0001104659-26-057202
SEC filingRevenue grew 37% YoY to $2.0M, but operating loss widened 23% to -$22.2M as R&D investment surged.
Revenue for the three months ended March 31, 2026 was $2.0 million, compared to $1.5 million in the same period in 2025, representing a 37% increase. The growth was primarily attributable to higher licensing royalties and contract research revenue.
Operating loss for the quarter was -$22.2 million, compared to -$18.1 million in the prior year, a 23% increase. The widening loss was primarily due to higher R&D and general and administrative expenses, which outpaced revenue growth.
Net cash used in operating activities was -$18.1 million, compared to -$13.1 million in the prior year, reflecting increased spending on R&D programs. Capital expenditures were $13,000. The company may engage in additional equity or other financing transactions to fund operations.
The company anticipates incurring net losses in the near term as it continues to develop its product candidates and discover additional candidates. Primary uses of capital are expected to remain compensation, R&D expenses, laboratory supplies, professional fees, and administrative costs. Cash in excess of immediate requirements is invested with a focus on liquidity and capital preservation.