Novakand Pharma (NOVKAN) H1 2026 earnings summary

Executive summary

• Strategic shift from cardiovascular to orphan drug development for advanced ovarian cancer and leukemia, targeting patient groups lacking adequate treatments.

• Nasdaq delisted the company in April 2026 after failed acquisition and lack of qualifying operations; new board and management appointed.

• Focus on leveraging clinical results from the Kandova study and preparing for a pivotal clinical trial in 2028.

Financial highlights

• Net sales remained at SEK 0.0 million (0.0) for H1 2026.

• R&D expenses decreased sharply to SEK 2.5 million (15.8) year-over-year.

• Operating loss improved to SEK -6.3 million (-19.5) compared to H1 2025.

• Net loss after financial items was SEK -6.3 million (-19.2).

• Cash flow from operations was SEK -7.1 million (-18.8); cash at period end SEK 9.0 million (27.6).

Outlook and guidance

• Preparing for a rights issue in Q4 2026 to fund readiness for a pivotal clinical study starting in 2028.

• Additional capital raise planned for 2027 to finance the clinical study through 2030.

• Company expects current cash to cover basic operations until at least Q1 2027.