Home / Going-concern warnings / Aeluma, Inc.
Filed 2025-09-09 路 Form 10-K 路 Accession 0001213900-25-086227 micro
Price before filing: $17.7 (2025-09-08 close, split/dividend-adjusted)
Market cap at flag: $293.8M (2025-09-09) 路 Latest: $140.4M (2026-10-16)
| Window | ALMU | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | -6.8% | +3.7% | -10.5% | 2025-10-09 |
| 90 days | -9.2% | +5.7% | -14.8% | 2025-12-08 |
| 180 days | -13.0% | +5.1% | -18.1% | 2026-03-09 |
Return from the last close before the filing date to the first close on/after the window end. Pending windows have not fully elapsed. Past performance says nothing certain about the future.
90 days before the flag: 1 insider sold $2.8M (1 sale)
30 days after: 1 insider sold $4.7M (13 sales)
| Date | Insider | Type | Shares | Price | Value | 10b5-1 plan | Source |
|---|---|---|---|---|---|---|---|
| 2025-08-14 | Klamkin Jonathan Chief Executive Officer, Director, 10% owner | Sale | 150,000 | $18.85 | $2.8M | no | Form 4/A |
| 2025-09-09: red flag filed | |||||||
| 2025-09-30 | Tompkins Mark N. 10% owner | Sale | 33,800 | $16.18 | $547K | no | Form 4/A |
| 2025-10-02 | Tompkins Mark N. 10% owner | Sale | 34,880 | $17.10 | $596K | no | Form 4 |
| 2025-10-02 | Tompkins Mark N. 10% owner | Sale | 120 | $17.58 | $2K | no | Form 4 |
| 2025-10-03 | Tompkins Mark N. 10% owner | Sale | 18,189 | $17.30 | $315K | no | Form 4 |
| 2025-10-03 | Tompkins Mark N. 10% owner | Sale | 12,958 | $17.94 | $232K | no | Form 4 |
| 2025-10-06 | Tompkins Mark N. 10% owner | Sale | 63,604 | $18.70 | $1.2M | no | Form 4 |
| 2025-10-07 | Tompkins Mark N. 10% owner | Sale | 26,693 | $17.46 | $466K | no | Form 4 |
| 2025-10-07 | Tompkins Mark N. 10% owner | Sale | 7,907 | $18.66 | $148K | no | Form 4 |
| 2025-10-07 | Tompkins Mark N. 10% owner | Sale | 400 | $19.16 | $8K | no | Form 4 |
| 2025-10-08 | Tompkins Mark N. 10% owner | Sale | 34,300 | $17.46 | $599K | no | Form 4 |
| 2025-10-08 | Tompkins Mark N. 10% owner | Sale | 700 | $18.14 | $13K | no | Form 4 |
| 2025-10-09 | Tompkins Mark N. 10% owner | Sale | 35,908 | $16.54 | $594K | no | Form 4 |
| 2025-10-09 | Tompkins Mark N. 10% owner | Sale | 1,000 | $17.25 | $17K | no | Form 4 |
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-06-11 to 2025-10-09. Excludes option exercises, grants, gifts and tax withholding. Amended filings replace the originals; joint filings count once. Foreign private issuers do not file Form 4. Many insider sales are pre-scheduled (10b5-1 plans) and are not by themselves a sign of wrongdoing.
"As previously disclosed, we had expressed substantial doubt about our ability to continue as a going concern due to recurring losses and negative operating cash flows."
Quoted from the filing. Source
The filing states that substantial doubt exists about the company's ability to continue as a going concern: it may not have enough cash to last the next 12 months. Expect dilution, debt deals or worse. An auditor's going-concern paragraph is the strongest form of this warning.
Source: management disclosure in Form 10-K (period 2025-06-30)
Read the original filing on SEC.gov →
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