Celyad Oncology (CYAD) H2 2025 earnings summary

Executive summary

• Achieved a net profit of €0.8 million for 2025, reversing prior years' losses, mainly due to one-time gains from asset sales and derecognition of liabilities.

• Discontinued all R&D activities to focus on monetizing the intellectual property (IP) portfolio through licensing and partnerships.

• Divested the research facility for €3 million and classified the cardiology segment as held for sale, with a subsequent agreement to sell C-Cathez® to CellProthera for up to €5 million in milestone payments and future royalties.

• Fortress Investment Group increased its stake, now controlling over 58% of shares and 67% of voting rights, with significant governance rights.

Financial highlights

• Revenue for 2025 was €21,000, solely from sales of C-Cathez® medical devices; no revenue from licensing agreements.

• R&D expenses increased to €3.4 million (from €3.2 million in 2024) due to severance and termination costs, despite the wind-down of research activities.

• General & administrative expenses rose to €3.8 million (from €3.2 million), mainly due to restructuring and severance.

• Other income surged to €8.3 million, driven by derecognition of RCA liabilities, R&D tax credits, and gain on sale of assets.

• Cash and cash equivalents at year-end were €1.7 million, down from €4.2 million, with a net cash burn of €2.5 million.

Outlook and guidance

• Cash runway extends into Q3 2026; additional funding is required to support operations beyond that period.

• Actively evaluating financing options, including equity, debt, and partnership/licensing deals, but material uncertainty exists regarding going concern.