Poolbeg Pharma (POLB) H1 2026 earnings summary

Executive summary

• Pipeline includes POLB 001, an oral p38 MAPK inhibitor intended to prevent immunotherapy-induced CRS, and an oral encapsulated GLP-1 programme targeting obesity.

• POLB 001 advanced through regulatory milestones, including MHRA CTA and a positive FDA pre-IND meeting; the TOPICAL trial was initiated in relapsed/refractory multiple myeloma.

• Eight of ~30 TOPICAL participants had been dosed, with recruitment ongoing.

• New patent grants strengthened the IP portfolio, and a cancer immunotherapy expert joined the Scientific Advisory Board.

Financial highlights

• Cash balance was £4.8 million at 30 June 2026, versus £10.0 million at 30 June 2025.

• H1 2026 loss was £1.9 million, compared with £2.2 million in H1 2025; R&D expenses were £0.9 million and administrative expenses £1.3 million.

• A £3.5 million July 2026 fundraising extended runway into Q2 2028.

• Both POLB 001 TOPICAL and oral GLP-1 proof-of-concept trials are fully funded through completion.

Outlook and guidance

• TOPICAL recruitment continues across UK sites, with additional sites being activated; the study proceeds as planned following interim safety review.

• Oral GLP-1 proof-of-concept study is planned for H2 2026 at the University of Ulster, with up to 20 obese subjects and uptake, safety, tolerability and PK endpoints.

• Partnering discussions for POLB 001 are active, supported by a clinical data package being built around TOPICAL.

• FDA pre-IND feedback clarified the nonclinical package, indication, Phase 3 design and endpoints; pivotal-trial initiation could follow TOPICAL through partnering.