Biosig Technologies NASDAQ: STEX provided a second-quarter update on its Streamex tokenization platform, reporting its first gold lease income while outlining plans to expand distribution for its yield-bearing gold token, GLDY, and launch a permissionless token, GLDC.
Chief Executive Officer and co-founder Henry McPhie said the company’s focus shifted during the quarter from proving the product to establishing the infrastructure needed for broader adoption. “In the first quarter, we proved the product. In the second quarter, we built the distribution around it,” McPhie said.
GLDY assets outstanding were broadly unchanged during the quarter. The company ended June with 3,111 ounces of GLDY assets under management, compared with 3,096 ounces at the end of March. External ownership represented 9% of GLDY, while the company retained the remainder after initially seeding the reserve with its own capital.
Second-Quarter Financial Results
The company recognized $146,000 in gold lease income during the second quarter, its first reported income under the tokenized gold platform. Approximately $12,000 of that amount related to first-quarter income recognized during the second quarter as an immaterial correction, leaving about $134,000 earned during the period, according to the company.
Loss from operations declined to $15.2 million in the second quarter from $35.7 million in the first quarter. Operating expenses fell by $20.4 million, or 57.1%, primarily due to lower stock-based compensation as well as lower consulting and platform development costs.
Net loss narrowed to $14.6 million, or $0.08 per share, from $46.7 million in the first quarter. For the first six months of 2026, net loss totaled $61.2 million and cash declined by $14.7 million.
The company said the six-month loss included $32.5 million of non-cash stock-based compensation, about $12 million of non-cash interest expense, and a $3.1 million loss on extinguishment related to convertible debentures settled in February. It said the interest and extinguishment items would not recur.
Liquidity, Capital Structure and Controls
At June 30, the company reported total liquidity of $41.8 million, consisting of $18.5 million in cash and marketable securities, $6 million in digital assets, $15.5 million in physical gold carried at cost, and a $1.8 million Metalayer Digital Fund I investment. Working capital was $32.8 million, and the company reported no debt.
Management said approximately $19.5 million was immediately available. The difference between that amount and total liquidity includes $5 million in digital assets loaned to Wintermute, which is contractually returnable 365 days after the first day of GLDY trading on May 27, 2026; a Metalayer investment subject to a lock-up with an earliest redemption date of Sept. 30, 2026; and physical gold inventory backing GLDY reserves.
The company estimated second-quarter operating cash burn at roughly $1.6 million per month. Excluding about $500,000 per month of costs it does not expect to recur, management expects a run rate of approximately $1.1 million per month entering the third quarter. It said immediately available funds would cover about 18 months at that pace, while total liquidity would cover roughly three years, assuming no revenue.
On July 1, the board authorized a share repurchase program for up to 10 million shares at a price of no more than $2 per share. No shares had been repurchased as of the call. The company had 112 million common shares outstanding, 69 million exchangeable shares, and 182 million fully diluted shares including exchangeables as of June 30.
The company also said material weaknesses disclosed in its 2025 annual report had not been remediated as of June 30, and its disclosure controls and procedures were therefore not effective. Management said no misstatement had been identified and remediation was underway. Effective July 8, the audit committee appointed EisnerAmper to succeed CBIZ, citing a desire to consolidate fund audit, attestation and corporate audit work.
Distribution Partnerships and GLDY Adoption
McPhie highlighted several partnerships intended to provide brokerage access, custody, independent attestation and liquidity for GLDY. These included the May 27 launch of Orca, a decentralized trading venue for tokenized securities; a June 29 arrangement with Siebert Financial and tZERO to make GLDY available through an SEC-registered alternative trading system; and a July 21 qualified-custody arrangement with Inspira Financial for registered investment advisers and wealth managers.
On July 23, the company announced an arrangement with Wintermute intended to provide 24-hour liquidity, with roughly $12 million of seed liquidity across institutional venues and settlement moving from T+2 to T+0. EisnerAmper completed an independent reserve attestation on July 1, with monthly attestations and an annual audit planned.
McPhie said Equity Trust integration for U.S. tax-advantaged accounts remained in progress. He also said the company expects its first institutional GLDY allocation in the third quarter, though the company did not provide a specific size or date.
GLDY has paid four scheduled yield distributions since launch, totaling more than 27 ounces, according to McPhie. The product’s net asset value has tracked the price of gold as designed, he said.
GLDC Launch and Product Focus
The company expects to launch GLDC in the second half of 2026 after completing initial liquidity bootstrapping. McPhie described GLDC as a permissionless token issued by the independent Aureus Foundation and backed one-for-one by GLDY or other gold assets backed by physical gold. Streamex would serve as the foundation’s service provider rather than the issuer.
Management said GLDC would have no minimum purchase requirement and no creation, redemption or transfer fees. Because GLDC reserves would be held in GLDY, the company said those reserves would accrue the GLDY gold-leasing yield, which management characterized as 3.5%.
McPhie said reserve income would accrue to the foundation, which would pay Streamex servicing fees and fund ecosystem incentives. He described projected reserve-income figures at various GLDC asset levels as illustrative rather than guidance and said they were gross of costs and before holder incentives or ecosystem spending.
The company postponed its previously discussed silver launch from the third quarter to 2027, saying it chose to prioritize gold, GLDC and related on-chain functionality. Management said the existing legal, custody, attestation and trading infrastructure should make a future silver launch a shorter implementation process.
About Biosig Technologies (NASDAQ:STEX)
Biosig Technologies NASDAQ: STEX is a medical technology company focused on developing advanced signal acquisition and processing solutions for cardiac electrophysiology. The company’s work centers on improving the clarity and interpretability of intracardiac signals captured during electrophysiology procedures, with the goal of helping clinicians identify arrhythmogenic substrates and make more informed procedural decisions.
Its primary offering is a signal-processing platform that combines proprietary hardware and software to amplify, filter and display intracardiac electrical activity with reduced noise and distortion.
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