EXACT Therapeutics (EXTX) H1 2026 earnings summary

Executive summary

• Advanced the Phase 2 ENACT trial for PS101 in pancreatic cancer, completing two positive safety reviews and enabling unrestricted enrolment at the higher 60 μl/kg dose.

• Early clinical data showed substantial reductions in tumour marker CA 19-9 and encouraging radiological responses, with one patient achieving complete surgical resection.

• Raised NOK 59.4 million through warrant exercises, strengthening the financial position.

• Approved delisting from Euronext Growth Oslo, with last trading day set for 9 October 2026.

Financial highlights

• Net loss for H1 2026 was NOK -38.0 million, improved from NOK -49.2 million in H1 2025.

• Total operating expenses decreased to NOK 38.0 million from NOK 45.8 million year-over-year.

• Payroll and related expenses were NOK 11.7 million, down from NOK 16.1 million in H1 2025.

• Free cash and cash equivalents at 30 June 2026 were NOK 49.1 million, up from NOK 24.4 million at year-end 2025.

• Total assets increased to NOK 85 million from NOK 67.4 million at year-end 2025.

Outlook and guidance

• Focus remains on patient enrolment and execution of the ENACT Phase 2 trial at 60 μl/kg.

• Interim efficacy analysis expected around end of 2026; final analysis planned for H1 2027.

• Exploring future opportunities for PS101 in combination with RAS-targeted therapies.