Monte Rosa Therapeutics Announces Second Quarter 2026 Financial Results and Business Updates
Rhea-AI Summary
Monte Rosa Therapeutics (Nasdaq: GLUE) reported second quarter 2026 results and pipeline progress, highlighted by completion of enrollment and dosing in the GFORCE-1 Phase 1 study of MRT-8102 in subjects with elevated cardiovascular disease risk, with a data readout expected in H2 2026.
The company activated the MODeFIRe-1 Phase 2 study of MRT-2359 in combination with apalutamide in mCRPC, and Novartis activated a Phase 2 trial of MRT-6160 (DDY391) in Sjögren’s disease under a global license that could deliver up to $2.1 billion in milestones.
For Q2 2026, collaboration revenue was $9.0 million, R&D expenses were $48.0 million, G&A expenses were $10.1 million, and net loss was $43.4 million. Monte Rosa ended the quarter with $626.0 million in cash, cash equivalents, restricted cash, and marketable securities, which it expects to fund operations into 2029.
Positive
- Cash and securities $626.0M at June 30, 2026; runway into 2029
- Collaboration revenue $9.0M in Q2 2026 from Roche and Novartis agreements
- MRT-8102 Phase 1 completed enrollment; prior data showed 85% median CRP reduction after 4 weeks
- Multiple MRT-8102 Phase 2 trials planned across CVD risk, gout, and hidradenitis suppurativa from H2 2026–H1 2027
- MRT-6160 deal with Novartis offers up to $2.1B in potential milestones plus U.S. profit share and ex-U.S. royalties
- MRT-2359 MODeFIRe-1 Phase 2 activated in mCRPC with Johnson & Johnson supply support
Negative
- Collaboration revenue down to $9.0M from $23.2M in Q2 2025
- Net loss widened to $43.4M in Q2 2026 from $12.3M a year earlier
- R&D expenses up to $48.0M from $30.7M in Q2 2025, driven by MRT-8102 and other programs
- G&A expenses increased to $10.1M from $8.1M in Q2 2025
- Cash balance fell to $626.0M from $671.2M at March 31, 2026 due to operating cash use
- Share count rose to 85.2M from 65.5M at December 31, 2025, implying shareholder dilution
News Explained
Novartis funds Phase 2 MRT-6160 studies, while Monte Rosa’s milestone income remains conditional and Phase 3 could require co-funding.
Monte Rosa reports that Novartis has activated the Phase 2 MRT-6160 study in Sjögren’s disease; Novartis will conduct and fund Phase 2, shifting those study costs away from Monte Rosa while the program remains at the activation stage.
The license arrangement gives Novartis responsibility for Phase 2 execution and funding, while Monte Rosa would co-fund any Phase 3 development and share
Monte Rosa is eligible for up to
The next specific milestone point is the first patient visit; any later Phase 3 cost-sharing would be resolved when that development stage is undertaken.
Market Reaction – GLUE
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Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 07 | 1Q26 earnings | Positive | -2.8% | Clinical progress and cash runway update accompanied quarterly financial results. |
| Mar 17 | 4Q25 earnings | Positive | -2.0% | Financing, clinical data, collaboration milestones, and cash runway were reported. |
| Nov 06 | 3Q25 earnings | Positive | +5.7% | Novartis collaboration and multiple clinical programs advanced alongside quarterly results. |
| Aug 07 | 2Q25 earnings | Positive | -2.9% | Pipeline advancement and collaboration progress accompanied improved quarterly financial metrics. |
| May 08 | 1Q25 earnings | Positive | +9.6% | Collaboration revenue, clinical progress, and cash resources were highlighted. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
GLUE's earnings-tagged history showed divergence in three of five comparable events, including the most recent quarter.
Key Terms
molecular glue degrader technical
nLRP3 inflammasome medical
pharmacodynamic marker medical
IND application regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
Completed enrollment and dosing for GFORCE-1 study of MRT-8102 in subjects with elevated cardiovascular disease (CVD) risk; readout anticipated in H2 2026
Company expects to initiate multiple MRT-8102 Phase 2 studies, including in patients with elevated atherosclerotic risk and cardiometabolic syndrome in H2 2026, in patients with gout flares in Q4 2026/Q1 2027, and in patients with moderate to severe hidradenitis suppurativa in H1 2027
MODeFIRe-1 Phase 2 study of MRT-2359 activated, in combination with apalutamide in metastatic castration-resistant prostate cancer patients (mCRPC) with androgen receptor (AR) mutations
Phase 2a/b clinical trial for VAV1-directed MGD MRT-6160 (DDY391) activated in participants with Sjögren’s disease; study to be conducted by Novartis under global exclusive development and commercialization license agreement
Strong balance sheet with cash, cash equivalents, restricted cash, and marketable securities of
BOSTON, Aug. 06, 2026 (GLOBE NEWSWIRE) -- Monte Rosa Therapeutics, Inc. (Nasdaq: GLUE), a clinical-stage biotechnology company developing novel molecular glue degrader (MGD)-based medicines, today reported business highlights and financial results for the second quarter ended June 30, 2026.
“We’re tremendously proud of our progress to date in 2026, defined by strong execution across our clinical-stage portfolio, with two Phase 2 trials activated and additional trials expected across our programs,” said Markus Warmuth, M.D., Chief Executive Officer of Monte Rosa Therapeutics. “Importantly, for our VAV1 program, Novartis recently activated a Phase 2 study evaluating MRT-6160 (DDY391) in individuals with Sjögren’s disease, representing an important step forward for this program and established collaboration. We look forward to additional Phase 2 study activations expected as part of a broader development effort to evaluate the potential of MRT-6160 across other immune-mediated diseases. In addition, the Phase 2 study of MRT-2359 in combination with apalutamide in mCRPC patients with AR mutations is now activated, and we expect to enroll our first patients imminently, positioning us to validate the strong signals of clinical activity we observed in this patient population in our Phase 1/2 trial. We will update data from the initial Phase 1/2 arm exploring MRT-2359 in advanced CRPC by the end of the year.”
Dr. Warmuth continued: “Moving forward, we expect a catalyst-rich second half of 2026, including data from our GFORCE-1 study of MRT-8102 in subjects with elevated cardiovascular disease risk, the study having been fully enrolled in June. With these data, we look forward to deepening our understanding of MRT-8102’s clinical activity across multiple dose levels and its impact on inflammatory and cardiometabolic biomarker endpoints. In particular, we will present data on levels of damage-associated molecular patterns (DAMPs) such as calprotectin that promote local inflammation, atherosclerotic plaque instability, and rupture of plaques in individuals with ASCVD – processes not adequately addressed by IL-1/IL-6 antibodies – as well as pathologic cytokines and C-reactive protein (CRP), a well-established pharmacodynamic marker. Over the next 9 to 12 months, we expect to initiate three MRT-8102 Phase 2 studies, including our Phase 2b study, GFORCE-2, later this year, which will inform the potential of MRT-8102 to modulate key parameters of metabolic and atherosclerotic risk, liver inflammation and anemia of inflammation through both primary and secondary study endpoints, as well as GEMINI-1, our study to explore the potential of MRT-8102 to prevent recurrent gout flares following management of acute flares. In summary, we continue to be impressed by the potential of MRT-8102 to address sterile inflammation in a variety of disorders with high unmet medical need, and we continue to explore multiple promising development opportunities in that space.”
RECENT HIGHLIGHTS
MRT-8102, NEK7-directed MGD for inflammatory diseases driven by the NLRP3 inflammasome and IL-1
- Enrollment and dosing have been completed for all subjects participating in the GFORCE-1 Phase 1 study of MRT-8102 in individuals with elevated cardiovascular disease (CVD) risk (NCT07119125). The GFORCE-1 study explored multiple dose levels in a 4-week treatment regimen and 4 weeks of safety follow-up to accelerate dose selection and development in multiple indications, including in atherosclerotic cardiovascular disease (ASCVD), gout, and hidradenitis suppurativa, with an anticipated readout in H2 2026. Based on data reported in January, in subjects with elevated CVD risk, MRT-8102 demonstrated rapid and durable reductions in systemic inflammation, including an
85% median reduction of CRP levels after four weeks of treatment. Additional biomarker data, including impact on calprotectin, an independent risk factor for ASCVD, will be reported. - Monte Rosa expects to initiate multiple Phase 2 studies of MRT-8102 in indications with high unmet need and strong biologic rationale for targeting the NLRP3/IL-1 pathway:
- A Phase 2b study (GFORCE-2) of MRT-8102 in patients with elevated atherosclerotic risk and cardiometabolic syndrome is expected to initiate in H2 2026 to evaluate the effect of MRT-8102 treatment for 12 weeks (plus open-label extension) on multiple primary and secondary endpoints including key parameters of CVD and metabolic risk, liver inflammation, and anemia of inflammation.
- A Phase 2 study (GEMINI-1) of MRT-8102 in patients with gout is expected to initiate in Q4 2026 or Q1 2027. The study will investigate prevention of flare recurrence post management of acute flares with MRT-8102.
- A Phase 2 study (GALAXY-1) of MRT-8102 in patients with moderate to severe hidradenitis suppurativa is expected to initiate in H1 2027.
MRT-6160, VAV1-directed MGD for immune-mediated conditions
- Monte Rosa’s collaborator Novartis has activated a Phase 2 clinical study for the VAV1-directed MGD MRT-6160 (DDY391) in people living with Sjögren’s disease. Monte Rosa expects to receive a milestone payment upon the first patient visit in the Phase 2 clinical study. More information about the study, “A Phase 2a/b Study to Assess the Efficacy, Safety and Tolerability of DDY391 in Participants With Sjögren's Disease,” can be found at ClinicalTrials.gov, study identifier NCT07737743.
- Monte Rosa expects additional Phase 2 study activations as part of a broader development effort to evaluate the potential of MRT-6160 (DDY391) across immune-mediated diseases; Monte Rosa is eligible for additional Phase 2 milestones in conjunction with these study initiations.
- Monte Rosa has a global exclusive development and commercialization license agreement with Novartis to advance VAV1-directed MGDs, including MRT-6160 (DDY391). Monte Rosa is eligible to receive up to
$2.1 billion in development, regulatory, and sales milestones, beginning upon initiation of Phase 2 studies. Novartis is responsible for conducting and funding Phase 2 studies. Monte Rosa will co-fund any Phase 3 clinical development and will share30% of any profits and losses associated with the manufacturing and commercialization of MRT-6160 in the U.S., and is also eligible for tiered royalties on ex-U.S. net sales.
MRT-2359, GSPT1-directed MGD for metastatic CRPC
- Monte Rosa has activated the MODeFIRe-1 Phase 2 study of MRT-2359. The study will include up to 25 patients to efficiently assess the efficacy of MRT-2359 in combination with the second-generation AR inhibitor apalutamide in mCRPC patients with AR mutations, with potential to expand the study into additional patient subsets. Monte Rosa has a clinical supply agreement with Johnson & Johnson to support the Phase 2 trial evaluating MRT-2359 in combination with apalutamide.
- More information about the study, “MODeFIRe-1 (Molecular Degrader for Inhibitor Resistance): A Phase 2, Open-Label, Multicenter Study of Oral MRT-2359 in Combination with Apalutamide in Patients with Castration-Resistant Prostate Cancer,” can be found at ClinicalTrials.gov, study identifier: NCT07745361.
- Enrollment in the initial Phase 1/2 study expansion arm, in patients with advanced CRPC, has been completed. A total of 6 patients with AR mutation were enrolled and treated with MRT-2359 in combination with enzalutamide. Monte Rosa plans to provide an update on this patient subset by the end of the year. Interim data were presented at the ASCO Genitourinary Cancers Symposium (ASCO GU) in February.
Cyclin E1 and CDK2-directed MGD programs for solid tumors
- Monte Rosa expects to submit an IND application for its cyclin E1 (CCNE1)-directed molecular glue degrader program in 2027.
- Monte Rosa continues to advance its CDK2-directed MGD program for the treatment of ER+ breast cancer toward clinical development.
ANTICIPATED UPCOMING MILESTONES AND DEVELOPMENT PRIORITIES
Immunology and inflammation programs
- Readout of MRT-8102 GFORCE-1 study in subjects with elevated CVD risk anticipated in H2 2026.
- Initiate multiple Phase 2 studies of MRT-8102, including in elevated atherosclerotic risk patients in H2 2026, in gout flare patients in Q4 2026/Q1 2027, and in hidradenitis suppurativa patients in H1 2027.
- Submit an IND application for a second-generation NEK7-directed MGD in H2 2026.
- Monte Rosa expects its collaborator, Novartis, to initiate multiple Phase 2 studies of the VAV1-directed MGD MRT-6160 (DDY391) in immune-mediated diseases in 2026.
Oncology programs
- Update on the initial Phase 1/2 expansion arm exploring MRT-2359 in combination with enzalutamide in advanced CRPC by the end of the year.
- Dose the first patient in the MODeFIRe-1 Phase 2 study of MRT-2359 in combination with apalutamide in mCRPC in Q3 2026.
- Submit an IND application for a cyclin E1-directed MGD in 2027.
SECOND QUARTER 2026 FINANCIAL RESULTS
Collaboration Revenue: Collaboration revenue for the second quarter of 2026 was
Research and Development (R&D) Expenses: R&D expenses for the second quarter of 2026 were
General and Administrative (G&A) Expenses: G&A expenses for the second quarter of 2026 were
Net Loss: Net loss for the second quarter of 2026 was
Cash Position and Financial Guidance:
Cash, cash equivalents, restricted cash, and marketable securities as of June 30, 2026, were
About Monte Rosa
Monte Rosa Therapeutics is a clinical-stage biotechnology company developing highly selective molecular glue degrader (MGD) medicines for patients living with serious diseases. MGDs are small molecule protein degraders that have the potential to treat many diseases that other modalities, including other degraders, cannot. Monte Rosa’s QuEEN™ (Quantitative and Engineered Elimination of Neosubstrates) discovery engine combines AI-guided chemistry, diverse chemical libraries, structural biology, and proteomics to rationally design MGDs with unprecedented selectivity. Monte Rosa has developed the industry’s leading pipeline of first-in-class and only-in-class MGDs, spanning autoimmune and inflammatory diseases, oncology, and beyond, with three programs in the clinic. Monte Rosa has ongoing collaborations with leading pharmaceutical companies in the areas of immunology, oncology, and neurology. For more information, visit www.monterosatx.com.
Forward-Looking Statements
This communication includes express and implied “forward-looking statements,” including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts and in some cases, can be identified by terms such as “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “objective,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “ongoing,” or the negative of these terms, or other comparable terminology intended to identify statements about the future. Forward-looking statements contained herein include, but are not limited to, statements about our ability to grow our product pipeline, our ability to successfully complete research and further development and commercialization of our drug candidates in current or future indications, including the timing and results of our clinical trials and our ability to conduct and complete clinical trials, statements regarding our progress and speed of development of only-in-class and first-in-class molecular glue degrader therapeutics, statements about our QuEEN™ discovery engine and the broad potential applications of the platform and our ability to create long-term value through focused pipeline execution and strategic collaborations, as well as to expand the targetable protein space for MGD drug discovery, statements about our potential to rationally design MGDs with unprecedented selectivity, statements about the advancement and timeline of our preclinical and clinical programs, pipeline and the various products therein, including (i) the ongoing development of our VAV1-directed degrader, referred to as MRT-6160 (DDY391), including the activation of a Phase 2 clinical study in Sjögren's disease by our collaborator Novartis, our expectations regarding the milestone payments upon Phase 2 study initiations, additional Phase 2 study activations to evaluate the potential of MRT-6160 (DDY391) across immune-mediated diseases, our eligibility to receive up to
| Condensed Consolidated Balance Sheets | ||||||||||
| (in thousands, except share amounts) | ||||||||||
| (unaudited) | ||||||||||
| June 30, | December 31, | |||||||||
| 2026 | 2025 | |||||||||
| Assets | ||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 90,104 | $ | 129,883 | ||||||
| Marketable securities | 531,000 | 247,221 | ||||||||
| Collaboration receivable | ― | 7,000 | ||||||||
| Other receivables | 4,920 | 4,600 | ||||||||
| Prepaid expenses and other current assets | 5,382 | 4,481 | ||||||||
| Total current assets | 631,406 | 393,185 | ||||||||
| Property and equipment, net | 29,932 | 25,986 | ||||||||
| Operating lease right-of-use assets | 24,056 | 24,386 | ||||||||
| Restricted cash | 4,939 | 4,954 | ||||||||
| Other long-term assets | 828 | 148 | ||||||||
| Total assets | $ | 691,161 | $ | 448,659 | ||||||
| Liabilities and stockholders’ equity | ||||||||||
| Current liabilities: | ||||||||||
| Accounts payable | $ | 7,152 | $ | 3,550 | ||||||
| Accrued expenses and other current liabilities | 25,773 | 26,694 | ||||||||
| Current deferred revenue | 22,103 | 29,571 | ||||||||
| Current portion of operating lease liability | 4,630 | 4,397 | ||||||||
| Total current liabilities | 59,658 | 64,212 | ||||||||
| Deferred revenue, net of current | 105,623 | 111,332 | ||||||||
| Defined benefit plan liability | 5,242 | 5,265 | ||||||||
| Operating lease liability, net of current | 33,357 | 34,794 | ||||||||
| Total liabilities | 203,880 | 215,603 | ||||||||
| Stockholders’ equity | ||||||||||
| Common stock, | 9 | 7 | ||||||||
| Additional paid-in capital | 1,057,551 | 714,090 | ||||||||
| Accumulated other comprehensive loss | (5,165 | ) | (3,827 | ) | ||||||
| Accumulated deficit | (565,114 | ) | (477,214 | ) | ||||||
| Total stockholders’ equity | 487,281 | 233,056 | ||||||||
| Total liabilities and stockholders’ equity | $ | 691,161 | $ | 448,659 | ||||||
| Condensed Consolidated Statements of (Loss) Income | ||||||||||||||||
| (in thousands) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Collaboration revenue | $ | 8,968 | $ | 23,194 | $ | 13,178 | $ | 108,123 | ||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 47,964 | 30,653 | 92,033 | 62,843 | ||||||||||||
| General and administrative | 10,134 | 8,095 | 20,309 | 16,798 | ||||||||||||
| Total operating expenses | 58,098 | 38,748 | 112,342 | 79,641 | ||||||||||||
| (Loss) income from operations | (49,130 | ) | (15,554 | ) | (99,164 | ) | 28,482 | |||||||||
| Other income: | ||||||||||||||||
| Interest income | 5,916 | 3,068 | 11,507 | 6,507 | ||||||||||||
| Foreign currency exchange gain | 25 | 1,390 | 17 | 1,563 | ||||||||||||
| Gain on disposal of property and equipment | — | — | — | 59 | ||||||||||||
| Total other income | 5,941 | 4,458 | 11,524 | 8,129 | ||||||||||||
| Net (loss) income before income taxes | $ | (43,189 | ) | $ | (11,096 | ) | $ | (87,640 | ) | $ | 36,611 | |||||
| Income tax provision | (208 | ) | (1,199 | ) | (260 | ) | (2,021 | ) | ||||||||
| Net (loss) income | $ | (43,397 | ) | $ | (12,295 | ) | $ | (87,900 | ) | $ | 34,590 | |||||
Investors
Andrew Funderburk
ir@monterosatx.com
Media
Cory Tromblee, Scient PR
media@monterosatx.com
