iTonic Holdings Ltd (NASDAQ: ITOC)

iTonic Holdings Ltd is a Cayman Islands holding company that conducts its operations through its subsidiary Beijing Feitian in China and through its U. S. subsidiary iTonic Corporation. Beijing Feitian is a healthcare solution provider that develops and commercializes a brachytherapy treatment planning system known as FTTPS and related medical auxiliary supplies. iTonic Corporation is a development stage entity focused on creating an operating system for intergenerational care that integrates AI medical device automation and clinical expertise to support home care. The holding company itself does not carry out material operational activities.

We generate revenue primarily from the sale of FTTPS software and from the sale of medical auxiliary supplies such as printed 3D molds seed implant needles computer workstations and related items. For the fiscal years ended December 31 2023 2024 and 2025 total revenue was 628591 448196 and 523031 dollars respectively. During those periods FTTPS accounted for 96 point nine four percent 82 point four five percent and 69 point three seven percent of revenue while medical auxiliary supplies contributed 3 point zero six percent 17 point five five percent and 30 point six three percent respectively.

Beijing Feitian holds a leading position among domestic providers of brachytherapy treatment planning systems in China. According to the National Medical Products Administration only six brachytherapy TPS products have received approval for marketing in the country and Beijing Feitian’s FTTPS is regarded as technologically advanced with a broad range of clinical indications. The company benefits from high technical and research and development barriers that limit new entrants including the need for extensive regulatory approvals and sophisticated algorithm development. Its competitive advantages include a proprietary software platform that is continuously updated through collaborations with third party developers a strong intellectual property portfolio comprising multiple software copyrights and a Class III medical device registration and adherence to ISO 13485 quality management standards. These factors help Beijing Feitian differentiate itself from competitors in the radiotherapy planning market.

The company serves hospitals third party procurement service providers and individual cancer patients. Hospital customers include many Class III Grade A public hospitals such as Peking University Third Hospital Beijing PLA 301 Hospital Peking Union Medical College Hospital Beijing Friendship Hospital and Guangdong Province Second Hospital of Traditional Chinese Medicine. Third party procurement service providers that have supplied Beijing Feitian include Shenzhen Risun Supply Chain Management Co Ltd Guoyao Lianzhong Zhiyuan Beijing Medical Equipment Co Ltd Wuxi Huishan New Community Development Co Ltd Inner Mongolia Autonomous Region People's Hospital and Chongqing Zhanpeng Medical Equipment Co Ltd. Individual patients purchase printed 3D molds directly based on oncologist recommendations.