Curanex Pharmaceuticals Inc. completed its Initial Public Offering (IPO) on August 27, 2025, raising gross proceeds of $15.0 million, with an additional $2.25 million from the underwriters' over-allotment option on September 12, 2025, totaling approximately $15.3 million in net proceeds. The company reported a net loss of $4.2 million for the year ended December 31, 2025, a significant increase from the $361,506 net loss in 2024, primarily due to expanded research and development activities and public company operating costs. Research and Development (R&D) expenses surged to $2,985,873 in 2025 from $74,676 in 2024, reflecting increased investment in IND-enabling studies for its lead botanical drug candidate, Phyto-N. General and Administrative (G&A) expenses also rose to $1,253,203 in 2025 from $290,386 in 2024, driven by higher personnel costs and professional fees associated with operating as a public company. Curanex is a developmental stage pharmaceutical company focused on botanical drugs for inflammatory diseases, with Phyto-N targeting ulcerative colitis, atopic dermatitis, COVID-19, diabetes, nonalcoholic fatty liver disease (NAFLD), and gout. Preclinical studies for Phyto-N in animal models have shown positive results across all six target indications, with no observed adverse or severe adverse events in treated animals. A pilot-scale batch of Phyto-N was successfully manufactured under Good Manufacturing Practice (GMP) standards in February 2026, intended for IND-enabling nonclinical studies. The company targets submitting an Investigational New Drug (IND) application for ulcerative colitis in the fourth quarter of 2026, with Phase I clinical trials planned to commence in Australia shortly thereafter. Management concluded that internal control over financial reporting was not effective as of December 31, 2025, due to material weaknesses including a lack of internal controls, insufficient US GAAP experienced personnel, and an inadequate bookkeeping system. Curanex received a Nasdaq deficiency notice on November 5, 2025, for its common stock trading below the $1.00 minimum bid price requirement, with a compliance period until May 4, 2026. The company's founders, Jun Liu and Dian Ying Jing, along with their son Chang Liu, beneficially own approximately 67.9% of the outstanding common stock and 100% of the Series A Preferred Stock, which carries 40% of the total voting power.