Heidelberg Pharma (HPHA) Q3 2026 earnings summary

Executive summary

• 9M 2026 clinical progress included selection of HDP-101’s 175 µg/kg RP2D, China trial approval for combination therapy, and a new ADC R&D collaboration with Huadong Medicine.

• Sales revenue and other income rose 79.4% YoY to €11.5m; operating expenses fell 29.4% to €19.9m and net loss narrowed to €8.7m.

• Cost-reduction measures delivered total cost savings of ~30%; full-year 2026 financial guidance was confirmed.

Financial highlights

• 9M 2026 income was €11.5m vs €6.4m YoY; sales revenue rose to €9.3m from €1.4m, mainly due to partner milestone payments.

• Other income was €2.2m vs €5.0m; prior-year income included €3.4m of unrealized FX gains.

• Operating expenses declined to €19.9m from €28.2m; R&D costs fell to €13.3m from €21.0m as spending focused on the lead clinical program.

• Operating result was a loss of €8.4m vs €21.8m; net loss was €8.7m vs €21.1m, and basic EPS was -€0.19 vs -€0.45.

• Cash was €19.8m at 31 August 2026 vs €15.0m at 30 November 2025; average cash outflow excluding financing effects was €1.3m/month vs €2.8m/month YoY.

Outlook and guidance

• FY 2026 guidance confirmed: sales revenue and other income of €11m–€15m and operating expenses of €25m–€29m.

• FY 2026 change in cash funds from business operations expected at €0m to -€4m, with year-end cash of €11m–€15m; 2025 cash was €15m.

• Current internal planning indicates financing is secured at least until mid-2027; expenses are expected to exceed income over the next few years.