# EDGAR Filing Document

**Accession Number:** 0001995704
**File Stem:** 0001493152-25-026784
**Filing Date:** 2025-12
**Character Count:** 132373
**Document Hash:** 564d67329b329759f64e1958f3c3f29d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-026784.hdr.sgml**: 20251209

**ACCESSION NUMBER**: 0001493152-25-026784

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 92

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20251209

**DATE AS OF CHANGE**: 20251209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cuprina Holdings (Cayman) LTD
- **CENTRAL INDEX KEY:** 0001995704
- **STANDARD INDUSTRIAL CLASSIFICATION:** ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES [3842]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42288
- **FILM NUMBER:** 251557701

**BUSINESS ADDRESS:**
- **STREET 1:** BLOCK 1090
- **STREET 2:** LOWER DELTA ROAD, #06-08
- **CITY:** SINGAPORE
- **STATE:** U0
- **ZIP:** 169201
- **BUSINESS PHONE:** (65) 8512 7275

**MAIL ADDRESS:**
- **STREET 1:** BLOCK 1090
- **STREET 2:** LOWER DELTA ROAD, #06-08
- **CITY:** SINGAPORE
- **STATE:** U0
- **ZIP:** 169201

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of December 2025**

Commission File Number: 001-42288

**Cuprina Holdings (Cayman) Limited**

**(Registrant's Name)**

**c/o Blk 1090 Lower Delta Road #06-08**

**Singapore 169201**

**(Address of principal executive office)**

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

**INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K**

**Other Information**

Attached hereto as Exhibit 99.1 are the unaudited condensed consolidated financial statements of Cuprina Holdings (Cayman) Limited ("Cuprina" or the "Company") as of June 30, 2025 and for the six months ended June 30, 2025 and 2024; and attached hereto as Exhibit 99.2 is the management's discussion and analysis of financial condition and results of operations for the six months ended June 30, 2025 of the Company.

A copy of the press release entitled "Cuprina Holdings (Cayman) Limited Announces Financial Results for the Six Months Ended June 30, 2025," issued by the Company on December 9, 2025, is furnished herewith as Exhibit 99.3 and incorporated herein by reference.

**Exhibits**

---

| | |
|:---|:---|
| Exhibit No | Description |
| 99.1 | [Cuprina's Unaudited Condensed Consolidated Financial Statements as of June 30, 2025 and for the six months ended June 30, 2025 and 2024.](ex99-1.htm) |
| 99.2 | [Cuprina's Management's Discussion and Analysis of Financial Condition and Results of Operations for the Six Months Ended June 30, 2025.](ex99-2.htm) |
| 99.3 | [Press Release – Cuprina Holdings (Cayman) Limited Announces Financial Results for the Six Months Ended June 30, 2025](ex99-3.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**<u>SIGNATURES</u>**

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| **Cuprina Holdings (Cayman) Limited** | **Cuprina Holdings (Cayman) Limited** |
| By: | */s/ David Quek Yong Qi* |
| Name: | David Quek Yong Qi |
| Title: | Chief Executive Officer and Director |

---

Date: December 9, 2025

## Exhibit 99.1

?xml version='1.0' encoding='ASCII'?

**Exhibit 99.1**

**CUPRINA HOLDINGS (CAYMAN) LIMITED**

**INDEX TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
|  | Page |
| Consolidated Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;[Unaudited Condensed Consolidated Balance Sheets as of December 31, 2024 and June 30, 2025](#f_01) | F-2 |
| &nbsp;&nbsp;&nbsp;[Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the Six months Ended June 30, 2024 and 2025](#f_02) | F-3 |
| &nbsp;&nbsp;&nbsp;[Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity for the Six months Ended June 30, 2024 and 2025](#f_03) | F-4 |
| &nbsp;&nbsp;&nbsp;[Unaudited Condensed Consolidated Statements of Cash Flows for the Six months Ended June 30, 2024 and 2025](#f_04) | F-5 |
| &nbsp;&nbsp;&nbsp;[Notes to Unaudited Condensed Consolidated Financial Statements](#f_05) | F-6 – F-28 |

---

**CUPRINA HOLDINGS (CAYMAN) LIMITED**

**UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS**

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **June 30, 2025** | **June 30, 2025** |
|  | **S$** | **S$** | **US$** |
| **ASSETS** |  |  |  |
| **Current assets** |  |  |  |
| Cash and cash equivalents | 116472 | 4103662 | 3216540 |
| Accounts receivable, net | 26389 | 12795 | 10029 |
| Contract assets |  |  |  |
| Deferred costs | 1272202 |  |  |
| Amount due from related parties | 93085 | 221452 | 173579 |
| Other current assets | 146152 | 6428925 | 5039132 |
| Inventories | 1730 | - | - |
| **Total current assets** | **1656030** | **10766834** | **8439280** |
| **Noncurrent assets** |  |  |  |
| Property and equipment, net | 58065 | 44361 | 34771 |
| Right-of-use assets | 30940 | 10267 | 8047 |
| Investments at equity | - | - | - |
| **Total noncurrent assets** | **89005** | **54628** | **42818** |
| **TOTAL ASSETS** | **1745035** | **10821462** | **8482098** |
| **LIABILITIES** |  |  |  |
| **Current liabilities** |  |  |  |
| Accruals and other payables | 323971 | 8124 | 6368 |
| Amount due to related parties | 5625996 | 2934650 | 2300243 |
| Bank loan, current | 55250 | 47882 | 37531 |
| Lease liabilities, current | 35812 | 13215 | 10358 |
| **Total current liabilities** | **6041029** | **3003871** | **2354500** |
| **Noncurrent liabilities** |  |  |  |
| Bank loan, non-current | 163728 | 143847 | 112750 |
| Lease liabilities, non-current | - | - | - |
| **Total noncurrent liabilities** | **163728** | **143847** | **112750** |
| **TOTAL LIABILITIES** | **6204757** | **3147718** | **2467250** |
| COMMITMENTS AND CONTINGENCIES |  |  |  |
| **SHAREHOLDERS' EQUITY** |  |  |  |
| Ordinary shares, Class A, US$0.001 par value, 25,000,000 shares authorized, 3,915,000 and 7,365,000 issued and outstanding at December 31, 2024 and June 30, 2025, respectively | 5264 | 9666 | 7576 |
| Ordinary shares, Class B, US$0.001 par value, 25,000,000 shares authorized, 14,085,000 issued and outstanding at December 31, 2024 and June 30, 2025 | 18939 | 18939 | 14845 |
| Additional paid in capital | 78722 | 13912778 | 10905140 |
| Accumulated deficit | (4561053) | (6536147) | (5123175) |
| Accumulated other comprehensive (loss) income | (1594) | 268508 | 210462 |
| **Total shareholders' (deficit) equity** | **(4459722)** | **7673744** | **6014848** |
| <br>**TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT** | **1745035** | **10821462** | **8482098** |

---

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

**CUPRINA HOLDINGS (CAYMAN) LIMITED**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Revenue | 41005 | 23015 | 18040 |
| Cost of revenues | (22642) | (22630) | (17738) |
| Gross profit | 18363 | 385 | 302 |
| Operating expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | (732994) | (1865805) | (1462459) |
| &nbsp;&nbsp;&nbsp;Research and development costs | (71797) | (123850) | (97076) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | (804791) | (1989655) | (1559535) |
| Loss from operations | (786428) | (1989270) | (1559233) |
| Other income (expense): |  |  |  |
| &nbsp;&nbsp;&nbsp;Other income | 151835 | 46688 | 36595 |
| &nbsp;&nbsp;&nbsp;Interest expense | (35648) | (7738) | (6065) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income, net | 116187 | 38950 | 30530 |
| Loss before tax expense | (670241) | (1950320) | (1528703) |
| Income tax expense | - | - | - |
| Loss before equity in net earnings of affiliates | (670241) | (1950320) | (1528703) |
| Equity in net earnings of affiliates | (33785) | (24774) | (19418) |
| **Net loss** | **(704026)** | **(1975094)** | **(1548121)** |
| Other comprehensive (loss) income: |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation, net of income tax | (1177) | 270102 | 211712 |
| **Total comprehensive loss** | **(705203)** | **(1704992)** | **(1336409)** |
| **Loss per share attributable to weighted average number of outstanding ordinary shares** |  |  |  |
| Basic and diluted (cents) | (3.91) | (10.14) | (7.95) |
| **Weighted average number of outstanding ordinary shares** |  |  |  |
| Basic and diluted | 18000000 | 19476796 | 19476796 |

---

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

**CUPRINA HOLDINGS (CAYMAN) LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary shares, Class A** | **Ordinary shares, Class A** | **Ordinary shares, Class B** | **Ordinary shares, Class B** | | | | |
|  | **Shares** <br> **Outstanding** | **Par value** | &nbsp;&nbsp;**Shares** <br> **Outstanding** | **Par value** | **Additional**<br>**paid-in**<br> **capital** |<br>**Accumulated deficit** | **Accumulated other comprehensive**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(loss)** <br> **income** | **Total shareholders'**<br>**(deficit)<br> equity** |
|  | | **S$** | | **S$** | **S$** | **S$** | **S$** | **S$** |
| **<u>For the six months ended June 30, 2024</u>** |  |  |  |  |  |  |  |  |
| **Balance as of January 1, 2024** | **3915000** | **5264** | **14085000** | **18939** | **78722** | **(3000518)** | **309** | **(2897284)** |
| Net loss |  |  |  |  |  | (704026) |  | (704026) |
| Foreign currency translation | - | - | - | - | - | - | (1177) | (1177) |
| **Balance as of June 30, 2024** | **3915000** | **5264** | **14085000** | **18939** | **78722** | **(3704544)** | **(868)** | **(3602487)** |
| **<u>For the six months ended June 30, 2025</u>** |  |  |  |  |  |  |  |  |
| **Balance as of January 1, 2025** | **3915000** | **5264** | **14085000** | **18939** | **78722** | **(4561053)** | **(1594)** | **(4459722)** |
| Issuance of ordinary shares | 3450000 | 4402 |  |  | 13834056 |  |  | 13838458 |
| Net loss |  |  |  |  |  | (1975094) |  | (1975094) |
| Foreign currency translation | - | - | - | - | - | - | 270102 | 270102 |
| **Balance as of June 30, 2025** | **7365000** | **9666** | **14085000** | **18939** | **13912778** | **(6536147)** | **268508** | **7673744** |
|  |  | **US$** |  | **US$** | **US$** | **US$** | **US$** | **US$** |
| **Balance as of June 30, 2025** | **7365000** | **7576** | **14085000** | **14845** | **10905140** | **(5123175)** | **210462** | **6014848** |

---

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

**CUPRINA HOLDINGS (CAYMAN) LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |
| Net loss | (704026) | (1975094) | (1548121) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 20397 | 16070 | 12596 |
| &nbsp;&nbsp;&nbsp;Write-off on property and equipment |  | 2245 | 1760 |
| &nbsp;&nbsp;&nbsp;Write-off on inventories |  | 1730 | 1356 |
| &nbsp;&nbsp;&nbsp;Lease related expenses | (771) | (1924) | (1508) |
| &nbsp;&nbsp;&nbsp;Foreign exchange (income) loss | (1254) | 143011 | 112095 |
| &nbsp;&nbsp;&nbsp;Equity in net earnings of affiliate | 33785 | 24774 | 19418 |
| Change in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Account receivable | (12435) | 13571 | 10637 |
| &nbsp;&nbsp;&nbsp;Other current assets | (150464) | (6149410) | (4820042) |
| &nbsp;&nbsp;&nbsp;Accruals and other payables | (42000) | (315847) | (247568) |
| &nbsp;&nbsp;&nbsp;Advance to related parties, net | (5415) | 9996 | 7835 |
| &nbsp;&nbsp;&nbsp;Net cash used in operating activities | (862183) | (8230878) | (6451542) |
| CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of property and equipment | (2350) | (4611) | (3614) |
| &nbsp;&nbsp;&nbsp;Net cash used in investing activities | (2350) | (4611) | (3614) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of ordinary shares |  | 17606040 | 13800000 |
| &nbsp;&nbsp;&nbsp;Payments for deferred stock issuance cost |  | (2628743) | (2060466) |
| &nbsp;&nbsp;&nbsp;Repayments of bank loan | (8654) | (27249) | (21358) |
| &nbsp;&nbsp;&nbsp;Advance from related parties, net | 913961 | (2691346) | (2109537) |
| &nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 905307 | 12258702 | 9608639 |
| &nbsp;&nbsp;&nbsp;Net change in cash and cash equivalents | 40774 | 4023213 | 3153483 |
| &nbsp;&nbsp;&nbsp;Foreign currency effect on cash and cash equivalents | (1177) | (36023) | (28236) |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents - beginning of period | 35263 | 116472 | 91293 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents - end of period | 74860 | 4103662 | 3216540 |
| &nbsp;&nbsp;&nbsp;SUPPLEMENTAL CASH FLOW INFORMATION: |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest | 221 | 63598 | 49850 |

---

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

**CUPRINA HOLDINGS (CAYMAN) LIMITED** 

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **1** | **Organization and business overview** |

---

Cuprina Holdings (Cayman) Limited is an exempted company incorporated on September 22, 2023 under the laws of the Cayman Islands. The Company, through its subsidiaries, manufactures, supplies and sells of medical devices (i.e. primarily Maggot Debridement Therapy ("MDT")), to manage and accelerate healing and closure of chronic wounds. The products are composed of nature-based bioactive, in the form of advanced wound dressings, derived from sustainable sources. These products have applications in the medical, cosmeceutical and nutraceutical industries and will be sold directly in Singapore, Malaysia, Saudi Arabia, Hong Kong and Mainland China through partnerships and rest of the world through distributorships. The Company and its subsidiaries are collectively referred to as the "Company". The Company is headquartered in Singapore.

Reorganization of the Company's legal structure (the "Reorganization")

The Company began business operations on August 28, 2019 when Cuprina Pte. Ltd. was incorporated in Singapore. As part of the Reorganization for the purpose of the listing, Cuprina Holdings (BVI) Limited was incorporated in the British Virgin Islands on October 3, 2023.

The Reorganization was completed in January 2024. The Reorganization involved the transfer of 100% of the equity interests in Cuprina Pte. Ltd. from its original shareholders, Cuprina Holding Pte. Ltd. to Cuprina Holdings (BVI) Limited. Subsequently, 100% of the equity interests in Cuprina Holdings (BVI) Limited were transferred to the Company, Cuprina Holdings (Cayman) Limited. Consequently, Cuprina Holdings (Cayman) Limited became the holding company of all the entities mentioned above and resulted in a change in the reporting entity from Cuprina Pte. Ltd. to Cuprina Holdings (Cayman) Limited.

The Reorganization has been accounted for as a recapitalization among entities under common control since the same controlling shareholder, Cuprina Holding Pte. Ltd. controlled all these entities before and after the Reorganization. Cuprina Holding Pte. Ltd. owned 100.00% equity interest in all these entities before the Reorganization and 78.25% equity interest in all these entities through Cuprina Holdings (Cayman) Limited after the Reorganization.

In a transaction that is considered to be a transfer of net assets or exchange of equity interest between entities under common control, the receiving entity reflects the transfer as a change in the reporting entity on a retrospective basis. ASC 805-50-30-5 applies to transfers of net assets or exchange of equity interest between entities under common control and requires the receiving entity to reflect the transfer in a manner similar to a pooling of interests. A pooling of interests was the method of accounting for the reorganization. The consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions (transfer of net assets or exchange of equity interest) had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements. The assets and liabilities and results of operations for the periods presented comprise those of the previously separate entities combined from the beginning of the period to the end of the period eliminating the effects of intra-entity transactions.

The consolidated financial statements of the Company include the following entities:

![](ex99-1_001.jpg)

**CUPRINA HOLDINGS (CAYMAN) LIMITED** 

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Date of incorporation** | **Percentage of direct or indirect interests** | **Place of incorporation** | **Principal activities** |
| Cuprina Holdings (Cayman) Limited | September 22, 2023 | 100% | Cayman Island | Holding business |
| Cuprina Holdings (BVI) Limited | October 3, 2023 | 100% | British Virgin Islands | Holding business |
| Cuprina Pte. Ltd. | August 28, 2019 | 100% | Singapore | Manufacture, distribution, and supply of medical devices |
| Cuprina United States Inc. | April 6, 2022 | 100% | United States | Holding business |
| Cuprina Malaysia Sdn. Bhd. | March 29, 2022 | 100% | Malaysia | Manufacture, distribution, and supply of medical devices |
| Cuprina (Beijing) Biotechnology Co., Ltd. | July 26, 2022 | 100% | China | Manufacture, distribution, and supply of medical devices |
| Cuprina Hong Kong Limited | May 17, 2022 | 100% | Hong Kong | Manufacture, distribution, and supply of medical devices |

---

On April 11, 2025, the Company has completed the Initial Public Offering ("IPO") of 3,000,000 Class A Ordinary Shares on Nasdaq Capital Market, at a public offering price of US$4.00 per share, and give rise to total gross proceeds of US$12.0 million. The Ordinary Shares were previously approved for listing on Nasdaq Capital Markets on April 9, 2025 and commenced trading under the ticker symbol "CUPR" on April 10, 2025.

On May 8, 2025, the Company has closed the sale of an additional 450,000 Class A Ordinary Shares of the Company, pursuant to the full exercise of the underwriter's over-allotment option granted in connection with the Company's IPO, at the IPO price of US$4.00 per share.

**CUPRINA HOLDINGS (CAYMAN) LIMITED** 

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **2** | **Summary of significant accounting policies** |

---

*<u>Basis of presentation</u>*

This summary of significant accounting policies is presented to assist in understanding the Company's consolidated financial statements and have been consistently applied in the preparation of the financial statements. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC").

*<u>Significant account policies</u>*

*Consolidation*

The accompanying consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries. Significant inter-company balances, investment and capital, if any, have been eliminated upon consolidation.

*Use of estimates* 

The preparation of condensed consolidated financial statements in conformity with US GAAP requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Significant accounting estimates reflected in the Company's condensed consolidated financial statements include, but are not limited to, professional service revenue estimated for various projects, the useful lives and impairment of long-lived assets, and collectability of accounts receivable and other current assets. Actual results may differ from these estimates.

 

*Cash Flows Reporting*

We follow ASC 230, Statements of Cash Flows, for cash flows reporting, classifies cash receipts and payments according to whether they stem from operating, investing, or financing activities and provides definitions of each category. We use the indirect or reconciliation method ("Indirect method") as defined by ASC 230, Statement of Cash Flows, to report net cash flow from operating activities by adjusting net income (loss) to reconcile it to net cash flow from operating activities by removing the effects of all deferrals of past operating cash receipts and payments and all accruals of expected future operating cash receipts and payments and all items that are included in net (loss) income that do not affect operating cash receipts and payments.

 

**CUPRINA HOLDINGS (CAYMAN) LIMITED** 

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

 

*Cash and cash equivalents* 

Cash and cash equivalents primarily consist of bank deposits with original maturities of three months or less, which are unrestricted as to withdrawal and use.

*Accounts receivable, net*

Accounts receivable mainly represent amounts due from customers that meet the revenue recognition criteria. These accounts receivables are recorded net of any allowance for credit losses and specific customer credit allowances. The Company maintains an allowance for estimated credit losses inherent in its accounts receivable portfolio. In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions and the Company's customers' financial condition, the receivable amount in dispute, and the current receivables aging and current payment patterns, over the contractual life of the receivable. The Company writes off the receivable when it is determined to be uncollectible.

*Other current assets* 

Other current assets, net, primarily consists of deposits, prepayments made to vendors or services providers for future services that have not been provided, and other receivables from third parties. These advances are unsecured and are reviewed periodically to determine whether their carrying value has become impaired. As of December 31, 2024 and June 30, 2025, management believes that the Company's other current assets are not impaired.

*Inventory*

Inventories are measured at the lower of cost or net realizable value. The cost of inventories is based on the first-in, first-out principle, and includes expenditure incurred in acquiring the inventories and other costs incurred in bringing them to their existing location and condition.

*Deferred costs*

Pursuant to ASC 340-10-25-2, deferred costs attributable to preproduction costs related to long-term supply arrangements shall be capitalized.

In addition, pursuant to ASC 340-10-S99-1, offering costs directly attributable to an offering of equity securities are deferred and would be charged against the gross proceeds of the offering as a reduction of additional paid-in capital. These costs include legal and consulting fees related to the registration statement, and the expenses related to the SEC filing and printing.

As of June 30, 2025, the Company have completed its IPO, and the related deferred stock issuance cost have charged against the gross proceeds of the offering as a reduction of additional paid-in capital.

*Property and equipment, net* 

Property and equipment are stated at cost less accumulated depreciation and impairment if applicable. The Company computes depreciation using the straight-line method over the estimated useful lives of the assets as follows:

---

| | |
|:---|:---|
| **Property and equipment** | **Capitalize of lease term or expected useful life** |
| Motor vehicles | 5 years |
| Computers | 3 years |
| Furniture and fittings | 3 years |
| Renovation | 5 years |
| Office equipment | 3 years |

---

The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the consolidated statement of income. Expenditures for maintenance and repairs are charged to expense as incurred, while additions renewals and betterments, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.

 

**CUPRINA HOLDINGS (CAYMAN) LIMITED** 

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

 

*Impairment of long-lived assets* 

The Company evaluates the recoverability of its long-lived assets (asset groups), including property and equipment and operating lease right-of-use assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of its asset (asset group) may not be fully recoverable. When these events occur, the Company measures impairment by comparing the carrying amount of the assets to the estimated undiscounted future cash flows expected to result from the use of the asset (asset group) and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the asset (asset group), the Company recognizes an impairment loss based on the excess of the carrying amount of the asset (asset group) over their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the asset (asset group), when the market prices are not readily available. The adjusted carrying amount of the asset is the new cost basis and is depreciated over the asset's remaining useful life. Long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. For the six months ended June 30, 2024 and 2025, no impairment of long-lived assets was observed and recognized.

*Investments at equity*

Pursuant to ASC 323-30-25-1, the joint venture is accounted for using the equity method of accounting as the Company has the ability to exercise significant influence over operating and financial policies of the investee but do not have a controlling financial interest. Our judgment regarding the level of influence over an equity method investment includes considering key factors such as our ownership interest, representation on the board of directors, participation in policy making decisions and material intercompany transactions. Under this method of accounting, the Company records its proportionate share of the net earnings or losses of the equity method investee and a corresponding increase or decrease to the investment balance. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable.

As of December 31, 2024 and June 30, 2025, the investments at equity of the Company were S$nil and S$nil (US$nil), respectively. There is a general presumption that equity method should be suspended and losses should not be recognized in excess of the total investment (including any additional advances). It is important that investors continue to track unrecognized equity method losses to determine when to record subsequent period equity method earnings. However, an investor may record losses in excess of the carrying amount of the investment if the investor has guaranteed the investee's obligations or has committed to provide further financial support to the investee, as described in ASC 323-10-35-20.

 

*Fair value measurements*

ASC 820 defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in pricing the asset or liability. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1 - observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. <br> Level 2 - other inputs that are directly or indirectly observable in the marketplace. <br> Level 3 - unobservable inputs which are supported by little or no market activity.

The carrying amounts of cash and cash equivalents, accounts receivable, other current assets, contract assets, inventories and liabilities, accounts payable, other payables to related parties, and accruals and other payables approximate their fair values because of their generally short maturities.

 

**CUPRINA HOLDINGS (CAYMAN) LIMITED** 

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

 

*Revenue recognition* 

 

The Company follows the revenue requirements of Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("Accounting Standards Codification ("ASC") 606"). The core principle underlying the revenue recognition of this ASC allows the Company to recognize revenue that represents the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer.

To achieve that core principle, the Company applies a five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation.

Revenues are generally recognized upon the transfer of control of promised products or services provided to our customers, reflecting the amount of consideration we expect to receive for those products or services.

**The Company generates revenue from the following streams:**

Sales of **Maggot Debridement Therapy Product**

The Company recognizes revenue from the respective hospitals after 36 hours from the delivery of the vials to the hospital for their treatment of respective patients, as the storage life of the vials are only 36 hours from the production and this is when the customer could direct the use of and obtain the benefits of their service. Maggot Debridement Therapy product is typically sold without a discount for early payment, rebates or rights of return.

Payment terms are generally 30 days from the date of invoice. The point of invoice is typically upon completion of the overall service and treatment, as at this point the Company is able to conclude whether the patient will be receiving (i) ala carte orders, (ii) one (1) week packages, or (iii) one (1) month packages, and invoice accordingly. The Company's product sales contracts are primarily with customers, which is the hospital. The revenue is earned at a point in time, when the customer received the vials or maggots for their treatment to the respective patients. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account for revenue recognition. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The Company's performance obligations are satisfied upon 36 hours from the delivery of maggots for the treatment of respective patients from the doctor at the estimated net realizable amount for those services and goods.

Sales of **Cosmeceutical Product**

The Company provides sale of cosmeceutical product (including a hydrating balm product, a muscle energy cream and a pain relief muscle patch) to its customers. Revenue from sale of cosmeceutical product is recognized when the Company satisfies a performance obligation at a point in time which generally coincides with delivery and acceptance of the good sold. The customer would indicate the acceptance of the goods sold to them through acknowledgment on the delivery order. Cosmeceutical product is typically sold with a right of return and without discount for early payment and rebates. Accumulated experience is used to estimate and provide for such returns at the time of sale. There has been no event for return of goods since the launching of the product.

*Segments*

ASC 280, "Segment Reporting", establishes standards for reporting information about operating segments on a basis consistent with the Company's internal organizational structure as well as information about geographical areas, business segments and major clients in financial statements for detailing the Company's business segments. Based on the criteria established by ASC 280, the Company's chief operating decision maker ("CODM") has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Company. As a whole and hence, the Company has only two reportable segments, being the Maggot Debridement Therapy Product and Cosmeceutical Product.

 

**CUPRINA HOLDINGS (CAYMAN) LIMITED** 

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

 

*Concentrations and credit risk*

The Company maintains cash with banks in Singapore ("SGN"). Should any bank holding cash become insolvent, or if the Company is otherwise unable to withdraw funds, the Company would lose the cash with that bank; however, the Company has not experienced any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts. In Singapore, a depositor has up to S$100,000 insured by Singapore Deposit Insurance Corporation ("SDIC").

Financial instruments that potentially expose the Company to concentration of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company has designed their credit policies with an objective to minimize their exposure to credit risk. The Company's accounts receivable are short term in nature and the associated risk is minimal. The Company conducts credit evaluations on its clients and generally does not require collateral or other security. The Company periodically evaluates the creditworthiness of the existing clients in determining the allowance for current expected credit loss primarily based upon the age of the receivables and factors surrounding the credit risk of specific clients.

As of December 31, 2024 and June 30, 2025, the Company's assets were located in Singapore, Malaysia, and United States of America, and the Company's revenue was principally derived from the operation in Singapore.

For the six months ended June 30, 2024, customer A, customer B, customer C, customer D and customer E accounted for 38.4%, 13.5%, 12.4%, 9.8%, and 3.4% of the Company's total revenue and 7.0%, 23.6%, 26.1%, 26.2% and 1.9% of the total accounts receivable as of June 30, 2024. For the six months ended June 30, 2025, customer C, customer E, customer F, customer G and customer H accounted for 40.7%, 12.5%, 21.1%, 10.1%, and 6.9% of the Company's total revenue and 2.4%, 6.2%, 0.1%, 4.9%, and 0.0% of the Company's total accounts receivable as of June 30, 2025, respectively.

For the six months ended June 30, 2024, none of the vendors consisted of more than 10.0% of the Company's purchases. For the six months ended June 30, 2025, vendor A and vendor B accounted for 20.8% and 12.5% of the Company's total purchases.

None of the vendors consisted of more than 10.0% of accounts payable as of June 30, 2024 and 2025.

 

*Commitments and contingencies*

In the normal course of business, the Company is subject to contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments including historical and the specific facts and circumstances of each matter.

 

*Employee benefits*

Employee benefits are recognized as an expense, unless the cost qualifies to be capitalized as an asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*i)* Defined contribution plans

Defined contribution plans are post-employment benefit plans under which the Company pays fixed contributions into separate entities such as the Central Provident Fund on a mandatory, contractual or voluntary basis. The Company has no further payment obligations once the contributions have been paid.

 

**CUPRINA HOLDINGS (CAYMAN) LIMITED** 

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

 

*Research and development*

In connection with the design and development of products, the Company expensed all research costs as incurred, which primarily comprise internal and external costs related to execution of studies. For the six months ended June 30, 2024 and 2025, research and development expenses were S$71,797 and S$123,850 (US$97,076), respectively.

*Related parties*

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant influence of the same party, such as a family member or relative, shareholder, or a related corporation.

The Company follows ASC 850 Related Party Disclosures for the identification of related parties and disclosure of related party transactions.

*Foreign currency translation* 

 

The accompanying condensed consolidated interim financial statements are presented in Singapore Dollars ("S$"), which is the reporting currency of the Company. The functional currencies of the Company are the Singapore Dollar, United State Dollars, Malaysia Ringgit, Chinese Renminbi and Hong Kong Dollar.

Translations of the condensed consolidated interim balance sheet, condensed consolidated interim statement of income and condensed consolidated interim statement of cash flows from S$ into US$ as of and for the six months ended June 30, 2025 are solely for the convenience of the reader and were calculated at the rate of US$0.7838 = S$1, as set forth in the statistical release of the Monetary Authority Singapore on June 30, 2025. No representation is made that the SGD amounts could have been, or could be, converted, realized or settled into US$ at that rate on June 30, 2025, or at any other rate.

*Income taxes*

The Company accounts for income taxes under FASB ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets are also provided for net operating loss carryforwards that can be utilized to offset future taxable income.

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. A valuation allowance is established, when necessary, to reduce net deferred tax assets to the amount expected to be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.

The provisions of FASB ASC 740-10-25, "Accounting for Uncertainty in Income Taxes," prescribe a more-likely-than-not threshold for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures.

The Company did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes for the six months ended June 30, 2024 and 2025. The Company does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.

Government grants

Government grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognised as income in equal amounts over the expected useful life of the related asset.

 

**CUPRINA HOLDINGS (CAYMAN) LIMITED** 

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

 

*Leases*

The Company adopted ASC 842 on January 1, 2019. The Company is a lessee of non-cancellable operating leases for its corporate office premises. The Company determines if an arrangement is a lease at inception. Lease assets and liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is the Company's incremental borrowing rate based on the information available at the lease commencement date. The Company generally uses the base, non-cancellable lease term in calculating the right-of-use assets and liabilities.

The Company has elected not to recognize ROU assets and lease liabilities for short-term leases that have a lease term of 12 months or less. The Company recognizes the lease payments associated with its short-term leases as an expense on a straight-line basis over the lease term.

The Company evaluates the impairment of its right-of-use assets consistent with the approach applied for its other long-lived assets. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of finance and operating lease liabilities in any tested asset group and include the associated lease payments in the undiscounted future pre-tax cash flows. For the six months ended June 30, 2024 and 2025, the Company did not have any impairment loss against its operating lease right-of-use assets.

*Earnings (loss) per share*

Basic earnings (loss) per share is computed by dividing net earnings (loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share reflect the potential dilution that could occur if outstanding stock options, warrants and convertible debt were exercised or converted into ordinary shares. When the Company incurs a loss, diluted shares are not included, as their inclusion would have an anti-dilutive effect. The Company did not have any dilutive securities or debt for each of the six months ended June 30, 2024 and 2025.

 

**CUPRINA HOLDINGS (CAYMAN) LIMITED** 

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

 

*Recent Accounting Pronouncements* 

The Company is an "emerging growth company" ("EGC") as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). Under the JOBS Act, an EGC can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company made the election to delay the adoption of new or revised accounting standards.

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. The standard will be effective for public companies for fiscal years beginning after December 15, 2024. The Company adopted the ASU on January 1, 2025. The additional required disclosures did not have a material impact on our consolidated financial statements.

In March 2024, the FASB issued ASU 2024-02 Codification Improvements – Amendments to Remove References to the Concepts Statements. This ASU amends the ASC by removing references to various FASB Concepts Statements to simplify the ASC and draw a distinction between authoritative and non-authoritative literature. The amendments in this update apply to all reporting entities within the scope of the affected accounting guidance and are effective for public entities for fiscal years beginning after December 15, 2024. The Company adopted the ASU on January 1, 2025. The amendments did not have a material impact on our consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03 Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures. This ASU requires disclosure in the notes to the financial statements of specified information about certain costs and expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15, 2027. ASU 2024-03 should be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the financial statements. The Company is in the process of assessing the impact of this ASU on its consolidated financial statements.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU provides a practical expedient that allows entities to measure expected credit losses on current accounts receivable and contract assets by assuming that current economic conditions will remain unchanged over the asset's life. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and for interim periods within those fiscal years. ASU 2025-05 should be applied on a prospective basis. The Company is in the process of assessing the impact of this ASU on its consolidated financial statements.

Except as mentioned above, the Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company's consolidated balance sheets, statements of operations and cash flows.

---

| | |
|:---|:---|
| **3** | **Accounts receivable, net** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **June 30, 2025** | **June 30, 2025** |
|  | **S$** | **S$** | **US$** |
| Accounts receivable | 75536 | 61942 | 48551 |
| Less: allowance for current expected credit loss | (49147) | (49147) | (38522) |
| Total accounts receivable | 26389 | 12795 | 10029 |

---

**CUPRINA HOLDINGS (CAYMAN) LIMITED** 

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS** 

Movement of allowance for current expected credit loss are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **June 30, 2025** | **June 30, 2025** |
|  | **S$** | **S$** | **US$** |
| Allowance for current expected credit loss, beginning balance | 20738 | 49147 | 38522 |
| Addition | 28409 | - | - |
| Allowance for current expected credit loss, ending balance | 49147 | 49147 | 38522 |

---

---

| | |
|:---|:---|
| **4** | **Contract assets** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **June 30, 2025** | **June 30, 2025** |
|  | **S$** | **S$** | **US$** |
| Balance - beginning of the period |  |  |  |
| Increase resulting from satisfaction of performance obligations |  |  |  |
| Less: progress billings | - | - | - |
| Balance - end of the period | - | - | - |

---

---

| | |
|:---|:---|
| **5** | **Other current assets** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **June 30, 2025** | **June 30, 2025** |
|  | **S$** | **S$** | **US$** |
| Prepayments | 79727 | 6332931 | 4963890 |
| Deposits | 66425 | 68802 | 53928 |
| Other current assets | - | 27192 | 21314 |
|  | 146152 | 6428925 | 5039132 |

---

---

| | |
|:---|:---|
| **6** | **Property and equipment, net** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **June 30, 2025** | **June 30, 2025** |
|  | **S$** | **S$** | **US$** |
| Computers | 17793 | 18014 | 14120 |
| Furniture and Fittings | 57272 | 59351 | 46520 |
| Renovation | 96098 | 96098 | 75324 |
| Office Equipment | 36097 | 36163 | 28345 |
| Total | 207260 | 209626 | 164309 |
| Less: accumulated depreciation | (149195) | (165265) | (129538) |
| Net book value | 58065 | 44361 | 34771 |

---

Depreciation expense for the six months ended June 30, 2024 and 2025 was S$20,397 and S$16,070 (US$12,596) respectively, out of which S$5,231 and S$5,110 (US$4,005) of the depreciation expense was recognized in the cost of revenue.

**CUPRINA HOLDINGS (CAYMAN) LIMITED** 

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **7** | **Investments at equity** |

---

Cuprina MENA Co., Ltd. ("Cuprina MENA")– Saudi Arabia

As of June 30, 2025, the Company owned a 49% equity interest in Cuprina MENA Co., Ltd., an affiliate which was incorporated on May 21, 2023 with New Future Medical Services Company. This associate is principally engaged in the supply of medical devices and the operation of medical laboratories and supporting medical services.

Summarized financial information of the affiliate are set out below:

Schedule of financial information of the joint venture and associate

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, 2024** | **June 30, 2025** | **June 30, 2025** |
|  | **S$** | **S$** | **US$** |
| <u>As of</u> |  |  |  |
| Current assets | 17580 | 9013 | 7065 |
| Current liabilities | 104222 | 207832 | 162904 |
| <u>For the six months ended</u> |  |  |  |
| Net loss | (68948) | (50558) | (39629) |
| Net loss attributable to the Company | (33785) | (24774) | (19418) |

---

**CUPRINA HOLDINGS (CAYMAN) LIMITED** 

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **8** | **Leases** |

---

The Company determines if a contract contains a lease at inception. US GAAP requires that the Company's leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the lease term used in the evaluation includes the non-cancellable period for which the Company has the right to use the underlying asset, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option which results in an economic penalty.

The Company has two office premise operating lease agreements with lease terms of three years, respectively. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Upon adoption of ASU 2016-02, no right-of-use ("ROU") assets nor lease liability was recorded for the lease with a lease term with one year or less.

As of June 30, 2025, the Company had the following non-cancellable operating lease contracts:

---

| | |
|:---|:---|
| **Description of lease** | **Lease term** |
| Office premise – Block 1090 | 3 years |
| Office premise – Block 1092 | 3 years |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount recognized in the consolidated balance sheets:

Schedule of amount recognized in the consolidated balance sheets

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **June 30, 2025** | **June 30, 2025** |
|  | **S$** | **S$** | **US$** |
| Right-of-use assets | 30940 | 10267 | 8047 |
| Operating lease liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;Current | 35812 | 13215 | 10358 |
| &nbsp;&nbsp;&nbsp;Non-current | - | - | - |
|  | 35812 | 13215 | 10358 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) A summary of lease cost recognized in the Company's consolidated statements of operations is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Six-month ended June 30,** | **Six-month ended June 30,** | **Six-month ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| *Operating lease cost* |  |  |  |
| Operating lease expense | 22376 | 21223 | 16635 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) Supplemental cash flow information related to leases is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Six-month ended June 30,** | **Six-month ended June 30,** | **Six-month ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash flows for operating leases | 22376 | 21223 | 16635 |

---

**CUPRINA HOLDINGS (CAYMAN) LIMITED** 

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

Lease Commitment

Future minimum lease payments under non-cancellable operating lease agreements as of December 31, 2024 were as follows:

---

| | |
|:---|:---|
|  | **Minimum lease payment** |
|  | **S$** |
| **Twelve months ending December 31, 2025** | 36421 |
| Total future minimum lease payments | 36421 |
| Less imputed interest | (609) |
| Present value of lease liabilities | 35812 |
| Less: current portion | (35812) |
| Long-term portion | - |

---

Future minimum lease payments under non-cancellable operating lease agreements as of June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Minimum lease payment** | **Minimum lease payment** |
|  | **S$** | **US$** |
| **Twelve months ending June 30, 2026** | 13274 | 10404 |
| Total future minimum lease payments | 13274 | 10404 |
| Less imputed interest | (59) | (46) |
| Present value of operating lease liabilities | 13215 | 10358 |
| Less: current portion | (13215) | (10358) |
| Long-term portion | - | - |

---

The following summarizes other supplemental information about the Company's lease as of December 31, 2024 and June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **June 30, 2025** |
| <u>Weighted average discount rate</u> |  |  |
| Operating leases | 5.25% | 5.25% |
| <u>Weighted average remaining lease term</u> |  |  |
| Operating leases | 9 months | 3 months |

---

**CUPRINA HOLDINGS (CAYMAN) LIMITED** 

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **9** | **Accruals and other current liabilities** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **June 30, 2025** | **June 30, 2025** |
|  | **S$** | **S$** | **US$** |
| Accruals | 82 | 82 | 64 |
| Other payables | 323889 | 8042 | 6304 |
| Total | 323971 | 8124 | 6368 |

---

---

| | |
|:---|:---|
| **10** | **Equity** |

---

*Ordinary shares*

The Company was incorporated under the laws of the Cayman Islands on September 22, 2023. The original authorized share capital of the Company was US$50,000 divided into 25,000,000 Class A Ordinary Shares and 25,000,000 Class B Ordinary Shares, par value US$0.001 per share. Holders of Class A Ordinary Shares and Class B Ordinary Shares have the same rights except for voting and conversion rights. Each holder of our Class A Ordinary Share is entitled to one vote per share. Each holder of our Class B Ordinary Share is entitled to 10 votes per share.

The Company issued 3,915,000 Class A Ordinary Shares and 14,085,000 Class B Ordinary Shares, which were outstanding as of December 31, 2024.

Upon completion of the IPO and the full exercise of the underwriter's over-allotment option on April 11, 2025 and May 8, 2025, respectively, the Company issued 7,365,000 Class A Ordinary Shares and 14,085,000 Class B Ordinary Shares, which were outstanding as of June 30, 2025.

---

| | |
|:---|:---|
| **11** | **Related party transactions and balances** |

---

The table below sets forth the major related parties and their relationships with the Company as of December 31, 2024 and June 30, 2025:

****

---

| | |
|:---|:---|
| **Name of related parties** | **Relationship with the Company** |
| Cuprina Farm Sdn. Bhd. | Related Company |
| Cuprina Pollination Pte. Ltd. | Related Company |
| Pestroniks Innovations Pte. Ltd. | Related Company |
| Cuprina MENA CO., Ltd. | Affiliate |
| Cuprina Holding Pte. Ltd. | Shareholder |
| Jimmy Lee Peng Siew | Shareholder |
| Baptista Carl Marc | Shareholder |
| David Quek Yong Qi | Shareholder |
| Bryan Teo Yingjie | Shareholder |
| Rachel Lee Lin | Shareholder |
| Dorea Quek En Qi | Shareholder |
| De Guzman Caroline Francesca Lee Ling | Shareholder |
| Teo Peng Kwang | Shareholder |
| iCapital Holdings (SG) Pte. Ltd. | Shareholder |
| Ng Bee Poh | Immediate family member of a shareholder |

---

Amount due from related companies

The Company gave advances to Cuprina Pollination Pte. Ltd. for working capital purposes. The receivable balance due from Cuprina Pollination Pte. Ltd. were S$14,521 and S$114,521 (US$89,764) as of December 31, 2024 and June 30, 2025, respectively. Such balance is interest free, unsecured, and due on demand without an agreement.

**CUPRINA HOLDINGS (CAYMAN) LIMITED** 

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

The Company gave advances to Pestroniks Innovations Pte. Ltd. for working capital purposes. The receivable balance due from Pestroniks Innovations Pte. Ltd. were S$61,170 and S$61,170 (US$47,946) as of December 31, 2024 and June 30, 2025, respectively. Such balance is interest free, unsecured, and due on demand without an agreement.

Amount due from an affiliate

The Company gave advances to Cuprina MENA Co., Ltd. for working capital purposes. The receivable balance due from Cuprina MENA CO., Ltd. were S$92,298 and S$45,761 (US$35,868) as of December 31, 2024 and June 30, 2025, respectively. Such balance is interest free, unsecured, and due on demand without an agreement.

Amount due from shareholders

The receivable balances due from Bryan Teo Yingjie was S$605 as of December 31, 2024, and related to the outstanding share subscription with regards to the 450 ordinary shares issued with no par value in Cuprina Holdings (BVI) Limited prior to the Reorganization. Such balance is interest free, unsecured, and due on demand without agreement. The balance has been fully settled as of June 30, 2025.

The receivable balances due from Rachel Lee Lin was S$605 as of December 31, 2024, and related to the outstanding share subscription with regards to the 450 ordinary shares issued with no par value in Cuprina Holdings (BVI) Limited prior to the Reorganization. Such balance is interest free, unsecured, and due on demand without agreement. The balance has been fully settled as of June 30, 2025.

The receivable balances due from Dorea Quek En Qi was S$605 as of December 31, 2024, and related to the outstanding share subscription with regards to the 450 ordinary shares issued with no par value in Cuprina Holdings (BVI) Limited prior to the Reorganization. Such balance is interest free, unsecured, and due on demand without agreement. The balance has been fully settled as of June 30, 2025.

The receivable balances due from De Guzman Caroline Francesca Lee Ling was S$605 as of December 31, 2024, and related to the outstanding share subscription with regards to the 450 ordinary shares issued with no par value in Cuprina Holdings (BVI) Limited prior to the Reorganization. Such balance is interest free, unsecured, and due on demand without agreement. The balance has been fully settled as of June 30, 2025.

The receivable balances due from iCapital Holdings (SG) Pte. Ltd. was S$505 as of December 31, 2024, and related to the outstanding share subscription with regards to the 375 ordinary shares issued with no par value in Cuprina Holdings (BVI) Limited prior to the Reorganization. Such balance is interest free, unsecured, and due on demand without agreement. The balance has been fully settled as of June 30, 2025.

Amount due to a related company

The payable balance due to Cuprina Farm Sdn. Bhd, were S$4,134 and S$4,134 (US$3,240) as of December 31, 2024 and June 30, 2025, respectively, and related to the over-settlement for the receivable balance due from Cuprina Farm Sdn. Bhd. previously. This was due to the strengthening of the Malaysian Ringgit ("MYR") relative to the Singapore Dollar ("SGD") as the balances was denominated in MYR. Such balance is interest free, unsecured, and due on demand without an agreement.

**CUPRINA HOLDINGS (CAYMAN) LIMITED** 

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

Amount due to shareholders

Our shareholder, Cuprina Holding Pte. Ltd. gave advances to the Company for working capital purposes. The payable balance due to Cuprina Holding Pte. Ltd. were S$2,931,765 and S$2,930,516 (US$2,297,003) as of December 31, 2024 and June 30, 2025, respectively. Such balance is interest free, unsecured, and due on demand

without an agreement.

One of the ultimate individual shareholders, Jimmy Lee Peng Siew gave advances to the Company for working capital purposes. The payable balance due to Jimmy Lee Peng Siew was S$1,451,629 as of December 31, 2024. Out of the total payable balance, S$986,860 is unsecured, due by June 30, 2025 or upon completion of IPO, whichever is earlier, and carries an interest of 6.0%. The remaining balance is interest free, unsecured, and due on demand without an agreement. The balance has been fully settled as of June 30, 2025.

David Quek Yong Qi gave an advance to the Company for working capital purposes. The payable balance due to David Quek Yong Qi was S$237,618 as of December 31, 2024. Such balance is interest free, unsecured, and due on demand without an agreement. The balance has been fully settled as of June 30, 2025.

Bryan Teo Yingjie gave an advance to the Company for working capital purposes. The payable balance due to Bryan Teo Yingjie was S$105,979 as of December 31, 2024. Such balance is interest free, unsecured, and due on demand without an agreement. The balance has been fully settled as of June 30, 2025.

Rachel Lee Lin gave an advance to the Company for working capital purposes. The payable balance due to Rachel Lee Lin was S$67,654 as of December 31, 2024. Such balance is interest free, unsecured, and due on demand without an agreement. The balance has been fully settled as of June 30, 2025.

Dorea Quek En Qi gave an advance to the Company for working capital purposes. The payable balance due to Dorea Quek En Qi was S$6,395 as of December 31, 2024. Such balance is interest free, unsecured, and due on demand without an agreement. The balance has been fully settled as of June 30, 2025.

Teo Peng Kwang gave an advance to the Company for working capital purposes. The payable balance due to Teo Peng Kwang was S$620,822 as of December 31, 2024. Such balance is interest free, unsecured, and due on demand without an agreement. The balance has been fully settled as of June 30, 2025.

Ng Bee Poh, an immediate family member for one of the shareholders, David Quek Yong Qi gave an advance to the Company for working capital purposes. The payable balance due to Ng Bee Poh was S$200,000 as of December 31, 2024. Such balance is interest free, unsecured, and due on demand without an agreement. The balance has been fully settled as of June 30, 2025.

**CUPRINA HOLDINGS (CAYMAN) LIMITED** 

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **12** | **Bank loan** |

---

The Company has a five-year S$100,000 unsecured fixed rate bank loan which expires in January 2026. The bank loan carries an interest rate of 2.5% per annum.

In November 2024, the Company has secured another five-year S$200,000 unsecured fixed rate bank loan which expires in November 2029. The bank loan carries an interest rate of 8.0% per annum.

At December 31, 2024 and June 30, 2025, the carrying amount of the bank loans were S$218,978 and S$191,729 (US$150,281), respectively. Interest expenses for the six months ended June 30, 2024 and 2025 was S$221 and S$7,738 (US$6,065), respectively.

The maturities schedule is as follows:

---

| | |
|:---|:---|
| <u>As of December 31, 2024</u> |  |
|  | **Amount** |
| **Year ending December 31,** | **S$** |
| 2025 | 55250 |
| 2026 | 37556 |
| 2027 | 40022 |
| 2028 | 43344 |
| 2029 | 42806 |
| Total | 218978 |
| Less: current portion | (55250) |
| Long-term portion | 163728 |

---

---

| | | |
|:---|:---|:---|
| <u>As of June 30, 2025</u> |  |  |
|  | **Amount** | **Amount** |
| **Year ending June 30,** | **S$** | **US$** |
| 2026 | 47882 | 37531 |
| 2027 | 38458 | 30144 |
| 2028 | 41650 | 32646 |
| 2029 | 45107 | 35356 |
| 2030 | 18632 | 14604 |
| Total | 191729 | 150281 |
| Less: current portion | (47882) | (37531) |
| Long-term portion | 143847 | 112750 |

---

**CUPRINA HOLDINGS (CAYMAN) LIMITED** 

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **13** | **Income taxes** |

---

*<u>Cayman Islands and BVIs</u>*

The Company and its subsidiaries are domiciled in the Cayman Islands and British Virgin Islands. The locality currently enjoys permanent income tax holidays; accordingly, the Company does not accrue for income taxes.

*<u>Singapore</u>*

Cuprina Pte. Ltd. is incorporated in Singapore and is subject to Singapore Corporate Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Singapore tax laws. The applicable tax rate is 17% in Singapore, with 75% of the first S$10,000 taxable income and 50% of the next S$190,000 taxable income exempted from income tax.

*<u>Malaysia</u>*

Cuprina Malaysia Sdn. Bhd., the subsidiary, is subject to Malaysia Corporate tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Malaysia tax laws. The standard corporate income tax rate in Malaysia is 24%. However, as the subsidiary fulfilled conditions where it has paid-up capital of MYR 2.5 million or less, and gross income from business operations is not more than MYR 50 million, the tax rate is 17% on the first MYR 600,000 and 24% on amount exceeding MYR 600,000. The subsidiary has no operating profit or tax liabilities for the six months ended June 30, 2024 and 2025.

*<u>Hong Kong</u>*

The Company's subsidiary, Cuprina Hong Kong Limited, is considered a Hong Kong tax resident enterprise under Hong Kong tax laws; accordingly, it is subject to enterprise income tax on its taxable income as determined under Hong Kong tax laws and accounting standards at a statutory tax rate of 16.5%.

*<u>China, PRC</u>*

The Company's subsidiary, Cuprina (Beijing) Biotechnology Co., Ltd., is considered a China tax resident enterprise under China tax laws; accordingly, it is subject to enterprise income tax on its taxable income as determined under China tax laws and accounting standards at a statutory tax rate of 25%. The subsidiary has no operating profit or tax liabilities for the six months ended June 30, 2024 and 2025.

*<u>United States</u>*

The Company's subsidiary, Cuprina United States Inc., is domiciled in the United States; accordingly, it is subject to corporate income tax on its taxable income as determined under United States tax laws at a federal tax rate of 21% and state tax rate range from 1% to 12%. The subsidiary has no operating profit or tax liabilities for the six months ended June 30, 2024 and 2025.

Significant components of the provision for income taxes are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| **Income tax expense is comprised of the following:** |  |  |  |
| Current |  |  |  |
| Deferred |  |  |  |
| Total income tax expenses |  |  |  |

---

**CUPRINA HOLDINGS (CAYMAN) LIMITED** 

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

A reconciliation between of the statutory tax rate to the effective tax rate are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Loss before tax | (670241) | (1950320) | (1528703) |
| Statutory tax rate | 16.6% | 7.7% | 7.7% |
| Reconciling items: |  |  |  |
| Non-deductible expenses | (0.5)% | (0.1)% | (0.1)% |
| Income not subject to tax | 3.9% | 1.1% | 1.1% |
| Deferred tax assets on temporary differences not recognized | (20.0)% | (8.7)% | (8.7)% |
| Effective tax rate | - | - | - |

---

Deferred tax

Significant components of deferred tax were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **June 30, 2025** | **June 30, 2025** |
|  | **S$** | **S$** | **US$** |
| Net operating loss carried forward | 4561053 | 6536147 | 5123176 |
| Deferred tax assets, gross | 753680 | 921183 | 722044 |
| Valuation allowance | (753680) | (921183) | (722044) |
| Deferred tax assets, net of valuation allowance | - | - | - |

---

Deferred tax assets are recognized in the consolidated financial statements only to the extent that it is probable that future taxable profits will be available against which the Company can utilize the benefits. The use of these tax losses is subject to the agreement of the tax authorities and compliance with certain provisions of the tax legislations of the respective countries in which the group companies operate.

The deferred tax assets not recognized as of December 31, 2024 and June 30, 2025 were S$753,680 and S$921,183 (US$722,044) respectively. The deferred tax assets not recognized were primarily related to the Company's net loss (tax losses) carryforwards, in the judgment of management, are not more likely than not to be realized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that all or some portion of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible.

**CUPRINA HOLDINGS (CAYMAN) LIMITED** 

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **14** | **Other income** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Government grants | 151829 | 16628 | 13033 |
| Usage of ISO13485 certified facilities |  | 30000 | 23515 |
| Cash /fund transfer rebates | 6 | 60 | 47 |
|  | 151835 | 46688 | 36595 |

---

---

| | |
|:---|:---|
| **15** | **Loss per share** |

---

Basic loss per share is the amount of losses available to each share of common stock outstanding during the reporting period. Diluted loss per share is the amount of losses available to each share of common stock outstanding during the reporting period adjusted to include the effect of potentially dilutive common shares.

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Numerator: |  |  |  |
| Net loss available to common stockholders | (704026) | (1975094) | (1548121) |
| Denominator: |  |  |  |
| Weighted average common shares outstanding – basic and diluted | 18000000 | 19476796 | 19476796 |
| Loss per common share: |  |  |  |
| Basic and diluted (cents) | (3.91) | (10.14) | (7.95) |

---

**CUPRINA HOLDINGS (CAYMAN) LIMITED** 

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **16** | **Segment information** |

---

Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker, or decision-making group in deciding how to allocate resources and in assessing performance. The Company evaluates operating results based on measures of performance, including revenue and profit. The Company currently operates in the following two reporting segments: Maggot Debridement Therapy Product and Cosmeceutical Product.

Our reportable segments consist of Maggot Debridement Therapy Product and Cosmeceutical Product. We determine our operating segments based on how the Chief Operating Decision Maker ("CODM") manage the business, allocate resources, make operating decisions and evaluate operating performance. The Company's CODM is the Chief Executive Officer. Our CODM reviews financial information presented on a consolidated basis accompanied by information about revenue and cost of revenue by products type along with gross profit for purposes of allocating resources and evaluating financial performance, as such we have disclosed segment information up to gross profit for each reporting segment.

As discussed in Note 2, the Company operates in two business segments – Maggot Debridement Therapy Product, which consists of operations related to the Company's selling of maggot vials to the hospital for their treatment of respective patients; and Cosmeceutical Product, which consists of operations related to the Company's selling of cosmeceutical product to its customer.

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| <u>Revenue</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;Maggot Debridement Therapy Product | 24013 | 22705 | 17797 |
| &nbsp;&nbsp;&nbsp;Cosmeceutical Product | 16992 | 310 | 243 |
|  | 41005 | 23015 | 18040 |
| <u>Cost of revenues</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;Maggot Debridement Therapy Product | (17176) | (22630) | (17738) |
| &nbsp;&nbsp;&nbsp;Cosmeceutical Product | (5466) | - | - |
|  | (22642) | (22630) | (17738) |
| <u>Gross profit</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;Maggot Debridement Therapy Product | 6837 | 75 | 59 |
| &nbsp;&nbsp;&nbsp;Cosmeceutical Product | 11526 | 310 | 243 |
|  | 18363 | 385 | 302 |

---

There were no material transactions between reportable segments during the six months ended June 30, 2024 and June 30, 2025.

Assets by reportable segment and operating costs by reportable segment are not presented as the Company does not allocate assets to its reportable segments, nor is such information used by management for purposes of assessing performance or allocating resources.

**CUPRINA HOLDINGS (CAYMAN) LIMITED** 

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **17** | **Commitment and Contingencies** |

---

For the details on future minimum lease payment under the non-cancelable operating leases as of December 31, 2024 and June 30, 2025, please refer to Note 8 set forth in the Notes to the Interim Condensed Consolidated Financial Statements.

As of December 31, 2024 and Jume 30, 2025, the Company did not have any capital commitments.

---

| | |
|:---|:---|
| **18** | **Subsequent events** |

---

The Company has assessed all subsequent events through the date that the consolidated financial statements were issued, there are no further material subsequent events that require disclosure in these consolidated financial statements other than as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) On
 July 21, 2025, the Company appointed Dr. Ronald A. Sherman as Medical and Scientific Director
 of the Company with effect from September 15, 2025, and signed an agreement with Dr. Sherman
 for licensing his 2004 U.S. Food and Drug Administration (FDA) clearance to market Lucilia
 sericata Medical Maggots.

(b) On
 September 9, 2025, the Company has secured exclusive licensing rights to Southeast Asia's
 first medical waste recycling technology developed under the oversight of the United Nations
 Industrial Development Organization (UNIDO) and the Global Environment Facility (GEF), the
 major alliance supporting developing countries in achieving global environmental benefits.
 The license, signed by the Company with China-based Zhejiang Heliang Technology Co., Ltd.,
 covers Singapore and an option to expand into ten additional Southeast Asian countries.

(c) On
 November 18, 2025, the Company has signed a joint venture company agreement with Singapore-based
 Aiodine Laboratory Pte Ltd. ("Aiodine") to develop, test and market that company's
 novel iodine-based disinfectant solution as a treatment for chronic and acute wounds, and
 in other common antiseptic applications.

## Exhibit 99.2

**Exhibit 99.2**

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2025**

*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the unaudited interim condensed consolidated financial statements and the notes thereto, included as Exhibit 99.1 to this Report on Form 6-K. We also recommend that you read our discussion and analysis of financial condition and results of operations together with our audited financial statements and the notes thereto, which appear in our Annual Report filed with the SEC on May 14, 2025.*

 

**FORWARD-LOOKING STATEMENTS**

This Report on 6-K contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by the words "may," "might," "will," "could," "would," "should," "expect," "intend," "plan," "goal," "objective," "anticipate," "believe," "estimate," "predict," "potential," "continue" and "ongoing," or the negative of these terms, or other comparable terminology intended to identify statements about the future. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. The forward-looking statements and opinions contained in this Report on 6-K are based upon information available to us as of the date of this Report on 6-K and, while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information.

Forward-looking statements include statements about:

● our goals and strategies;

● our future business development, results of operations and financial condition;

● expected changes in our revenue, costs or expenditures;

● our dividend policy;

● our expectations regarding demand for and market acceptance of our products and services;

● our projected markets and growth in markets;

● our potential need for additional capital and the availability of such capital;

● competition in our industry;

● general economic and business conditions in the markets in which we operate;

● relevant government policies and regulations relating to our business and industry; and

● assumptions underlying or related to any of the foregoing.

Further, such forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those projected or anticipated, including, without limitation, risks and uncertainties related to:

&nbsp;&nbsp;&nbsp;&nbsp;1. the correct measurement and identification of factors affecting our business;

2. the extent of their likely impact; and/or

3. the accuracy and completeness of the publicly available information regarding the factors upon which our business strategy is based.

These forward-looking statements are subject to a number of additional risks, uncertainties and assumptions, including those described herein and in the "Risk Factors", "Operating and Financial Review and Prospects" and elsewhere in our Annual Report. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this report may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. The Company expressly disclaims any obligation or undertaking to release publicly any update or revision to any forward-looking statements contained herein to reflect any change in our expectations with respect to any such statement, or any change in events, conditions or circumstances on which any such statement is based.

You should not rely upon forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of these forward-looking statements after the date of this report or to conform these statements to actual results or revised expectations.

**Overview**

We are a Singapore-based biomedical and biotechnology company that is dedicated to the development and commercialization of innovative products for the management of chronic wounds and the health and beauty sector. Our expertise in biomedical research allows us to identify and utilize materials derived from natural sources to develop wound care products in the form of medical devices meeting international standards. We believe we will be able to build upon and leverage such expertise to develop innovative cosmeceutical products in the future.

**Our Services**

As of June 30, 2025, we manufactured and distributed our MEDIFLY products. The MEDIFLY products are used as a biological debridement tool for chronic wounds, in a procedure known as Maggot Debridement Therapy, or MDT, which is an effective alternative to surgical debridement. In addition to our currently commercialized MEDIFLY products, we have two lines of chronic wound care products in our pipeline. Such lines of pipeline chronic wound care products include:

● Collagen dressings, including sponges, particles and hydrogels utilizing bullfrog collagen derived from the valorization of abattoir waste streams of American bullfrogs (*Lithobates catesbeianus*); and

● Products utilizing medical leeches for wound treatment.

We currently expect development of such products to take place over the course of 2025 and 2026 and to become commercially available subject to regulatory approval.

We have been selling our MEDIFLY products primarily in Singapore since February 2020. In March 2023, our MEDIFLY products became commercially available in Hong Kong. Looking ahead, we have strategic plans in place for 2025 and 2026 to expand our sales and establish physical operations in several key regions, including the Middle East (in particular, the member states of the Gulf Cooperation Council, or GCC), and mainland China. These expansion initiatives will further enable us to cater to the growing demand for our products in these promising markets, cementing our position as a trusted player in the field of chronic wound care and treatment.

For our cosmeceuticals business, we introduced three products in 2023, including a hydrating balm product, a muscle energy cream and a pain relief muscle patch. For our currently commercialized cosmeceutical products, we have commissioned original equipment manufacturers of skincare products to develop the formulation and manufacture the substantially finished and finished products. In addition, we plan to explore the possibility of developing a range of potential cosmeceutical product candidates incorporating bullfrog collagen using the novel collagen production technology that we are currently developing with a view to making them commercially available between 2025 and 2028, subject to the progress of the relevant R&D work.

We offer our chronic wound care products to both public and private hospitals and clinics, where patients can obtain them through prescription from a physician. Our customers primarily include major public and private hospitals and clinics in Singapore. Our commercialized cosmeceutical products can be purchased directly by individual customers through a variety of channels, including retailers and gyms in Singapore and other countries such as Malaysia and Australia, as well as online shopping platforms such as Shopee.

**Key Components of Results of Operations**

***Revenue***

For the six months ended June 30, 2024 and 2025, we generated revenue of S$41,005 and S$23,015 (US$18,040), respectively. We derive all our revenue from sale of our product. For the six months ended June 30, 2024 and 2025, 58.6% and 98.7% of our revenue was derived from the sales of our MEDIFLY products, with the remaining 41.4% and 1.3% coming from sales of our cosmeceutical products respectively, which we began selling in April 2023. For the six months ended June 30, 2024 and 2025, 95.0% and 68.8% of our revenue was derived from customers located in Singapore, with the remainder of our revenue derived from customers located in Hong Kong respectively.

***Cost of revenues***

 ****

Our cost of revenues primarily consists of production staff salaries and contributions, rental for production space and the costs of breeding *Lucilia cuprina* flies and consumables used. For the six months ended June 30, 2024 and 2025, our cost of revenues was S$22,642 and S$22,630 (US$17,738) respectively. The following table sets forth components of our cost of revenues for the periods indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Production staff salaries and contributions | 6231 | 6406 | 5021 |
| Rental for production space | 7536 | 7536 | 5907 |
| Utilities used for production | 2866 | 2135 | 1674 |
| Depreciation for production equipment | 5231 | 5110 | 4005 |
| Direct cost for cosmeceutical product |  |  |  |
| Breeding for *Lucilia cuprina* flies and consumables used | 778 | 1443 | 1131 |
| **Total** | 22642 | 22630 | 17738 |

---

***Gross profit and gross profit margin***

 ****

Our gross profit and gross profit margin are primarily affected by the pricing of the products as well as the fluctuation for some of the consumables in cost of sales. For the six months ended June 30, 2024 and 2025, our gross profit was S$18,363 and S$385 (US$302), respectively. Our gross profit margin was 44.8% and 1.7%, respectively, for the same periods. This decrease was primarily attributable to reduce in sales of our sales of MEDIFLY and cosmeceutical products, as majority of the cost of revenues are fixed in nature, which primarily arise from production staff salaries and contributions, rental for production space, and depreciation for production equipment.

***Operating expenses***

*Selling, general and administrative expenses*

Our selling, general and administrative expenses primarily consist of (i) selling and marketing expenses; (ii) payroll and employee benefits; (iii) depreciation and amortization expenses; and (iv) other operating expenses. For the six months ended June 30, 2024 and 2025 our selling, general and administrative expenses were S$732,994 and S$1,865,805 (US$1,462,459), respectively. The following table sets forth components of our selling, general and administrative expenses for the periods indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Selling and marketing expenses | 2750 | 1039 | 815 |
| Payroll and employee benefits | 414206 | 402935 | 315829 |
| Depreciation and amortization expenses | 15167 | 10959 | 8590 |
| Other operating expenses | 300871 | 1450872 | 1137225 |
| **Total** | 732994 | 1865805 | 1462459 |

---

(i) Selling and marketing expenses

Our selling and marketing expenses primarily consist of expenses relating to our advertising and marketing of our products and external consulting costs. For the six months ended June 30, 2024 and 2025, our selling and marketing expenses were S$2,750 and S$1,039 (US$815), respectively.

(ii) Payroll and employee benefits

Our payroll and employee benefits primarily consist of personnel-related expenses associated with our employees, primarily including salaries, benefits and allowances, and contributions to the government savings scheme in Singapore. The following table sets forth components of our payroll and employee benefits for the periods indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Staff salaries | 366089 | 362224 | 283919 |
| Staff bonuses and allowances |  |  |  |
| Staff CPF contributions <sup>(1)</sup> | 46290 | 37466 | 29367 |
| Skill Development Levy <sup>(2)</sup> | 696 | 715 | 560 |
| Staff uniform | 104 |  |  |
| Staff welfare | 1027 | 2530 | 1983 |
| Others | - | - | - |
| **Total <sup>(3)</sup>** | 414206 | 402935 | 315829 |

---

Notes:

(1) a mandatory social security savings scheme in Singapore funded by contributions from employers and employees

(2) a compulsory levy in Singapore which requires an employer to pay for all employees working in Singapore

(3) the payroll and employee benefits included here are those that are not directly associated with our revenue generation and research and development activities.

(iii) Depreciation and amortization expenses

Our depreciation and amortization expenses are primarily charged on our (i) furniture and fittings; (ii) computers; and (iii) renovation. The depreciation and amortization expenses included here are those that are not directly associated with our revenue generation. For the six months ended June 30, 2024 and 2025, our depreciation and amortization expenses was S$15,167 and S$10,959 (US$8,590), respectively.

(iv) Other operating expenses

Our other operating expenses primarily consist of professional fees, operating lease expenses, travelling expenses, foreign exchange losses, consultant fees, insurance expenses, and utilities. For the six months ended June 30, 2024 and 2025, our other operating expenses was S$300,871 and S$1,450,872 (US$1,137,225), respectively. The following table sets forth components of our other operating expenses for the periods indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Professional fees | 235432 | 1176492 | 922160 |
| Operating lease expenses for ROU assets | 14840 | 13687 | 10728 |
| Travelling expenses | 646 | 5256 | 4120 |
| Foreign exchange losses | 2675 | 148584 | 116463 |
| Consultant fees | 9187 | 52417 | 41086 |
| Insurance expenses |  | 21987 | 17234 |
| Utilities | 3271 | 2709 | 2123 |
| Training and seminar expenses | 13593 | 5126 | 4018 |
| Freight and courier expenses | 2178 | 3880 | 3041 |
| Others<sup>(1)</sup> | 19049 | 20734 | 16252 |
| **Total** | 300871 | 1450872 | 1137225 |

---

Notes:

(1) Others primarily includes bank fees, fixed asset expensed off, IT & computer expenses, subscription expenses, and printing & stationery expenses, etc.

*Research and development costs*

Our research and development costs primarily consist of the costs incurred by us on research and collaboration works conducted with Nanyang Technological University ("NTU") for the extraction and formulation of bullfrog collagen and bullfrog collagen-based wound care products, and salaries and contributions related to our research and development staff. With respect to our product using hirudotherapy, or medical leech therapy, currently in the pipeline, in line with our R&D workflow, we have completed the ideation phase of the project and are scheduled to commence the literature review stage in 2025. Therefore, no R&D costs have been incurred thus far with respect to such products, and we anticipate costs to be incurred starting from the preliminary investigation phase and onwards.

For the six months ended June 30, 2024 and 2025, our research and development costs were S$71,797 and S$123,850 (US$97,076), respectively. The following table sets forth components of our research and development costs for the periods indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| External costs | 6663 | 4000 | 3135 |
| Internal costs |  |  |  |
| - R&D staff salaries and contributions | 63180 | 116043 | 90957 |
| - Equipment | 32 | 813 | 637 |
| - Consumables | 1922 | 2994 | 2347 |
| **Total** | 71797 | 123850 | 97076 |

---

***Other income***

Our other income primarily consists of grants that we received under the Jobs Support Scheme and Jobs Growth Incentive from the government of Singapore, interim Enterprise Development Grant ("EDG") for Sustainability Open Innovation Challenge ("SOIC") from Enterprise Singapore, and monthly usage fees received for the ISO13485 certified manufacturing facility that we provided to one of our clients, since November 2024. For the six months ended June 30, 2024 and 2025, our other income was S$151,835 and S$46,688 (US$36,595), respectively. The following table sets forth components of our other income for the periods indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Government grants | 151829 | 16628 | 13033 |
| Usage of ISO13485 certified facilities |  | 30000 | 23515 |
| Cash /fund transfer rebates | 6 | 60 | 47 |
| **Total** | 151835 | 46688 | 36595 |

---

***Interest expense***

Interest expense mainly represents interests on interest-bearing bank loan and loan from employees. For the years six months ended June 30 2024 and 2025, our interest expense was S$35,648 and S$7,738 (US$6,065), respectively. The following table sets forth components of our interest expense for the years indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Interest expense on loan from employees | 35427 |  |  |
| Interest expense on term loan | 221 | 7738 | 6.065 |
| **Total** | 35648 | 7738 | 6065 |

---

***Income tax expense***

Our income tax expense comprises our current tax expense and deferred tax. As we did not generate taxable income for the six months ended June 30, 2024 and 2025, our income tax expense was nil and nil, respectively.

***Taxation***

 ****

*Cayman Islands and BVI*

Our Company and Cuprina Holdings (BVI) Limited are domiciled in the Cayman Islands and British Virgin Islands, respectively. The locality currently enjoys permanent income tax holidays; accordingly, our Company does not accrue for income taxes.

*Singapore*

Cuprina Pte. Ltd. is incorporated in Singapore and is subject to Singapore corporate tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Singapore tax laws. The applicable tax rate is 17% in Singapore, with 75% of the first S$10,000 taxable income and 50% of the next S$190,000 taxable income exempted from income tax.

*Malaysia*

 

Cuprina Malaysia Sdn. Bhd., the subsidiary, is subject to Malaysia corporate tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Malaysia tax laws. The standard corporate income tax rate in Malaysia is 24%. However, as the subsidiary fulfilled conditions where it has paid-up capital of MYR2.5 million or less, and gross income from business operations is not more than MYR50 million, the tax rate is 17% on the first MYR600,000 and 24% on amount exceeding MYR600,000. The subsidiary had no operating profit or tax liabilities for the six months ended June 30, 2024 and 2025.

*Hong Kong*

Cuprina Hong Kong Limited is considered a Hong Kong tax resident enterprise under Hong Kong tax laws; accordingly, it is subject to enterprise income tax on its taxable income as determined under Hong Kong tax laws and accounting standards at a statutory tax rate of 16.5%.

*Mainland China*

Cuprina (Beijing) Biotechnology Co., Ltd., is considered a mainland China tax resident enterprise under mainland China tax laws; accordingly, it is subject to enterprise income tax on its taxable income as determined under mainland China tax laws and accounting standards at a statutory tax rate of 25%. The subsidiary had no operating profit or tax liabilities for the six months ended June 30, 2024 and 2025.

*United States*

Cuprina United States Inc., is domiciled in the United States. As a result, it is subject to corporate income tax on its taxable income as determined under United States tax laws at a federal tax rate of 21% and state tax rate ranging from 1% to 12%. The subsidiary had no operating profit or tax liabilities for the six months ended June 30, 2024 and 2025.

***Equity in net earnings of affiliates***

Equity in net earnings of affiliates mainly related to the sharing of results for the joint arrangement between Cuprina Pte. Ltd., one of our subsidiaries, and a local Saudi Arabian company, namely New Future Medical Services Company, for the supply of medical devices and the operation of medical laboratories and supporting medical services.

**Six Months Comparisons of Our Results of Operations**

Six Months ended June 30, 2025 Compared to Six Months ended June 30, 2024.

***Revenue***

Our revenue decreased by 43.9% from S$41,005 for the six months ended June 30, 2024 to S$23,015 (US$18,040) for the six months ended June 30, 2025. The decrease was primarily due to reduce in sales of our cosmeceutical products from S$16,992 for the six months ended June 30, 2024 to S$310 (US$243) for the six months ended June 30, 2025. In addition, the decrease also due to the reduce in sales of our MEDIFLY products in both Singapore and Hong Kong. The number of patients using our MEDIFLY products decreased from 53 for the six months ended June 30, 2024 to 44 for the six months ended June 30, 2025.

***Cost of revenues***

For the six months ended June 30, 2025, our cost of revenues amounted to S$22,630 (US$17,738), remaining consistent with the S$22,642 recorded for the same period in 2024. Cost of revenues represented approximately 98.3% and 55.2% of our revenue, respectively, for the corresponding periods.

This is because majority of the cost of revenues are fixed in nature, which primarily arise from production staff salaries and contributions, rental for production space, and depreciation for production equipment. These costs have been fairly consistent for the six months ended June 30, 2024 and 2025, despite of the reduce in the revenues generated for the corresponding periods.

***Gross profit and gross profit margin***

Our gross profit decreased by 97.9% from S$18,363 for the six months ended June 30, 2024 to S$385 (US$302) for the six months ended June 30, 2025, which was due to the decreased revenue for the six months ended June 30, 2025. Our gross profit margin decreased from approximately 44.8% for the six months ended June 30, 2024, to 1.7% for the six months ended June 30, 2025. This decrease was primarily attributable to reduce in sales of our sales of MEDIFLY and cosmeceutical products, as majority of the cost of revenues are fixed in nature, which primarily arise from production staff salaries and contributions, rental for production space, and depreciation for production equipment.

***Operating expenses***

Our operating expenses increased by 147.2% from S$804,791 for the six months ended June 30, 2024 to S$1,989,655 (US$1,559,535) for the six months ended June 30, 2025. The increase was due to the increase in our selling, general and administration expenses as well as the research and development costs.

*Selling, general and administrative expenses*

Our selling, general and administrative expenses increased by 154.5% from S$732,994 for the six months ended June 30, 2024 to S$1,865,805 (US$1,462,459) for the six months ended June 30, 2025, which was primarily due to an increase in our other operating expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Our selling and marketing expenses decreased from S$2,750 for the six months ended June 30, 2024 to S$1,039 (US$815) for the six months ended June 30, 2025. This was primarily due to our rebranding activities carried out for our cosmeceutical products in first half of 2024, which were launched during the period, including photography and building the social media library.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Our payroll and employee benefits decreased by 2.7% from S$414,206 for the six months ended June 30, 2024 to S$402,935 (US$315,829) for the six months ended June 30, 2025. The decrease was primarily due to the decrease in headcount in the last quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Our depreciation and amortization expenses decreased by 27.7% from S$15,167 for the six months ended June 30, 2024 to S$10,959 (US$8,590) for the six months ended June 30, 2025. The decrease was primarily due to certain fixed assets have been fully depreciated in second half of 2024 and first half of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Our other operating expenses increased by 382.2% from S$300,871 for the six months ended June 30, 2024 to S$1,450,872 (US$1,137,225) for the six months ended June 30, 2025. The increase was primarily attributed to an increase in professional fees incurred, particularly for (i) engagement of professional for introducer and investor relation services amounted to S$202,808; (ii) engagement of professional for post initial public offering ("IPO") capital raising matters amounted to S$292,371; (iii) engagement of professional for advisory services on businesses, assets, and, operation acquisition matters amounted to S$159,475; and (iv) engagement of professional for corporate development and business consultancy services amounted to S$191,370.

In addition, the increase in other operating expenses was also due to the increase in foreign exchange losses of S$145,909, primarily due to the strengthening of USD against SGD, increase in consultant fees of S$43,230, primarily in relation to the U.S. Food and Drug Administration services consultancy services received from Dr. Ronald A. Sherman, as well as purchasing of Directors and Officers ("D&O") insurance amounted to S$13,664, following the completion of IPO on April 2025.

*Research and development costs*

Our research and development costs increased by 72.5% from S$71,797 for the six months ended June 30, 2024 to S$123,850 (US$97,076) for the six months ended June 30, 2025. The increase in research and development costs was primarily due to the increase in the salaries and contributions related to our internal research and development staff from S$63,180 for the six months ended June 30, 2024 to S$116,043 (US$90,957) for the six months ended June 30, 2025. The increase was primarily attributable to the hiring of research and development staff during first half of 2024.

***Other income***

Our other income decreased by 69.3% from S$151,835 for the six months ended June 30, 2024 to S$46,688 (US$36,595) for the six months ended June 30, 2025. The decrease was in relation to the interim EDG for SOIC from Enterprise Singapore amounted to $122,315 received in first half of 2024.

***Interest expense***

Our interest expense decreased from S$35,648 for the six months ended June 30, 2024 to S$7,738 (US$6,065) for the six months ended June 30, 2025. This decrease was primarily attributable to the loan given to us in 2024 by several of our employees, which carries a one-off interest rate of 25.0% and amounted to S$35,427. The principal and interest have been fully settled as of June 30, 2024.

***Equity in net earnings of affiliates***

The equity in net earnings of the affiliates primarily relates to the sharing of results from the joint arrangement between Cuprina Pte. Ltd., one of our subsidiaries, and a local Saudi Arabian company. This joint arrangement is accounted for using the equity method, starting from May 2023. For the six months ended June 30, 2025, we recorded a loss of S$24,774 (US$19,418) from this affiliate, attributed to the sharing of operational losses. This is in comparison to a loss of S$33,785 recorded for the six months ended June 30, 2024.

***Net loss***

As a result of the foregoing, in particular the increase in professional fees and foreign exchange losses under other operating expenses, our net loss increased from S$704,026 for the six months ended June 30, 2024 to S$1,975,094 (US$1,548,121) for the six months ended June 30, 2025.

**Liquidity and Capital Resources**

Our primary source of liquidity historically has been cash generated from our bank loan and equity and loan contributions from our shareholders, which have historically been sufficient to meet our working capital and capital expenditure requirements.

In 2021, we entered into a bridging loan agreement with DBS Bank with an aggregated principal amount of S$100,000 (US$78,382) with interest rate of 2.5% per annum.

In November 2024, we entered into a working capital loan agreement with DBS Bank with an aggregated principal amount of S$200,000 (US$156,764) with interest rate of 8.0% per annum.

As of June 30, 2025, our cash and cash equivalents were S$4,103,662 (US$3,216,540). Our cash and cash equivalents primarily consist of cash in bank balances.

We believe that our existing cash and cash equivalents, anticipated cash raised from financings, together with anticipated cash flow from operations, will be sufficient to meet our anticipated cash needs for the next 12 months from the date of this report. We may, however, decide to enhance our liquidity position or increase our cash reserve for future investments through additional capital and finance funding. We may need additional cash resources in the future if we experience changes in business conditions or other developments, or if we find and wish to pursue opportunities for investments, acquisitions, capital expenditures or similar actions. If we determine that our cash requirements exceed the amount of cash and cash equivalents we have on hand at the time, we may seek to issue equity or debt securities or obtain credit facilities. The issuance and sale of additional equity would result in further dilution to our shareholders. The incurrence of indebtedness would result in increased fixed obligations and could result in operating covenants that would restrict our operations. We cannot assure you that financing will be available in amounts or on terms acceptable to us, if at all.

Our ability to manage our working capital, including receivables and other assets and liabilities and accrued liabilities, may materially affect our financial condition and results of operations.

The following table sets forth our selected consolidated cash flow data for the periods indicated:

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| | | | |
|:---|:---|:---|:---|
|  | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Net cash used in operating activities | (862183) | (8230878) | (6451542) |
| Net cash used in investing activities | (2350) | (4611) | (3614) |
| Net cash provided by financing activities | 905307 | 12258702 | 9608639 |
| **Net increase in cash and cash equivalents** | **40774** | **4023213** | **3153483** |
| Cash and cash equivalents, at the beginning of period | 35263 | 116472 | 91293 |
| Foreign currency effect on cash and cash equivalents | (1177) | (36023) | (28236) |
| **Cash and cash equivalents, at the end of period** | **74860** | **4103662** | **3216540** |

---

***Net cash used in operating activities***

We had net cash flows used in operating activities of S$8,230,878 (US$6,451,542) for the six months ended June 30, 2025, primarily reflecting a net loss of S$1,975,094 (US$1,548,121), as adjusted by (a) positive changes of approximately S$185,906 (US$145,717) in non-cash items primarily including foreign exchange losses, depreciation and amortization and equity in net earnings of affiliate; and (b) negative changes of approximately S$6,441,690 (US$5,049,138) in working capital primarily reflecting (i) an increase of approximately S$6,149,410 (US$4,820,042) in other current assets and (ii) a decrease of approximately S$315,847 (US$247,568) in accruals and other payables, partially offset by (iii) a decrease of approximately S$13,571 (US$10,637) in accounts receivable and (iv) a decrease of approximately S$9,996 (US$7,835) in net advance to related parties.

***Net cash use investing activities***

 ****

Net cash used in investing activities was S$4,611 (US$3,614) for the six months ended June 30, 2025, which was attributable to the acquisition of new property and equipment.

***Net cash generated from financing activities***

Net cash generated from financing activities was S$12,258,702 (US$9,608,639) for the six months ended June 30, 2025, primarily consisting of (i) gross proceeds from issuance of ordinary shares of S$17,606,040 (US$13,800,000) following the completion of the IPO, partially offset by (ii) payments for deferred stock issuance cost of S$2,628,743 (US$2,060,466), (iii) repayment of bank borrowing of S$27,249 (US$21,358), and (iv) repayments of advances from related parties of S$2,691,346 (US$2,109,536).

**Accounts receivable, net**

Our net accounts receivables are non-interest bearing and are generally on 30 days credit terms. Net accounts receivable mainly represent amounts due from customers that meet the revenue recognition criteria. These accounts receivables are recorded net of any allowance for credit losses and specific customer credit allowances. We maintain an allowance for estimated credit losses inherent in our accounts receivable portfolio. In establishing the required allowance, our management considers historical losses adjusted to take into account current market conditions and our customers' financial condition, the receivable amount in dispute, and the current receivables aging and current payment patterns, over the contractual life of the receivable. We write off the receivable when it is determined to be uncollectible.

Our net accounts receivable decreased from S$26,389 as of December 31, 2024 to S$12,795 (US$10,029) as of June 30, 2025. The decrease was primarily attributable to the better collection efficiency. As of June 30, 2025, the gross accounts receivable balance for these sales amounted to S$61,942 (US$48,551).

As of September 30, 2025, S$3,208 (US$2,515) or 25.1% of our net accounts receivable as of June 30, 2025 had been subsequently received.

As of December 31, 2024 and June 30, 2025, we made S$49,147 and S$49,147 (US$38,522) of allowance for current expected credit loss for our gross accounts receivable, respectively.

***Deferred Costs***

Our deferred costs primarily consist of deferred contractual costs in relation to the industry research collaboration agreement with NTU and the listing expenses in relation to our IPO prior to the completion as of December 31, 2024.

Our deferred costs decreased from S$1,272,202 as of December 31, 2024 to S$nil (US$nil) as of June 30, 2025. The decrease was primarily attributable to the (i) completion of the IPO, of which the accumulated deferred stock issuance cost has been charged against the gross proceeds of the offering as a reduction of additional paid-in capital, and (ii) the payment made for the deferred contractual cost in relation to the industry research collaboration agreement with NTU as of June 30, 2025.

***Other current assets***

Our other current assets primarily consist of prepayments, deposits and other current assets.

Our other current assets increased from S$146,152 as of December 31, 2024 to S$6,428,925 (US$5,039,132) as of June 30, 2025. The increase was primarily attributable to the prepayments made in relation to the professional services engaged for the (i) introducer and investor relations, (ii) post IPO capital raising matters, (iii) businesses, assets, and, operation acquisition matters, and (iv) and corporate development and business consultancy, as well as the prepayments made for the D&O insurance following the completion of IPO on April 2025.

**Accruals and other payables**

Our accruals and other payables decreased from S$323,971 as of December 31, 2024 to S$8,124 (US$6,368) as of June 30, 2025. The decrease was attributable to the settlement of payables, primarily relating to the (i) payable to a professional party amounted to S$65,930 (US$51,677), for professional services in relation to our initial public offering, (ii) payable to NTU amounted to S$178,396 (US$139,831), for the contractual cost in relation to the industry research collaboration agreement, and (iii) payable to advances from an employee amounted to S$69,681 (US$54,617), during the period.

**Impact of Inflation**

According to the Monetary Authority of Singapore, the core inflation rate in Singapore averaged 4.1% in 2022, 4.2% in 2023, and 2.7% in 2024. Based on the recent publication from Monetary Authority of Singapore on January 24, 2025, the core inflation rate in Singapore is projected to average 1.0% - 2.0% in 2025. As of the date of this prospectus, inflation in Singapore has not materially affected our profitability and operating results. However, we can provide no assurance that we will not be affected by such inflationary pressures in Singapore or globally in the future. In the event that the inflationary pressures continue to increase to any material extent, we may pass along increased costs to our customers, which could result in loss of sales and loss of customers, and adversely impact our margins and results of operations.

**Material Cash Requirements**

Our cash requirements consist primarily of day-to-day operating expenses, capital expenditures and contractual obligations with respect to facility leases and other operating leases. We lease all our office facilities. We expect to make future payments on existing leases from cash generated from operations. We have limited credit available from our major vendors and are required to prepay the majority of our inventory purchases, which further constraints our cash liquidity.

We had the following contractual obligations and lease commitments as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Contractual Obligations** | **Total** | **Less than 1 year** | **2-5 years** |
| Accruals and other payables | 8124 | 8124 |  |
| Operating lease commitment | 13215 | 13215 |  |
| Bank loan repayment | 191729 | 47882 | 143847 |
| Amount due to related parties | 2934650 | 2934650 |  |
| **Total obligations** | 3147718 | 3003871 | 143847 |

---

We believe that we have sufficient working capital for our requirements for at least the next 12 months from the date of this report, absent unforeseen circumstances, taking into account the financial resources presently available to us, including cash and cash equivalents on hand, and cash flows from our operations.

Bank Indebtedness

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Bank Borrowings** | **Terms of repayment** | **Annual interest rate** | **As of**<br>**December 31, 2024** | **As of**<br>**June 30, 2025** |
|  | | | **S$** | **S$** |
| DBS Bank | 60 months | 2.5% | 22900 | 12371 |
| DBS Bank | 60 months | 8.0% | 196078 | 179358 |

---

As of December 31, 2024 and June 30, 2025, bank borrowings were obtained from a financial institution in Singapore, both repayable in 60 instalments, which bear annual interest at a fixed rate at 2.5% and 8.0%, and expire in January 2026 and November 2029, respectively.

**Commitments and Contingencies**

In the normal course of business, we are subject to contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, such as government investigations and tax matters. We recognize a liability for such contingency if it determines it is probable that a loss will occur and a reasonable estimate of the loss can be made. We may consider many factors in making these assessments including historical and the specific facts and circumstances of each matter.

**Capital Expenditures**

We made capital expenditures of S$2,350 and S$4,611 (US$3,614) for the years ended December 31, 2024 and six months ended June 30, 2025, respectively. In these periods, our capital expenditures were mainly used for the purchase of property and equipment.

We plan to fund our future capital expenditures with our existing cash balance. We will continue to make capital expenditures to meet the expected growth of our business.

**Capital Commitments**

As of December 31, 2024 and June 30, 2025 we did not have any capital commitments.

## Exhibit 99.3

**Exhibit 99.3**

![](ex99-3_001.jpg)

**Cuprina Holdings (Cayman) Limited Announces Financial Results for the Six Months Ended June 30, 2025, and Strategic Initiatives for 2026 Growth**

 ****

**SINGAPORE, December 9, 2025 – Cuprina Holdings (Cayman) Limited** (**Nasdaq: CUPR**) ("**Cuprina**" or "**the Company**"), a biomedical company developing and marketing products for the chronic wounds, infertility, medical waste recycling, and cosmeceuticals sectors, today announced its financial results for the six months ended June 30, 2025.

"Although our revenue decreased and our net loss increased compared with the same period last year, the first six months of 2025 allowed us to achieve significant advances in both diversifying our product and technology portfolio and expanding our geographic footprint," said Cuprina Chief Executive Officer Mr. David Quek Yong Qi.

**Diversification and Expansion Achievements**

In May 2025, said Mr. Quek, the Company completed construction of, and obtained ISO 13485 certification and a dealer license for, an in-vitro fertilization (IVF) media production facility in Singapore. This facility is expected to produce IVF media product containing the nutrients, electrolytes, amino acids, and other materials required to stimulate fertilization of sperm and ovum in the lab. Cuprina plans to submit its required regulatory application to the Singapore authorities in the near future. Upon approval of this application, projected to occur by the fourth quarter of 2026, the facility is expected to commence commercial sales of this product.

In June 2025, the Company's indirect 49%-owned associate, Cuprina MENA Co. Ltd, completed the set-up of a laboratory in Saudi Arabia equipped to manufacture Cuprina's MEDIFLY maggot debridement therapy (MDT) chronic wound treatment products. In July, to support Saudi Food and Drug Authority registration for these products and ISO 13485 certification for this laboratory, Cuprina engaged a local regulatory consulting firm. Upon receiving regulatory approval from Saudi authorities, the laboratory will be cleared to begin supplying these products within the Middle East and North Africa ("MENA") region.

The Company continued its diversification initiatives in the second half of year, securing in July 2025 an FDA-approved license to market medical maggots in the U.S. via an agreement with Dr. Ronald Sherman, who also joined the Company as Medical and Scientific Director in September 2025.

That same month, Cuprina secured exclusive licensing rights to Southeast Asia's first medical waste recycling technology developed under the oversight of the United Nations Industrial Development Organization (UNIDO) and the Global Environment Facility (GEF), the major alliance helping developing countries achieve global environmental benefits. This license, which covers Singapore and an option for ten additional Southeast Asian countries, may, upon receipt of standard operating licenses, allow Cuprina to lead the transition from incineration-caused toxic emissions and excess landfill towards a sterilized, sustainable model that safeguards the environment and reintroduces clean, high value recyclables back into the economy.

The following month, the Company advanced towards this objective by signing a Memorandum of Understanding with Singapore Biowaste Solutions Pte Ltd (SBS), a treater and disposer of bio-medical waste, to explore the integration of Cuprina's medical waste recycling technology into SBS's existing waste management facility in Singapore.

Finally, in November 2025, Cuprina signed a joint venture agreement with Singapore-based Aiodine Laboratory to develop, test and market that company's iodine-based disinfectant solution as a treatment for chronic and acute wounds, and in other common applications such as disinfectants and home-use antiseptics.

**Financial Highlights for the Six Months Ended June 30, 2025 (US Dollars)**

**Revenue**: For the six months ended June 30, 2025, revenue was $18,040, down 40% from $30,184 in the prior-year period, primarily due to lower sales of both the Company's cosmeceutical and MEDIFLY MDT products.

**Gross Profit:** At June 30, 2025, gross profit was $302, with a gross margin declining to 1.7% from 44.8% in the same period of 2024, reflecting fixed production costs amid reduced sales volume.

**Operating Expenses:** Operating expenses for the six months ended June 30, 2025 were $1,559,535, up 163% year-over-year , driven primarily by higher professional fees for capital raising and consultancy.

**Net Loss:** Net loss for the six-month 2025 period was $1,528,121, or $(.08) per share, compared to a net loss of $518,238, or $(.03) per share, for the same period in 2024. The increased net loss resulted mainly from a $922,898 increase in SG&A expenses, including a $748,858 increase in professional fees, compared to the same period in the previous year.

**Weighted average number of outstanding shares**: 19,476,796 for the six-month 2025 period and 18,000,000 for the six-month 2024 period.

**Cash and Cash Equivalents:** At June 30, 2025, cash and cash equivalents was $3,216,540, supported by IPO proceeds, compared to $85,622 at December 31, 2024.

**Shareholder's Equity:** $6,014,848 at June 30, 2025, reflecting capital raised and accumulated deficit.

**Total Assets/Liabilities:** At June 30, 2025 and December 31, 2024, total assets of $8,482,098 and $1,282,831, and total liabilities of $2,467,250 and $4,561,315, respectively.

**Cash Flows:** At June 30, 2025 and June 30, 2024, net cash used in operating activities of $6,451,542 and $634,658, net cash used in investing activities of $3,614 and $1,730, and net cash provided by financing activities of $9,608,639 and $666,402, respectively.

**Strategic Initiatives for 2026**

Looking forward, stated Mr. Quek, Cuprina expects 2026 to be the Company's most active commercial year to date, with multiple revenue streams advancing in parallel. The Company anticipates this growth will be driven by its core MEDIFLY MDT business, which is projected to expand into new clinical markets and see increased hospital adoption, primarily across the Middle East.

In addition, the Company is preparing for the rollout of multiple iodine-based antiseptic products across several geographic markets.

In partnership with SBS, Cuprina expects next year to commercialize and achieve recurring revenue from its medical-waste recycling technology. Cuprina will also continue to advance its amphibian collagen platform by performing the first-ever human clinical trials to evaluate the efficacy of this material to accelerate wound healing.

To support the above initiatives, and to accelerate their technical, regulatory, and commercial execution, Cuprina plans to strengthen its organizational leadership and internal capabilities by onboarding world-class talent and working closely with leading consultants, scientific experts, and industry partners. In doing so, Cuprina will remain committed to maintaining a disciplined approach to capital deployment while pursuing strategic opportunities that enhance scale, diversify revenue, and support long-term profitability.

Total revenue in 2026 is projected at $1.0 to $1.5 million, said Mr. Quek.

"We look forward to our most successful year yet in 2026. Our team is energized to deliver sustainable value for our patients, our partners, and our shareholders."

For further information on Cuprina's financial results for the first six months of 2025, please see its 6-K SEC filing at <u>www.sec.gov</u> or on the investor relations section of the Company's website at <u>https://investors.cuprina.com/financial-information#filings</u>.

 

 

**About Cuprina Holdings (Cayman) Limited**

We are a Singapore-based biomedical and biotechnology company that is dedicated to the development and commercialization of innovative products for the management of chronic wounds, as well as operating in the infertility, medical waste recycling, and health and beauty sectors. Our expertise in biomedical research allows us to identify and utilize materials derived from natural sources to develop wound care products in the form of medical devices which meet international standards. For more information, please visit <u>https://www.cuprina.com</u>.

**FORWARD-LOOKING STATEMENTS**

Certain statements contained in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and the completion of the public offering on the anticipated terms or at all, and other factors discussed in the "Risk Factors" section of the preliminary prospectus filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Any forward-looking statements contained in this press release speak only as of the date hereof, and Cuprina Holdings (Cayman) Limited specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

**Cuprina Holdings (Cayman) Limited Investor Contact**

Investor Relations

c/o Blk 1090 Lower Delta Road #06-08

Singapore 169201

+65 8512 7275

Email: <u>ir@cuprina.com.sg</u>

**Investor Relations Inquiries:**

Skyline Corporate Communications Group, LLC

Scott Powell, President

1177 Avenue of the Americas, 5<sup>th</sup> Floor

New York, New York 10036

Office: (646) 893-5835

Email: <u>info@skylineccg.com</u>