NEWPORT BEACH, Calif. - NorthStrive Defense Tech LLC, a subsidiary of PMGC Holdings Inc. (NASDAQ:ELAB), entered into a binding term sheet for an exclusive, worldwide license to U.S. Patent No. 12,291,334, according to a press release statement issued today.The announcement comes as parent company ELAB trades near its 52-week low of $1.50, with a current market capitalization of just $7 million. The stock has declined nearly 99% over the past six months, reflecting investor concerns about the company’s financial trajectory.
The patent covers a multi-domain drone system that transports payloads across air and water. The technology uses an aerial vehicle to tow a cable-suspended payload through water while flying above the surface, employing buoyancy-assisted transport.
The term sheet follows an exclusive option agreement announced on April 6, 2026. The license covers the aerospace and defense technologies field and includes sublicensing rights for the life of the patent.
NorthStrive Defense Tech also entered into a 12-month sponsored research agreement running from June 2026 to June 2027. The research program will focus on validating trajectory control and hydrodynamic stability for a cable-suspended payload at or below the water surface.
Research milestones include project initiation, completion of conceptual and mechanical design of a Phase 1 prototype, completion of prototype hardware fabrication, and completion of empirical testing with delivery of a final written research report. Expected deliverables include periodic progress reports, a working small payload prototype, documented range and endurance test results, and a final research report.
New inventions arising from the sponsored research will be owned by the licensor. NorthStrive Defense Tech will receive a royalty-free, non-exclusive license for internal, non-commercial use of such inventions and a first option to negotiate a royalty-bearing commercial license.
The company stated the research is intended to inform potential future engagement with U.S. defense agencies, including the Department of Defense and the Navy. The company noted it cannot provide assurances on the commercial success of the technology.According to InvestingPro analysis, ELAB is quickly burning through cash and remains unprofitable over the last twelve months. These represent just 2 of 18 key InvestingPro Tips available to subscribers, offering deeper insights into the company’s financial health and investment outlook.
NorthStrive Defense Tech LLC is a wholly-owned subsidiary of PMGC Holdings Inc. focused on defense technologies.
In other recent news, PMGC Holdings Inc. reported its first-quarter results for 2026, showing significant growth in its financial position. The company disclosed total assets of approximately $26.0 million as of March 31, 2026, marking a 102% increase from the end of 2025. Shareholders’ equity rose to about $12.6 million, representing a 61% increase over the previous year-end figures. Additionally, PMGC’s cash and cash equivalents grew to approximately $14.4 million from $5.4 million at the end of 2025.
In a strategic move, PMGC Holdings completed the acquisition of A&B Aerospace, Inc., a California-based precision machining and aerospace manufacturing company. This acquisition is the company’s fifth in the past year, aligning with its strategy to expand in the U.S. precision manufacturing sector. Furthermore, PMGC entered a non-binding letter of intent to acquire a 76% controlling interest in an Arizona-based precision machining company. The Arizona firm reported approximately $5.46 million in revenue and $1.05 million in EBITDA for fiscal year 2025. These developments reflect PMGC’s ongoing efforts to enhance its market position through strategic acquisitions.
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