PMGC Holdings Inc. [NASDAQ: ELAB] Reports 2025 Annual Results and Files Form 10-K, Company Expands Asset Base to $13.8M, a 43% Increase from 2024
- Deploys Capital into Cash-Flowing Manufacturing Businesses in Aerospace, Defense and IT Packaging
- Advances Dual Myostatin Assets Targeting Muscle Preservation in Potential Combination with GLP-1 Treatments
NEWPORT BEACH, Calif., March 30, 2026 (GLOBE NEWSWIRE) -- PMGC Holdings Inc. (NASDAQ:ELAB) ("the Company," "PMGC," "we," or "our") today filed its Annual Report on Form 10-K ("Annual Report") for the fiscal year ended December 31, 2025 ("FYE 2025"), with the U.S. Securities and Exchange Commission ("SEC").
The Annual Report is available on the SEC's website at www.sec.gov under the Company's filings and on the Company's investor relations website.
A Year of Capital Allocation and Asset Growth
Fiscal 2025 marked a year of disciplined capital deployment and balance sheet expansion.
- Total assets increased 43%, from approximately $8.99 million in the fiscal year ending December 31, 2024 ("FYE 2024") to approximately $12.87 million in FYE 2025.
- Shareholders' equity increased from approximately $6.66 million in FYE 2024 to approximately $7.84 million in FYE 2025.
This growth was driven primarily by acquisitions of operating businesses in sectors characterized by durable demand, technical specialization, and supply chain importance.
PMGC continues to focus on allocating capital into assets capable of generating sustainable cash flow and long-term compounding.
Acquiring a Portfolio of Operating Businesses
In FYE 2025, PMGC completed 3 acquisitions across precision manufacturing and industrial packaging. These businesses share core attributes:
- High technical barriers to entry;
- Mission-critical applications;
- Established blue chip customer bases; and
- Exposure to U.S. industrial and defense supply chain demand.
Acquisitions Completed:
Pacific Sun Packaging, Inc. — Acquired on July 7, 2025
Pacific Sun Packaging, Inc. ("Pacific Sun Packaging") is a provider of specialized packaging solutions for semiconductor and data infrastructure components. Headquartered in San Clemente, California, Pacific Sun Packaging designs custom-engineered protective packaging for CPUs, memory modules, SSDs, fiber-optic transceivers, and other sensitive information technology ("IT") hardware, serving over 300 commercial customers across North America's semiconductor, data center and IT supply chains.
AGA Precision Systems LLC — Acquired on July 18, 2025
AGA Precision Systems LLC ("AGA") is a certified precision manufacturer serving aerospace and defense customers, including International Traffic in Arms Regulations ("ITAR")-regulated work. AGA specializes in high-tolerance computer numerical control milling, turning, and machining of complex metals such as titanium and Inconel, and holds both ITAR registration and AS9100 certification.
Indarg Engineering, Inc. (Asset Acquisition) — Acquired on October 26, 2025
Indarg Engineering, Inc. was a bolt-on acquisition completed through PMGC's subsidiary, AGA. The acquisition expanded AGA's machining capacity and operational scale to support growing demand from aerospace and industrial customers.
Management believes the acquisitions listed above strengthen PMGC's position in sectors where reliability and high switching costs support long-term customer retention and value creation.
Positioned in Durable, High-Value Industries
The acquisitions completed in FYE 2025 place PMGC squarely within two industrial verticals: precision manufacturing and specialty IT hardware packaging, where the Company believes structural demand drivers support continued growth into 2026 and beyond.
Precision Manufacturing
PMGC believes U.S. defense spending, aerospace production backlogs, and federal reshoring initiatives continue to drive demand for certified, domestic machine shops. Qualified domestic manufacturers holding both ITAR registration and AS9100D certification represent a narrow segment of the broader U.S. machining industry. As prime defense contractors and Tier 1 aerospace customers increasingly prioritize onshoring and supply chain security, demand for certified, U.S.-based precision shops continues to grow. The Company believes that once qualified as a supplier on a program, customer retention is reinforced by the rigorous requalification processes and first article inspection requirements associated with changing manufacturers.
Specialty Packaging
The continued buildout of data center infrastructure, driven by cloud computing, artificial intelligence, and enterprise IT refresh cycles, is generating increased demand for precision component-level packaging that protects high-value semiconductors, memory, and networking hardware. PMGC believes Pacific Sun Packaging's established relationships with original equipment manufacturers, distributors, and data center operators position it to benefit from this investment cycle.
Looking ahead to 2026, PMGC intends to pursue both organic and selective acquisitions that expand operational scale and deepen its presence in markets with favorable long-term fundamentals.
Northstrive Biosciences: Advancing a Multi-Asset Biopharma Pipeline
Northstrive Biosciences Inc. ("Northstrive Biosciences"), PMGC's biopharmaceutical subsidiary, advanced multiple initiatives in the aggregate during FYE 2025 and early 2026, spanning clinical-stage development, preclinical research, AI-driven drug discovery, and commercial licensing. All programs focus on muscle preservation in the context of GLP-1 receptor agonist weight loss therapies, a rapidly growing therapeutic class.
EL-22 — FDA Supports Path to Phase 2 IND Submission
EL-22, Northstrive Bioscience's lead asset, is a first-in-class engineered oral probiotic designed to preserve muscle mass in patients on GLP-1 weight loss treatments. Following a completed Phase 1 clinical trial in South Korea demonstrating favorable safety and tolerability, preliminary U.S. Food and Drug Administration ("FDA") feedback indicated that Northstrive Biosciences's nonclinical and Phase 1 data appear adequate to support initiation of a Phase 2 clinical trial in the USA. Northstrive Biosciences believes the FDA has provided a clear path forward for filing an Investigational New Drug application to conduct a Phase 2 trial evaluating EL-22 in combination with GLP-1 receptor agonists for obesity. Northstrive Biosciences is evaluating licensing, strategic partnerships, and direct development pathways for clinical advancement, subject to available financing.
EL-32 — Preclinical Study Underway
In March 2026, Northstrive Biosciences initiated a preclinical study for EL-32, a dual-action engineered probiotic candidate expressing both myostatin and activin-A antigens. This study uses a diet-induced obesity mouse model to evaluate muscle preservation and fat loss both as a standalone therapy and in combination with semaglutide. Dosing and observation are currently underway.
Modulant Biosciences — Animal Health License Agreement Executed
In February 2026, Northstrive Biosciences executed an exclusive, royalty-bearing license agreement with Modulant Biosciences LLC for the worldwide development and commercialization of EL-22 and EL-32 derived products in non-human animal health applications, including feed additives. Northstrive Biosciences retains all human therapeutic rights. Through this agreement, the parties aim to convert Northstrive Bioscience's proprietary technology into a potential revenue-generating asset within the global animal health market.
Yuva Biosciences — AI Drug Discovery Advances to Experimental Validation
Northstrive's AI Development Program with Yuva Biosciences, Inc. ("YuvaBio") progressed to Phase III in December 2025, moving from computational screening to experimental validation of small-molecule candidates identified by YuvaBio's MitoNova™ platform. This program targets compounds that may support mitochondrial health and muscle preservation in GLP-1-treated patients. YuvaBio has since deployed improved sixth-generation classifier models and Phase III results are currently expected in Q2 2026.
Together, the above Northstrive Biosciences programs position it with a differentiated oral approach to muscle preservation, an area where existing therapies remain limited to injectable delivery.
About PMGC Holdings Inc.
PMGC Holdings Inc. is a diversified holding company that manages and grows its portfolio through strategic acquisitions, investments, and development across various industries. We are committed to exploring opportunities in multiple sectors to maximize growth and value. For more information, please visit https://www.pmgcholdings.com.
Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Words such as "believes," "expects," "plans," "potential," "would" and "future" or similar expressions such as "look forward" are intended to identify forward-looking statements. Forward-looking statements are made as of the date of this press release and are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, activities of regulators and future regulations and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results. Therefore, you should not rely on any of these forward-looking statements. These and other risks are described more fully in PMGC's filings with the United States Securities and Exchange Commission ("SEC"), including the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 30, 2026, and its other documents subsequently filed with or furnished to the SEC. Investors and security holders are urged to read these documents free of charge on the SEC's web site at www.sec.gov. All forward-looking statements contained in this press release speak only as of the date on which they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
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