WGRXHIGH SIGNALRISK10-K

WGRX faces severe liquidity distress with cash plummeting to just $43K while receiving a Nasdaq delisting warning for trading below $1.00 per share.

The company's cash position has collapsed to critically low levels, creating immediate going-concern risks and potential operational constraints. The Nasdaq minimum bid price deficiency notice and potential delisting threat compounds investor access issues and could trigger additional financial covenant breaches or funding challenges.

Comparing 2026-03-20 vs 2025-03-25View on EDGAR →
FINANCIAL ANALYSIS

Despite revenue growing modestly to $23.3M, WGRX's balance sheet shows severe deterioration with cash dropping from $1.0M to just $43K and inventory declining substantially from $9.5M to $1.6M. Total assets fell nearly 47% while current assets contracted over 80%, indicating significant operational contraction or liquidation of working capital. The dramatic reduction in current assets relative to the more modest decline in liabilities suggests acute liquidity pressure that threatens the company's near-term viability.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
-95.9%
$1.0M→$43K

Cash declined 95.9% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Inventory
Balance Sheet
-82.8%
$9.5M→$1.6M

Inventory drawn down 82.8% — strong sell-through or deliberate destocking; watch for supply constraints.

Current Assets
Balance Sheet
-81.4%
$15.2M→$2.8M

Current assets declined 81.4% — monitor working capital adequacy and short-term liquidity.

Total Assets
Balance Sheet
-46.9%
$57.3M→$30.5M

Total assets contracted 46.9% — asset sales, write-downs, or balance sheet optimization underway.

Revenue
P&L
+28.7%
$18.1M→$23.3M

Revenue growing 28.7% — solid top-line momentum, watch margins for quality of growth.

Current Liabilities
Balance Sheet
-21.7%
$38.0M→$29.8M

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

Total Liabilities
Balance Sheet
-15.2%
$50.6M→$42.9M

Liabilities reduced 15.2% — deleveraging improves balance sheet strength and financial flexibility.

LANGUAGE CHANGES
NEW — 2026-03-20
PRIOR — 2025-03-25
ADDED
As of March 6, 2026, there were 105,854,108 and 104,871,987 shares of the Company s common stock, par value $ 0.0001 , issued and outstanding.
Form 10 K Summary 89 Signatures 90 In this Annual Report on Form 10-K, all references to Wellgistics Health, Inc., we, us, our or the Company mean Wellgistics Health, Inc.., and its wholly-owned subsidiaries, except where it is made clear that the term means only Wellgistics Health, Inc.
There can be no assurance that Wellgistics Health Common Stock will be approved for listing on Nasdaq or, if approved, will continue to be so listed, or that Wellgistics Health will be able to comply with the continued listing standards of Nasdaq.
If and when our Common Stock is publicly traded, it may be subject to the penny stock rules which may make it more difficult to sell our Common Stock.
Our common stock is subject to a Nasdaq minimum bid price deficiency notice, and failure to regain compliance could result in the delisting of our common stock from The Nasdaq Capital Market.
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REMOVED
As of March 20, 2025, there were 51,944,397 shares of the Company s common stock issued and outstanding.
Form 10 K Summary 83 Signatures 84 In this Annual Report on Form 10-K (this Annual Report ), all references to Wellgistics Health, Inc., Wellgistics Health, we, us, our or the Company mean Wellgistics Health, Inc., and its wholly-owned subsidiaries, except where it is made clear that the term means only Wellgistics Health, Inc.
There can be no assurance that Wellgistics Health common stock will be able to comply with the continued listing standards of the Capital Market tier of The Nasdaq Stock Market LLC ( Nasdaq ).
Our common stock is publicly traded and may be subject to the penny stock rules which may make it more difficult to sell our common stock.
Our directors and officers, including Brian Norton, Chief Executive Officer, and Vishnu Balu, Chief Financial Officer, have years of significant experience in the pharmaceutical industry and other sectors related to our business.
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