Adlai Nortye (ANL) Q2 2026 earnings summary

Executive summary

• Achieved significant progress in clinical pipeline, with ongoing enrollment in global Phase I trials for multiple oncology assets and first regulatory approval for a new ADC candidate.

• Expanded clinical and operational capabilities in the US and Singapore to accelerate RAS program development and global growth.

• Appointed two leading oncologists to the Scientific Advisory Board to strengthen expertise.

Financial highlights

• Cash and cash equivalents plus short-term investments reached $231.9M as of June 30, 2026, up from $8.1M at December 31, 2025, driven by two oversubscribed private placements totaling $290M.

• Revenue for the first half of 2026 was $13.1M, compared to nil in the prior year period, mainly from an exclusive license agreement for AN9025.

• Net loss decreased by 70.9% to $5.3M for the six months ended June 30, 2026, from $18.3M in the same period last year.

• Research and development expenses decreased 4% year-over-year to $14.6M, while general and administrative expenses rose 43.1% to $5.8M due to higher share-based compensation.

Outlook and guidance

• Initial Phase Ia clinical data for AN9025 expected in 1H27; early QW arm data possible.

• First patient dosing for AN4035 Phase I trial anticipated in 2H26, with initial data in 2H27.

• AN8025 Phase I dose escalation completion targeted by year-end 2026.

• Topline results for AN0025 Phase II ARTEMIS study expected in 1H27.