Vitro Biopharma Inc：2025年季度报告

FORM10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedJuly 31,2025 or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No.001-41766 VITRO BIOPHARMA, INC.(Exact name of Registrant as specified in its charter) (State or other jurisdictionof incorporation or organization) (855)848-7627(Registrant’s telephone number, including area code) 3200 Cherry Creek Drive South, Suite 410Denver, Colorado(Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: None Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Actof 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has beensubject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required tosubmit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and“emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ As of September 12, 2025, there were outstanding4,460,535shares of the registrant’s Common Stock, $0.001par value. VITRO BIOPHARMA INC.FORM 10-QFOR THE QUARTERLY PERIOD ENDED JULY 31, 2025 TABLE OF CONTENTS PagePart I. FINANCIAL INFORMATIONItem 1. Financial Statements3Consolidated Balance Sheets as of July 31, 2025 and October 31, 2024 (unaudited)3Consolidated Statements of Operations for the Three Months Ended July 31, 2025 and 2024 (unaudited)4Consolidated Statements of Operations for the Nine Months Ended July 31, 2025 and 2024 (unaudited)5Consolidated Statements of Changes in Stockholders’ Deficit for the Nine Months Ended July 31, 2025 and 2024 (unaudited)6Consolidated Statements of Cash Flows for the Nine Months Ended July 31, 2025 and 2024 (unaudited)7Notes to Unaudited Consolidated Financial Statements8Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations31Item 3. Quantitative and Qualitative Disclosures about Market Risk42Item 4. Controls and Procedures42Part II. OTHER INFORMATIONItem 1. Legal Proceedings42Item 1A. Risk Factors43Item 2. Unregistered Sales of Equity Securities and Use of Proceeds43Item 3. Defaults Upon Senior Securities43Item 4. Mine Safety Disclosures43Item 5. Other Information43Item 6. Exhibits43Signatures442 Vitro BioPharma, Inc.Consolidated Balance Sheets(Unaudited) July 31, 2025October 31, 2024 Cash$175,081$571,360Accounts Receivable, Net209,555206,292Accounts Receivable – Related Party15,750-Inventory174,072115,365Prepaid Expense70,95582,736 Vitro BioPharma, Inc.Consolidated Statements of Operations(Unaudited) Vitro BioPharma, Inc.Consolidated Statements of Operations(Unaudited) Vitro BioPharma, Inc.Consolidated Statements of Changes in Stockholders’ DeficitFor the Nine Months Ended July 31, 2025 and 2024(Unaudited) Vitro BioPharma, Inc.Consolidated Statements of Cash Flows(Unaudited) Discount on Derivative/Warrant Liability on 2024 Series Senior Secured NotesPayable$-$3,159,788 The unaudited consolidated financial statements should be read in connection with the notes to the unaudited consolidated financial statements. VITRO BIOPHARMA, INC.NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTSJULY 31, 2025 AND 2024 NOTE 1 –NATURE OF ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Organization and Description of Business Vitro Biopharma, Inc. (the “Company”) was incorporated under the laws of the State of Nevada on March 31, 1986, under the name ImperialManagement, Inc. On December 17, 1986, the Company merged with Labtek, Inc., a Colorado corporation, with the Company being thesurviving entity and the name of the Company was changed to Labtek, Inc. The name was then changed to Vitro Diagnostics, Inc. on February6, 1987. From November of 1990 through July 31, 2000, the Company was engaged in the development, manufacturing, and distribution ofpurified human antigens (“Diagnos