing it among the lowest in its sector.
During 2025, the company completed three acquisitions across the precision manufacturing and industrial packaging industries. Pacific Sun Packaging, acquired on July 7, specializes in packaging solutions for semiconductor and data infrastructure components and serves more than 300 customers throughout North America. AGA Precision Systems, acquired on July 18, operates as a certified precision manufacturer supplying aerospace and defense clients, holding both ITAR registration and AS9100 certification. On October 26, the company finalized a third transaction through AGA with the purchase of assets from Indarg Engineering, aimed at expanding machining capacity.
Shareholders’ equity increased to approximately $7.84 million, compared with $6.66 million the previous year.
PMGC’s biopharmaceutical subsidiary, Northstrive Biosciences, received preliminary feedback from the U.S. Food and Drug Administration indicating that existing nonclinical and Phase 1 data for EL-22 — an oral probiotic designed to help maintain muscle mass in patients using GLP-1 weight-loss therapies — appears sufficient to support advancement into a Phase 2 clinical trial in the United States. In March 2026, Northstrive also initiated a preclinical study of EL-32 to evaluate muscle preservation in a diet-induced obesity mouse model.
In February 2026, Northstrive Biosciences signed a royalty-bearing licensing agreement with Modulant Biosciences LLC covering worldwide development of EL-22- and EL-32-derived products for animal health applications. PMGC retains exclusive rights to human therapeutic uses of the technologies.
Northstrive’s artificial intelligence development program, conducted in partnership with Yuva Biosciences, progressed to the experimental validation stage in December 2025. The program is focused on identifying small-molecule candidates aimed at improving mitochondrial health and preserving muscle mass. Phase III results are expected in the second quarter of 2026.
Separately, PMGC Holdings recently announced that NorthStrive Biosciences has launched a preclinical study of EL-32, an engineered probiotic candidate designed to preserve lean muscle while promoting fat loss. The study will test EL-32 both as a standalone therapy and in combination with GLP-1 weight-loss treatments in a diet-induced obesity mouse model. The company also disclosed the filing of ten new U.S. patent applications related to its proprietary EL-22 and EL-32 technologies, expanding potential applications in animal health and agricultural markets. Additionally, PMGC reported completing a 1-for-6 reverse stock split of its common shares, which became effective on March 10, 2026.
On the corporate governance front, PMGC amended consulting agreements with its Chief Executive Officer and Chairman, setting their annual consulting compensation at $300,000 starting January 1, 2026. Meanwhile, subsidiary Northstrive Biosciences executed a third amendment to its licensing agreement with MOA Life Plus Co., Ltd., revising milestone timelines related to preclinical development stages. These developments reflect PMGC’s ongoing strategic adjustments across both its corporate structure and research initiatives.