Impact BioMedical (IBO)
Market Price (3/10/2026): $0.63 | Market Cap: $7.7 MilSector: Health Care | Industry: Biotechnology
Impact BioMedical (IBO)
Market Price (3/10/2026): $0.63Market Cap: $7.7 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -73% | Weak multi-year price returns2Y Excs Rtn is -109%, 3Y Excs Rtn is -147% | Penny stockMkt Price is 0.6 |
| Megatrend and thematic driversMegatrends include Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies. | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -4.0 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -15944% | |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 293% | ||
| Expensive valuation multiplesP/SPrice/Sales ratio is 312x | ||
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 20% | ||
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -16160%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -16160% | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -571% | ||
| High stock price volatilityVol 12M is 514% | ||
| Key risksIBO key risks include [1] a precarious financial position with negative equity and substantial debt, Show more. |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -73% |
| Megatrend and thematic driversMegatrends include Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies. |
| Weak multi-year price returns2Y Excs Rtn is -109%, 3Y Excs Rtn is -147% |
| Penny stockMkt Price is 0.6 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -4.0 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -15944% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 293% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 312x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 20% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -16160%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -16160% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -571% |
| High stock price volatilityVol 12M is 514% |
| Key risksIBO key risks include [1] a precarious financial position with negative equity and substantial debt, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Impact BioMedical (IBO) stock has gained about 45% since 11/30/2025 because of the following key factors:
1. Strategic Merger Agreement with Dr Ashleys Limited and Extension of Deadline. Impact BioMedical's stock movement since November 30, 2025, has been significantly influenced by its strategic merger with Dr Ashleys Limited. On March 4-5, 2026, the company filed an 8-K detailing amendments to the Merger and Share Exchange Agreement. A core reason for the positive trend was the extension of the merger's "End Date" from March 31, 2026, to July 1, 2026, providing crucial additional time to satisfy closing conditions. The revised agreement also clarified that Impact BioMedical shareholders are set to receive 169,560,000 PubCo Ordinary Shares, representing 94.20% of the combined company at closing.
2. Overwhelming Shareholder Support for the Merger. The amended voting agreement, as disclosed on March 4, 2026, confirmed substantial internal backing for the merger. Supporting stockholders collectively hold 92,980,843 Impact shares, which represents approximately 88.87% on a fully diluted basis. This high level of shareholder commitment signals strong confidence in the successful completion of the strategic business combination.
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1. Strategic Merger Agreement with Dr Ashleys Limited and Extension of Deadline. Impact BioMedical's stock movement since November 30, 2025, has been significantly influenced by its strategic merger with Dr Ashleys Limited. On March 4-5, 2026, the company filed an 8-K detailing amendments to the Merger and Share Exchange Agreement. A core reason for the positive trend was the extension of the merger's "End Date" from March 31, 2026, to July 1, 2026, providing crucial additional time to satisfy closing conditions. The revised agreement also clarified that Impact BioMedical shareholders are set to receive 169,560,000 PubCo Ordinary Shares, representing 94.20% of the combined company at closing.
2. Overwhelming Shareholder Support for the Merger. The amended voting agreement, as disclosed on March 4, 2026, confirmed substantial internal backing for the merger. Supporting stockholders collectively hold 92,980,843 Impact shares, which represents approximately 88.87% on a fully diluted basis. This high level of shareholder commitment signals strong confidence in the successful completion of the strategic business combination.
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Stock Movement Drivers
Fundamental Drivers
The 43.3% change in IBO stock from 11/30/2025 to 3/9/2026 was primarily driven by a 43.3% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 3092026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.45 | 0.64 | 43.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | 217.4 | 311.4 | 43.3% |
| Shares Outstanding (Mil) | 12 | 12 | 0.0% |
| Cumulative Contribution | 43.3% |
Market Drivers
11/30/2025 to 3/9/2026| Return | Correlation | |
|---|---|---|
| IBO | 43.3% | |
| Market (SPY) | -0.7% | -3.8% |
| Sector (XLV) | -2.2% | -18.2% |
Fundamental Drivers
The 10.2% change in IBO stock from 8/31/2025 to 3/9/2026 was primarily driven by a 257.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312025 | 3092026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.58 | 0.64 | 10.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 257.1% |
| P/S Multiple | 1,009.1 | 311.4 | -69.1% |
| Shares Outstanding (Mil) | 12 | 12 | 0.0% |
| Cumulative Contribution | 10.2% |
Market Drivers
8/31/2025 to 3/9/2026| Return | Correlation | |
|---|---|---|
| IBO | 10.2% | |
| Market (SPY) | 5.4% | -0.8% |
| Sector (XLV) | 12.8% | -15.0% |
Fundamental Drivers
The -59.6% change in IBO stock from 2/28/2025 to 3/9/2026 was primarily driven by a null change in the company's P/S Multiple.| (LTM values as of) | 2282025 | 3092026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.58 | 0.64 | -59.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 9.2233720368547763E17% |
| P/S Multiple | ∞ | 311.4 | |
| Shares Outstanding (Mil) | 12 | 12 | -5.6% |
| Cumulative Contribution | 0.0% |
Market Drivers
2/28/2025 to 3/9/2026| Return | Correlation | |
|---|---|---|
| IBO | -59.6% | |
| Market (SPY) | 15.2% | -4.3% |
| Sector (XLV) | 5.0% | -7.3% |
Fundamental Drivers
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Market Drivers
2/28/2023 to 3/9/2026| Return | Correlation | |
|---|---|---|
| IBO | ||
| Market (SPY) | 77.5% | -3.1% |
| Sector (XLV) | 26.9% | -6.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| IBO Return | - | - | - | -46% | -65% | 33% | -75% |
| Peers Return | 2% | -0% | -40% | -18% | -49% | -12% | -77% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -2% | 79% |
Monthly Win Rates [3] | |||||||
| IBO Win Rate | - | - | - | 50% | 42% | 33% | |
| Peers Win Rate | 42% | 44% | 30% | 42% | 42% | 33% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| IBO Max Drawdown | - | - | - | -57% | -75% | -21% | |
| Peers Max Drawdown | -23% | -39% | -51% | -37% | -67% | -20% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -2% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: VERU, DARE, PLRX, IXHL, ABBV.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/9/2026 (YTD)
How Low Can It Go
IBO has limited trading history. Below is the Health Care sector ETF (XLV) in its place.
| Event | XLV | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -16.1% | -25.4% |
| % Gain to Breakeven | 19.1% | 34.1% |
| Time to Breakeven | 599 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -28.8% | -33.9% |
| % Gain to Breakeven | 40.4% | 51.3% |
| Time to Breakeven | 116 days | 148 days |
| 2018 Correction | ||
| % Loss | -15.8% | -19.8% |
| % Gain to Breakeven | 18.8% | 24.7% |
| Time to Breakeven | 326 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -40.6% | -56.8% |
| % Gain to Breakeven | 68.3% | 131.3% |
| Time to Breakeven | 1,100 days | 1,480 days |
Compare to VERU, DARE, PLRX, IXHL, ABBV
In The Past
SPDR Select Sector Fund's stock fell -16.1% during the 2022 Inflation Shock from a high on 4/8/2022. A -16.1% loss requires a 19.1% gain to breakeven.
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About Impact BioMedical (IBO)
Impact Biomedical, Inc. (“IBIO”) currently is a holding company operating mainly through our majority owned subsidiary, Global BioLife, Inc., which was incorporated on April 14, 2017. The Company is committed to both funding research and developing intellectual property portfolio. We currently focus on research in three main areas: (i) development of a universal therapeutic drug platform; (ii) a new sugar substitute; and (iii) a multi-use fragrance. IBIO discovers, confirms, and patents unique science and technologies which can be developed into new offerings in human healthcare and wellness in collaboration with external partners through licensing, co-development, joint ventures, and other relationships. Currently, our operations are conducted, and our assets are owned through our principal subsidiaries: (i) Global BioLife, Inc. (“Global BioLife”), which was incorporated on April 14, 2017, (ii) Impact BioLife Science (“Impact BioLife”), which was incorporated on August 28, 2020, (iii) Global BioMedical, Inc. (“Global BioMedical”), which was incorporated on April 18, 2017, and (iv) Sweet Sense, Inc. (“Sweet Sense”), which was incorporated on April 30, 2018. By leveraging technology and new science with strategic partnerships, we provide advances in biopharmaceuticals and over the counter direct to consumer wellness offerings, and drug discovery for the prevention, inhibition, and treatment of neurological, oncology and immuno-related diseases. In addition to our existing efforts, we continually search for and evaluate other potential new offerings to add to our portfolio. Our business model includes partnering and potentially direct sales for commercialization and distribution. Potential licensors and development partners include pharmaceutical, consumer packaged goods companies and others, who would commercialize IBIO technologies in exchange for milestone, and royalty licensing payments. Below is a list of our principal subsidiaries: . Impact BioLife Science, Inc.; . Global Biomedical, Inc.; . Global BioLife, Inc.; and . Sweet Sense, Inc. Impact BioLife Science, Inc. We are the sole owner of the outstanding equity of Impact BioLife Science, Inc. Global Biomedical, Inc. We own 90.9% of Global Biomedical, Inc.’s outstanding equity. Global BioLife, Inc. Through our majority owned subsidiary Global Biomedical, Inc., we own 81.8% of the outstanding equity of Global BioLife, Inc. Sweet Sense, Inc. We are the owner of 95.5% of the outstanding equity of Sweet Sense. Impact BioMedical Inc. is a Nevada corporation and was incorporated in October 2018. Our principal executive offices are located at 1400 Broadfield Blvd., Suite 130, Houston, Texas.
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- A mini-Gilead Sciences.
- An early-stage biotechnology company focused on developing therapies for infectious diseases, akin to a startup version of Regeneron.
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- IBO-24: A broad-spectrum antiviral drug candidate being developed for the treatment of various infectious diseases, including COVID-19 and Monkeypox.
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Impact BioMedical (IBO) is a pre-revenue biotechnology company focused on the discovery and development of drug candidates. According to their financial filings and corporate communications, the company does not currently generate revenue from the sale of products or services.
Therefore, Impact BioMedical does not currently have traditional "major customers" in the sense of entities purchasing its products or services for revenue generation. Their operations are funded primarily through equity financings and related party advances.
However, the business model for biotechnology companies like Impact BioMedical typically involves developing drug candidates to a certain stage (e.g., preclinical or clinical trials) with the intent to:
- License the intellectual property: To larger pharmaceutical or biotechnology companies for further development, manufacturing, and commercialization.
- Enter into strategic partnerships or collaborations: With other companies or research institutions to share development costs and future profits/royalties.
- Be acquired: By a larger pharmaceutical company that would integrate Impact BioMedical's pipeline and assets.
Thus, Impact BioMedical's *potential* future "customers" or strategic partners would primarily be other companies within the pharmaceutical and biotechnology sectors. These would be companies with the resources to advance drug candidates through late-stage clinical trials, regulatory approval, and global market commercialization.
As Impact BioMedical has not publicly announced any major licensing agreements, partnerships, or acquisition deals that currently generate significant revenue, no specific customer company names or public symbols can be identified at this time.
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Frank D. Heuszel Chief Executive Officer and Chairman of the Board
Mr. Heuszel joined DSS, Inc., Impact BioMedical's parent company, as CEO in 2019. He has served as the Chief Executive Officer of Impact BioMedical since April 2023 and as a Director since August 2020. From August 2020 to August 2023, he was the President of the Company. Prior to joining DSS, Mr. Heuszel had a successful career spanning over 35 years in commercial banking, holding senior executive roles with major U.S. and international banking organizations, including General Counsel, Director of Special Assets, Credit Officer, Chief Financial Officer, and Auditor. He also managed a law practice focusing on litigation, corporate restructures, and mergers and acquisitions. Mr. Heuszel is a Certified Public Accountant (retired) and a Certified Internal Auditor. He holds an undergraduate degree in Business Administration from The University of Texas at Austin and a J.D. degree from The South Texas College of Law, Houston.
Todd D. Macko Chief Financial Officer, Secretary and Treasurer
Mr. Macko became the Chief Financial Officer of Impact BioMedical in May 2023, and also serves as the Chief Financial Officer of DSS Inc. He brings over 25 years of financial management experience, specializing in financial planning and analysis, business process engineering, and mergers and acquisitions. He joined DSS in January 2021, initially as Secretary and Treasurer, and previously served as the Vice President of Finance for DSS, where he assisted with financial and regulatory reporting and managed the accounting and finance team. Mr. Macko holds a Bachelor of Science degree in Accounting from Rochester Institute of Technology.
Mark Suseck Chief Operating Officer
Mr. Suseck has served as the Chief Operating Officer of Impact BioMedical since August 2023. Before this, he was the Chief Operating Officer of DSS BioHealth Holdings Inc., a DSS subsidiary, from 2020 to 2023, where he was responsible for company strategy, operations, licensing, acquisitions, and commercialization. From 2021 to 2022, he was the Chief Executive Officer of Vivacitas Oncology Inc., overseeing strategy, clinical development, operations, and financing. Mr. Suseck's experience also includes serving as Vice President of Global Sales and Marketing at Helius Medical Technologies Inc. from 2018-2019. He earned an undergraduate degree in economics from Rutgers University and completed the Executive Management Program at the University of Michigan Business School.
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Impact BioMedical (IBO) faces several significant risks to its business, primarily stemming from its financial health and the inherent challenges of the biotechnology sector. The key risks include:1. Poor Financial Health and Lack of Profitability
Impact BioMedical exhibits a concerning financial position, characterized by negative shareholder equity of $-8.9 million and total debt amounting to $22.9 million, resulting in a debt-to-equity ratio of -258.5%. This indicates a serious financial situation. The company reported a net loss of over $27 million in 2024 and had a 0.0% revenue growth with an operating margin of -59500.0% as of November 2025, highlighting a lack of consistent profitability. This poor financial health directly impacts the company's ability to fund ongoing operations and future development.2. High Stock Volatility and Speculative Nature
The company's stock is highly volatile and speculative, subject to extreme price swings. This volatility is influenced by market sentiment and, at times, "rumors" rather than concrete financial figures. Such rapid and unpredictable price movements increase investment risk, with warnings that a misstep could lead to a sharp downturn. Analysts have issued negative evaluations for the stock, further underscoring its speculative nature.3. Dependency on Successful Product Development, Regulatory Approval, and Partnerships
As a biotechnology firm, Impact BioMedical's long-term viability hinges on its ability to successfully develop, gain regulatory approval for, and commercialize its innovative healthcare technologies across biopharmaceuticals and consumer health. The company's business model relies heavily on collaborations with external partners for research, licensing, and co-development. The process of bringing new products to market in the biomedical sector is inherently complex, requiring significant investment in research and development, successful navigation of regulatory hurdles, and the establishment of strategic partnerships to sustain growth. Insider selling by key executives, amounting to $13.6 million over the last year, may signal a lack of confidence in the future success of these initiatives.AI Analysis | Feedback
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Impact BioMedical (IBO) operates in several biomedical and health and wellness markets. The addressable market sizes for their main products and services are as follows:
- Antiviral and Antimicrobial Solutions: The global antimicrobial therapeutics market size is forecast to increase by USD 56.1 billion at a CAGR of 5.82% between 2023 and 2028. Another estimate values the global antimicrobial therapeutics market at USD 122.89 billion in 2025, projected to reach USD 179.96 billion in 2032, growing at a CAGR of 5.6%. The global antiviral drugs market was estimated at USD 60.6 billion in 2024 and is expected to grow to USD 85.4 billion by 2034, at a CAGR of 3.6%. Conversely, some reports indicate the global antiviral drugs market size, estimated at USD 71.35 billion in 2022, is projected to reach USD 62.05 billion by 2030, with a CAGR of -1.99% due to declining COVID-19 drug sales. The global antiviral drugs market size was valued at USD 78.12 billion in 2024 and is expected to reach USD 119.78 billion by 2032, at a CAGR of 5.5%. The global market for antiviral and antimicrobial technology is projected to continue growing with applications in various sectors.
- Therapeutic Innovations (Oncology): The global oncology/cancer drugs market size was valued at USD 167.0 billion in 2023 and is projected to reach USD 335.2 billion by 2033, growing at a CAGR of 7.2% from 2024 to 2033. Another source estimates the global oncology drugs market size at USD 192.63 billion in 2025, projected to reach around USD 366.24 billion by 2034, growing at a CAGR of 7.4% from 2025 to 2034. The global oncology drugs market size was also valued at USD 201.75 billion in 2023 and is projected to grow to USD 518.25 billion by 2032, exhibiting a CAGR of 11.3% during the forecast period (2024-2032). The global cancer therapeutics market is valued at USD 190.6 billion in 2025 and is poised to reach USD 516.2 billion by 2035, anticipated to grow at a CAGR of 10.5%. North America dominated the oncology drugs market with a 45.92% share in 2023.
- Therapeutic Innovations (Inflammatory Disorders): The global anti-inflammatory therapeutics market is projected to experience substantial growth, with estimates indicating a market size of USD 77.2 billion in 2024 and USD 100.7 billion by 2035, with a CAGR of 2.45% from 2025 to 2035. Other estimations for the global anti-inflammatory therapeutics market size are USD 109.58 billion in 2025, forecasted to worth around USD 158.36 billion by 2034, accelerating at a CAGR of 4.14% from 2025 to 2034. The U.S. anti-inflammatory therapeutics market size is anticipated to reach around USD 44.22 billion by 2034. Another report indicates the market was valued at USD 79.75 billion in 2021 and would grow up to USD 132 billion by 2029, with a CAGR of around 6.50%. The anti-inflammatory therapeutics market size is also forecast to increase by USD 38.7 billion at a CAGR of 6.3% between 2023 and 2028.
- Therapeutic Innovations (Neurology): The global neurological disorder drugs market size was valued at USD 94.30 billion in 2024 and is projected to reach USD 149.17 billion by 2032, with a CAGR of 5.9% from 2025 to 2032. Another source estimates the global neurology market to increase from USD 67.3 billion in 2024 to reach USD 94.8 billion by 2029, at a CAGR of 7.1%. The global market for Neurologic Disorders Therapeutics was estimated at US$116.4 billion in 2023, and is projected to reach US$149.7 billion by 2030, growing at a CAGR of 3.7%. North America dominates the neurological disorder drugs market in terms of market share and market revenue. The U.S. market was estimated at $31.7 billion in 2023.
- Nutraceuticals: The global nutraceuticals market size was estimated at USD 591.1 billion in 2024 and is projected to reach USD 919.1 billion by 2030, growing at a CAGR of 7.6% from 2025 to 2030. Other estimates place the global nutraceutical market at USD 521.04 billion in 2025, poised to reach USD 969.11 billion by 2035, with a CAGR of 6.4%. The global nutraceuticals market size was also accounted for USD 626.19 billion in 2025 and is predicted to reach around USD 1,055.21 billion by 2034, growing at a CAGR of 6.16%. The U.S. nutraceuticals market size was valued at USD 169.48 billion in 2024 and is expected to reach around USD 270.80 billion by 2034.
- Cosmeceuticals: The global cosmeceuticals market size was valued at USD 62.49 billion in 2024 and is projected to reach USD 82.68 billion by 2032, with a CAGR of 3.56% from 2025 to 2032. Another report estimates the global cosmeceutical market size at USD 67.1 billion in 2024 and projected to reach USD 84.6 billion by 2030, growing at a CAGR of 3.9% from 2025 to 2030. Fortune Business Insights reports the global cosmeceuticals market was valued at USD 68.67 billion in 2024, projected to grow to USD 138.26 billion by 2032, exhibiting a CAGR of 9.3% from 2025–2032. Asia Pacific dominated the cosmeceuticals market with a 41.31% share in 2024.
- Sugar Substitutes (Laetose technology): The global sugar substitutes market size was valued at USD 3.5 billion in 2024 and is estimated to grow at a CAGR of over 5.3% from 2025 to 2034. Other estimates for the global sugar substitute market size include USD 7,967.3 million in 2025, expected to reach USD 12,458.9 million by 2034 at a CAGR of 5.28% from 2025–2034. Another report values the global sugar substitutes market size at USD 21.64 billion in 2024, expected to reach USD 43.11 billion by 2032, at a CAGR of 9.00%. The U.S. sugar substitutes market is projected to achieve USD 1.6 billion with a CAGR of 4.8% from 2025 to 2034. North America dominated the sugar substitutes market with a 35.77% share in 2023.
- Functional Fragrance Formulation (3F): The global functional fragrances market size was recorded at $9020.16 million in 2021 and is projected to reach $11728.4 million by the end of 2025, growing at a CAGR of 6.784% from 2025 to 2033. Another report states the global functional fragrances market size was valued at USD 10,784.9 million in 2024 and is projected to reach USD 11,434.15 million in 2025. Intent Market Research valued the functional fragrances market at USD 4.2 billion in 2024 and anticipates it will surpass USD 7.1 billion by 2030, growing at a CAGR of 9.4%. The global functional fragrances market size is forecasted to reach USD 18.21 billion by 2033 from USD 10.73 billion in 2024, growing at a CAGR of 6.05%. The United States Functional Fragrances market size is projected at USD 3949.04 million in 2025.
- Functional Fragrance Formulation (Insect Repellent application): The global insect repellent market size was estimated at USD 5.57 billion in 2024 and is projected to reach USD 8.28 billion by 2030, growing at a CAGR of 6.7% from 2025 to 2030. Another report indicates the global Insect Repellent Market was valued at USD 5.57 billion in 2024 and is forecasted to grow at a CAGR of 6.80% from 2025 to 2034. The global insect repellent market is projected to reach approximately USD 8.56 billion by 2030. Asia Pacific dominated the insect repellent market with a revenue share of 41% in 2024.
- Celios (Air Purification Technology): The global air purifier market size was estimated at USD 16,935.1 million in 2024 and is projected to reach USD 30,078.4 million by 2033, growing at a CAGR of 6.6% from 2025 to 2033. Other estimates show the global air purifier market size was valued at USD 16.6 billion in 2024 and is expected to grow from USD 18 billion in 2025 to USD 37.4 billion in 2034, at a CAGR of 8.5%. The global air purification market size is estimated at US$ 41.26 billion in 2024 and is forecasted to increase to US$ 200.7 billion by the end of 2034, at a 17.1% CAGR. Asia Pacific dominated the air purifier market with the largest revenue share of 39.5% in 2024. North America is projected to account for 23.8% of the global air purification market share by the end of 2034.
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Impact BioMedical (IBO) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:
- Launch and Commercialization of Equivir™: The company anticipates final study results for Equivir™ by mid-2025, with a potential launch in the U.S. for the 2025-2026 cold and flu season, assuming targeted marketing claims are met.
- Commercialization of 3F™ Technology through Partnerships: Impact BioMedical has secured a U.S. patent for its 3F™ technology platform, a plant-based functional fragrance aimed at controlling infectious diseases. The company is actively seeking partnerships to commercialize this technology, addressing a market projected to grow from $21.7 billion in 2024 to $34 billion in 2023 with a compound annual growth rate of 5.77%.
- Revenue from Strategic Partnerships for Existing Platforms: Ongoing strategic partnerships, including those with ProPhase Labs for Equivir™ and Linebacker™ development, as well as the availability of Laetose™ and 3F™ platforms for partnering, are expected to generate revenue through licensing, co-development, and commercialization agreements.
- Growth from the Celios® Air Purification Systems Acquisition: Impact BioMedical's acquisition of Celios®, an air purification company with patents extending to 2043, provides a new product line and market entry point. This diversification is expected to bring in revenue more quickly compared to the longer development cycles of new drugs.
- Advancement and Monetization of Biopharmaceutical Pipeline: The company's focus on biopharmaceutical technologies for oncology, neurology, and immunology, coupled with ongoing research and development and potential future partnerships, could contribute to revenue through milestone payments or licensing agreements within the specified timeframe.
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Share Issuance
- Impact BioMedical successfully launched its Initial Public Offering (IPO) on September 16, 2024, raising $4.5 million in capital through the issuance of 1.5 million shares.
- A 1:55 reverse stock split of the company's outstanding common stock became effective on October 31, 2023.
- On October 24, 2025, DSS BioHealth Security, Inc. converted its Series A Convertible Preferred Stock into 60,496,041 shares of the company's common stock.
Inbound Investments
- The company received $4.5 million in capital from its IPO on September 16, 2024.
- DSS BioHealth Security, Inc. held Series A Convertible Preferred Stock, which was converted to common stock in October 2025, indicating a significant prior investment.
- A merger agreement with Hong Kong-based pharmaceutical company Dr Ashley's Limited was announced in June 2025, signaling a strategic growth investment in the company.
Capital Expenditures
- Impact BioMedical is committed to funding research and developing its intellectual property portfolio.
- The primary focus of capital allocation includes the development of a universal therapeutic drug platform, a new sugar substitute (Laetose), and a multi-use fragrance (3F).
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Is Impact BioMedical Stock Built to Withstand a Pullback? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
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| 02282026 | QDEL | QuidelOrtho | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 02272026 | CHE | Chemed | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 02272026 | LLY | Eli Lilly | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.0% | 0.0% | 0.0% |
| 02202026 | HAE | Haemonetics | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.5% | 3.5% | 0.0% |
| 02132026 | IQV | IQVIA | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 7.1% | 7.1% | -3.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 2.00 |
| Mkt Cap | 0.0 |
| Rev LTM | 0 |
| Op Inc LTM | -21 |
| FCF LTM | -13 |
| FCF 3Y Avg | -17 |
| CFO LTM | -12 |
| CFO 3Y Avg | -17 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -100.0% |
| Rev Chg 3Y Avg | -16.5% |
| Rev Chg Q | -94.6% |
| QoQ Delta Rev Chg LTM | -48.7% |
| Op Mgn LTM | -7,955.6% |
| Op Mgn 3Y Avg | 26.3% |
| QoQ Delta Op Mgn LTM | 21,782.4% |
| CFO/Rev LTM | -8,064.4% |
| CFO/Rev 3Y Avg | 35.5% |
| FCF/Rev LTM | -8,065.4% |
| FCF/Rev 3Y Avg | 33.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.0 |
| P/S | 159.3 |
| P/EBIT | -0.7 |
| P/E | -0.7 |
| P/CFO | -2.0 |
| Total Yield | -94.0% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -72.1% |
| D/E | 0.2 |
| Net D/E | -0.8 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 3.5% |
| 3M Rtn | -2.2% |
| 6M Rtn | -25.4% |
| 12M Rtn | -39.7% |
| 3Y Rtn | -87.8% |
| 1M Excs Rtn | 6.9% |
| 3M Excs Rtn | 1.4% |
| 6M Excs Rtn | -32.8% |
| 12M Excs Rtn | -66.8% |
| 3Y Excs Rtn | -161.7% |
Price Behavior
Price Behavior
| Market Price | $0.64 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 09/16/2024 | |
| Distance from 52W High | -87.1% | |
| 50 Days | 200 Days | |
| DMA Price | $0.48 | $1.18 |
| DMA Trend | indeterminate | indeterminate |
| Distance from DMA | 32.9% | -45.8% |
| 3M | 1YR | |
| Volatility | 162.1% | 516.0% |
| Downside Capture | -189.95 | -11.74 |
| Upside Capture | -50.63 | -47.86 |
| Correlation (SPY) | -2.4% | -4.2% |
IBO Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.69 | 0.59 | 0.92 | 0.58 | -1.02 | -0.22 |
| Up Beta | -1.19 | 1.35 | 1.96 | 0.14 | -1.31 | -1.02 |
| Down Beta | 4.19 | 1.11 | 0.99 | 0.79 | -2.31 | 3.08 |
| Up Capture | -19% | -11% | 23% | 1% | -30% | -4% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 10 | 20 | 27 | 56 | 110 | 163 |
| Down Capture | 64% | 38% | 42% | 95% | 75% | 63% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 11 | 21 | 34 | 68 | 138 | 196 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IBO | |
|---|---|---|---|---|
| IBO | -43.4% | 515.6% | 1.01 | - |
| Sector ETF (XLV) | 4.7% | 17.5% | 0.11 | -7.2% |
| Equity (SPY) | 19.6% | 19.1% | 0.81 | -4.4% |
| Gold (GLD) | 77.6% | 26.1% | 2.18 | -4.2% |
| Commodities (DBC) | 20.2% | 17.2% | 0.92 | -18.3% |
| Real Estate (VNQ) | 6.1% | 16.4% | 0.19 | -3.5% |
| Bitcoin (BTCUSD) | -24.3% | 45.7% | -0.47 | 1.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IBO | |
|---|---|---|---|---|
| IBO | -23.9% | 436.3% | 0.80 | - |
| Sector ETF (XLV) | 7.9% | 14.5% | 0.36 | -6.3% |
| Equity (SPY) | 13.4% | 17.0% | 0.62 | -3.2% |
| Gold (GLD) | 24.0% | 17.2% | 1.14 | -2.8% |
| Commodities (DBC) | 11.8% | 19.0% | 0.50 | -16.0% |
| Real Estate (VNQ) | 5.3% | 18.8% | 0.18 | -2.1% |
| Bitcoin (BTCUSD) | 7.1% | 56.8% | 0.35 | -0.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IBO | |
|---|---|---|---|---|
| IBO | -12.7% | 436.3% | 0.80 | - |
| Sector ETF (XLV) | 10.7% | 16.5% | 0.53 | -6.3% |
| Equity (SPY) | 15.2% | 17.9% | 0.73 | -3.2% |
| Gold (GLD) | 14.9% | 15.6% | 0.79 | -2.8% |
| Commodities (DBC) | 8.9% | 17.6% | 0.42 | -16.0% |
| Real Estate (VNQ) | 6.2% | 20.7% | 0.26 | -2.1% |
| Bitcoin (BTCUSD) | 65.7% | 66.8% | 1.05 | -0.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 03/28/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 09/17/2024 | 424B4 |
| 03/31/2024 | 06/11/2024 | S-1/A |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 10/05/2023 | 10-Q |
| 03/31/2023 | 08/01/2023 | S-1/A |
| 09/30/2022 | 01/31/2023 | S-1/A |
| 03/31/2022 | 08/24/2022 | S-1/A |
| 06/30/2021 | 09/29/2021 | S-1/A |
| 09/30/2020 | 02/12/2021 | S-1 |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Dss,, Inc. | Direct | Sell | 1062026 | 0.55 | 115,600 | 63,476 | 324,202 | Form | |
| 2 | Dss,, Inc. | Direct | Sell | 1062026 | 0.54 | 45,400 | 24,530 | 294,476 | Form | |
| 3 | Dss,, Inc. | Direct | Sell | 5272025 | 0.55 | 115,600 | 63,476 | 24,929 | Form | |
| 4 | Dss,, Inc. | Direct | Sell | 5272025 | 0.54 | 45,400 | Form | |||
| 5 | Dss,, Inc. | Direct | Sell | 4072025 | 0.95 | 890,800 | 845,013 | 152,819 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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