Agomab Reports Half Year 2026 Financial Results and Confirms 2026 Outlook
Rhea-AI Summary
Agomab (Nasdaq: AGMB) reported unaudited half year 2026 results and confirmed its 2026 outlook, highlighting clinical, regulatory and financing progress. Cash, cash equivalents and short-term investments totaled €252.0 million at June 30, 2026, supported by approximately $208 million in gross IPO proceeds, which Agomab expects will fund operations into the first half of 2029.
According to the company, regulatory alignment with the FDA has been achieved on key elements of the NOV-ERA Phase 2b ontunisertib study in fibrostenosing Crohn’s disease, with first dosing planned in the second half of 2026. A Phase 2 study of AGMB-447 in idiopathic pulmonary fibrosis is also targeted to start in the second half of 2026, with multiple topline datasets from ongoing studies expected in the coming months. For the six months ended June 30, 2026, Agomab reported R&D expenses of €23.0 million, G&A expenses of €12.2 million, and a net loss of €31.0 million, compared to €26.9 million a year earlier.
Positive
- Cash and investments €252.0m at June 30, 2026, runway into H1 2029
- IPO gross proceeds ≈$208m raised in February 2026
- Net cash from financing €165.1m in first half 2026
- Regulatory alignment with FDA on NOV-ERA Phase 2b ontunisertib study design
- Phase 2 starts planned for ontunisertib in FSCD and AGMB-447 in IPF in H2 2026
- USPTO patent granted for AGMB-447 composition of matter in the U.S.
Negative
- Net loss €31.0m vs €26.9m in first half 2025
- Total operating expenses €35.1m vs €28.7m year earlier
- G&A expenses €12.2m vs €6.7m, mainly due to IPO-related costs
- Operating cash outflow €29.9m from operating activities in first half 2026
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Apr 23 | earnings report | Positive | +3.3% | Reported full-year results, IPO proceeds, runway, clinical milestones, and pipeline updates. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
The tag-specific record showed a positive 24-hour response to the prior earnings event, with no divergence observed.
Key Terms
ses-cd narrowing score medical
pharmacokinetic profile medical
clinical trial applications regulatory
institutional review board regulatory
open-label long-term extension study medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
-- Regulatory alignment with U.S. Food and Drug Administration (FDA) on key elements of NOV-ERA Phase 2b study design with Ontunisertib in Fibrostenosing Crohn’s Disease (FSCD), including Novel Primary Endpoint of Endoscopic Passability --
-- Topline Data from Open-Label Long-term Extension Study (OLE) Part of STENOVA Study with Ontunisertib in FSCD and from Phase 1b Idiopathic Pulmonary Fibrosis (IPF) Study Cohort with AGMB-447 Expected in Coming Months --
-- On Track to Initiate NOV-ERA Phase 2b Study in FSCD with Ontunisertib and Phase 2 Study in with AGMB-447 in IPF in Second Half of 2026 --
-- Cash and Cash Investments at June 30, 2026 of
Antwerp, Belgium, August 6, 2026 – Agomab Therapeutics NV (Nasdaq: AGMB) (“Agomab”), a clinical-stage biopharmaceutical company focused on fibro-inflammation, today reported financial results for the half year period ended June 30, 2026, and confirmed its outlook for the second half of 2026.
“In the first half of 2026, we continued to execute on our clinical and operational strategy, and we are on track with the clinical read-outs and trial initiations of ontunisertib and AGMB-447 expected later this year,” said Tim Knotnerus, Chief Executive Officer of Agomab. “Our recent engagement with the FDA provides important support for our development strategy with ontunisertib, and we believe the NOV-ERA Phase 2b study will be a crucial next step in evaluating ontunisertib’s potential as a differentiated therapy to address the high unmet medical need in FSCD. As we head into a catalyst-rich second half of 2026, we especially look forward to the OLE results with ontunisertib and first IPF data with AGMB-447.”
Pierre Kemula, Chief Financial Officer of Agomab, added, “The first half of 2026 marked a defining moment for Agomab, with our Nasdaq IPO raising
First Half 2026 Program Highlights and Anticipated Milestones
- Ontunisertib (AGMB-129), a gut-restricted small molecule inhibitor of ALK5 for the treatment of FSCD
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- We announced the design of the NOV-ERA study, a randomized, double-blind, placebo-controlled, dose-ranging, multicenter Phase 2b trial designed to evaluate the efficacy and safety of ontunisertib in adults with symptomatic FSCD. We have aligned with the FDA on the NOV-ERA design, including the study’s primary efficacy endpoint of endoscopic passability at Week 24 as assessed by the SES-CD narrowing score, as well as several secondary efficacy endpoints relevant to patients with FSCD.
- The protocol has been submitted to the FDA and has cleared central Institutional Review Board (IRB) approval in the U.S. In addition, the study has received approval by Health Canada and the Medicines and Healthcare products Regulatory Agency (MHRA) in the UK. The Company has also submitted Clinical Trial Applications (CTAs) in multiple countries globally, including in the European Union and Asia Pacific territories. We plan to initiate the NOV-ERA study following receipt of applicable regulatory and ethics approvals and expect to dose the first participants in the second half of 2026.
- We are progressing the OLE part of the STENOVA study (Part B) with ontunisertib in FSCD patients, with topline results expected in the coming months. The 48-week data may provide important insights into extended treatment with ontunisertib in FSCD patients.
- As of February 2026, the Data Safety and Monitoring Board has not raised any safety issue and has recommended for the OLE study to continue as per the protocol with 200mg BID ontunisertib for up to 60 weeks.
- The results of the 12-week placebo-controlled double-blind part of the STENOVA Phase 2a study with ontunisertib in FSCD (Part A) were presented as a late-breaker at the 21st Congress of ECCO (ECCO’26) in Stockholm, Sweden in February 2026. The late-breaking presentation was also featured by Nature Reviews Gastroenterology & Hepatology as one of the highlights of ECCO’26.
- We announced the design of the NOV-ERA study, a randomized, double-blind, placebo-controlled, dose-ranging, multicenter Phase 2b trial designed to evaluate the efficacy and safety of ontunisertib in adults with symptomatic FSCD. We have aligned with the FDA on the NOV-ERA design, including the study’s primary efficacy endpoint of endoscopic passability at Week 24 as assessed by the SES-CD narrowing score, as well as several secondary efficacy endpoints relevant to patients with FSCD.
- AGMB-447, an inhaled small molecule inhibitor of ALK5 in development for the treatment of IPF
- In January 2026, we announced positive interim results of the Phase 1 study of AGMB-447 in 108 healthy participants. The data pointed to a generally favorable safety, tolerability and pharmacokinetic profile of AGMB-447, with robust target engagement of ALK5 observed in the lungs of healthy participants.
- We have enrolled 10 participants in the IPF cohort of the Phase 1b study with AGMB-447. In this cohort, participants receive multiple doses of AGMB-447 or placebo over 14 days. We expect to report topline results from the IPF patient cohort in the coming months.
- We are on track to initiate a Phase 2 trial with AGMB-447 in IPF in the second half of the year.
- We were granted a patent covering the composition of matter of AGMB-447 by the United States Patent and Trademark Office (USPTO), solidifying the foundational intellectual property for AGMB-447 in the U.S.
- In January 2026, we announced positive interim results of the Phase 1 study of AGMB-447 in 108 healthy participants. The data pointed to a generally favorable safety, tolerability and pharmacokinetic profile of AGMB-447, with robust target engagement of ALK5 observed in the lungs of healthy participants.
Half Year 2026 Financial Results (consolidated)
- Cash Position: Cash, cash equivalents and short-term cash investments totaled
€252.0 million as of June 30, 2026. In February 2026, we completed our IPO, in which we raised gross proceeds of approximately$208 million , including the proceeds from the underwriters’ partial exercise of their overallotment option, before deducting underwriting discounts and commissions and other offering expenses. We expect that our existing cash and cash investments, including the net proceeds from our IPO, will enable us to fund our operating expenses and capital expenditure requirements into the first half of 2029. - R&D Expenses: Research and development (R&D) expenses were
€23.0 million for the six months ended June 30, 2026, as compared with€22.0 million for the six months ended June 30, 2025. - G&A Expenses: General and administrative (G&A) expenses were
€12.2 million for the six months ended June 30, 2026, as compared with€6.7 million for the six months ended June 30,2025. The increase of€5.5 million for the period mainly relates to one-off expenses incurred for the IPO. - Net Loss: Net loss was
€31.0 million for the six months ended June 30, 2026, compared to€26.9 million for the six months ended June 30, 2025.
Ontunisertib and AGMB-447 are investigational drugs and not approved by any regulatory authority. Their efficacy and safety have not been established.
Financial performance
Condensed consolidated statement of profit and loss (unaudited)
| for the six months ended June 30, | ||||
| (in thousands of €) | 2026 | 2025 | ||
| Research and development expenses | (22,967) | (22,022) | ||
| General and administrative expenses | (12,171) | (6,682) | ||
| Total operating expenses | (35,138) | (28,704) | ||
| Other operating income | 1,079 | 1,312 | ||
| Operating loss | (34,059) | (27,393) | ||
| Changes in fair value of financial liabilities | (438) | (256) | ||
| Financial expenses | (215) | (75) | ||
| Financial income | 3,741 | 855 | ||
| Loss before taxes | (30,971) | (26,868) | ||
| Income tax (expenses)/income | — | — | ||
| Loss for the period | (30,971) | (26,868) | ||
| Weighted average number of common shares outstanding | 40,763,420 | 541,126 | ||
| Basic and diluted loss per share (in €) | (0.80) | (63.86) | ||
Condensed consolidated statement of comprehensive income or loss (unaudited)
| for the six months ended June 30, | ||||
| (in thousands of €) | 2026 | 2025 | ||
| Loss for the period | (30,971) | (26,868) | ||
| Items that may be reclassified to profit or loss | ||||
| Foreign currency translation differences | 66 | (36) | ||
| Items that will not be reclassified to profit or loss | ||||
| Remeasurements of post-employment benefit obligations | 3 | 1 | ||
| Other comprehensive income or loss for the period, net of tax | 69 | (35) | ||
| Total comprehensive income or loss for the period | (30,902) | (26,903) | ||
Condensed consolidated statement of financial position (unaudited)
| (in thousands of €) | As of June 30, 2026 | As of December 31, 2025 | ||
| Assets | ||||
| Non-current assets | ||||
| Intangible assets | 20,110 | 20,110 | ||
| Goodwill | 8,612 | 8,612 | ||
| Property, plant and equipment | 443 | 503 | ||
| Right-of-use assets | 962 | 1,083 | ||
| Other financial assets | 13 | 11 | ||
| Other non-current assets | 2,302 | 2,150 | ||
| Total non-current assets | 32,442 | 32,469 | ||
| Current assets | ||||
| Other current assets | 6,504 | 4,723 | ||
| Current financial investments | 30,389 | 30,096 | ||
| Cash and cash equivalents | 221,588 | 86,418 | ||
| Total current assets | 258,481 | 121,237 | ||
| Total assets | 290,923 | 153,706 | ||
| Equity | ||||
| Share capital | 304,618 | 223,072 | ||
| Share premium reserve | 172,948 | 76,634 | ||
| Retained earnings | (212,617) | (181,714) | ||
| Share-based payment reserves | 14,784 | 13,877 | ||
| Other reserves | (14,357) | (967) | ||
| Equity attributable to the owners of the parent | 265,376 | 130,902 | ||
| Total equity | 265,376 | 130,902 | ||
| Liabilities | ||||
| Non-current liabilities | ||||
| Non-current lease liabilities | 910 | 1,005 | ||
| Non-current contingent consideration | 3,437 | 3,210 | ||
| Non-current deferred income | 1,129 | — | ||
| Total non-current liabilities | 5,476 | 4,215 | ||
| Current liabilities | ||||
| Current lease liabilities | 229 | 249 | ||
| Anti-dilutive warrants | — | — | ||
| Current contingent consideration | 6,737 | 6,526 | ||
| Trade and other payables | 11,843 | 10,266 | ||
| Deferred income and accrued charges | 1,262 | 1,548 | ||
| Total current liabilities | 20,071 | 18,589 | ||
| Total liabilities | 25,547 | 22,804 | ||
| Total equity and liabilities | 290,923 | 153,706 |
Condensed consolidated statement of cash flows (unaudited)
| for the six months ended June 30, | ||||
| (In thousands €) | 2026 | 2025 | ||
| Net income/(loss) for the period | (30,971) | (26,868) | ||
| Adjustments for non-cash items: | ||||
| Fair value (gain) loss on financial assets | (293) | |||
| Fair value gain (loss) on financial liabilities | 438 | 256 | ||
| Depreciation & amortization | 173 | 195 | ||
| Share-based payment expenses | 2,467 | 2,597 | ||
| Net foreign exchange losses (gains) | (2,219) | (53) | ||
| Interest expenses | 33 | 37 | ||
| Interest income | (1,048) | (764) | ||
| Operating cash flows before movements in working capital | (31,420) | (24,600) | ||
| Movements in working capital: | ||||
| Decrease/(increase) in other current assets | (1,780) | (1,994) | ||
| Decrease/(increase) in other non-current assets | (152) | (138) | ||
| Increase/(decrease) in trade and other payables | 1,576 | (115) | ||
| Increase/(decrease) in current deferred income | (286) | 1,156 | ||
| Increase/(decrease) in non-current deferred income | 1,129 | — | ||
| Interest paid | (32) | (5) | ||
| Interest received | 1,048 | 764 | ||
| Net cash flow from /(used in) operating activities | (29,917) | (24,932) | ||
| Payment of contingent consideration from previous acquisition | — | (3,000) | ||
| Net cash flow from /(used in) investing activities | (3,000) | |||
| Repayment of lease liabilities | (149) | (148) | ||
| Proceeds from capital increase, net of issuance costs | 163,899 | — | ||
| Transaction costs paid | (1,056) | — | ||
| Exchange gains from currency conversion on proceeds from capital increase | 2,329 | — | ||
| Proceeds from exercise of stock options | 64 | — | ||
| Net cash flow from /(used in) financing activities | 165,087 | (148) | ||
| Net increase/(decrease) in cash and cash equivalents | 135,170 | (28,080) | ||
| Cash and cash equivalents at beginning of the period | 86,418 | 171,459 | ||
| Effect of foreign exchange rate changes | — | |||
| Cash and cash equivalents at end of the period | 221,588 | 143,379 | ||
About ontunisertib
Ontunisertib (AGMB-129) is an oral small molecule GI-restricted inhibitor of ALK5 (or TGF-β RI) currently in clinical development for the treatment of Fibrostenosing Crohn’s Disease (FSCD). TGF-β is a major driver of fibrosis. Ontunisertib is specifically designed to inhibit ALK5/TGF-β in the GI-tract. Rapid first-pass metabolism in the liver prevents clinically relevant systemic exposure, potentially delivering an improved safety profile over systemically available inhibitors in this class. Ontunisertib has received U.S. FDA Fast Track Designation.
About Fibrostenosing Crohn’s Disease
Crohn’s disease is a chronic progressive disease of the gastrointestinal tract. It is estimated that approximately
About Agomab
Agomab is a clinical-stage biopharmaceutical company focused on developing novel disease-modifying therapies for fibro-inflammatory diseases with high unmet medical need. Agomab’s product candidates are designed to target established potent pathways and utilize organ-restricted approaches, with the aim of increasing efficacy while minimizing safety liabilities. Fostering a culture of excellence, Agomab’s mission is to pioneer therapeutics that aim to resolve fibro-inflammation and restore organ function to enable people with these disorders to live fuller and healthier lives.
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain disclosures that contain “forward-looking statements,” including, without limitation, statements regarding our expected cash runway, including that we anticipate our cash and cash investments and IPO proceeds will extend our runway into the first half of 2029, our focus on the discovery and development of our pipeline of novel product candidates for fibro-inflammatory disorders, the design of planned Phase 2 clinical trials with ontunisertib for FSCD and AGMB-447 for IPF, our expectation to initiate our Phase 2b Study of ontunisertib in FSCD and our Phase 2 study of AGMB-447 in IPF in the second half of 2026, our interactions with regulatory authorities as well as statements regarding future data readouts, including our expectation to release topline data from the OLE part of the STENOVA study and of the Phase 1b IPF Study Cohort with AGMB-447 in the coming months. Forward-looking statements are based on Agomab’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, risks and uncertainties related to the results of our clinical trials; expectations regarding the inherent uncertainties associated with the development of novel drug therapies; preclinical and clinical trial and product development activities and regulatory approval requirements for product candidates; the impact of governmental laws and regulations on our business; disruptions caused by our reliance on third party suppliers and service providers; the risk that our expectations and management’s guidance regarding our cash position and other financial estimates may be incorrect; and risks related to geopolitical conflicts and macro-economic events. These and other risks and uncertainties are described more fully in our filings and reports with the SEC, including in our most recent annual report on Form 20‐F filed with the SEC and our subsequent filings and reports filed with the SEC. Forward-looking statements contained in this announcement are made as of this date, and Agomab undertakes no duty to update such information except as required under applicable law. Readers should not rely upon the information in this announcement as current or accurate after its publication date.
Contacts
Investors
Sofie Van Gijsel
VP of Investor Relations
E-Mail: sofie.vangijsel@agomab.com
Phone: +1 781 296 1143
Media
Gretchen Schweitzer
Trophic Communications
E-Mail: agomab@trophic.eu
Phone: +49 172 861 8540
