Veraxa Biotech (VRXA) Registration filing summary

Company overview and business model

• Swiss oncology biotech developing antibody-based therapies through Click Chemistry ADC and BiTAC platforms; BiTAC’s dual-target AND-gate design aims to activate treatment selectively on tumor cells.

• Pipeline includes four BiTAC-TCE programs and two bispecific ADC programs; VXA-102 entered IND/CTA-enabling development in early 2026, while VXA-901 completed Phase I and is available for partnering.

• Strategy prioritizes proprietary BiTAC programs, partnerships and out-licensing; target is up to three proprietary clinical-stage programs by 2029, subject to development and regulatory progress.

• OmniAb collaboration combines its antibody discovery platform with the proprietary ADC technology for a jointly developed program; value is shared equally, and no payments had been made under the agreement.

Financial performance and metrics

• FY2025 IFRS revenue CHF 23,426 versus nil in FY2024; gross profit CHF 15,461, operating loss CHF 66.2M and net loss CHF 66.6M versus CHF 28.1M net loss in FY2024.

• FY2025 R&D expense CHF 10.3M, up 63% YoY; G&A CHF 46.9M, up CHF 29.8M, largely reflecting higher share-based compensation.

• At Dec. 31, 2025: unrestricted cash CHF 1.6M, working-capital deficit CHF 3.7M and accumulated deficit CHF 98.5M; operating cash outflow CHF 9.9M versus CHF 7.7M in FY2024.

• Post-period financing includes a $27.5M senior secured note, funded June 15, 2026, and a conditional, 24-month Lincoln Park facility to purchase up to $50M of shares.

• Unaudited pro forma FY2025 combined net loss was CHF 159.8M, including transaction-accounting adjustments; pro forma year-end total assets were CHF 97.3M.

Use of proceeds and capital allocation

• No proceeds go to the issuer from selling securityholders’ resales; registration expenses are paid by the issuer, while selling holders receive resale proceeds.

• Cash exercise of 19,436,739 registered warrants could generate up to $223.5M; proceeds would be used for general corporate purposes, but cashless exercise reduces proceeds.

• Cash exercise is contingent on warrant-holder decisions and share price; the $11.50 exercise price was above the July 30, 2026 share closing price of $1.96.

• No cash dividends have been paid; retained funds and future earnings are intended to support operations and expansion.