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• Palantir for commercial AI solutions
• C3.ai for industry-specific AI applications
• A modern IBM, focused on delivering AI solutions for businesses

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• ELISA Kits: Enzyme-Linked Immunosorbent Assay kits used for detecting and quantifying target proteins, antibodies, or antigens in biological samples.
• Antibodies: Specific proteins produced by the immune system, widely used in research for detection, quantification, and purification of other proteins.
• Proteins: Recombinant and natural proteins, essential tools for various biochemical and cellular research applications, including drug discovery and pathway analysis.
• Cell & Molecular Biology Products: A range of reagents and kits for cell culture, DNA/RNA extraction, PCR, Western Blotting, and other molecular biology techniques.
• Lab Reagents & Consumables: General laboratory reagents like buffers, stains, and essential consumables necessary for daily experimental work.

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Major Customers of the Company identified by the symbol ELAB (ElevateBio, Inc.)

The company identified by the symbol ELAB is ElevateBio, Inc. ElevateBio operates primarily on a business-to-business (B2B) model, providing a comprehensive cell and gene therapy ecosystem that includes advanced technology platforms, research and development capabilities, and manufacturing services (Contract Development and Manufacturing Organization - CDMO) to other biotechnology and pharmaceutical companies.

Its major customers and strategic partners include:

• CRISPR Therapeutics (NASDAQ: CRSP) - A leading gene-editing company that partners with ElevateBio to leverage its induced pluripotent stem cell (iPSC) and gene-editing capabilities for the development of allogeneic cell therapies.

While ElevateBio also develops its own portfolio companies (e.g., Life Edit Therapeutics, HighPassBio), these are internal ventures that utilize ElevateBio's platforms and services, rather than external customers in the traditional sense.

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• Illumina, Inc. (Symbol: ILMN)
• Exact Sciences Corporation (Symbol: EXAS)
• Bio-Rad Laboratories, Inc. (Symbol: BIO)

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Graydon Bensler, Chief Executive Officer, Chief Financial Officer, Principal Accounting Officer, and Director

Graydon Bensler has served as the President, CEO, CFO, and Director of PMGC Holdings, Inc. since 2024. His past roles include Chief Executive Officer and Non-Independent Director at Marshall Technologies Corp. since 2024, Director at My Health Logic, Inc., and Independent Director at Qualigen Therapeutics, Inc. since 2024. Previously, he was an Independent Director at Health Logic Interactive, Inc. from 2020 to 2024, a Non-Independent Director at Onco-Innovations Ltd. from 2024 to 2025, Manager-Investor Relations at KIN Communications, Inc. from 2017 to 2018, and a Senior Associate at Evans & Evans, Inc. from 2019 to 2021. Evans & Evans, Inc. is an investment banking firm that provides services such as valuation, fairness opinions, and business planning, indicating experience in corporate finance and strategic advisory. He holds an undergraduate degree from the University of Western Ontario.

Braeden William Lichti, Chairman of the Board

Braeden William Lichti is the Chairman of the Board for PMGC Holdings Inc. He co-founded Elevai Labs Inc. in 2020, which later rebranded to PMGC Holdings Inc. in 2024. Mr. Lichti is also the Founder and CEO of NorthStrive Companies, Inc., a U.S.-based investment and management firm, and the Founder and CEO of BWL Investments, a public markets venture capital investment firm. He has acted as Elevai's principal investor and strategic advisor since its inception and led the company's restructuring and rebranding. Notably, he co-founded Health Logic Interactive Inc., which sold its operating subsidiary to Marizyme, Inc. in the fourth quarter of 2021. In 2023, Mr. Lichti led a successful shareholder activist campaign to remove the board of Hydromer Inc., subsequently being appointed Chairman, and in Q3 2025, the company announced a strategic investment following restructuring. His professional history with investment firms and strategic company changes suggests a pattern of involvement with companies backed by financial or strategic investors.

Juliana L. Daley, Independent Director

Juliana L. Daley serves as an Independent Director on the board of PMGC Holdings Inc.

Jeffrey Owen Parry BA, MBA, Independent Director

Jeffrey Owen Parry holds the position of Independent Director at PMGC Holdings Inc.

George Kovalyov, Independent Director

George Kovalyov is an Independent Director for PMGC Holdings Inc.

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The key risks to PMGC Holdings (symbol: ELAB) are primarily related to its financial performance, cash management, and market characteristics.

1. Sustained Unprofitability and Declining Earnings: PMGC Holdings has experienced a significant decline in earnings, with a 36.8% decrease per year over the past five years. The company reported a net loss of $6,245,737 for the year ended December 31, 2024, an increase from a net loss of $4,301,517 in the prior year. Key financial ratios indicate a gap in profitability, with EBIT margin and pretax profit margin both in negative territory, suggesting that the company is not effectively translating sales into profit.
2. Cash Burn and Risk of Shareholder Dilution: The company has a notable cash burn rate. As of September 2024, PMGC Holdings had a cash burn of US$6.0 million, resulting in a cash runway of approximately 13 months. While it currently has sufficient cash runway for more than a year based on its current free cash flow, a continued reduction in free cash flow at historical rates would provide a runway of only 1.3 years. If the company needs to raise more capital to cover its operations, it would likely issue new shares, leading to dilution for existing shareholders, given that its cash burn equates to about 30% of its market value.
3. Highly Volatile Share Price and Small Market Capitalization: PMGC Holdings possesses a relatively small market capitalization of approximately $2.9 million, which often correlates with higher stock volatility. The share price has been highly volatile over the past three months compared to the broader US market, with significant daily fluctuations. This volatility can make the stock an intriguing but risky option for investors due to its rapid price movements and susceptibility to market sentiment.

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PMGC Holdings Inc. (ELAB) operates in several distinct markets through its subsidiaries. The addressable markets for its main products and services are as follows:

Physician-Dispensed Skincare and Aesthetic Medicines

PMGC Holdings Inc., through its subsidiaries, focuses on physician-dispensed skincare and the development of cutting-edge aesthetic medicines, including proprietary stem cell-derived Elevai Exosomes.

• The global physician-dispensed skincare product market was estimated at USD 15.16 billion in 2024 and is projected to reach USD 19.87 billion by 2029, exhibiting a Compound Annual Growth Rate (CAGR) of 5.57%. Another estimate places the global market at USD 11.59 billion in 2024, growing to USD 23.75 billion by 2033 with an 8.3% CAGR.
• The U.S. aesthetic medicine market size was valued at USD 37.94 billion in 2023 and is projected to grow to USD 90.82 billion by 2030, with a CAGR of 13.4%.
• The global medical aesthetics market size was approximately USD 25.88 billion in 2024 and is projected to surpass USD 87.84 billion by 2034, with a CAGR of 13%.
• Specifically for exosome skincare, the global market size was valued at USD 418.26 million in 2024 and is anticipated to reach USD 1,160.84 million by 2032, at a CAGR of 12.68%. Another report indicates a global exosome skincare market size of USD 1.9 billion in 2023, projected to reach USD 4.67 billion by 2032, growing at a CAGR of 10.5%.

Obesity Treatment (GLP-1 Receptor Agonists)

Northstrive Biosciences Inc., a PMGC Holdings subsidiary, is developing EL-22, an engineered probiotic approach for obesity, particularly in conjunction with GLP-1 receptor agonists to preserve muscle during weight loss treatments.

• The global GLP-1 receptor agonist market size was valued at USD 52.08 billion in 2024 and is projected to grow to USD 186.64 billion by 2032, exhibiting a CAGR of 16.8%. Another estimate for the global market predicts it will reach USD 150 billion by 2035.
• The broader global obesity treatment market was valued at USD 15.92 billion in 2024 and is projected to reach USD 60.53 billion by 2030, growing at a CAGR of 22.31%.

CNC Machining Operations

AGA Precision Systems LLC, another subsidiary of PMGC Holdings Inc., specializes in CNC machining operations.

• The global CNC machine market is projected to reach USD 79.2 billion in 2025 and is expected to grow to USD 194.3 billion by 2034, expanding at a CAGR of 10.5%. Another source states the global CNC machine market size was valued at USD 95.29 billion in 2024 and is projected to grow to USD 195.59 billion by 2032, exhibiting a CAGR of 9.9%.

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• Strategic Acquisitions: PMGC's core strategy involves acquiring businesses within lucrative sectors, with a particular focus on "fundamentally strong businesses with durable cash flow and growth potential". This includes recent plans to acquire a U.S. electronics contract manufacturer specializing in high-precision services and a U.S. IT custom packaging company.

• Expansion into High-Growth Manufacturing Sectors: The company has demonstrated a refined focus on sectors with higher growth margins, specifically mentioning a pivot towards aerospace and defense manufacturing.

• Leveraging Gaming and Esports Initiatives: PMGC is poised for growth driven by strategic shifts in its tournament structuring within the gaming industry, aiming to increase participation, viewership metrics, and global audience reach, which is expected to enhance brand value and financial stability.

• Enhanced Marketing and Sales within Acquired Entities: Following acquisitions, PMGC intends to stimulate growth and solidify market position by focusing on improving the marketing and sales strategies of the acquired companies.

• Operational Realignment and Strategic Focus: The company's divestiture of non-core assets, such as Elevai Skincare, is part of a broader strategy to sharpen its strategic focus, improve capital allocation for high-impact investments, and reorient towards core capabilities for profitable ventures.

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Share Repurchases

• PMGC Holdings Inc. announced share repurchases from existing shareholders in March 2025 in response to unsolicited inquiries.
• The company is not currently conducting a formal share repurchase program or tender offer.
• Reported repurchase of stock for the three months and trailing twelve months ended June 2025 was $0.00 million.

Share Issuance

• Elevai Labs, Inc. (now PMGC Holdings Inc.) completed its Initial Public Offering (IPO) on November 20, 2023, raising $6 million by selling 1.5 million shares of common stock at $4.00 per share.
• In September 2024, Elevai Labs Inc. priced a public offering of $8.0 million, involving the issuance of 28,571,425 shares of common stock (or pre-funded warrants) at $0.28 per share, along with Series A and Series B Warrants.
• On April 24, 2025, PMGC Holdings Inc. entered into an At-The-Market (ATM) Issuance Sales Agreement to potentially issue and sell up to $100,000,000 in common stock over a 24-month period.

Outbound Investments

• PMGC Holdings Inc. completed the acquisition of Pacific Sun Packaging Inc., a custom IT packaging company, on July 10, 2025. Pacific Sun generated over $2.15 million in combined revenue for fiscal years 2023 and 2024.
• On July 18, 2025, the company completed the acquisition of AGA Precision Systems LLC, a CNC machining business, for $650,000 in cash, which had generated over $1.39 million in revenue in 2024.
• PMGC Holdings Inc.'s subsidiary, AGA Precision Systems LLC, completed the acquisition of Indarg Engineering, Inc., a precision CNC machining company, on October 26, 2025, for a purchase price of $548,000, which included a $170,000 promissory note.