INVO FERTILITY, INC.

Red flags

• The company reported an accumulated net loss of $91.4 million through December 31, 2025 and explicitly disclosed substantial doubt about its ability to continue as a going concern.
• Management does not expect current cash to fund operations and service debt for the next 12 months; failure to raise capital could force the company to curtail or discontinue operations.
• Secured creditors, including Decathlon, may seize and liquidate company assets following a debt default.
• The WFI dispute was settled for $6.0 million, with substantial payments extending through December 2026 and 25% of gross funding proceeds above $2.0 million in any six-month period allocated to accelerate settlement payments.
• Disclosure controls and internal control over financial reporting were not effective at December 31, 2025 because of limited segregation of duties and inadequate accounting resources; these were identified as material weaknesses.
• The company relies on a single third-party manufacturer for INVOcell production, creating concentrated supply and product-quality risk.