RedHill Biopharma (RDHL) H2 24/25 earnings summary

Executive summary

• Achieved major strategic transactions, including forming Talicia Holdings Inc. and a U.S. co-commercialization partnership with Cumberland Pharmaceuticals, which included a $4 million investment for a 30% equity stake in Talicia Holdings.

• Expanded Talicia coverage to eight million additional lives via Humana’s Part D Plan and published data supporting a more convenient dosing regimen.

• Advanced R&D pipeline with progress in Crohn’s disease (RHB-204), oncology (opaganib), and GI side effect mitigation (RHB-102/Bekinda).

• Licensed RHB-102 (Bekinda) to Hyloris for up to $60 million in milestone payments plus royalties (ex-North America).

• Ended 2025 with positive equity of $4.3 million, reversing a prior capital deficiency.

Financial highlights

• Revenues from continuing operations were $0.3 million in 2025, up from zero in 2024, driven by the Hyloris license.

• Operating loss increased to $7.9 million from $6.5 million year-over-year, mainly due to higher R&D and legal expenses.

• Net loss from continuing operations was $8.1 million, compared to net income of $0.4 million in 2024, reflecting the absence of significant financial income and higher expenses.

• Net income from discontinued operations was $7.7 million, compared to a net loss of $8.6 million in 2024, mainly due to the gain from loss of control of THI.

• Cash balance at year-end was $4.1 million; net cash used in operating activities was $9.7 million.

Outlook and guidance

• Targeting global expansion for Talicia, including imminent UK fast-track MAA submission.

• Focused R&D on advancing late-stage assets in Crohn’s disease, oncology, and GI side effects.

• Actively pursuing additional commercial product acquisitions and partnerships.