PRF Technologies reports $11.0 million cash, plans Phase 2 enrollment for OcuRing-K by year-end

PRF Technologies Ltd. (Nasdaq: PRFX) issued a letter to shareholders on October 23, 2026, reporting preliminary, unaudited consolidated cash, including short-term deposits, of approximately $11.0 million as of September 30, 2026, total consolidated liabilities of approximately $2.5 million, and a consolidated operating loss of approximately $3.7 million for the nine months ended September 30, 2026.¹ The company noted this financial data is preliminary and that financial closing procedures for this period are not complete.¹ During the nine-month period, PRF raised approximately $10.5 million in gross proceeds through its equity line facility, including approximately $0.5 million in the third quarter.¹

On the clinical side, PRF's majority-owned subsidiary, LayerBio, Inc., operates under an Investigational New Drug application approved for a Phase 2 trial of OcuRing-K, and expects to start patient enrollment in the planned U.S. multi-center trial before year-end, following completion of trial start-up activities.¹ The trial is designed to evaluate pain, inflammation and safety in patients undergoing cataract surgery for OcuRing-K, the company's extended release NSAID delivery device.¹ The company said previously reported preclinical studies and a Phase 1 clinical evaluation showed a favorable safety profile, with no treatment-related serious adverse events observed.¹

On energy operations, PRF announced plans in September to establish GridFeed, together with its DeepSolar operations, as a standalone, wholly owned subsidiary.¹ The company also said it is exploring AI and hyperscale data centers as a new market for GridFeed,¹ citing International Energy Agency projections that global data center electricity consumption is projected to roughly double, from 485 terawatt-hours in 2025 to 950 terawatt-hours in 2030, while consumption from AI-focused data centers is expected to triple over the same period.¹