Research Reports

Summary

Purple Biotech Ltd., a clinical-stage biotech firm, reported a net loss of $26.5 million for FY 2025, up from $7.3 million in FY 2024, driven by a $20.5 million impairment loss on intangible assets related to CM24 and NT219 programs. Operating loss widened to $27.5 million from $11.0 million YoY, primarily due to this non-cash charge, despite R&D expenses dropping 53% to $3.7 million following CM24 Phase 2 completion. G&A expenses held steady at $3.2 million. No revenue was generated, consistent with pre-commercial status. Balance sheet shows $17.6 million total assets, down from $37.0 million, with cash at $8.7 million supporting operations for at least 12 months. Cash burn from operations improved to $5.7 million from $14.4 million YoY. Financing activities yielded $6.3 million, mainly from a $5.3 million net September public offering. Equity attributable to owners fell to $9.7 million. Forward-looking, focus shifts to CAPTN-3 platform (IM1240 IND in 2026), with CM24/NT219 advancement pending partnerships. Liquidity sufficient short-term, but additional funding likely needed for pipeline progression.

Full analysis

Performance Summary

Purple Biotech reported FY 2025 net loss of $26.5M, widening from $7.3M in 2024, primarily due to $20.5M impairment on CM24/NT219 intangible assets. Operating loss surged 149% YoY to $27.5M from $11.0M. R&D expenses fell 53% to $3.7M post-CM24 Phase 2 completion, while G&A stable at $3.2M. No revenue as clinical-stage biotech. Total comprehensive loss $26.5M, with owners' share $26.4M. Equity dropped to $9.7M from $32.9M, assets to $17.6M from $37.0M.

Revenue Analysis

No revenue reported in FY 2025 or prior years, consistent with development-stage focus on CAPTN-3 (IM1240/IM1305), CM24, NT219. Expenses dominate: R&D $3.7M (down from $7.6M), reflecting reduced clinical activity.

Margins & Profitability

N/A - no revenue. Operating margin N/A. Impairment drove losses; excluding it, adjusted operating loss $6.7M (improved from $10.2M). Finance net expense $1.0M vs $3.7M gain in 2024.

Cash Flow & Balance Sheet

Ops cash use $5.7M (improved from $14.4M). Investing +$0.6M (investments). Financing +$6.3M (September offering). Net cash increase $1.3M to $8.7M. Total assets $17.6M (cash 49%), liabilities $7.9M, equity $9.7M. Current ratio 1.3x.

Outlook

Cash supports 12+ months. CAPTN-3 IM1240 IND 2026, Phase 1 planned. CM24/NT219 partnering/investment needed. Risks: funding, clinical/regulatory hurdles.

PPBT · Purple Biotech Ltd.