Oak Ridge, TN — March 3, 2026 — Leads & Copy — Daxor Corporation (Nasdaq: DXR), a global leader in blood volume measurement technology, released a corporate update in a Letter to Shareholders filed in its certified shareholder report on Form N-CSR on March 2, 2026.
CEO & President Michael Feldschuh stated that in medicine, you cannot effectively treat what you cannot accurately measure, encapsulating Daxor Corporation’s mission. Feldschuh said the year 2025 marked a crucial inflection point for the company, characterized by product innovation, market adoption, clinical validation, and increased visibility for its Blood Volume Analysis (BVA™) technology.
Daxor reported its financial performance for the year ended December 31, 2025, with net assets of $45,887,266, an increase of $10,094,965 from $35,792,301 at December 31, 2024. The Net Asset Value increased to $9.07 per share at December 31, 2025, up $1.82 per share from $7.25 per share at December 31, 2024.
For the year ended December 31, 2025, Daxor had net dividend income of $13,598 and net realized gains on investment activity of $745,334. There was a net decrease in unrealized appreciation on investments of $684,006, as positions were sold during 2025 and prior periods’ significant unrealized gains unwound into realized gains. The Net Increase in Net Assets Resulting From Operations of $9,169,774 included non-cash stock-based compensation expense of $765,906.
The operating division experienced a 45 percent increase in unaudited revenues for the year ended December 31, 2025, compared to the year ended December 31, 2024. This growth was driven by sales of single-use blood volume diagnostic kits for heart failure management and critical care use, as well as revenue from military contracts. The addition of new accounts also contributed to this revenue growth.
The operating division realized a loss of $268,598 for the entire year of operations due to investment in research and development for the 2025 product launch, commercial sales teams, and production facilities for next-generation analyzers. This is lower than the $1,614,545 realized loss from the same period of the prior year.
Subsequent to year-end, Daxor closed a $9 million registered direct offering in January 2026, priced at $11.75 per share, which will strengthen working capital and accelerate commercialization efforts.
In August, Daxor received FDA 510(k) clearance for its next-generation rapid, compact, portable Blood Volume Analyzer, developed under contract with the U.S. Department of Defense. The new system provides results three times faster than the BVA-100 system, weighs seven pounds, and can be moved between settings.
The company is assembling next generation units and expanding its sales team. Growth is being propelled by its dual-solution strategy, offering both on-site BVA analyzers and its CLIA-certified ezBVA Lab Service with 24-hour turnaround results. Expansions were secured into an Upper Midwest Integrated Health System, an Ohio Academic Medical Center, and a Southwest Cardiology Group Practice. New adoptions also occurred across Kentucky, Arkansas, Philadelphia, and Florida. The team rang the Nasdaq Closing Bell in August and showcased its technology at medical and investment conferences.
In September, a pilot study published in the Journal of Critical Care revealed misdiagnoses using traditional clinical assessments, noting that 48% of COVID-19 patients were clinically deemed hypervolemic when objective measures showed they were hypovolemic. New research presented at ACC25 revealed that Daxor BVA-identified euvolemic heart failure patients experienced 2.61 times better survival. A Duke University study on Blood Volume Analysis in Heart Failure was published in the American Heart Journal in May.
On February 10, 2026, Daxor Corporation announced its intention to transition its primary regulatory reporting framework from the Investment Company Act of 1940 back to the Securities Exchange Act of 1934, with completion anticipated no later than the end of the second quarter.
During December 2025, Daxor Corporation sold the remaining positions of the investment portfolio and currently does not hold positions in common or preferred stocks.
This transition to the Exchange Act will simplify financial disclosures, provide investors with standardized GAAP metrics, improve transparency, and garner deeper institutional interest and analyst coverage.
Daxor Corporation is tackling healthcare’s inability to precisely measure blood volume, resulting in suboptimal care, prolonged hospital stays, and increased readmissions for high-cost medical conditions. Daxor manufactures and distributes its patented, FDA-cleared Blood Volume Analysis (BVA) diagnostic.
Source: Daxor Corporation
