CHGANasdaqServices-Computer Programming ServicesUS GAAP · USD

Change Agents Corporation.

Change Agents Corporation is a U.S.-based technology and life-sciences company developing AI software, cellular-therapy intellectual property, and diagnostic products. Its portfolio includes an AI-driven automated video production platform, the KetoAir breathalyzer, QTY-code protein design applications, CAR-T technology, and generative-AI publishing and software initiatives, with operations and corporate entities in the United States and China.

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Revenue0.0m USD
−100.0 %y/y
Operating profit (EBIT)-7.6m USD
−56.8 %y/y
Net income-18.3m USD
−131.1 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-20-15-10-505m USD2020: 1.4 m USD2020: EBIT -12 m USD20202021: 1.4 m USD2021: EBIT -8.8 m USD20212022: 1.2 m USD2022: EBIT -8.8 m USD20222023: 1.3 m USD2023: EBIT -16 m USD20232024: 1.3 m USD2024: EBIT -4.8 m USD20242025: 0.00 m USD2025: EBIT -7.6 m USD20250.00-7.6
RevenueOperating profit (EBIT)
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Business

Share of revenue
AI Software30 %

Agentic AI systems and an automated video production platform target consumers and small businesses.

Diagnostic Devices30 %

KetoAir is a breathalyzer product designed to measure ketosis for diabetes and obesity-related use cases.

Cellular Therapy IP20 %

The company advances QTY-code protein design and CAR-T technology patent applications.

Generative AI IP15 %

Generative-AI publishing and software projects expand the company’s technology portfolio.

Other Commercial Activities5 %

Historical activities included commercial real estate operations at the New Jersey headquarters.

Customers

The company targets consumers and small businesses through its planned AI software offering, while KetoAir is marketed to individuals managing ketosis, diabetes, or obesity-related goals. Distribution also may reach healthcare-oriented users and wellness customers through the KetoAir website, social media, and territorial distributors. Its cellular-therapy and protein-design assets are oriented toward biotechnology, pharmaceutical, and research collaborators rather than direct mass-market buyers.

Consumers

Buy AI video-production tools and KetoAir for personal content creation or ketosis monitoring.

Small Businesses

Use automated video production and agentic AI systems to create commercial content efficiently.

Diabetes and Obesity Markets

Use KetoAir to support measurement and management of ketosis-related health objectives.

Biotechnology and Pharmaceutical Organizations

May license, partner on, or develop applications from the company’s protein-design and CAR-T IP.

Research Institutions

Collaborate on biomedical research, as demonstrated by the sponsored MIT co-development program.

Strategy

The company’s strategy is to build an AI-centered software business while commercializing KetoAir and advancing biomedical intellectual property. Near-term priorities include developing the automated video platform, expanding KetoAir sales across its distribution territories, and pursuing additional diagnostic applications. The company also aims to preserve option value from MIT-linked protein-design research, CAR-T technology, and generative-AI assets through future commercialization or partnerships.

Launch and scale automated video production SaaSShort term

A recurring software model could provide a scalable commercial platform for consumers and small businesses.

Commercialize KetoAirShort term

Digital sales and broad distribution rights provide an initial route to product revenue in health and wellness markets.

Expand diagnostic applicationsMedium term

Additional uses could increase the addressable market for the breathalyzer technology.

Advance biomedical intellectual propertyMedium term

Patent development and research partnerships could create licensing or commercialization opportunities.

Geography

Change Agents Corporation is headquartered in the United States and has U.S. operating entities alongside Avalon Shanghai, whose functional currency is the Chinese renminbi. KetoAir distribution rights cover North America, South America, the European Union, and the United Kingdom, creating a broad intended commercialization footprint. The company sells KetoAir through its website and social media, while its AI and intellectual-property activities can be delivered or commercialized across markets.

Risks

The company remains exposed to commercialization, financing, and execution risk because its AI and diagnostic offerings are developing businesses and its biomedical assets require further advancement or partnering. Report disclosures identify substantial going-concern uncertainty, recurring losses, negative operating cash flow, and dependence on additional capital and revenue generation. Regulatory, intellectual-property, foreign-exchange, and Nasdaq-listing risks could further constrain commercialization and access to financing.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Going-concern and financing risk1Nasdaq listing risk2
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Going-concern and financing riskImpact: CriticalLikelihood: High

    The company reports recurring losses, negative operating cash flow, and dependence on additional financing and revenue generation.

    ExposureFunding operationsObligationsProduct development
  2. Nasdaq listing riskImpact: HighLikelihood: High

    Loss of exchange listing could reduce trading liquidity, investor access, and financing capacity.

    Exposure: Capital markets access

  3. Commercialization riskImpact: High

    AI software and KetoAir must gain customer adoption, establish distribution, and compete with alternative products.

    Exposure: AI SaaS and KetoAir revenue plans

  4. Regulatory and medical-device riskImpact: High

    KetoAir’s healthcare positioning and future diagnostic applications may require regulatory compliance and evidence.

    Exposure: KetoAir commercialization and expansion

  5. Intellectual-property development riskImpact: High

    The value of MIT-linked protein-design and CAR-T programs depends on patents, validation, and future licensing or partnerships.

    Exposure: Biomedical technology portfolio

  6. Foreign-exchange riskImpact: Medium

    Avalon Shanghai uses RMB as its functional currency, requiring translation into the company’s U.S. dollar reporting currency.

    Exposure: Chinese subsidiary results and comprehensive income

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Accounting

Judgemental items
Intangible assets and impairment

Developed technology and trade-name intangibles require useful-life estimates, amortization, and impairment testing.

Impact: Can materially affect operating expenses, asset balances, and future earnings.

Derivative and warrant fair value

Derivative liabilities, warrants, and embedded conversion features are valued using market and valuation assumptions.

Impact: Fair-value changes can create significant non-operating gains or losses.

Foreign-currency translation

Avalon Shanghai reports in RMB while consolidated statements use U.S. dollars.

Impact: Exchange-rate movements affect accumulated comprehensive income and reported comprehensive loss.

Going-concern assessment

The company has disclosed dependence on financing and future revenue to meet obligations.

Impact: Failure to continue as a going concern could affect asset recoverability and liability classification.

Revenue recognition

Software, device sales, and historical rental activities have different revenue recognition characteristics; rental contracts were outside ASC 606.

Impact: Timing and classification of revenue depend on contract and activity type.

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Last updated: 24/09/2026