Cantargia (CANTA) Q2 2025 earnings summary

Executive summary

• Otsuka Pharmaceuticals agreed to acquire CAN10 for $33 million upfront, up to $580 million in milestones, and double-digit earn-outs, with deal closing expected in Q3 2025.

• Dr. Hilde H. Steineger appointed as new CEO, effective September 1, 2025, bringing significant biotech and business development experience.

• Nadunolimab received FDA Fast Track Designation for high-IL1RAP PDAC; TRIFOUR phase 2 in TNBC showed no difference in ORR between treatment arms.

• SEK 50 million loan facility secured to extend cash runway ahead of CAN10 transaction.

Financial highlights

• Operating expenses for Q2 2025 were SEK 84.5 million, with R&D at SEK 75.4 million and Admin & Other at SEK 9.2 million.

• Operating loss improved to SEK -39.5 million in Q2 (from -43.8 million YoY); cash and cash equivalents at period end were SEK 81.9 million.

• SEK 44.1 million operating cash outflow in Q2 2025.

• First-time revenue and non-dilutive funding from Otsuka deal expected in Q3 2025.

• Rights issue in December 2024 raised net SEK 106 million, registered in January 2025.

Outlook and guidance

• Otsuka will assume all costs and development responsibilities for CAN10 from deal closing, expected in Q3 2025.

• No further CAN10 costs anticipated from Q4 2025 onward.

• Focus will shift to prioritizing programs and activities post-CAN10 divestment.

• Awaiting mature survival data from TRIFOUR study in TNBC and overall survival data from the TRIFOUR study in PDAC by year-end.

• Ongoing preclinical and translational results anticipated throughout 2025.