Faron Pharmaceuticals (FARN) H1 2026 earnings summary

Executive summary

• Bexmarilimab demonstrated best-in-class clinical results in HR-MDS, with a 45% complete remission rate and robust efficacy in both frontline and relapsed/refractory settings, positioning it as a leading candidate for new backbone therapy.

• Advanced into late-stage development, with a Phase 2b trial (BEXERA) in HR-MDS to start in H2 2026, fully funded through major milestones and readouts into 2027.

• Multiple investigator-initiated trials (IITs) in solid tumors and hematological malignancies are advancing, expanding the clinical pipeline.

• Leadership team strengthened with new CTO and board members, and a collaboration with Parexel to support late-stage trials.

• Subsidiaries closed and liquidated, now reporting only parent company figures.

Financial highlights

• Rights issue completed, raising gross proceeds of EUR 40.1 million and net proceeds of EUR 32.8 million in H1 2026.

• Cash and cash equivalents at June 30, 2026, were EUR 32.0 million, up from EUR 13.5 million a year earlier, extending cash runway to Q4 2027.

• Operating loss for H1 2026 was EUR 11.1 million, improved from EUR 11.8 million in H1 2025.

• Net assets turned positive at EUR 11.6 million, compared to EUR -16.7 million a year earlier.

• 227.8 million ordinary shares outstanding, with 25 million held as treasury shares as of August 2026.

Outlook and guidance

• Fully funded through Phase 2b HR-MDS readout in 2027 and other key milestones, with cash runway guidance extending to Q4 2027.

• First patient in for BEXERA expected in 2026, with enrollment completion targeted for August and data readout in November 2027.

• No interim analyses; primary endpoint is complete remission rate versus azacitidine.

• Anticipates multiple value inflection points between 2026 and 2028, including key trial initiations and data releases.

• No short-term outlook provided due to the nature of the business.