The entity that traded as APDN in August 2025 is no longer the same business. Applied DNA Sciences changed its name to BNB Plus Corp. on November 13, 2025, swapped its Nasdaq ticker from APDN to BNBX on October 7, 2025, and pivoted from a small synthetic-DNA business into a BNB digital-asset-treasury company that holds its reserves in the native token of the Binance blockchain. The freshest 10-Q covers the three months ended March 31, 2026 - the first full quarter of the new strategy - and it tells a story with two readings. The first reading is grim: revenue of about $1.0 million, a GAAP net loss of $6.7 million, accumulated deficit of $404.5 million, and a $9.9 million fair-value haircut on the BNB and OBNB trust holdings taken through the P&L. The second reading is that management converted roughly $24.9 million of October 2025 PIPE proceeds into a real, custodied digital-asset treasury of about 2,186 BNB tokens and 435,638 OBNB Trust Units - and that balance sheet, plus $0.95 million in cash, is what investors are actually buying. The line that has to anchor the quarter is the digital-asset mark: $3.8 million in fair-value loss on BNB plus $6.0 million on the OBNB trust, all of it booked as operating loss, all of it a function of the BNB token price moving from the $1,310 peak in early October 2025 to about $612 on the report date. A treasury that does not exist on the income statement, except as a mark-to-market loss that crushes GAAP earnings, is the central tension of the report.
Around that tension, the rest of the corporate calendar was loud. On March 20, 2026, Nasdaq sent a notification that BNBX no longer satisfied the $1.00 minimum bid price. On July 10, 2026, the Nasdaq Hearings Panel issued a delisting determination, and the stock began trading on the OTCQB Venture Market at the open on July 14, 2026. The board and management also resolved a related-party dispute on July 23, 2026 by terminating the strategic advisory and digital-asset services agreements with the Cypress affiliates of Chairman Joshua Kruger and CIO Patrick Horsman, who both resigned, in exchange for a $1.0 million cash settlement, 200,000 shares of Series B-1 Convertible Preferred Stock in twelve monthly installments, and a multi-year standstill. The company still expects to fund operations for the next twelve months from cash plus the DAT, but a $0.95 million cash balance and an 8%-rate convertible preferred with 8% cumulative dividends are not a comfortable cushion. The thesis the market is asked to price: a freshly re-incorporated BNB-treasury shell, carrying $9.9 million of mark-to-market loss already in H1 FY2026, listed on OTCQB rather than Nasdaq, with 18.1 million warrants outstanding, 1.99 million advisory warrants, 6.2 million shares outstanding, and a management team in the middle of unwinding its prior related-party contracts. The reference price is $0.15.