Filana Therapeutics (FLNA) Q4 2025 earnings summary

Executive summary

• Focus shifted to TSC-related epilepsy, with capital efficiency as a priority.

• Name changed to reflect strategic focus on filamin A modulation for CNS disorders.

• Addressing FDA clinical hold with additional preclinical data and protocol modifications.

Financial highlights

• Net loss for 2025 was $91.0 million ($1.88/share), up from $24.3 million ($0.53/share) in 2024, mainly due to a non-recurring $108.1 million gain in 2024.

• Cash and cash equivalents at year-end 2025 were $95.5 million, down from $128.6 million at year-end 2024.

• Net cash used in operations for 2025 was $32.3 million, in line with guidance.

• Research and development expenses dropped 62% to $26.6 million due to discontinuation of the Alzheimer’s program.

• General and administrative expenses decreased 4% to $68.8 million, reflecting lower litigation contingencies and severance costs.

Outlook and guidance

• Estimated cash at June 30, 2026, is $47–$50 million.

• Expected net cash use in operations for H1 2026 is $14–$17 million, plus a $31.25 million litigation settlement payment.

• Plans to submit a response to the FDA and advance TSC-related epilepsy clinical program.