MGRXMEDIUM SIGNALFINANCIAL10-K

MGRX shows declining revenue and profitability with deteriorating cash flows, though the company reduced its liabilities and completed a 1-for-15 reverse stock split.

The company's revenue decline of 26% to $456K coupled with reduced gross profit margins indicates operational challenges in this small pharmaceutical company. The reverse stock split and updated share count suggest efforts to maintain Nasdaq listing requirements, while the reduction in liabilities provides some financial flexibility.

Comparing 2026-04-01 vs 2025-03-20View on EDGAR →
FINANCIAL ANALYSIS

MGRX experienced broad financial deterioration with revenue falling 26% to $456K and gross profit declining 34% to $250K, indicating margin compression. Operating cash flow worsened by 20% to negative $5.9M, though the company meaningfully reduced total liabilities by 38% to $891K and cut capital expenditures substantially from $43K to $4K. The overall picture signals a small company struggling with revenue generation and cash burn while taking steps to strengthen its balance sheet position.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
-91.8%
$43K$4K

Capex reduced 91.8% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Total Liabilities
Balance Sheet
-37.5%
$1.4M$891K

Liabilities reduced 37.5% — deleveraging improves balance sheet strength and financial flexibility.

Current Liabilities
Balance Sheet
-37.5%
$1.4M$891K

Current liabilities reduced — improved short-term financial position and working capital health.

Gross Profit
P&L
-34.1%
$380K$250K

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

Revenue
P&L
-26%
$616K$456K

Revenue softened 26% — monitor whether this is cyclical or structural.

Operating Cash Flow
Cash Flow
-20.3%
-$4.9M-$5.9M

Operating cash flow softened — monitor whether temporary working capital timing or structural deterioration.

LANGUAGE CHANGES
NEW — 2026-04-01
PRIOR — 2025-03-20
ADDED
As of March 31, 2026, the registrant had 16,967,420 shares of its Common Stock, $ 0.0001 par value, outstanding.
These statements are not guarantees of future performance or results.
Reverse Stock Split On October 8, 2024, we filed a Certificate of Amendment to our Certificate of Formation, as amended and restated (the Certificate of Amendment ) with the Secretary of State of the State of Texas to affect a reverse stock split of our common stock at a ratio of 1-for-15 (the Reverse Stock Split ).
The shares of the Company s common stock began trading on the Nasdaq Capital Market ( Nasdaq ) on a post-split basis on October 16, 2024.
Organizational History We are a Texas corporation formed on October 7, 2021.
Our corporate website is www.Mangoceuticals.com and we connect consumers to licensed healthcare professionals through our website at www.MangoRX.com .
All Compounded Products are produced at and fulfilled by Epiq Scripts, LLC ( Epiq Scripts ), a related party compounding pharmacy, 52% owned by Jacob Cohen, our Chief Executive Officer and Chairman, and are available to patients on the determination of a prescribing physician that the compounded drug is necessary for the individual patient.
5 Our Mango ED product has not been, and will not be, approved by the FDA and instead we produce and sell our products, including our Mango ED product, under an exemption provided by Section 503A of the Federal Food, Drug and Cosmetic Act ( FFDCA Act ), as discussed below.
We are not aware of any clinical studies involving the administration of Semaglutide as a RDT at the dose we provide patients, or the compounding of Semaglutide and Vitamin B6, to treat weight loss or weight management, as is contemplated by our SLIM product.
Marketed Product We also market and sell the following product (such product, together with our Compounded Products, our Pharmaceutical Products ): PRIME by MangoRx, Powered by Kyzatrex - PRIME , by MangoRx, powered by Kyzatrex , a FDA-approved oral Testosterone Replacement Therapy (TRT) product, available by prescription, that is used to treat adult men who have low or no testosterone levels due to certain medical conditions.
REMOVED
As of March 20, 2025, the registrant had 5,168,796 shares of its Common Stock, $ 0.0001 par value, outstanding.
On October 7, 2024, the Company s Board of Directors (the Board ), with the Stockholder Authority, approved an amendment to our Certificate of Formation, as amended and restated, to effect a reverse stock split of our common stock at a ratio of 1-for-15 (the Reverse Stock Split ).
On October 8, 2024, we filed a Certificate of Amendment to our Certificate of Formation, as amended and restated (the Certificate of Amendment ) with the Secretary of State of the State of Texas to affect the Reverse Stock Split.
The shares of the Company s common stock began trading on the Nasdaq Capital Market ( Nasdaq ) on a post-split basis on October 16, 2024, with new CUSIP number: 56270V205.
Food and Drug Administration ( FDA ) approved form of oral testosterone undecanoate to treat low testosterone in men and as a form of Testosterone Replacement Therapy (TRT), developed and produced by Marius Pharmaceuticals, Inc.
under the brand name Prime powered by Kyzatrex ( Prime ) (Prime and our Compounded Products collectively referred to as the Pharmaceutical Products ).
We also provide access for customers to a licensed pharmacy for online fulfillment and distribution of certain medications that may be prescribed as part of telehealth consultations.
The studies are anticipated to be completed in the 2 nd quarter of 2025 which will then determine the Company s next steps in its commercialization and monetization efforts.
( Propre )(as further described below) intends to license certain intellectual property and patent rights from Propre relating to clinically proven, plant-based formulations targeting hyperpigmentation, dark spots, uneven skin tone, and skin brightening through advanced solutions marketed under the brand Dermytol ( Dermytol ).
The Company is in the process of preparing its marketing and distribution strategy for Dermytol and intends to commence operations under this agreement in the 3 rd quarter of 2025.
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