Braveheart Bio Reports Second Quarter 2026 Financial Results and Provides Business Update
Braveheart Bio pairs a cash boost from its IPO with advancement of BHB-1893 into global Phase 3 trials in both oHCM and nHCM.
Rhea-AI Summary
Braveheart Bio (BRVE) reported second quarter 2026 results and initiated its Phase 3 LIONHEART-HCM trial of BHB-1893 in obstructive hypertrophic cardiomyopathy.
Cash and cash equivalents were $122.8 million as of June 30, 2026, rising to an as-adjusted $527.3 million when including approximately $404.5 million in net proceeds from the August 2026 IPO. Management estimates this funding will support operations into 2029. The IPO issued 24,437,500 shares at $18.00 per share for gross proceeds of about $439.9 million.
R&D expenses grew to $11.1 million and G&A to $4.8 million, driving a quarterly net loss of $15.0 million, or $2.51 per share attributable to common stockholders after a non-cash deemed dividend. Phase 3 LIONHEART-HCM in oHCM is enrolling, with first dosing expected in 2026 and interim results in the second half of 2027, while a global Phase 3 NOBLEHEART-HCM trial in nHCM is planned for the first half of 2027 following favorable Phase 2 data.
Positive
- Cash and equivalents $122.8M at June 30, 2026, up from $89.2M at December 31, 2025
- IPO net proceeds ~$404.5M, bringing as-adjusted cash to about $527.3M
- Runway into 2029 based on current operating plan and IPO proceeds
- Phase 3 LIONHEART-HCM initiated in obstructive HCM, with sites activating and patients screening
- Favorable Phase 2 nHCM data with significant biomarker and echocardiographic improvements versus placebo
- $60.0M Series A closing in April 2026 at $1.00 per share
- Q2 2026 interest income $0.9M, adding $1.7M for the first six months of 2026
Negative
- Q2 2026 net loss $15.0M versus $0.4M in Q2 2025
- R&D expenses $11.1M in Q2 2026, up from $0.0M year over year
- G&A expenses $4.8M in Q2 2026, up from less than $0.1M a year earlier
- Deemed dividend $3.6M on Series A preferred increased loss attributable to common stockholders
- Accumulated deficit $(95.9)M and stockholders’ deficit $(95.9)M as of June 30, 2026
News Explained
With the IPO closed and preferred stock converted, 90,038,969 common shares were outstanding, reducing existing holders’ percentage ownership absent offsets.
The IPO is closed and all outstanding preferred stock converted to common stock after June 30; issuing the additional shares reduces existing holders’ percentage ownership absent offsetting changes.
The
As of
Key Figures
- LIONHEART-HCM Phase 3 trial
- Phase 3
- oHCM; initiated
- Cash and equivalents
- $122.8 million
- As of June 30, 2026
- As-adjusted cash and equivalents
- $527.3 million
- Including IPO net proceeds
- IPO net proceeds
- $404.5 million
- After underwriting discounts, commissions, and offering expenses
- Projected funding runway
- Into 2029
- Based on the current operating plan
- Research and development expenses
- $11.1 million
- Three months ended June 30, 2026
- Net loss
- $15.0 million
- Three months ended June 30, 2026
- Net loss per share
- $2.51
- Basic and diluted; three months ended June 30, 2026
Historical Context
-
IPO closed with an upsized share sale and gross proceeds before expenses.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
investigational new drug application regulatory
lvef medical
pharmacokinetic profile medical
cardiac myosin inhibitor medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Phase 3 LIONHEART-HCM Trial of BHB-1893 in Obstructive Hypertrophic Cardiomyopathy (oHCM) Initiated
Cash and Cash Equivalents of
SAN FRANCISCO, Sept. 08, 2026 (GLOBE NEWSWIRE) -- Braveheart Bio, Inc. (Nasdaq: BRVE), a clinical-stage biopharmaceutical company developing next-generation therapeutics for hypertrophic cardiomyopathy (“HCM”) and other serious cardiovascular diseases, today reported unaudited financial results for the second quarter ended June 30, 2026, and provided a business update.
“Our clinical programs continue to advance, and our IPO this summer has provided a strong financial foundation to advance the development of our global Phase 3 programs and evaluate the potential of BHB-1893 as the preferred treatment option in two indications,” said Travis Murdoch, M.D., Chief Executive Officer and President of Braveheart Bio. “Sites are being activated and patients are screening for our LIONHEART-HCM Phase 3 study in obstructive HCM (“oHCM”), and we are on track to dose the first patient this year. We continue to expect results from an interim analysis from LIONHEART-HCM in the second half of 2027. In addition, our program in non-obstructive HCM (“nHCM”) is advancing; we now have an active U.S. investigational new drug application (“IND”) and expect to initiate our NOBLEHEART-HCM Phase 3 study in the first half of 2027.”
Second Quarter and Recent Business Highlights
BHB-1893 Clinical Development
- In May 2026, Braveheart Bio and Hengrui Pharmaceuticals Co., Ltd. announced results from a randomized, double-blind, placebo-controlled Phase 2 trial evaluating HRS/BHB-1893 in nHCM. The results were featured in a late-breaking presentation at the 2026 annual meeting of the Heart Failure Association of the European Society of Cardiology. In this trial, BHB-1893-treated patients were observed to have rapid, substantial, and statistically significant reductions in secondary endpoints that are cardiac biomarkers, which were observed to rapidly reverse during trial drug washout. Patients’ functional status and exercise capacity were also higher at the end of the trial compared to baseline. On echo, BHB-1893 treated patients showed statistically significant, dose-dependent improvements in myocardial relaxation, hemodynamic benefit, and cardiac remodeling compared to placebo-treated patients, including observed improvements in diastolic function. Additionally, no patients in the intervention cohorts required trial drug interruption for LVEF reductions, which, together with BHB-1893’s pharmacokinetic profile, supports a generally favorable profile. Braveheart Bio has an open IND, and expects to initiate NOBLEHEART-HCM, a global Phase 3 trial in nHCM in the first half of 2027.
- Following Phase 2 oHCM results announced in March 2026, Braveheart Bio has initiated LIONHEART-HCM, a Phase 3, multi-region, multi-center, randomized, double-blind, active-comparator-controlled trial, to evaluate the efficacy and safety of BHB-1893 compared to metoprolol in adults with symptomatic oHCM.
Additional Highlights
- In April 2026, Braveheart Bio completed the third closing of its Series A preferred stock financing, issuing an aggregate of 60,000,000 shares at
$1.00 per share for gross proceeds of$60.0 million . - Braveheart Bio completed an initial public offering in August 2026, issuing an aggregate of 24,437,500 shares of common stock at
$18.00 per share for gross proceeds of approximately$439.9 million . Braveheart Bio’s common stock began trading on the Nasdaq Global Market under the ticker symbol “BRVE” on August 6, 2026.
Second Quarter 2026 Financial Results
Cash and cash equivalents were
Research and development (R&D) expenses were
General and administrative (G&A) expenses were
Net loss was
The deemed dividend of
All share and per share amounts for all periods presented have been retroactively adjusted to give effect to the 1-for-4.38 reverse stock split of the Braveheart Bio’s common stock effected on July 29, 2026.
As of September 3, 2026, Braveheart Bio had 90,038,969 shares of common stock outstanding, reflecting the conversion of all outstanding preferred stock into common stock and the issuance of 24,437,500 shares in Braveheart Bio’s IPO, each of which occurred after June 30, 2026.
About Braveheart Bio
Braveheart Bio is a clinical-stage biopharmaceutical company focused on developing therapies for patients with hypertrophic cardiomyopathy (HCM) and other serious cardiovascular diseases. Braveheart Bio’s lead product candidate, BHB-1893, is a next-generation oral small-molecule cardiac myosin inhibitor (CMI) being developed for the treatment of obstructive HCM (oHCM) and non-obstructive HCM (nHCM). Braveheart Bio is aiming to address the limitations of currently available CMIs by designing BHB-1893 for rapid onset, consistent depth of response, preservation of systolic function, prompt reversibility, and a straightforward approach to titration and monitoring. For more information, please visit www.braveheart.bio.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of, and made pursuant to the safe harbor provisions of, the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, each as amended. The words such as “anticipate,” “believe,” “expect,” “intend,” “may,” “plan,” “potential,” “should,” “will” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, but are not limited to, express or implied statements regarding: the clinical development of BHB-1893 and other product candidates, including the initiation, timing, progress, results and future data releases of ongoing and planned clinical trials; the timing of initiation as well as expected results from the NOBLEHEART-HCM global Phase 3 trial; Braveheart Bio’s interactions and communications with regulatory authorities and timing as well as anticipated results of submissions; the beneficial characteristics, and the potential safety, efficacy and therapeutic effects of Braveheart Bio’s product candidates; its ability to develop and advance its potential future product candidates and programs; and expectations for the Braveheart Bio’s uses of capital, expenses and financial results, including its cash runway into 2029.
Any forward-looking statements in this press release are based on Braveheart Bio’s current expectations and assumptions. These statements are neither promises nor guarantees and involve risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, risks relating to: Braveheart Bio’s research and development activities; Braveheart Bio’s ability to obtain the requisite regulatory approvals on the expected timeline, if at all; uncertainties relating to clinical development activities; Braveheart Bio’s dependence on third parties to conduct clinical trials, manufacture its product candidates and develop and commercialize its product candidates, if approved; Braveheart Bio’s ability to attract, integrate and retain key personnel; risks related to Braveheart Bio’s financial condition and need for substantial additional funds in order to complete development activities and commercialize a product candidate, if approved; risks related to regulatory developments and approval processes of the U.S. Food and Drug Administration and comparable foreign regulatory authorities; risks related to establishing and maintaining Braveheart Bio’s intellectual property protections; and risks related to the competitive landscape for Braveheart Bio’s product candidates; as well as the other risks and uncertainties described under the heading “Risk Factors” section in Braveheart Bio’s upcoming Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 and any subsequent filings Braveheart Bio makes with the Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date of this press release. Except as required by applicable law, Braveheart Bio undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Braveheart Bio intends to use its Investor Relations website as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor Braveheart Bio’s Investor Relations website, in addition to following Braveheart Bio’s press releases, SEC filings, public conference calls, presentations, and webcasts.
Investor Relations Contact
Alexander Sharif
New Street Investor Relations
Alexander@NewStreetIR.com
Media Contact
FGS Global
Braveheart-bio@fgsglobal.com
| Braveheart Bio, Inc. Condensed Statement of Operations and Comprehensive Loss (unaudited) (in thousands, except share and per share amounts) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | |||||||||||||
| Operating expenses | ||||||||||||||||
| Research and development (includes related party amounts of three and six months ended June 30, 2026, respectively) | $ | 11,125 | $ | — | $ | 22,039 | $ | — | ||||||||
| In-process research and development | — | 354 | — | 448 | ||||||||||||
| General and administrative (includes nominal related party amounts for the three and six months ended June 30, 2026, respectively) | 4,757 | 27 | 8,892 | 32 | ||||||||||||
| Total operating expenses | 15,882 | 381 | 30,931 | 480 | ||||||||||||
| Loss from operations | (15,882 | ) | (381 | ) | (30,931 | ) | (480 | ) | ||||||||
| Other income | ||||||||||||||||
| Interest income | 889 | — | 1,660 | — | ||||||||||||
| Other income | 5 | — | 3 | — | ||||||||||||
| Total other income | $ | 894 | $ | — | $ | 1,663 | $ | — | ||||||||
| Net loss | $ | (14,988 | ) | $ | (381 | ) | $ | (29,268 | ) | $ | (480 | ) | ||||
| Deemed dividends upon issuance of redeemable convertible preferred stock | (3,615 | ) | — | (3,615 | ) | — | ||||||||||
| Net loss attributed to common stockholders | $ | (18,603 | ) | $ | (381 | ) | $ | (32,883 | ) | $ | (480 | ) | ||||
| Net loss per share, basic and diluted | $ | (2.51 | ) | $ | (0.14 | ) | $ | (4.61 | ) | $ | (0.34 | ) | ||||
| Weighted-average shares of common stock outstanding, basic and diluted | 7,401,783 | 2,792,409 | 7,133,871 | 1,403,918 | ||||||||||||
| Braveheart Bio, Inc. Condensed Balance Sheets (unaudited) (in thousands, except share and par value data) | ||||||||
| As of June 30, 2026 | As of December 31, 2025 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 122,831 | $ | 89,161 | ||||
| Prepaid expenses and other current assets | 614 | 119 | ||||||
| Total current assets | 123,445 | 89,280 | ||||||
| Property and equipment, net | 23 | — | ||||||
| Operating lease right-of-use assets | 607 | — | ||||||
| Deferred offering costs | 2,811 | — | ||||||
| Other long-term assets | 70 | 70 | ||||||
| Total assets | $ | 126,956 | $ | 89,350 | ||||
| Liabilities, redeemable convertible preferred stock, and stockholders’ deficit | ||||||||
| Current liabilities | ||||||||
| Accounts payable (includes related party amounts of | $ | 2,669 | $ | 1,058 | ||||
| Accrued expenses and other current liabilities (includes related party amounts of | 6,012 | 4,184 | ||||||
| Current portion of lease liabilities | 377 | — | ||||||
| Total current liabilities | 9,058 | 5,242 | ||||||
| Lease liabilities, net of current portion | 198 | — | ||||||
| Other long-term liabilities | 86 | 91 | ||||||
| Total liabilities | 9,342 | 5,333 | ||||||
| Commitments and contingencies | ||||||||
| Series A redeemable convertible preferred stock, 185,000,000 shares authorized at June 30, 2026 and December 31, 2025; 185,000,000 and 125,000,000 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively; liquidation preference at June 30, 2026 and December 31, 2025, respectively | 187,845 | 124,214 | ||||||
| Nonvoting Series A redeemable convertible preferred stock, 32,500,000 shares authorized, issued and outstanding at June 30, 2026 and December 31, 2025; December 31, 2025 | 25,675 | 25,675 | ||||||
| Stockholders’ deficit | ||||||||
| Common stock, 2026 and December 31, 2025 (303,000,000 voting and 32,500,000 nonvoting); 15,943,937 shares issued at June 30, 2026 and December 31, 2025; and 7,535,986 and 6,685,088 shares outstanding at June 30, 2026 and December 31, 2025, respectively | 1 | 1 | ||||||
| Additional paid-in capital | — | 179 | ||||||
| Accumulated deficit | (95,907 | ) | (66,052 | ) | ||||
| Total stockholders’ deficit | (95,906 | ) | (65,872 | ) | ||||
| Total liabilities, redeemable convertible preferred stock, and stockholders’ deficit | $ | 126,956 | $ | 89,350 | ||||
FAQ
What are the key design features and timelines for the LIONHEART-HCM Phase 3 trial?
LIONHEART-HCM is a Phase 3, multi-region, multi-center, randomized, double-blind, active-comparator-controlled trial evaluating the efficacy and safety of BHB-1893 versus metoprolol in adults with symptomatic obstructive HCM. Sites are being activated and patients are screening, with the first patient expected to be dosed in 2026. The company expects results from an interim analysis in the second half of 2027.
What is planned for the NOBLEHEART-HCM Phase 3 trial in non-obstructive HCM?
Braveheart Bio has an active U.S. IND for BHB-1893 in non-obstructive HCM and expects to initiate NOBLEHEART-HCM, a global Phase 3 trial in nHCM, in the first half of 2027. This follows Phase 2 data in nHCM showing statistically significant improvements in cardiac biomarkers, functional status, exercise capacity, and echocardiographic measures versus placebo.
What were the main findings from the Phase 2 trial of BHB-1893 in nHCM?
In the randomized, double-blind, placebo-controlled Phase 2 nHCM trial, BHB-1893-treated patients showed rapid, substantial, and statistically significant reductions in cardiac biomarker secondary endpoints that reversed during washout, higher functional status and exercise capacity at trial end versus baseline, and statistically significant, dose-dependent improvements on echocardiography in myocardial relaxation, hemodynamics, cardiac remodeling, and diastolic function compared with placebo. No intervention-cohort patients required drug interruption for LVEF reductions.
How was the 2026 IPO structured and when did BRVE begin trading?
In August 2026, Braveheart Bio completed an initial public offering, issuing 24,437,500 shares of common stock at an offering price of $18.00 per share for gross proceeds of approximately $439.9 million. The offering generated about $404.5 million in net proceeds after underwriting discounts, commissions, and offering expenses. The company’s common stock began trading on the Nasdaq Global Market under the ticker symbol “BRVE” on August 6, 2026.
What is the recent Series A preferred stock activity?
In April 2026, Braveheart Bio completed the third closing of its Series A preferred stock financing, issuing an aggregate of 60,000,000 shares at $1.00 per share for gross proceeds of $60.0 million. As of June 30, 2026, there were 185,000,000 Series A redeemable convertible preferred shares outstanding with a $185,000 liquidation preference, and 32,500,000 nonvoting Series A preferred shares outstanding with a $32,500 liquidation preference.
How did operating expenses change in the first half of 2026?
For the six months ended June 30, 2026, research and development expenses were $22.0 million compared to $0.0 million in the prior-year period, reflecting advancement of BHB-1893, preparation for the global Phase 3 program, and higher personnel-related costs. General and administrative expenses were $8.9 million, up from $0.03 million a year earlier, driven by increased headcount and costs associated with expanded operations, business development, and preparing to operate as a public company.