Beijing, China, Dec. 05, 2025 — Pheton Holdings Ltd (NASDAQ: PTHL), a specialist in healthcare solutions, particularly treatment planning systems for brachytherapy, announced the completion of its acquisition of 51% of iTonic Corporation, a U.S.-based company focused on integrated home health AI. iTonic integrates AI, medical device automation, and clinical expertise to improve at-home care. The acquisition is in line with Pheton’s strategy to strengthen its healthcare technology portfolio and improve patient outcomes through advanced solutions.
The acquisition, initially announced on August 29, 2025, via a Form 6-K report, was formalized through a Stock Purchase Agreement (SPA) with iTonic and its shareholders. The agreement stipulated that Pheton would issue 4,000,000 newly issued Class A ordinary shares to the selling shareholders, contingent on performance milestones. Additionally, warrants were issued, allowing the shareholders to purchase up to 3,000,000 Class A ordinary shares of Pheton at $3.10 per share. These warrants become exercisable in tranches upon achieving specific quarterly or annual performance targets outlined in the SPA. The acquisition closed on November 25, 2025, with the selling shareholders transferring their equity interests to Pheton, which was then recorded as the holder of these interests. The warrants were issued to the selling shareholders at the same time.
Founded by Fahim Hashim, Xinyang Wang, and Chris Bora, iTonic aims to reduce preventable deaths and healthcare costs associated with medication non-adherence. The company envisions a new model for home health that utilizes technology and automation to connect families.
Jianfei Zhang, CEO and Chairman of Pheton Holdings, stated that the acquisition of iTonic Corporation marks a significant step in expanding their presence into the U.S. and the home health market. He added that by incorporating iTonic’s home-health platform, they are prepared to deliver comprehensive, AI-driven health solutions, which could potentially drive value creation for Pheton’s shareholders.
Fahim Hashim, Founder and CEO of iTonic, commented that joining Pheton Holdings would enable iTonic to expand its reach and technology and positively impact the lives of patients and caregivers.
About Pheton Holdings Ltd
Pheton Holdings Ltd, established in 1998, specializes in healthcare solutions for brachytherapy through its subsidiary, Beijing Feitian Zhaoye Technology Co., Ltd. Their main product, Beijing Feitian’s Treatment Planning System, is utilized outside the U.S. to support safe and effective brachytherapy, using radioactive sources to target cancer cells. Pheton Holdings aims to set a new standard of care across various malignant tumor applications. For more details, visit:
About iTonic Corporation
iTonic is a Home Health AI company that integrates artificial intelligence, medical device automation, and clinical expertise to enhance at-home care. iTonic is developing an intergenerational care solution that connects patients, families, and providers through a unified home health platform. For more information, visit
Forward-Looking Statements
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