Borealis Foods (BRLS)

Cash burn rate (est.)	Burn method: Change in cash		Burn method: Operating income		Burn method: FCF (opex + capex)
	Last Q	Avg 4Q	Last Q	Avg 4Q	Last Q	Avg 4Q
Cash on hand (at last report)	206.58 k	206.58 k	206.58 k	206.58 k	206.58 k	206.58 k
Cash burn (monthly)	(no burn)	243.51 k	1.53 mm	1.42 mm	732.31 k	637.97 k
Cash used (since last report)	n/a	1.07 mm	6.72 mm	6.23 mm	3.22 mm	2.81 mm
Cash remaining	n/a	-864.11 k	-6.51 mm	-6.03 mm	-3.01 mm	-2.60 mm
Runway (months of cash)	n/a	-3.5	-4.3	-4.3	-4.1	-4.1

Beta Read what these cash burn values mean

Financial data from company earnings reports.

Institutional ownership, Q3 2023

BRLS institutional ownership history Ownership history

65.4% owned by funds/institutions

13F holders	Current	Prev Q	Change
Total holders	46	37	+24.3%
Opened positions	12	29	-58.6%
Closed positions	3	10	-70.0%
Increased positions	8	3	+166.7%
Reduced positions	4	2	+100.0%

13F shares	Current	Prev Q	Change
Total value	18.78 bn	364.04 mm	+5059.9%
Total shares	13.98 mm	12.27 mm	+13.9%
Total puts	0.00	424.02 k	EXIT
Total calls	383.85 k	360.83 k	+6.4%
Total put/call ratio	–	1.2	–

Largest owners	Shares	Value	Change
Oxus Capital PTE.	4.16 mm	$41.13 mm	0.0%
D. E. Shaw & Co	1.70 mm	$0.00	0.0%
Adage Capital Partners GP, L.L.C.	1.12 mm	$195.31 mm	-14.1%
Polar Asset Management Partners	955.09 k	$1.25 bn	+11.7%
Shaolin Capital Management	649.02 k	$2.02 mm	NEW
EHP Funds	561.22 k	$84.16 mm	0.0%
Periscope Capital	449.90 k	$68.49 mm	0.0%
Cowen And	411.89 k	$72.04 mm	+55.3%
Fir Tree Capital Management	371.20 k	$4.08 bn	NEW
Meteora Capital	369.00 k	$3.90 bn	+2360.0%

Largest transactions	Shares	Bought/sold	Change
Shaolin Capital Management	649.02 k	+649.02 k	NEW
Kepos Capital	0.00	-376.20 k	EXIT
Fir Tree Capital Management	371.20 k	+371.20 k	NEW
Meteora Capital	369.00 k	+354.00 k	+2360.0%
Castle Creek Arbitrage	0.00	-250.00 k	EXIT
Boothbay Fund Management	235.33 k	+235.33 k	NEW
Adage Capital Partners GP, L.L.C.	1.12 mm	-183.33 k	-14.1%
Glazer Capital	180.52 k	+180.52 k	NEW
Cowen And	411.89 k	+146.70 k	+55.3%
Wolverine Asset Management	129.47 k	+128.47 k	+12846.8%

Data from 13F filings, for the last complete 13F reporting period. For most recent data, click the ownership history button. Values as filed, not updated for current price. Long positions only.

Recent insider trades

BRLS insider ownership history Insider history

Date	Owner	Security	Transaction	Code	Indirect	10b5-1	#Shares	#Remaining
27 May 25	Steven M Oyer	Class A Common Shares	Grant	Acquire A	No	No	20,000	22,000
27 May 25	Helg Barthelemy	Class A Common Shares	Grant	Acquire A	No	No	20,000	3,225,556
27 May 25	Kanat Mynzhanov	Class A Common Shares	Grant	Acquire A	No	No	10,000	60,000
27 May 25	Ertharin Cousin	Class A Common Shares	Grant	Acquire A	No	No	20,000	20,000
27 May 25	Shiv Vikram Khemka	Class A Common Shares	Grant	Acquire A	No	No	20,000	70,000

Data from 3, 4 and 5 filings. Values as filed, not updated for current price.

Press releases

From Benzinga Pro

Borealis Foods Receives National Recognition and Reports Strong Q2 Results

8 Sep 25

NEW YORK, Sept. 8, 2025 /PRNewswire/ - Borealis Foods Inc. (NASDAQ:BRLS), a leading food science innovator, proudly announces that its Chef Woo® high-protein ramen has earned top honors from two of the food