Ainos has entered into a global exclusive license agreement with BioPhoenix Co., Ltd. for its VELDONA drug platform, creating a collaboration framework with potential aggregate consideration of up to $10 million. The agreement covers Sjögren’s disease and thrombocytopenia and shifts assigned clinical and regulatory development costs to BioPhoenix while allowing Ainos to retain ownership of its existing platform and a share of future sublicensing revenue.
Ainos disclosed the agreement in a Sept. 28 Form 8-K, following the companies’ announcement on Sept. 24. Under the agreement, BioPhoenix receives exclusive worldwide rights to research, develop, manufacture, commercialize and sublicense VELDONA for the two initial indications. Ainos expects an initial $600,000 license payment after completing the required contractual delivery, with payment due within 15 business days after the specified conditions are satisfied.
The broader $10 million framework is not guaranteed revenue or a valuation of the VELDONA platform. It consists of the $600,000 initial license fee, potential consideration associated with licenses for up to 15 additional indications and a separate one-time payment that becomes due after BioPhoenix grants its first third-party sublicense. The additional indication licenses would require separate definitive agreements, and neither party is obligated to complete all 15.
Ainos will also receive 25% of applicable net sublicensing revenue under the agreement. That participation can include qualifying upfront payments, option fees, development or regulatory milestones, royalties and other consideration covered by the contract, subject to the agreement’s defined deductions and payment provisions. The company said those potential revenue-sharing payments, along with product supply opportunities and partner-funded development spending, are separate from the $10 million framework.
BioPhoenix will assume primary funding and execution responsibilities for the clinical and regulatory activities assigned to it for the two initial indications. Ainos said the arrangement reduces the amount of capital, specialist staffing and management resources it needs to devote independently to subsequent pharmaceutical development, allowing it to prioritize its Chemical Intelligence business.
VELDONA is a low-dose oral interferon alpha platform administered as a lozenge through the oral mucosa. Ainos said the platform has an established development history, including historical Phase II and Phase III programs for Sjögren’s disease involving approximately 497 patients across two Phase III studies. For thrombocytopenia, the company cited historical research including a randomized, double-blind, placebo-controlled study involving 169 participants.
The company cautioned that its historical clinical record does not mean a new registration trial is underway or that regulatory approval is assured. Further clinical, manufacturing and regulatory work will be required under current standards before any potential commercialization.
The licensing agreement comes as Ainos works to shift its business focus toward its AI Nose and Chemical Intelligence platform. In its second-quarter filing, Ainos reported only $152 of revenue in the quarter ended June 30, down from $4,663 a year earlier, while first-half revenue fell to $313 from $110,870. The company attributed the decline partly to lower sales of VELDONA pet supplements and a strategic shift toward industrial AI Nose deployments.
Ainos reported a $4.6 million net loss in the second quarter and a $7.1 million net loss for the first half of 2026. Cash and cash equivalents stood at $1.42 million on June 30, compared with $417,353 at the end of 2025, while the company used $2.43 million in operating activities during the first six months.
The VELDONA agreement therefore provides Ainos with an immediate contractual payment and potential future economics while transferring specified development responsibilities to its partner. However, the company emphasized that future consideration depends on completed additional licenses, qualifying sublicensing transactions and supply arrangements, so the full potential value of the framework should not be treated as committed revenue.
