Issue 004 | U.S. Pilot | US

ERNA

Ernexa Therapeutics Inc.

Screen state: Passing Source state: Verified 10-Q | 2026-05-11 Filing currency: USD

Open Filing Back to Register Report a correction

Internal NCAV Discount 35.9%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets: 9,996,000USD
Total Liabilities: 3,684,000USD
NCAV: 6,312,000USD
Cash: 9,177,000USD
NCAV per share: 5.41USD/share
Evidence: 10 annual | 20 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Evaluated: 12
Triggered: 2
Unavailable: 8

Requires inspection Negative OCF -2,264,000

Latest: -2,264,0002026-03-31
Comparison: n/a
Change: n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 10-Q 2026-03-31 · 0001493152-26-022276

Supporting observation Current Ratio > 1.5 2.89

Latest: 2.892026-03-31
Comparison: 1.5
Change: n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 10-Q 2026-03-31 · 0001493152-26-022276

8 unavailable checks — inspect missing inputs

High Debt (short-term debt + long-term debt) / ordinary equity >= 50%

High NCAV Burn since the previous filing NCAV burn since previous filing >= 10%; previous NCAV must be positive

Low Debt (short-term debt + long-term debt) / ordinary equity < 20%

Material 1Y Share Increase 1Y share change >= +2% using the same share-count source

NCAV Growing equivalent prior-year NCAV change >= +2%; both NCAV values must be positive

No Material 1Y Share Increase 1Y share change > -2% and <= +1% using the same share-count source

Non-Positive Equity ordinary shareholders equity <= 0

Share Count Reduced 1Y share change <= -2% using the same share-count source

Business Profile

Published only when a substantive filing-text profile has been prepared for this issue.

Not available for this issue.

A substantive filing-text profile was not prepared for this company. Financial statement evidence and filing links remain available above for direct inspection.

Historical values can be viewed as reported in each filing or normalized to the latest verified split basis. These are measurement aids, not conclusions about a company.

Policy: normalize_to_latest_verified_split_basis | quality: verified

Display basis Normalized to latest verified split basis As reported in each filing

Metric	2026-03-31 10-Q Open filing	2025-12-31 10-K Open filing	2025-09-30 10-Q Open filing	2025-06-30 10-Q Open filing	2025-03-31 10-Q Open filing	2024-12-31 10-K Open filing	2024-09-30 10-Q Open filing	2024-06-30 10-Q Open filing	2024-03-31 10-Q Open filing	2023-12-31 10-K Open filing	2023-09-30 10-Q Open filing	2023-06-30 10-Q Open filing	2023-03-31 10-Q Open filing	2022-12-31 10-K Open filing	2022-09-30 10-Q Open filing	2022-06-30 10-Q Open filing	2022-03-31 10-Q Open filing	2021-12-31 10-K Open filing	2021-09-30 10-Q Open filing	2021-06-30 10-Q Open filing	2020-12-31 10-K Open filing	2019-12-31 10-K Open filing	2018-12-31 10-K Open filing	2017-12-31 10-K Open filing	2016-12-31 10-K Open filing
Period-end Shares Outstanding	1,166,0001,166,000	314,1607,854,000	313,9607,849,000	299,3207,483,000	13,93352,250,000	13,70351,386,000	1,4435,411,000	1,4435,411,000	n/an/a	1,4435,410,000	1,4435,410,000	1,4435,410,000	1,3675,127,000	1,3675,127,000	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	202,966,000	192,901,000	192,875,000	172,521,000	152,261,000
Weighted-average Basic Shares	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	1,4435,410,000	1,4175,314,000	1,4435,410,000	7502,811,000	1,3675,127,000	8143,051,000	7842,941,000	78458,805,000	153,626	57743,306,000	23417,570,973	23417,542,750	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a
Weighted-average Diluted Shares	792,000792,000	252,2806,307,000	329,0408,226,000	207,1605,179,000	14,23053,361,000	3,63913,647,000	1,4435,410,000	1,4435,410,000	n/an/a	8143,051,000	7842,941,000	1,4145,303,000	7152,681,000	5772,165,000	6742,527,000	56642,448,000	n/an/a	23517,588,000	67450,543,982	56642,448,188	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a
Basic EPS	-7-7	-2-2	-2-2	-3-3	-0-0	-3-3	-7-7	-2-2	-1-1	-4-4	-3-3	-2-2	-1-1	-8-8	-7-7	-0-0	-0-0	-3-3	-3-3	-1-1	-2-2	n/an/a	n/an/a	n/an/a	n/an/a
Diluted EPS	-7-7	-2-2	-2-2	-3-3	-0-0	-3-3	-7-7	-2-2	-1-1	-4-4	-3-3	-2-2	-1-1	-8-8	-7-7	-0-0	-0-0	-3-3	-3-3	-1-1	-2-2	n/an/a	n/an/a	n/an/a	n/an/a
Basic-to-Diluted Share Difference	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	-42.6%	-45.6%	88.7%	-47.7%	-29.0%	-14.1%	-27.8%	Insufficient evidence	-59.4%	187.7%	142.0%	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence
Net Share Count Change	271.1%	0.1%	4.9%	2048.2%	1.7%	849.7%	0.0%	Insufficient evidence	1.8%	0.0%	0.0%	5.5%	0.0%	Insufficient evidence	0.0%	109557.6%	-99.9%	146.5%	0.2%	Insufficient evidence	2.2%	0.9%	14.0%	11.5%	Insufficient evidence
Ownership Claim Change	-73.1%	-0.1%	-4.7%	-95.3%	-1.7%	-89.5%	0.0%	Insufficient evidence	-1.8%	0.0%	0.0%	-5.2%	0.0%	Insufficient evidence	-0.0%	-99.9%	80655.6%	-59.4%	-0.2%	Insufficient evidence	-2.2%	-0.9%	-12.3%	-10.3%	Insufficient evidence

Verified split events: reverse 100.0 on 2016-06-03; reverse 2.0 on 2021-03-25; reverse 20.0 on 2022-10-17; reverse 15.0 on 2025-06-12; reverse 10.0 on 2025-06-30; reverse 25.0 on 2026-03-27

Known Unknowns

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric	2025-12-31 10-K USD	2024-12-31 10-K USD	2023-12-31 10-K USD	2022-12-31 10-K USD	2021-12-31 10-K USD	2020-12-31 10-K USD	2019-12-31 10-K USD	2018-12-31 10-K USD	2017-12-31 10-K USD	2016-12-31 10-K USD
Revenue	582,000	582,000	68,000	0	n/a	5,800,000	19,806,000	23,335,000	21,274,000	22,312,000
Operating Income	-9,319,000	-15,674,000	-21,135,000	-33,217,000	-113,552,000	-6,309,000	-1,762,000	203,000	-1,402,000	-2,278,000
Net Income	-14,084,000	-44,539,000	-21,668,000	-24,579,000	-122,306,000	-4,415,000	-2,047,000	-259,000	-1,077,000	-2,923,000
Cash From Operations	-7,017,000	-15,836,000	-20,408,000	-20,976,000	-23,488,000	-3,894,000	2,744,000	1,365,000	549,000	23,000
Capex	-37,000	-369,000	-19,000	-297,000	-154,000	-39,000	-128,000	-648,000	-728,000	-427,000
Free Cash Flow	-7,054,000	-16,205,000	-20,427,000	-21,273,000	-23,642,000	-3,933,000	2,616,000	717,000	-179,000	-404,000
Cash And Equivalents	1,884,000	1,729,000	7,575,000	11,446,000	16,985,000	777,000	3,209,000	2,536,000	3,378,000	5,686,000
Accounts Receivable	n/a	n/a	n/a	n/a	684,000	116,000	1,195,000	1,143,000	714,000	928,000
Inventory	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Total Current Assets	3,133,000	2,352,000	9,599,000	13,681,000	18,766,000	1,724,000	6,070,000	6,785,000	9,638,000	10,662,000
Total Assets	5,834,000	5,269,000	49,132,000	22,279,000	32,429,000	3,745,000	14,125,000	14,864,000	16,570,000	16,695,000
Total Current Liabilities	3,113,000	2,938,000	6,573,000	7,654,000	3,677,000	2,360,000	6,095,000	4,024,000	10,747,000	6,643,000
Total Liabilities	3,433,000	3,568,000	46,899,000	10,172,000	25,927,000	2,894,000	9,034,000	7,947,000	11,034,000	12,627,000
Shareholders Equity	2,401,000	1,701,000	2,233,000	12,107,000	6,502,000	851,000	5,091,000	6,917,000	5,536,000	4,068,000
Shares Outstanding	1,166,177	13,932	1,443	1,367	766	20	19	19	17	15
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	252,280	910,000	1,417	814	144,333	1,172,533	191,667	179,200	162,800	126,867
Weighted Avg Shares Basic	252,280	910,000	1,417	814	144,333	1,172,533	191,667	179,200	162,800	126,867
Net Share Count Change (Normalized)	0.1%	849.7%	0.0%	Insufficient evidence	146.5%	2.2%	0.9%	14.0%	11.5%	Insufficient evidence
Ownership Claim Change (Normalized)	-0.1%	-89.5%	0.0%	Insufficient evidence	-59.4%	-2.2%	-0.9%	-12.3%	-10.3%	Insufficient evidence

Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Metric	2026-03-31 10-Q USD	2025-12-31 10-K USD	2025-09-30 10-Q USD	2025-06-30 10-Q USD	2025-03-31 10-Q USD	2024-12-31 10-K USD	2024-09-30 10-Q USD	2024-06-30 10-Q USD	2024-03-31 10-Q USD	2023-12-31 10-K USD	2023-09-30 10-Q USD	2023-06-30 10-Q USD	2023-03-31 10-Q USD	2022-12-31 10-K USD	2022-09-30 10-Q USD	2022-06-30 10-Q USD	2022-03-31 10-Q USD	2021-12-31 10-K USD	2021-09-30 10-Q USD	2021-06-30 10-Q USD
Revenue	n/a	n/a	487,000	47,000	47,000	1,000	487,000	47,000	47,000	n/a	51,000	n/a	0	n/a	0	n/a	n/a	n/a	n/a	n/a
Operating Income	-5,590,000	-2,095,000	-1,993,000	-2,501,000	-2,730,000	-2,697,000	-2,259,000	-4,931,000	-5,787,000	-5,765,000	-5,505,000	-4,549,000	-5,316,000	-4,737,000	-8,304,000	-13,880,000	-6,296,000	-9,104,892	-86,332,381	-10,013,130
Net Income	-5,506,000	-1,503,000	-1,240,000	-3,139,000	-8,202,000	-5,759,000	-26,604,000	-5,529,000	-6,647,000	-6,153,000	-5,591,000	-4,508,000	-5,416,000	-4,490,000	-7,316,000	-3,398,000	-9,375,000	-8,463,037	-86,055,312	-10,085,317
Cash From Operations	-2,264,000	-1,148,000	-1,272,000	-2,532,000	-2,065,000	-3,545,000	-6,285,000	-2,259,000	-3,747,000	-4,661,000	-5,826,000	-3,872,000	-6,049,000	-5,435,000	-6,116,000	-3,993,000	-5,432,000	-6,830,366	-6,422,870	-6,804,837
Capex	-2,000	n/a	n/a	-249,000	-101,000	0	-19,000	-249,000	-101,000	-19,000	0	0	0	-21,000	-43,000	-187,000	-46,000	-147,140	-6,860	0
Free Cash Flow	-2,266,000	n/a	n/a	-2,781,000	-2,166,000	-3,545,000	-6,304,000	-2,508,000	-3,848,000	-4,680,000	-5,826,000	-3,872,000	-6,049,000	-5,456,000	-6,159,000	-4,180,000	-5,478,000	-6,977,506	-6,429,730	-6,804,837
Cash And Equivalents	9,177,000	n/a	3,047,000	4,315,000	1,918,000	1,729,000	4,264,000	2,586,000	5,116,000	7,575,000	4,551,000	1,837,000	5,397,000	11,446,000	13,254,000	19,407,000	23,500,000	16,985,000	24,381,831	50,164,673
Total Current Assets	9,996,000	3,133,000	3,379,000	4,792,000	2,211,000	2,352,000	4,730,000	3,583,000	6,164,000	9,599,000	7,031,000	3,891,000	6,515,000	13,681,000	15,852,000	21,925,000	25,135,000	18,766,000	25,758,317	51,941,173
Total Liabilities	3,684,000	3,433,000	2,602,000	3,140,000	11,009,000	3,568,000	53,111,000	55,012,000	53,069,000	46,899,000	48,686,000	43,088,000	7,728,000	10,172,000	12,113,000	12,123,000	18,065,000	25,927,000	26,354,071	29,526,783
Shares Outstanding	1,166,333	314,160	313,956	306,836	16,630	13,932	13,700	1,443	1,443	1,443	1,443	1,443	1,405	1,367	785	784	766	766	694	690
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	792,000	6,307,000	329,040	207,160	142,000	10,181	361,000	361,000	1,443	1,443	1,443	1,414	1,367	3,051,000	784	784	178,733	3,472,399	674	2,829,867
Weighted Avg Shares Basic	792,000	6,307,000	329,040	207,160	142,000	10,181	361,000	361,000	1,443	1,443	1,443	1,414	1,367	3,051,000	784	784	178,733	3,472,399	674	2,829,867
Net Share Count Change (Normalized)	271.1%	0.1%	4.9%	2048.2%	1.7%	849.7%	0.0%	Insufficient evidence	1.8%	0.0%	0.0%	5.5%	0.0%	Insufficient evidence	0.0%	109557.6%	-99.9%	146.5%	0.2%	Insufficient evidence
Ownership Claim Change (Normalized)	-73.1%	-0.1%	-4.7%	-95.3%	-1.7%	-89.5%	0.0%	Insufficient evidence	-1.8%	0.0%	0.0%	-5.2%	0.0%	Insufficient evidence	-0.0%	-99.9%	80655.6%	-59.4%	-0.2%	Insufficient evidence

Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input	Value	Source concept	Filing period	Confidence	Provenance
Current Assets	9,996,000USD	us-gaap:AssetsCurrent	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0000748592/companyfacts.json Data Vault \| sec/companyfacts/cik=0000748592/companyfacts.json
Total Liabilities	3,684,000USD	us-gaap:Liabilities	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0000748592/companyfacts.json Data Vault \| sec/companyfacts/cik=0000748592/companyfacts.json
Cash	9,177,000USD	us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	2026-03-31	1.00	n/a
Shares Outstanding	1,166,333	dei:EntityCommonStockSharesOutstanding	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0000748592/companyfacts.json Data Vault \| sec/companyfacts/cik=0000748592/companyfacts.json
NCAV	6,312,000USD	derived	2026-03-31	n/a	company-evidence-v1 \| total_current_assets - total_liabilities
NCAV per share	5.41USD	derived	2026-03-31	n/a	company-evidence-v1 \| NCAV / shares_outstanding
Internal NCAV Discount	35.9%	derived	2026-03-31	n/a	gnni_publication_pack \| internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source: Data Vault
Data Vault Root: n/a
CIK: 0000748592
Company ID: n/a
Selected Annual Source: n/a
Selected Quarterly Source: n/a
Statement Extractor: companyfacts-screener-v1
View Extractor: companyfacts-screener-v1
Source Accession Count: 26
Imported At: 2026-08-02T05:41:05+00:00
Rendered At: 2026-08-16T03:29:54+00:00

Run Audit

Mary Run: 29510e1968ca4fb386d55ebe1e97a5de
Mary As Of: 2026-08-01
Accession: 0001493152-26-022276
CIK: 0000748592
Mary Filing Date: 2026-05-11
Filing Currency: USD
Internal Discount: 35.9%
Source State: Verified
Market Context: Not Displayed
Market Policy: internal_only_not_redistributed
Share Trend: Not Evaluated
Dilution: Needs Review

mary_run=29510e1968ca4fb386d55ebe1e97a5de; mary_as_of=2026-08-01; mary_filing_date=2026-05-11; mary_accession=0001493152-26-022276; mary_cik=0000748592; gnni_supporting_filing_date=2026-05-11; internal_discount=0.358996; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

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