RDHL · RedHill Biopharma Ltd.

RedHill Biopharma's 2025 results reflect a strategic pivot, with continuing operations showing $0.3 million revenue from the Hyloris license for RHB-102 (Bekinda), up from zero in 2024, but higher R&D expenses of $2.0 million driven by clinical activities and G&A of $6.2 million due to Kukbo litigation costs led to an operating loss of $7.9 million, widening from $6.5 million prior year. Net loss from continuing operations was $8.1 million versus $0.4 million net income in 2024, primarily from absent financial instrument revaluation gains. Discontinued operations delivered $7.7 million net income, boosted by the gain on loss of control in THI following the Cumberland transaction. Balance sheet strengthened with equity turning positive at $4.3 million from a $4.7 million deficiency, total assets at $25.3 million including the joint venture investment, and cash at $4.1 million. Key drivers include the October 2025 Cumberland partnership forming THI (70% RedHill-owned), securing $4 million investment and equal U.S. net revenue sharing for Talicia, which generated $8.9 million U.S. net revenues in 2025. CEO Dror Ben-Asher highlighted business tenacity, Talicia transformation, focused R&D on opaganib in oncology, RHB-204 for Crohn's with FDA-aligned pathway, and RHB-102 for GLP-1 side effects. Corporate wins like the enforceable $10.5 million Kukbo judgment and $10 million equity line from Alumni Capital bolster liquidity, positioning RedHill for growth despite challenges.