Cantargia (CANTA) Q3 2025 earnings summary

Executive summary

• The Otsuka transaction for CAN10 brought $33M upfront, up to $613M in milestones, and double-digit royalties, providing significant financial flexibility and external validation for the antibody platform.

• Nadunolimab in PDAC remains the primary strategic focus, with promising phase 2 data, FDA Fast Track designation, and a clear biomarker-driven patient selection strategy for high IL1RAP-expressing patients.

• Preliminary phase 2 TRIFOUR study in TNBC showed no difference in ORR between nadunolimab plus chemotherapy and chemotherapy alone; mature survival data expected year-end 2025.

• Leadership changes included the appointment of a new CEO and CMO.

• The pipeline includes CAN14 (anti-IL-1RAP bispecific antibody for autoimmune/inflammatory diseases) and CANXX (antibody drug conjugates), while CAN10 is now fully under Otsuka's control.

Financial highlights

• Q3 revenue: SEK 308.7M, operating profit: SEK 267M, net profit: SEK 265.5M, EPS: 1.07 SEK, driven by the Otsuka CAN10 deal.

• Year-to-date revenue: SEK 308.7M, operating expenses: SEK 126.2M, net profit: SEK 179.3M, EPS: 0.72 SEK.

• Cash and cash equivalents: SEK 339M as of September 30, 2025, supporting operations into 2028.

• Q3 operating margin: 86%; year-to-date operating margin: 58%.

• Cash flow from operations positive in Q3 (SEK 281M), compared to negative SEK 44.4M in Q3 2024.

Outlook and guidance

• Pivotal trial for nadunolimab in PDAC planned for mid-2026, pending funding and regulatory approval; IL1RAP assay clearance targeted for mid-2026 (FDA) and 2H26 (EMA).

• CAN14 candidate selection is expected around year-end 2026.

• Cash runway extends into 2028, excluding potential Otsuka milestones.

• Strategic options under evaluation to efficiently advance nadunolimab toward registration.