Ernexa Therapeutics is a preclinical-stage biotech developing synthetic, off-the-shelf cell therapies based on iMSCs (induced pluripotent stem cell-derived mesenchymal stem cells) — a type of cell engineered to deliver targeted immune signals. Ernexa has no approved products, no product revenue, and has not yet begun human clinical trials. Ernexa's lead program, ERNA-101, uses iMSCs engineered to secrete pro-inflammatory cytokines into the tumor microenvironment, exploiting the natural tendency of MSCs to home to tumors. The goal is to boost T-cell anti-tumor activity locally while limiting systemic toxicity, with an initial focus on platinum-resistant ovarian cancer. Preclinical work conducted with MD Anderson Cancer Center showed tumor growth reduction and a survival benefit versus controls; Ernexa plans to file an IND in 2026 and begin a Phase I trial in the second half of 2026. A second, earlier-stage program, ERNA-201, takes the opposite approach, using iMSCs engineered to suppress inflammation in autoimmune conditions like rheumatoid arthritis. Both programs rely on technology exclusively licensed from Factor Bioscience. Ernexa has no manufacturing infrastructure and relies entirely on contract manufacturers. The company funds itself through equity issuances and is pursuing grants and potential out-licensing deals. Ernexa employs five full-time employees and faces meaningful risks including no human efficacy data, capital constraints, dependence on its Factor Bioscience license, and Nasdaq compliance risk tied to its stock trading below $1.00.