The quarter came in slightly worse than expected. Net loss was $36.7 million, or $2.34 per share, versus a published consensus loss of approximately $2.28 per share—a narrow miss rather than a major earnings breakdown. Revenue was zero, consistent with a clinical-stage company whose prior-year $1.3 million was a one-time license-transfer payment.
| $ in millions, except per-share data | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Revenue | $0.0 | $1.3 | $(1.3) |
| R&D expense | $23.9 | $22.3 | +$1.6 |
| G&A expense | $8.3 | $6.4 | +$1.9 |
| Other expense | $4.5 | $1.3 | +$3.2 |
| Net loss | $(36.7) | $(28.7) | $(8.0) |
| Loss per share | $(2.34) | $(1.85) | $(0.49) |
| Cash at quarter-end | $133.3 | $124.2* | +$9.1 |
| Long-term debt, net | $176.3 | $100.6* | +$75.7 |
*Comparison is December 31, 2025 for balance-sheet figures. Filing figures: (Income Statement), (Balance Sheet).
Spending is moving higher as development advances. R&D rose to $23.9 million from $22.3 million, reflecting higher clinical-trial and manufacturing costs tied to the chondrosarcoma BLA. G&A also increased to $8.3 million from $6.4 million as pre-commercial launch preparation began. The result is a deeper operating loss before the company has any product revenue. (Income Statement; R&D Expense; G&A Expense)
Liquidity improved, but through leverage rather than operating progress. The July Oxford amendment delivered $100 million immediately, lifting cash to $219.5 million as of August 6, while leaving up to $225 million of additional debt available at Oxford’s discretion. That helps fund upcoming trials and regulatory work, but interest expense already climbed to $4.5 million from $1.3 million, total liabilities exceeded assets at June 30, and stockholders’ equity turned negative at $(53.0) million. (Oxford Loan Amendment; Cash and Cash Equivalents; Other Expense, Net; Balance Sheet)
The real near-term value remains clinical, not financial. The company reiterated PFS data from the randomized HNSCC Phase 2 trial for the third quarter of 2026, FDA discussions for CRC development in the fourth quarter, and a PDUFA date of April 14, 2027 for the chondrosarcoma BLA. Those milestones provide the next evidence points, but this filing supplies no new efficacy result or raised outlook to offset the small earnings miss. (Oxford Loan Amendment)
Read the original 8-K on SEC EDGAR ↗