Captor Therapeutics (CTX) Q2 2025 earnings summary

Executive summary

• Revenue from R&D services fell to PLN 4.6m in H1 2025 from PLN 9.3m year-over-year, mainly from collaboration with Ono Pharmaceutical.

• Net loss widened to PLN 20.5m in H1 2025 from PLN 19.4m in H1 2024, reflecting higher operating expenses and one-time costs.

• Cash and cash equivalents decreased to PLN 15.2m at June 30, 2025, from PLN 39.3m at year-end 2024.

• The company continues to incur operating losses due to ongoing R&D and clinical trial expenses.

Financial highlights

• Operating loss increased to PLN 21.5m in H1 2025 from PLN 19.8m in H1 2024.

• Grant revenue rose slightly to PLN 2.9m from PLN 2.5m year-over-year.

• General and administrative expenses increased to PLN 7.2m from PLN 6.0m, partly due to one-time costs.

• Earnings per share improved to -3.72 PLN from -4.17 PLN year-over-year due to a higher share count.

• No dividends were paid or proposed.

Outlook and guidance

• Financial resources and expected grant proceeds are projected to fund operations until June 2026.

• Additional funding is being sought through new research collaborations, grants, and potentially a share issue in early 2026.

• Organizational changes implemented in H1 2025 are expected to generate cost savings in H2 2025.