Agomab Therapeutics (AGMB) Q4 2025 earnings summary

Executive summary

• Achieved significant clinical progress in 2025, including positive topline results from the STENOVA Phase 2a study with ontunisertib in FSCD and positive Phase 1 results for AGMB-447 in healthy participants.

• Successfully completed IPO in February 2026, raising $208 million in gross proceeds.

• On track to initiate Phase 2b study with ontunisertib in FSCD and Phase 2 study with AGMB-447 in IPF in the second half of 2026.

• Expect topline data from OLE study with ontunisertib in FSCD and Phase 1b IPF study cohort with AGMB-447 in the second half of 2026.

Financial highlights

• Cash, cash equivalents, and short-term investments totaled €116.5 million as of December 31, 2025.

• Gross proceeds of $208 million from IPO in February 2026 expected to fund operations into the first half of 2029.

• R&D expenses were €48.9 million for 2025, up from €39.3 million in 2024, mainly due to increased clinical trial costs.

• G&A expenses rose to €12.8 million in 2025 from €10.1 million in 2024, reflecting organizational growth.

• Net loss for 2025 was €62.5 million, compared to €46.3 million in 2024.

Outlook and guidance

• Cash runway expected to extend into the first half of 2029, supported by IPO proceeds.

• Anticipates initiating key Phase 2 studies for ontunisertib and AGMB-447 in the second half of 2026.

• Topline data from ongoing studies expected in the second half of 2026.