Cantargia (CANTA) Q1 2026 earnings summary

Executive summary

• Clinical programs advanced in PDAC and hematological malignancies, focusing on IL1RAP as a therapeutic target and leveraging nadunolimab in combination therapies, with strong early efficacy in high-risk MDS and ongoing pipeline expansion into bispecific antibodies and autoimmune indications.

• Strategic shift in PDAC to combine nadunolimab with RAS inhibitors, supported by new Phase 3 data and preclinical synergy.

• Leadership transition with Chief Medical Officer moving to Chair of PDAC Scientific Advisory Board, ensuring continuity.

Financial highlights

• Q1 2026 revenues were SEK 0.5 million, all from services to Otsuka related to the CAN10 transaction.

• Operating expenses for Q1 2026 were SEK 37.4 million, down from SEK 45 million year-over-year.

• Net loss for the period was SEK 33 million, with EPS at SEK -0.13.

• Cash and short-term investments at quarter-end totaled SEK 258 million.

• Cash flow improved to SEK -26 million from SEK -34 million year-over-year.

Outlook and guidance

• Cash runway extends into 2028, excluding potential milestone payments from Otsuka.

• No milestone payments from Otsuka or other collaborations expected in FY 2026; future upside possible.

• Phase I-B/2a study of nadunolimab plus RAS inhibitor in PDAC planned for late 2026 or early 2027, pending funding and regulatory approval.

• Dedicated hematology program for nadunolimab in MDS/AML to expand, with Phase 2a completion expected mid-2027.

• Further data from MDS and AML programs expected by year-end 2026.