Heidelberg Pharma (HPHA) Q1 2026 earnings summary

Executive summary

• Completed Phase I of pamlectabart tismanitin (HDP-101) clinical trial in multiple myeloma; Phase IIa dose determined and first patient dosed.

• Achieved milestone payments from Takeda and Huadong as partner programs advanced to clinical development.

• Amended agreement with HealthCare Royalty and received $20 million investment from Soleus Capital, extending cash reach to mid-2027.

• CFO transition announced: Walter Miller to be succeeded by Peter Willinger in May 2026.

Financial highlights

• Q1 2026 sales revenue rose to EUR 3.0 million from EUR 1.3 million year-over-year, mainly from milestone payments and material sales.

• Other income decreased to EUR 1.0 million from EUR 1.6 million due to prior year’s one-time milestone payment.

• Operating expenses fell to EUR 8.4 million from EUR 9.0 million, with R&D costs at EUR 6.1 million (down from EUR 6.6 million).

• Net loss improved to EUR 4.3 million from EUR 5.9 million year-over-year; EPS improved to EUR -0.09 from EUR -0.13.

• Cash at quarter-end was EUR 9.3 million, down from EUR 15.0 million at prior year-end.

Outlook and guidance

• Full-year 2026 revenue and other income expected between EUR 11.0 million and EUR 15.0 million.

• Operating expenses for 2026 forecasted at EUR 25.0–29.0 million, significantly lower than 2025’s EUR 49.0 million.

• Operating result for 2026 projected between EUR -13.0 million and EUR -17.0 million.

• Cost-cutting measures, including staff reductions, to be fully implemented by mid-2026.

• Cash runway extended to mid-2027 based on current planning.