Home / Going-concern warnings / Aeluma, Inc.
Filed 2025-11-12 路 Form 10-Q 路 Accession 0001213900-25-109328 micro
Price before filing: $14.4 (2025-11-11 close, split/dividend-adjusted)
Market cap at flag: $251.2M (2025-11-12) 路 Latest: $140.4M (2026-10-16)
| Window | ALMU | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | +26.0% | -0.2% | +26.2% | 2025-12-12 |
| 90 days | +15.5% | +1.6% | +13.9% | 2026-02-10 |
| 180 days | +95.7% | +8.9% | +86.8% | 2026-05-11 |
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: 2 insiders sold $12.1M (28 sales)
30 days after: 1 insider sold $2.5M (9 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 |
| 2025-09-30 | 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 |
| 2025-10-10 | Tompkins Mark N. 10% owner | Sale | 30,587 | $16.60 | $508K | no | Form 4 |
| 2025-10-10 | Tompkins Mark N. 10% owner | Sale | 4,413 | $17.16 | $76K | no | Form 4 |
| 2025-10-13 | Tompkins Mark N. 10% owner | Sale | 35,031 | $16.97 | $594K | no | Form 4 |
| 2025-10-13 | Tompkins Mark N. 10% owner | Sale | 300 | $17.57 | $5K | no | Form 4 |
| 2025-10-14 | Tompkins Mark N. 10% owner | Sale | 36,855 | $19.86 | $732K | no | Form 4 |
| 2025-10-15 | Tompkins Mark N. 10% owner | Sale | 24,147 | $20.11 | $486K | no | Form 4 |
| 2025-10-15 | Tompkins Mark N. 10% owner | Sale | 15,853 | $21.31 | $338K | no | Form 4 |
| 2025-10-16 | Tompkins Mark N. 10% owner | Sale | 17,540 | $18.97 | $333K | no | Form 4 |
| 2025-10-16 | Tompkins Mark N. 10% owner | Sale | 6,650 | $19.96 | $133K | no | Form 4 |
| 2025-10-16 | Tompkins Mark N. 10% owner | Sale | 810 | $20.72 | $17K | no | Form 4 |
| 2025-10-17 | Tompkins Mark N. 10% owner | Sale | 33,344 | $16.75 | $559K | no | Form 4 |
| 2025-11-12: red flag filed | |||||||
Showing 25 of 37 transactions.
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-08-14 to 2025-12-12. 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-Q (period 2025-09-30)
Why this score: quarterly (unaudited) disclosure
Read the original filing on SEC.gov →
Not investment advice. Automated summary; verify against the filing.
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