Cantargia (CANTA) Q3 2025 earnings summary

Executive summary

• Achieved first-ever revenue and profit, driven by a transformative Otsuka deal for CAN10, providing $33M upfront, up to $613M in milestones, and double-digit royalties, validating the IL1RAP platform and enabling significant financial flexibility.

• Nadunolimab demonstrated promising efficacy and safety in PDAC, especially in high IL1RAP-expressing patients, with pivotal trial readiness and Fast Track/Orphan Drug designations.

• Leadership changes included the appointment of a new CEO and CMO, both with extensive industry experience.

Financial highlights

• Q3 2025 revenue: SEK 308.7M, operating profit: SEK 267M, net profit: SEK 265.5M, EPS: 1.07 SEK; year-to-date revenue: SEK 308.7M, operating expenses: SEK 126.2M, net profit: SEK 179.3M, EPS: 0.72 SEK.

• End-of-September available funds totaled SEK 339M, supporting operations into 2028.

• Administrative costs increased due to one-off transaction and leadership transformation expenses.

Outlook and guidance

• Cash runway extends into 2028, excluding costs for the pivotal PDAC program and potential Otsuka milestones.

• 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 by year-end 2026.

• Ongoing exploration of funding options, including partnerships, for future studies.