Investors

VARL is primarily financed by VacidKöksal Investment Group, the private investment vehicle of co-founders Taha Vacid and Haktan Köksal. The company is open to external investment but maintains strict criteria for alignment with its scientific mission, operational independence, and long-term vision.

We do not seek capital for growth at any cost. We seek partners who understand that the value VARL creates is measured in decades, not quarters, and that the integrity of our science is not negotiable under any financial pressure.

FISCAL YEAR 2025
$900M
Total Revenue
R&D INVESTMENT
68%
Of revenue reinvested
PARTNERSHIPS
4
Active collaborations
PIPELINE
23
Active programs
OWNERSHIP

VacidKöksal Investment Group

Majority ownership and primary capital provider since inception. The investment group is structured to ensure that VARL's scientific mission remains insulated from short-term market pressures. All strategic decisions are made jointly by the co-founders with full board visibility.

INVESTMENT CRITERIA

What We Expect

External investors must demonstrate alignment with VARL's long-term thesis. We require minimum 5-year commitment horizons, no interference with scientific operations, and full acceptance of our governance structure. Capital that comes with conditions that compromise our mission is capital we do not need.

SEC Filings & Reports

Financial disclosures, regulatory filings, investor presentations, and shareholder communications.

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Q1 2026
Financial ReportFebruary 12, 2026

Q4 2025 Earnings Report

Full financial results for the fourth quarter and fiscal year 2025, including revenue, operating expenses, and R&D investment breakdown.

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SEC FilingFebruary 1, 2026

Annual Report (10-K) — Fiscal Year 2025

Comprehensive annual disclosure including audited financial statements, risk factors, business overview, and management discussion.

PDF
Investor LetterJanuary 20, 2026

Letter to Shareholders — January 2026

Founders' perspective on VARL's strategic direction, pipeline milestones, and long-term capital allocation priorities.

PDF
PresentationJanuary 8, 2026

J.P. Morgan Healthcare Conference Deck

Investor presentation delivered at the 44th Annual J.P. Morgan Healthcare Conference, covering platform capabilities and market opportunity.

PDF
Q4 2025
Financial ReportNovember 14, 2025

Q3 2025 Earnings Report

Third quarter financial results including partnership revenue, compute infrastructure costs, and updated full-year guidance.

PDF
SEC FilingNovember 1, 2025

Quarterly Report (10-Q) — Q3 2025

Unaudited financial statements and management discussion for the quarter ended September 30, 2025.

PDF
Investor LetterOctober 5, 2025

Letter to Shareholders — October 2025

Update on clinical validation milestones, new partnership agreements, and infrastructure scaling progress.

PDF
Q3 2025
Financial ReportAugust 12, 2025

Q2 2025 Earnings Report

Second quarter results highlighting 340% year-over-year growth in API revenue and expansion into agricultural markets.

PDF
SEC FilingAugust 1, 2025

Quarterly Report (10-Q) — Q2 2025

Unaudited financial statements and management discussion for the quarter ended June 30, 2025.

PDF
PresentationJuly 15, 2025

Goldman Sachs Global Healthcare Conference

Platform overview and competitive positioning presented to institutional investors at the annual Goldman Sachs conference.

PDF
Q2 2025
Financial ReportMay 10, 2025

Q1 2025 Earnings Report

First quarter financial results including initial partnership revenue recognition and digital twin deployment metrics.

PDF
SEC FilingMay 1, 2025

Quarterly Report (10-Q) — Q1 2025

Unaudited financial statements and management discussion for the quarter ended March 31, 2025.

PDF
GovernanceApril 20, 2025

2025 Proxy Statement & Annual Meeting Notice

Board composition, executive compensation, governance proposals, and voting instructions for the 2025 annual shareholder meeting.

PDF
Q1 2025
Investor LetterMarch 1, 2025

Founding Letter to Investors

Taha Vacid and Haktan Köksal outline the thesis behind VARL, the role of VacidKöksal Investment Group, and the principles that will govern capital deployment.

PDF

Investor Relations

For inquiries regarding financial performance, investment opportunities, or shareholder matters, contact our investor relations team directly.

ir@varl.com
Email

ir@varl.com

Annual Meeting

April 2026, Istanbul

Transfer Agent

Computershare Trust Company

Auditor

Deloitte & Touche LLP