WGRXHIGH SIGNALFINANCIAL10-K

WGRX experienced catastrophic financial deterioration with operating losses expanding 14x to $93.7M, equity turning negative, and cash reserves depleting to just $43K while receiving a Nasdaq delisting warning.

The company is in severe financial distress with stockholders' equity turning negative $12.4M and cash reserves nearly depleted, indicating potential liquidity crisis. The dramatic expansion of losses despite revenue growth, combined with the Nasdaq minimum bid price deficiency notice, signals immediate going concern risks that threaten the company's survival.

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

Despite revenue growing 28.7% to $23.3M, WGRX's financial position collapsed with gross profit turning negative $6.4M and operating losses exploding from $6.1M to $93.7M. The company burned through most of its cash (down 96% to $43K), saw total assets shrink 47% to $30.5M, and stockholders' equity turned deeply negative at -$12.4M. This represents a complete financial deterioration suggesting the company may be approaching insolvency despite modest revenue growth.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
-1425.6%
-$6.1M→-$93.7M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Net Income
P&L
-1377.1%
-$6.9M→-$101.3M

Net income declined 1377.1% — review whether driven by operations, interest costs, or non-recurring items.

Operating Cash Flow
Cash Flow
-786.1%
-$1.2M→-$10.9M

Operating cash flow fell 786.1% — earnings quality concerns; investigate working capital changes and non-cash items.

Gross Profit
P&L
-463.6%
$1.8M→-$6.4M

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

Stockholders Equity
Balance Sheet
-284.8%
$6.7M→-$12.4M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

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.

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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