0001213900-26-034447
SEC filingCan-Fite BioPharma Ltd. reported $405K in revenue for FY 2025, down 40% from $674K in FY 2024. The company incurred a net loss of $9.8M, widening from $7.9M in FY 2024. Research and development expenses rose 16.3% to $6.7M, while general and administrative expenses increased 20.2% to $3.7M. Operating loss was $9.9M, with total operating expenses at $10.4M. Net cash used in operating activities was $8.9M, partially offset by $9.6M in financing inflows — primarily from ATM and registered direct offerings. As of December 31, 2025, the company held $5.5M in cash and cash equivalents and $3.0M in short-term deposits, totaling $8.5M in liquid assets. Total shareholders’ equity stood at $5.6M. Management stated its existing resources are sufficient to meet liquidity needs for at least twelve months from the filing date. The company remains pre-commercial, with no product approvals or sales-based royalties recognized. Its pipeline includes Piclidenoson (psoriasis), Namodenoson (HCC/MASH), and CF602 (erectile dysfunction), all in clinical development.
Can-Fite BioPharma Ltd. reported a net loss of $9.8M for FY 2025, compared to $7.88M in FY 2024 — an increase of approximately $1.92M, or 24.5%. Total operating expenses were $10.4M, driven by $6.7M in R&D expenses and $3.7M in G&A expenses. Operating loss was $9.9M, slightly wider than the $9.8M net loss due to $122K in net financial income. Revenues fell to $405K, down $269K (40%) from $674K in FY 2024. This decline was attributed to lower recognition of advance payments under out-licensing agreements with Ewopharma, Gebro, CKD, and Cipher. The company recorded basic and diluted net loss per share of $6.00, unchanged from the prior year’s $6.00 per share — though weighted average shares outstanding increased to 1.6M from 725K in FY 2024, reflecting capital-raising activity. No material change in EPS occurred despite higher share count because losses grew proportionally.
The company generated $405K in revenue during FY 2025, derived entirely from upfront and milestone payments under out-licensing agreements. Per the document, $80K came from Gebro, $80K from CKD, $40K from Cipher, and $200K from Ewopharma. No revenue was attributed to Vetbiolix in FY 2025 (vs. $270K in FY 2024). All revenues were denominated in USD and recognized over time as performance obligations were satisfied — primarily related to research and development services through regulatory approval. Geographic breakdown is not disclosed in the filing; however, licensees include entities in Canada (Cipher), South Korea (CKD, Kyongbo), Switzerland/Austria/Spain (Gebro), China (CMS), and Central Eastern Europe (Ewopharma). No commercial sales, royalties, or product revenue were reported, consistent with the company’s pre-commercial status. Revenue recognition policy follows ASC 606, with deferred revenue classified as $405K current and $1.2M non-current as of December 31, 2025.
Gross margin is not calculable, as cost of goods sold is not disclosed and revenue is non-product-related (upfront/milestone licensing fees). Operating margin was -244.4%, calculated as operating loss ($9.9M) divided by revenue ($405K), reflecting the company’s clinical-stage, pre-revenue profile. R&D expenses rose 16.3% YoY to $6.7M, driven by acceleration of Phase III trials for Piclidenoson (psoriasis) and Namodenoson (HCC and MASH), as explicitly stated in the MD&A. G&A expenses increased 20.2% to $3.7M, mainly due to investor relations costs tied to a one-time project in early 2025. Financial income declined to $122K from $250K in FY 2024, primarily due to lower interest on short-term deposits. There is no indication of gross profit or gross margin disclosure in the source data — only total revenues and expense line items.
Net cash used in operating activities was $8.9M in FY 2025, up $1.3M from $7.6M in FY 2024, largely due to increased net loss and working capital changes. Net cash provided by financing activities surged to $9.6M (vs. $6.7M in FY 2024), fueled by $2.9M from ATM issuances and $6.7M from registered direct and public offerings (including July 2025 offering). Investing activities used $2K, reflecting minimal capex. Total cash and cash equivalents stood at $5.5M, with $3.0M in short-term deposits — yielding $8.5M in highly liquid assets. Total current assets were $9.4M; total liabilities and equity equaled $9.5M. Shareholders’ equity was $5.6M, supported by $180.7M in additional paid-in capital and offset by $176.2M accumulated deficit. No debt is reported.
Management stated that existing financial resources are sufficient to fund operations for at least twelve months from the filing date (March 26, 2026). A contingency plan — including deferral of certain R&D programs and compensation reductions for key personnel — is in place if needed. Near-term catalysts include interim analysis data from the Piclidenoson COMFORT Phase III trial (expected Q2 2027) and the Namodenoson LIVERATION Phase III trial (also Q2 2027). The company expects continued reliance on licensing revenue, milestone payments, and equity financings. Key risks cited include failure to obtain regulatory approvals, inability to raise additional capital, and competition from advanced biologics and small molecules in psoriasis, HCC, and MASH markets. The company emphasized its dependence on successful clinical execution and strategic partnerships to advance its pipeline, noting no commercial sales or profits are anticipated in the foreseeable future.