Purple Biotech Reports Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
Purple Biotech (NASDAQ:PPBT) reported Q4 and full-year 2025 results highlighting advancement of its CAPTN-3 tri-specific antibody program. Lead molecules IM1240 and IM1305 showed positive preclinical efficacy, expanded toxicology window and commercially viable manufacturing yield.
Key figures: cash $9.5M (Dec 31, 2025) with runway into 2027, $20.5M impairment for CM24/NT219, and $26.4M net loss for 2025.
Positive
- Cash $9.5M as of Dec 31, 2025, runway into 2027
- IM1240 toxicology tolerated up to 300-fold higher doses vs comparator
- Commercially viable yield achieved for IM1240 manufacturing
- IM1305 named development candidate from CAPTN-3 platform
- ESMO 2025 data showed multi-arm in vivo anti-tumor activity
Negative
- $20.5M impairment recognized for CM24 and NT219 assets
- $26.4M net loss for 2025, or $54.9 loss per basic ADS
- Operating loss $27.5M for the year, increased vs 2024
- Limited runway risk despite financing; cash supports operations into 2027 only
News Market Reaction – PPBT
In the Mar 13 session, PPBT gained 6.77%, reflecting a notable positive market reaction. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Nov 14 | Q3 2025 earnings | Positive | -3.0% | Reported lower R&D and operating loss with CAPTN-3 progress and cash runway. |
| Aug 06 | Q2 2025 earnings | Positive | -4.9% | Showed reduced R&D, smaller operating loss, CM24 Phase 2 success, and NT219 progress. |
| May 21 | Q1 2025 earnings | Positive | -1.7% | Final CM24 Phase 2 efficacy, NT219 trial plans, lower R&D, and extended runway. |
| Mar 10 | FY 2024 earnings | Positive | -3.4% | Positive CM24 data, advancing NT219, reduced expenses, and cash into mid-2026. |
| Nov 15 | Q3 2024 earnings | Positive | -0.6% | Announced CM24 data timelines, lower losses, and runway into Q4 2025. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have consistently been followed by negative price reactions despite generally constructive operational and clinical updates.
Recent earnings releases from Purple Biotech have highlighted steady clinical progress across CM24, NT219, and the CAPTN-3 platform, while managing reduced R&D spending and extending cash runway into 2026–2027. However, the stock reacted negatively to all five prior earnings events, despite positive clinical data and improved cost profiles. Today’s Q4 and full-year 2025 report adds a large non-cash impairment of $20.5M on CM24 and NT219 and reiterates a cash position of $9.5M with runway into 2027, continuing the narrative of portfolio pivot toward CAPTN-3.
Key Terms
tri-specific antibody medical
5t4 medical
trop2 medical
nkg2a medical
tcga medical
cytokine release syndrome medical
pharmacokinetic medical
ads financial
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Focus shifted to development of first tri-specific antibody from the CAPTN-3 platform, IM1240, targeting 5T4 tumor-associated antigen, and second tri-specific antibody, IM1305, named as development candidate, targeting TROP2
Achieved toxicology and manufacturing milestones for IM1240, demonstrating an expanded therapeutic window and commercially viable yield
Positive preclinical data presented at ESMO Immuno-Oncology Congress 2025 demonstrates multi-arm anti-tumor activity for both IM1240 and IM1305
Total Cash Position of
REHOVOT, Israel, March 13, 2026 (GLOBE NEWSWIRE) -- Purple Biotech Ltd. ("Purple Biotech" or the "Company") (NASDAQ/TASE: PPBT), a clinical-stage company developing a next-generation immunotherapy platform designed to maximize anti-cancer potency while minimizing toxicity, today announced financial results for the three and twelve months ended December 31, 2025.
"In 2025, we focused on the CAPTN-3 platform and the value it can generate for patients and shareholders, naming a second tri-specific antibody from the platform, IM1305, and strengthening the preclinical data package for the first tri-specific antibody, IM1240. In addition, the capital we raised in 2025 is expected to provide runway into 2027, covering preparations for IM1240 Phase 1 study initiation,” said Gil Efron, Purple Biotech CEO. “During the past year, we made efforts to partner both CM24 and NT219 and, as previously reported, we will not be able to continue developing these assets until we obtain a strategic investment or a partner."
“We are excited by the increasing interest in assets similar to CAPTN-3. With a cash position of
Q4 2025 and Recent Clinical & Corporate Highlights:
New data on the CAPTN-3 platform were presented at the ESMO Immuno-Oncology Congress 2025, with CAPTN-3's two lead tri-specific antibodies:
- Demonstrated significant and sustained tumor regression achieved by the CAPTN-3 platform across two distinct tri-specific antibodies, IM1240 and IM1305, targeting different tumor antigens
- Transcriptomic analysis across ~11,000 TCGA samples showed that NKG2A expression is strongly associated with tumor expression of 5T4 or TROP2, supporting the inclusion of the NKG2A arm in CAPTN-3 designs
- NKG2A arm significantly contributes to IM1240 anti-cancer immune activity in PD1-resistant patient-derived explants
Toxicology study demonstrated an expanded therapeutic window for IM1240 (capped-CD3x5T4xNKG2A)
- IM1240 demonstrated improved tolerability in a toxicology study at doses up to 300-fold higher than a non-capped comparator, with significantly reduced immune-related toxicity, including minimal cytokine release. These results highlight the unique safety profile of this approach, which may address a key limitation of certain current T-cell engagers, where cytokine release syndrome can restrict dosing
- IM1240's pharmacokinetic profile showed increased systemic exposure and a prolonged circulating half-life, enabled by its human serum albumin moiety and capping design
Achieved manufacturing milestone for IM1240
- Achieved commercially viable yield for IM1240, positioning the program competitively for anticipated future development
- Validates the potential scalability of the CAPTN-3 tri-specific antibody platform
Financial Results for the Three Months Ended December 31, 2025
Research and Development Expenses were
General and Administrative Expenses were
Impairment Loss Expenses were
Operating Loss was
Adjusted Operating Loss (as reconciled below) was
Financial Expenses, Net, were
Net Loss was
As of December 31, 2025, Purple Biotech had cash and cash equivalents and short-term deposits of
Financial Results for the Twelve Months Ended December 31, 2025
Research and Development Expenses were
General and Administrative Expenses were
Impairment Loss Expenses were
Operating Loss was
Adjusted Operating Loss (as reconciled below) was
Net Loss for the year ended December 31, 2025 was
Non-IFRS Financial Measures
This press release includes information about certain financial measures that are not prepared in accordance with International Financial Reporting Standards ("IFRS"), including adjusted operating loss. This non-IFRS measure is not based on any standardized methodology prescribed by IFRS and is not necessarily comparable to similar measures presented by other companies. Adjusted operating loss adjusts for non-cash share-based compensation expenses and non-cash impairment expenses. The Company's management and board of directors utilize this non-IFRS financial measure to evaluate the Company's performance. The Company provides this non-IFRS measure of the Company's performance to investors because management believes that this non-IFRS financial measure, when viewed with the Company's results under IFRS and the accompanying reconciliations, are useful in identifying underlying trends in ongoing operations. However, this non-IFRS measure is not a measure of financial performance under IFRS and, accordingly, should not be considered as an alternative to IFRS measures as indicators of operating performance. Further, this non-IFRS measure should not be considered a measure of the Company's liquidity. A reconciliation of certain IFRS to non-IFRS financial measures has been provided in the tables included in this press release.
About Purple Biotech
Purple Biotech Ltd. (NASDAQ/TASE: PPBT) is a clinical-stage company developing a next-generation immunotherapy platform designed to maximize anti-cancer potency while minimizing toxicity. The Company is focused on advancing its lead program, CAPTN-3 - a platform of masked tri-specific antibodies that simultaneously target tumors while engaging both T cells and NK cells. Capping technology confines immune activation to the tumor microenvironment, significantly expanding the therapeutic window compared to conventional T-cell engagers. The platform’s lead candidate, IM1240, is advancing toward the clinic, and its second candidate, IM1305, is in preclinical development. The Company’s pipeline also includes additional clinical-stage assets, for which further development is pending partnering or investment, including CM24, a CEACAM1-blocking antibody that demonstrated improved outcomes across all efficacy endpoints in a Phase 2 study for the treatment of pancreatic ductal adenocarcinoma, and NT219, a dual IRS1/2 and STAT3 inhibitor in a Phase 2 study for the treatment of recurrent and/or metastatic squamous cell carcinoma of the head and neck. The Company is headquartered in Rehovot, Israel. For additional information about the Company, please visit: https://purple-biotech.com
Forward-Looking Statements and Safe Harbor Statement
Certain statements in this press release that are forward-looking and not statements of historical fact are forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements that are not statements of historical fact, and may be identified by words such as "believe", "expect", "intend", "plan", "may", "should", "could", "might", "seek", "target", "will", "project", "forecast", "continue" or "anticipate" or their negatives or variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical matters. You should not place undue reliance on these forward-looking statements, which are not guarantees of future performance. Forward-looking statements reflect our current views, expectations, beliefs or intentions with respect to future events, and are subject to a number of assumptions, involve known and unknown risks, many of which are beyond our control, as well as uncertainties and other factors that may cause our actual results, performance or achievements to be significantly different from any future results, performance or achievements expressed or implied by the forward-looking statements. Important factors that could cause or contribute to such differences include, among others, risks relating to: the plans, strategies and objectives of management for future operations; product development for NT219, CM24, IM1240 and IM1305; the process by which such early stage therapeutic candidates could potentially lead to an approved drug product is long and subject to highly significant risks, particularly with respect to a joint development collaboration; the fact that drug development and commercialization involves a lengthy and expensive process with uncertain outcomes; our ability to successfully develop and commercialize our pharmaceutical products; the expense, length, progress and results of any clinical trials; the impact of any changes in regulation and legislation that could affect the pharmaceutical industry; the difficulty in receiving the regulatory approvals necessary in order to commercialize our products; the difficulty of predicting actions of the U.S. Food and Drug Administration or any other applicable regulator of pharmaceutical products; the regulatory environment and changes in the health policies and regimes in the countries in which we operate; the uncertainty surrounding the actual market reception to our pharmaceutical products once cleared for marketing in a particular market; the introduction of competing products; patents obtained by competitors; dependence on the effectiveness of our patents and other protections for innovative products; our ability to obtain, maintain and defend issued patents; the commencement of any patent interference or infringement action against our patents, and our ability to prevail, obtain a favorable decision or recover damages in any such action; and the exposure to litigation, including patent litigation, and/or regulatory actions, and other factors that are discussed in our Annual Report on Form 20-F for the year ended December 31, 2024, as such factors may be updated from time to time in our other filings with the U.S. Securities and Exchange Commission ("SEC"), including our cautionary discussion of risks and uncertainties under "Risk Factors" in our Registration Statements and Annual Reports. These are factors that we believe could cause our actual results to differ materially from expected results. Other factors besides those we have listed could also adversely affect us. Any forward-looking statement in this press release speaks only as of the date which it is made. We disclaim any intention or obligation to publicly update or revise any forward-looking statement or other information contained herein, whether as a result of new information, future events or otherwise, except as required by applicable law. You are advised, however, to consult any additional disclosures we make in our reports to the SEC, which are available on the SEC's website, https://www.sec.gov.
CONTACTS:
Company Contact:
IR@purple-biotech.com
| Purple Biotech Ltd. | ||||||||||
| Consolidated Statements of Financial Position | ||||||||||
| As of December 31, | ||||||||||
| 2025 | 2024 | |||||||||
| USD thousands | USD thousands | |||||||||
| Assets | ||||||||||
| Cash and cash equivalents | 8,717 | 7,401 | ||||||||
| Short term deposits | 857 | 848 | ||||||||
| Other investments | - | 275 | ||||||||
| Other current assets | 292 | 384 | ||||||||
| Total current assets | 9,866 | 8,908 | ||||||||
| Non-current assets | ||||||||||
| Right to use assets | 222 | 164 | ||||||||
| Fixed assets, net | 124 | 124 | ||||||||
| Intangible assets | 7,360 | 27,842 | ||||||||
| Total non - current assets | 7,706 | 28,130 | ||||||||
| Total assets | 17,572 | 37,038 | ||||||||
| Liabilities | ||||||||||
| Current maturity of lease liabilities | 244 | 183 | ||||||||
| Trade payable | 2,070 | 1,455 | ||||||||
| Warrants | 4,066 | 1,149 | ||||||||
| Other payables | 1,373 | 1,200 | ||||||||
| Total current liabilities | 7,753 | 3,987 | ||||||||
| Non-current liabilities | ||||||||||
| Post-employment benefit liabilities | 160 | 140 | ||||||||
| Total non - current liabilities | 160 | 140 | ||||||||
| Equity | ||||||||||
| Share capital, no par value | - | - | ||||||||
| Share premium | 152,483 | 147,631 | ||||||||
| Receipts on account of warrants | 21,145 | 21,145 | ||||||||
| Capital reserve for share-based payments | 7,263 | 8,875 | ||||||||
| Capital reserve from transactions with related parties | 761 | 761 | ||||||||
| Capital reserve from transactions with non- controlling interest | (859 | ) | (859 | ) | ||||||
| Accumulated loss | (171,079 | ) | (144,693 | ) | ||||||
| Equity attributable to owners of the Company | 9,714 | 32,860 | ||||||||
| Non-controlling interests | (55 | ) | 51 | |||||||
| Total equity | 9,659 | 32,911 | ||||||||
| Total liabilities and equity | 17,572 | 37,038 | ||||||||
| Consolidated Statements of Operations and Other Comprehensive Loss | ||||||||||||
| For the year ended December 31, | For the three months ended December 31, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| USD thousands | USD thousands | USD thousands | USD thousands | |||||||||
| Research and development expenses | 3,731 | 7,620 | 1,829 | 458 | ||||||||
| General and administrative expenses | 3,245 | 3,183 | 1,135 | 558 | ||||||||
| Impairment loss | 20,482 | 202 | 20,482 | - | ||||||||
| Operating Loss | 27,458 | 11,005 | 23,446 | 1,016 | ||||||||
| Change in fair value of warrants | (1,524) | (3,341) | 61 | (76) | ||||||||
| Finance expenses | 982 | 483 | 214 | (69) | ||||||||
| Finance income | (424) | (868) | (79) | (456) | ||||||||
| Finance income, net | (966) | (3,726) | 197 | (601) | ||||||||
| Loss for the period | 26,492 | 7,279 | 23,642 | 415 | ||||||||
| Other comprehensive loss: | ||||||||||||
| Items that will be transferred to profit or loss: | ||||||||||||
| Loss (profit) from cash flow hedges | - | 19 | - | (2) | ||||||||
| Total comprehensive loss for the period | 26,492 | 7,298 | 413 | |||||||||
| Loss attributable to: | ||||||||||||
| Owners of the Company | 26,386 | 7,240 | 23,546 | 410 | ||||||||
| Non-controlling interests | 106 | 39 | 97 | 5 | ||||||||
| 26,492 | 7,279 | 23,642 | 415 | |||||||||
| Total comprehensive loss attributable to: | ||||||||||||
| Owners of the Company | 26,386 | 7,259 | 23,546 | 408 | ||||||||
| Non-controlling interests | 106 | 39 | 97 | 5 | ||||||||
| 26,492 | 7,298 | 23,642 | 413 | |||||||||
| Loss per share data | ||||||||||||
| Basic and diluted loss per Share – USD | 0.027 | (*)0.022 | 0.10 | (*)0.001 | ||||||||
| Number of Shares used in calculation | 960,106,739 | (*)327,913,200 | 2,381,666,947 | (*)409,752,000 | ||||||||
| Loss per ADS information (where 1 ADS represents 2000 shares) | ||||||||||||
| Basic and diluted loss per ADS – USD | 54.96 | (*)44.4 | 19.85 | (*)2 | ||||||||
| Number of ADSs used in calculation | 480,053 | (*)163,957 | 679,575 | (*)204,876 | ||||||||
| * | Restated to reflect the 1:10 change in the ADS ratio from 1:200 to 1:2,000 ordinary shares per ADS. |
| Consolidated Statements of Cash Flows | |||||||
| for the year ended December 31, | |||||||
| 2025 | 2024 | ||||||
| USD thousands | |||||||
| Cash flows from operating activities: | |||||||
| Loss for the year | (26,492 | ) | (7,279 | ) | |||
| Adjustments: | |||||||
| Depreciation | 203 | 186 | |||||
| Impairment loss | 20,482 | 202 | |||||
| Finance income, net | (966 | ) | (3,726 | ) | |||
| Share-based payments | 309 | 582 | |||||
| (6,464 | ) | (10,035 | ) | ||||
| Changes in assets and liabilities: | |||||||
| Changes in other current assets | 153 | 96 | |||||
| Changes in trade payables | 450 | (2,076 | ) | ||||
| Changes in other payables | 205 | (2,352 | ) | ||||
| 808 | (4,332 | ) | |||||
| Net cash used in operating activities | (5,656 | ) | (14,367 | ) | |||
| Cash flows from investing activities: | |||||||
| Proceed from other investments | 458 | 187 | |||||
| Decrease (increase) in short term deposits | (9 | ) | 2 | ||||
| Interest received | 186 | 320 | |||||
| Acquisition of fixed assets | (3 | ) | - | ||||
| Net cash provided by investing activities | 632 | 509 | |||||
| Cash flows from financing activities: | |||||||
| Proceeds from issuance of ADSs | 3,153 | 5,809 | |||||
| ADS issuance expenses paid | (312 | ) | (556 | ) | |||
| Proceeds from issuance of warrants and prefunded warrants | 4,240 | - | |||||
| Proceeds from warrant inducement transaction | - | 2,028 | |||||
| Warrants issuance expenses paid | (508 | ) | (280 | ) | |||
| Repayment of lease liability | (217 | ) | (183 | ) | |||
| Interest paid | (23 | ) | (44 | ) | |||
| Net cash provided by financing activities | 6,333 | 6,774 | |||||
| Net increase (decrease) in cash and cash equivalents | 1,309 | (7,084 | ) | ||||
| Cash and cash equivalents at the beginning of the year | 7,401 | 14,489 | |||||
| Effect of translation adjustments on cash and cash equivalents | 7 | (4 | ) | ||||
| Cash and cash equivalents at end of the year | 8,717 | 7,401 | |||||
| Reconciliation of Adjusted Operating Loss | ||||||||||||||||||
| For the year ended | For the three months ended | |||||||||||||||||
| December 31, | December 31, | |||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||
| USD thousands | USD thousands | USD thousands | USD thousands | |||||||||||||||
| Operating loss for the period | 27,458 | 11,005 | 23,446 | 1,016 | ||||||||||||||
| Less ESOP expenses | (309 | ) | (582 | ) | (105 | ) | 32 | |||||||||||
| Less Impairment loss | (20,482 | ) | (202 | ) | (20,482 | ) | - | |||||||||||
| Non-IFRS adjusted operating loss | 6,667 | 10,221 | 2,859 | 1,048 | ||||||||||||||
