Like a startup Galderma (maker of Cetaphil), focused on clinically-backed over-the-counter products for specific skin and hair conditions.

A mini-biotech firm that develops science-driven over-the-counter and cosmetic products for common conditions like eczema and hair loss.

• Photocil: An OTC cosmetic product that acts as a narrow-band UV filter, therapeutically beneficial for vitiligo and psoriasis.
• Hair Enzyme Booster (JW-700): A cosmetic topical solution that enhances the effectiveness of minoxidil by increasing necessary enzymes for hair regrowth.
• CB-101 (Atopic Dermatitis Treatment): An upcoming OTC topical treatment for eczema, using aspartame and colloidal oatmeal for dual-action relief.
• NoStingz: A reformulated sunscreen product designed to offer protection against both UV rays and jellyfish stings.

• Taisho: This company is licensed to manufacture and sell the Hair Enzyme Booster (JW-700) in Japan. Taisho is described as a $2.6 billion revenue company and Japan’s leading seller of minoxidil products.
• Cosmofix and San Pellegrino Cosmetics: This licensee manufactures and sells Photocil and the Hair Enzyme Booster (JW-700) for the Indian market and 31 other countries in Africa and the Far East.

Stella Industries Ltd.

DCR Labs

1. Inability to Effectively Commercialize Products in the United States: Caring Brands has a demonstrated history of withdrawing products from the U.S. market due to "insufficient sales resulting from the lack of a dedicated sales and marketing team." This occurred with Photocil (December 2022 to February 2023) and NoStingz (July 2022 to September 2023). The company explicitly states that the successful relaunch of Photocil in 2025 and the future market penetration of Photocil and other products will depend on the development of a dedicated sales and marketing team, with "no assurance that these efforts will result in significant market adoption."

2. Product Development, Regulatory, and Launch Execution Risk: Several of Caring Brands' key products are either undergoing reformulation or are targeted for future launches, introducing significant execution risk. CB-101 (eczema treatment) is undergoing reformulation expected to be completed in Q1/Q2 2025 with an anticipated launch in Q3 2025. NoStingz is also being reformulated with additional stability testing and formulation work, and no commercial launch timeline has been established. The relaunch of Photocil in the U.S. in 2025 is a target as the company explores manufacturing and marketing options, and requires applying for a National Drug Code (NDC) for FDA registration. Delays or failures in these development, regulatory, and launch processes could significantly impact the company's ability to bring new or relaunched products to market and generate revenue.

3. Limited Market Penetration Potential and Dependence on International Licensing Agreements: Management explicitly acknowledges that Photocil treatment for psoriasis and vitiligo "may only address a very small fraction of the market in the US and India" and a "very small fraction of the total global market," respectively. The Hair Enzyme Booster (JW-700) is designed solely to enhance the efficacy of minoxidil and "does not independently treat hair loss or promote hair regrowth," making its market dependent on minoxidil users. Furthermore, a substantial portion of the company's current and planned international revenue relies on licensing agreements, such as with Cosmofix and San Pellegrino Cosmetics for India and 31 other countries, and Taisho for Japan. These agreements offer relatively small royalty percentages (3%) and milestone payments (up to $200,000 for Taisho) and have limited terms (e.g., three to five years with one-year automatic renewals), exposing the company to renewal risks and limiting its direct control over sales and marketing in these large geographic regions.

1. Emergence of standalone, highly effective hair loss treatments not requiring minoxidil: Caring Brands' Hair Enzyme Booster (JW-700) is explicitly designed to "enhance the efficacy of minoxidil by increasing necessary enzyme levels and must be used in combination with FDA-approved minoxidil products. JW-700 does not independently treat hair loss or promote hair regrowth." This makes JW-700 entirely dependent on the continued market relevance and demand for minoxidil. Should new, more potent, or standalone hair loss treatments emerge and gain significant market adoption, they could reduce or negate the need for minoxidil and, by extension, for products like JW-700 that solely enhance minoxidil's action.

2. Dominance and continued growth of device-based phototherapy for vitiligo and psoriasis: For Photocil, Caring Brands states that it is a "narrow band UV filter" for vitiligo and psoriasis, but notes that "the available market data focuses primarily on phototherapy devices" and refers to guidelines that "strongly recommend narrow-band UVB phototherapy as a monotherapy." As Photocil is a topical cosmetic product (not evaluated by the FDA for safety and effectiveness, unlike medical devices), the strong clinical endorsement and market growth of device-based phototherapy solutions could represent a significant emerging threat by limiting the market acceptance, medical credibility, and overall penetration potential for a topical, cosmetic UV filter product targeting the same conditions.

Here are the addressable market sizes for Caring Brands' main products:

• Photocil (Vitiligo and Psoriasis Treatment)
  • Global phototherapy treatment market: projected to rise from ~ USD $1.9 billion in 2023 to ~ USD $3.23 billion by 2033.
  • India phototherapy treatment market: expected to expand at a CAGR of approximately 7.8% as of 2023.
  • Global psoriasis treatment market: worth ~ $34 billion globally in the 12 months ending June 2023, and expected to reach ~ USD $54-67 billion by 2030.
  • U.S. psoriasis treatment market: accounts for approximately 78% of total global sales and growing at a compound annual growth rate of approximately 18%.
  • Global vitiligo treatment market: valued at ~ USD 538.90 million in 2024, projected to grow to ~ USD 807.70 million by 2034.
  • U.S. vitiligo treatment market: expected to remain the dominant market.
  • Asia Pacific vitiligo treatment market: expected to witness the fastest growth.
• Hair Enzyme Booster (JW-700) (Minoxidil Efficacy Enhancement)
  • Minoxidil market: valued at $1.5 billion in 2022 and expected to grow to $2.5 billion by 2032.
• CB-101 (Atopic Dermatitis/Eczema Treatment)
  • Global eczema treatment market: valued at $14 billion in 2022.
• NoStingz (Sunscreen and Jellyfish Sting Protection)
  • No specific addressable market size for NoStingz or the sunscreen market was provided in the background.

Caring Brands (CABR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives across its product portfolio:

1. Relaunch and International Market Expansion of Photocil: Caring Brands plans a relaunch of Photocil in the United States, targeted for 2025, after its previous removal due to insufficient sales. Additionally, the company's licensee in India, Cosmofix and San Pellegrino Cosmetics, is actively exploring sub-licensing opportunities for Photocil in 31 additional countries across Africa and the Far East, presenting significant new market expansion. Preliminary discussions are also underway for potential licensing opportunities in Europe and South America. This expansion leverages projected substantial growth in the global phototherapy treatment market, which is expected to rise from approximately $1.9 billion in 2023 to $3.23 billion by 2033, and even faster growth in India at an estimated CAGR of approximately 7.8%.
2. Commercial Launch and Global Market Penetration of Hair Enzyme Booster (JW-700) via Licensing Agreements: A major driver will be the commercial launch of the Hair Enzyme Booster (JW-700) in Japan in 2025 through a licensing agreement with Taisho, Japan's leading seller of minoxidil products. This agreement is expected to provide Caring Brands with milestone payments and a 3% royalty. Furthermore, JW-700, launched on Amazon and NOVODX's e-commerce platform in Q4 2024, will continue to grow in the US. It is also being sold in India and 31 other countries in Africa and the Far East through a licensing agreement with Cosmofix and San Pellegrino Cosmetics. This product benefits from the growing minoxidil market, which was valued at $1.5 billion in 2022 and is projected to reach $2.5 billion by 2032.
3. Launch of Reformulated CB-101 for Atopic Dermatitis (Eczema): Caring Brands anticipates the online availability of its reformulated CB-101 eczema treatment in the US in the third quarter of 2025. This topical over-the-counter product aims to address a significant market, with the global eczema treatment market valued at $14 billion in 2022. The company notes that 31.6 million Americans suffer from eczema, with 86% expressing dissatisfaction with existing treatments, indicating a substantial unmet need for effective solutions.

Outbound Investments

• In June 2022, Safety Shot (then Jupiter Wellness), the precursor to Caring Brands, acquired all assets of Applied Biology Inc., including Photocil, through an asset purchase agreement.

Capital Expenditures

• For the CB-101 eczema treatment, $150,000 is allocated to completing formulation development, $200,000 is planned for the initial production run, and $50,000 for clinical testing, targeting a Q4 2025 launch.