PetVivo Holdings announced positive results from a peer-reviewed study evaluating its Spryng treatment for canine osteoarthritis and cranial cruciate ligament disease. The study found that 55% of enrolled dogs achieved at least a 25% improvement in the primary endpoint, the modified Glasgow Composite Pain Scale (mGCPS). Statistically significant improvements were observed across all additional clinician- and owner-assessed outcome measures during the 84-day evaluation period.

The prospective proof-of-concept study enrolled 40 client-owned dogs diagnosed with unilateral suspected cranial cruciate disease and osteoarthritis. Each dog received a single intra-articular injection of the collagen-elastin hydrogel microparticulate biomaterial. Evaluations included serial clinical examinations, the mGCPS, clinician assessments, and owner-reported outcome measures.

Key Findings

The investigators concluded that the biomaterial demonstrated feasibility for use in dogs with suspected cranial cruciate disease and stifle osteoarthritis within the subjective parameters evaluated. They noted that further studies utilizing objective outcome measures are warranted.

The study was funded by PetVivo Holdings, Inc. and conducted by participating investigators. The findings were evaluated and accepted for publication through the independent peer-review process of Veterinary Record.

PetVivo Holdings Inc reported a 1% increase in revenues for fiscal year 2026, totaling $1.14 million, primarily from sales of Spring and Precise PRP products. The company faced a net loss of $10.5 million for the period, attributed to increased operating expenses and a $1 million impairment charge for the Precise PRP product line. Despite the financial loss, PetVivo advanced its strategic initiatives, including the launch of the PetVivo AI platform and the acquisition of Piezo Biomembrane (PBM) to bolster its biomaterials and medical device development.

Financial Performance

Revenues for fiscal year 2026 consisted of $886,000 in sales to distributor networks and $255,000 in direct sales to veterinary clinics. This compares to the prior year, where sales totaled $956,000 to distributors and $176,000 to clinics. Gross profit for the year was $754,700, or 66.1% of revenues, a decrease from $994,900, or 87.8% of revenues, in the previous year. The decline in gross margin percentage was due to the lower margins associated with the Precise PRP product line under a license agreement with Vet Stem.

Total operating expenses increased 8% to $9.8 million, largely driven by a 16% rise in sales and marketing expenses to $3.1 million to support the commercialization of Precise PRP. This was partially offset by a 10% reduction in general administrative costs and an 11% reduction in research and development expenses. The company also recorded a $1 million impairment expense for the Precise PRP line due to lower-than-expected market acceptance. Consequently, the operating loss widened 8.5% to $9.1 million.

Balance Sheet and Capitalization

The net loss for fiscal year 2026 was $10.5 million, or $0.38 per share, compared to a net loss of $8.4 million, or $0.41 per share, in the prior year. Net cash used in operating activities was $6.1 million, up from $5.3 million in the previous year, primarily due to inventory ramp-up for Precise PRP and increased stock-based compensation.

PetVivo strengthened its balance sheet during the year, reducing current liabilities by 68% to $1.4 million from $4.3 million. Total liabilities decreased 80% to $1.4 million. This improvement resulted from the conversion of $1.6 million to convertible debt, a $798,000 reduction in lease obligations, and the extinguishment of $440,000 in derivative liabilities. In the final quarter, the company raised $877,500 in net proceeds from warrant exercises and equity sales, bringing working capital to $482,600 as of March 31, 2026.

Strategic Developments

PetVivo launched PetVivo AI, a software-as-a-service platform for veterinarians powered by Digitalandia’s Agenic PET technology. Beta feedback indicated a 50% to 90% reduction in customer acquisition costs, lowering expenses to less than $43 per new customer target. The platform is expected to generate recurring revenue with gross margins between 80% and 90%.

The company also acquired Piezo Biomembrane (PBM), a spinoff from the University of Connecticut, to advance its development of biodegradable piezoelectric materials. PBM’s technology aims to promote tissue and bone regeneration in animals and humans. Additionally, Health Canada recognized PetVivo’s Spring with Osseocushion technology as a veterinary medical device, paving the way for commercialization in Canada starting in July.

Financial Highlights