0001213900-26-057837
SEC filingOperating loss widened to -$4.9M, while net loss improved to -$2.9M, reflecting higher R&D investment and non-cash gains.
Net loss for the first quarter of 2026 was $2.9 million, an improvement of 19.5% from a net loss of $3.6 million in the prior year period. The improvement was largely attributable to non-cash gains from the revaluation of warrant liabilities, which reduced net loss despite the higher operating loss. Diluted earnings per share improved to -$0.12 from -$1.61, reflecting the lower net loss and changes in weighted-average shares outstanding.
Our R&D efforts are focused on the development of PAS-004, a novel MEK inhibitor for the treatment of neurofibromatosis type 1 (NF1) and other indications. During the year ended December 31, 2025, we ceased further development of our PAS-003 program for ALS due to the significant capital, resources, and time required. We expect R&D expenses to continue to increase as we progress PAS-004 through clinical trials.
We expect our expenses and capital requirements to increase significantly as we advance our pipeline. Inflation has resulted in higher costs for employee compensation and outside services, and we anticipate this pressure to continue throughout 2026. We remain focused on executing our development plans while managing our cash runway.