Cantargia (CANTA) Q4 2025 earnings summary

Executive summary

• Achieved a transformational year with the Otsuka partnership for CAN10, validating the IL1RAP platform and strengthening financials.

• Advanced nadunolimab to pivotal trial readiness in PDAC, supported by FDA Fast Track designation and new investigator-initiated studies in colorectal cancer.

• Strengthened leadership with the appointment of Dr. Wolfram Dempke as Chief Medical Officer and organizational enhancements.

• Focused on operational excellence, execution, and value creation for shareholders, preparing for pivotal late-stage trials in 2026.

• Broadened external validation through strategic partnerships and active capital market engagement.

Financial highlights

• Full-year 2025 revenues reached SEK 316.7 million, with operating expenses of SEK 162.6 million and net profit of SEK 147 million (EPS: 0.59 SEK).

• Q4 2025 revenues were SEK 8 million, with operating expenses of SEK 36.4 million and a net loss of SEK 32.3 million (EPS: -0.13 SEK).

• Cash and cash equivalents at year-end were approximately SEK 282 million, providing a runway into 2028 with current commitments.

• No dividend proposed for the year.

• Rights issue in late 2024 raised SEK 120 million gross, boosting cash position.

Outlook and guidance

• Pivotal trial for nadunolimab in PDAC planned to initiate in 2026, with interim analysis and potential accelerated approval in 2028, subject to regulatory and funding milestones.

• CAN14 candidate selection expected by year-end 2026.

• No milestone payments from Otsuka or other collaborations anticipated in 2026.

• Cash runway expected to fund ongoing commitments for nadunolimab and next-generation IL1RAP antibodies into 2028, excluding potential milestones.

• Priorities include finalizing pivotal trial design, diagnostic validation, securing financing, and maintaining operational rigor.