Inhibikase Therapeutics (IKT) Q4 2025 earnings summary

Executive summary

• Transitioned to a global pivotal Phase 3 clinical study (IMPROVE-PAH) for Pulmonary Arterial Hypertension (PAH) after FDA Type C interaction.

• Regulatory submissions filed in over 20 countries; first clinical sites activated in the US.

• Completed a $115 million underwritten public offering in November 2025.

Financial highlights

• Cash, cash equivalents, and marketable securities totaled $178.8 million as of December 31, 2025, up from $97.5 million at year-end 2024.

• Net loss for 2025 was $48.3 million ($0.49 per share), compared to $27.5 million ($1.16 per share) in 2024.

• Research and development expenses rose to $29.8 million, including a $7.4 million non-cash write-off and $2.5 million stock-based compensation from the CorHepta acquisition.

• Selling, general, and administrative expenses increased to $23.6 million, including $1.0 million in severance costs.

Outlook and guidance

• IMPROVE-PAH Phase 3 study expected to enroll at up to 180 sites globally, with ongoing regulatory approvals and accelerated EU trial authorization under FAST-EU.

• Preclinical data supporting Orphan Drug Designation for IKT-001 in PAH to be presented at a major conference in May 2026.