Inhibikase (NASDAQ: IKT) advances IMPROVE-PAH as Q1 2026 loss widens
Rhea-AI Filing Summary
Inhibikase Therapeutics reported first quarter 2026 results and progress on its Pulmonary Arterial Hypertension program. The company enrolled the first patient in its registrational IMPROVE-PAH Phase 3 study and has obtained regulatory approvals in 16 countries, helped by the EMA’s new FAST-EU initiative.
As of March 31, 2026, cash, cash equivalents and marketable securities were $170.4 million. Net loss was $16.4 million, or $0.10 per share, compared with a net loss of $13.7 million, or $0.15 per share, a year earlier. Research and development expenses were $10.8 million, while selling, general and administrative costs were $7.4 million, both up versus the prior-year quarter.
Positive
- None.
Negative
- None.
Insights
Inhibikase shows solid cash, rising spend as Phase 3 PAH trial ramps.
Inhibikase Therapeutics is transitioning into late-stage development for IKT-001 in Pulmonary Arterial Hypertension, with its single pivotal Phase 3 IMPROVE-PAH trial now enrolling and regulatory approvals obtained in 16 countries, aided by the EMA’s FAST-EU pathway.
Financially, the company held $170.4 million in cash, cash equivalents and marketable securities as of March 31, 2026, supporting ongoing global trial execution. Quarterly net loss was $16.4 million, driven by $10.8 million in R&D and $7.4 million in SG&A, reflecting increased operating scale compared with 2025.
The balance sheet shows total assets of $173.3 million against total liabilities of $5.7 million, leaving substantial stockholders’ equity. Future company updates will likely focus on IMPROVE-PAH enrollment progress, additional regulatory clearances, and emerging clinical data from Phase 1 and pre-clinical studies presented at major conferences.
8-K Event Classification
Key Figures
Key Terms
Pulmonary Arterial Hypertension medical
FAST-EU regulatory
orphan indication regulatory
Phase 3 clinical study medical
contingent consideration liability financial
Earnings Snapshot
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
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| Item 2.02. | Results of Operations and Financial Condition. |
On May 12, 2026, Inhibikase Therapeutics, Inc. announced its financial results for the quarter ended March 31, 2026 and other corporate updates. A copy of the press release in connection with the announcement is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Current Report on Form 8-K (including Exhibit 99.1 attached hereto) is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits. |
| 99.1 | Press Release issued by Inhibikase Therapeutics, Inc., dated May 12, 2026, furnished herewith. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: May 12, 2026 | INHIBIKASE THERAPEUTICS, INC. | |||||
| By: | /s/ Mark Iwicki | |||||
| Mark Iwicki | ||||||
| Chief Executive Officer | ||||||
Exhibit 99.1
Inhibikase Therapeutics Announces First Quarter 2026
Financial Results and Highlights Recent Activity
WILMINGTON, Del., May 12, 2026 — Inhibikase Therapeutics, Inc. (Nasdaq: IKT) (“Inhibikase” or “Company”), a clinical-stage pharmaceutical company developing IKT-001 for Pulmonary Arterial Hypertension (“PAH”), today reported financial results for the quarter ended March 31, 2026, and highlighted recent developments.
“We were excited to enroll the first patient in our registrational IMPROVE-PAH study last month, and are very pleased with our early progress obtaining country regulatory approvals to support initiation of clinical sites, including being one of the first companies to successfully take advantage of the new European Medicines Agency FAST-EU (Facilitating and Accelerating Strategic Trials in the European Union) initiative to accelerate multinational clinical trials,” said Mark Iwicki, Chief Executive Officer of Inhibikase. “With the recent approvals obtained in the first 16 countries worldwide, Inhibikase is well-positioned to initiate clinical site activations and seek to advance enrollment of IMPROVE-PAH. Later this week, we also look forward to the first of two new presentations of Phase 1 and pre-clinical studies of IKT-001 at the American Thoracic Society International Conference, to be held in Orlando, Florida.”
Recent Developments
| • | In late April 2026, Inhibikase received confirmation from the European Medicines Agency that the Company is permitted to initiate our Phase 3 study in PAH, named IMPROVE-PAH (IKT-001 for Measuring Pulmonary Vascular Resistance and Outcome Variables in a Phase 3 Evaluation of PAH; NCT07365332), in 12 countries in the European Union. This approval brings the total country approvals for IMPROVE-PAH to 16, including the United States, Canada, New Zealand and Argentina, and further enables the Company to leverage this approval to seek the approval of an additional 3 countries in the European Union over the coming months to supplement our ongoing broader global country regulatory approval efforts. |
| • | The global IMPROVE-PAH study is a two-part adaptive Phase 3 study incorporating an initial 12-week dose titration phase designed to enable patients to get to the highest tolerable dose of IKT-001. |
| • | Part A of IMPROVE-PAH is a double blind, placebo-controlled study in approximately 140 patients with a primary endpoint of change in Pulmonary Vascular Resistance (“PVR”) at Week 24. |
| • | Part B of IMPROVE-PAH seamlessly begins following the last patient in Part A being enrolled and adopts an identical format to Part A, except the primary endpoint will be change in 6-minute walk distance (“6MWD”) at Week 24 in approximately 346 patients. |
| • | In addition to the titration benefits mentioned above, IMPROVE-PAH has the advantage of uninterrupted enrollment between Part A and Part B, together with the opportunity to undertake a sample size re-estimation for Part B based on Part A findings, if necessary. |
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| • | In April 2026, Inhibikase announced that IMPROVE-PAH has been initiated with the recent activation of our first clinical sites in the United States, together with the enrollment of the first patient in the United States. Following the recent country approvals mentioned above, efforts to initiate clinical sites outside of the United States are now advancing. |
| • | In April 2026, Inhibikase submitted an Orphan Drug Designation (“ODD”) application to the U.S. Food and Drug Administration for IKT-001 for treatment of PAH recognizing that PAH is a high unmet medical need impacting approximately 50,000 Americans. |
Upcoming Presentations
| • | IKT-001 pre-clinical and Phase 1 data will be featured into two presentations at the American Thoracic Society (ATS) International Conference in Orlando, Florida on May 17 and 20, 2026: |
| • | Safety, Tolerability, and Pharmacokinetics of IKT-001, a Novel Prodrug of Imatinib, in Healthy Volunteers, on May 17, 2026 |
| • | In Vitro Pharmacology and Preclinical Efficacy of IKT-001 in Pulmonary Arterial Hypertension, on May 20, 2026. |
Financial Results
Cash Position: As of March 31, 2026, cash, cash equivalents and marketable securities were $170.4 million.
Net Loss: Net loss for the quarter ended March 31, 2026, was $16.4 million, or $0.10 per share, compared to a net loss of $13.7 million, or $0.15 per share in the quarter ended March 31, 2025.
R&D Expenses: Research and development expenses were $10.8 million for the quarter ended March 31, 2026, compared to $10.5 million for the quarter ended March 31, 2025, which included a one-time (non-cash) charge of $7.4 million for the acquired IPR&D related to the CorHepta acquisition.
SG&A Expenses: Selling, general and administrative expenses for the quarter ended March 31, 2026 were $7.4 million, compared to $5.2 million for the quarter ended March 31, 2025.
About Inhibikase (www.inhibikase.com)
Inhibikase Therapeutics, Inc. (Nasdaq: IKT) is a clinical-stage pharmaceutical company developing therapeutics to modify the course of cardiopulmonary diseases, namely, Pulmonary Arterial Hypertension (“PAH”), in which aberrant signaling through type III receptor tyrosine kinases, including platelet derived growth factor receptors and a stem cell factor receptor, known as “c-Kit,” has been implicated. Our lead product candidate is IKT-001, a prodrug of imatinib mesylate (“imatinib”), for PAH which is an orphan indication. Imatinib was first approved in the United States in 2001 for various cancers and blood disorders and, following more than 20 years of clinical use, has a well-characterized safety profile with the first reported use of imatinib in PAH occurring in 2005. PAH is a progressive, life-threatening disease characterized by pulmonary vascular remodeling and elevated pulmonary vascular resistance that affects approximately 50,000 Americans. Our single pivotal Phase 3 clinical study in PAH in approximately 180 sites around the world, named IMPROVE-PAH (IKT-001 for Measuring Pulmonary Vascular Resistance and Outcome Variables in a Phase 3 Evaluation of PAH), is actively enrolling patients.
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Social Media Disclaimer
Investors and others should note that the Company announces material financial information to investors using its investor relations website, press releases, SEC filings and public conference calls and webcasts. The Company intends to also use LinkedIn as a means of disclosing information about the Company, its services and other matters and for complying with its disclosure obligations under Regulation FD.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “anticipates,” “plans,” or similar expressions or the negative of these terms and similar expressions are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements that express the Company’s intentions, beliefs, expectations, strategies, predictions or any other statements related to the potential effects of IKT-001, the advancement of the Company’s global pivotal Phase 3 clinical study of IKT-001 in PAH, including the timing, design, and conduct of the IMPROVE-PAH study and related regulatory submissions, the Company’s ability to obtain additional regulatory approvals for the IMPROVE-PAH study, the Company’s beliefs regarding the potential advantages of the Phase 3 clinical study of IKT-001, or future events or conditions. These forward-looking statements are based on Inhibikase’s current expectations and assumptions. Such statements are subject to certain risks and uncertainties, which could cause Inhibikase’s actual results to differ materially from those anticipated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include our ability to execute a Phase 3 study to evaluate IKT-001 as a treatment for PAH, as well as such other factors that are included in our periodic reports on Form 10-K and Form 10-Q that we file with the U.S. Securities and Exchange Commission. Any forward-looking statement in this release speaks only as of the date of this release. Inhibikase undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.
Contacts:
Investor Relations:
Michael Moyer
LifeSci Advisors
mmoyer@lifesciadvisors.com
—tables to follow—
3
Inhibikase Therapeutics, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
| March 31, 2026 |
December 31, 2025 |
|||||||
| Assets |
||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
$ | 49,573,510 | $ | 139,220,208 | ||||
| Marketable securities |
120,795,235 | 39,543,820 | ||||||
| Prepaid research and development |
514,910 | 1,001,993 | ||||||
| Prepaid expenses and other current assets |
1,292,813 | 343,374 | ||||||
|
|
|
|
|
|||||
| Total current assets |
172,176,468 | 180,109,395 | ||||||
| Prepaid research and development, noncurrent |
1,000,000 | 1,000,000 | ||||||
| Other assets |
155,759 | 95,121 | ||||||
|
|
|
|
|
|||||
| Total assets |
$ | 173,332,227 | $ | 181,204,516 | ||||
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|
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| Liabilities and stockholders’ equity |
||||||||
| Current liabilities: |
||||||||
| Accounts payable |
$ | 1,587,305 | $ | 1,158,054 | ||||
| Accrued expenses and other current liabilities |
4,124,654 | 4,081,282 | ||||||
| Contingent consideration liability |
— | 3,061,501 | ||||||
|
|
|
|
|
|||||
| Total current liabilities |
5,711,959 | 8,300,837 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
5,711,959 | 8,300,837 | ||||||
|
|
|
|
|
|||||
| Commitments and contingencies (see Note 16) |
||||||||
| Stockholders’ equity: |
||||||||
| Preferred stock, $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding at March 31, 2026 and December 31, 2025 |
— | — | ||||||
| Common stock, $0.001 par value; 500,000,000 shares authorized; 132,032,636 and 131,691,237 shares issued and outstanding (including 0 and 4,149,252 contingently issuable shares - see Note 10) at March 31, 2026 and December 31, 2025, respectively |
132,032 | 131,691 | ||||||
| Additional paid-in capital |
326,575,169 | 315,429,986 | ||||||
| Accumulated other comprehensive income (loss) |
(26,293 | ) | 21,802 | |||||
| Accumulated deficit |
(159,060,640 | ) | (142,679,800 | ) | ||||
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|
|
|
|||||
| Total stockholders’ equity |
167,620,268 | 172,903,679 | ||||||
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|
|
|||||
| Total liabilities and stockholders’ equity |
$ | 173,332,227 | $ | 181,204,516 | ||||
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4
Inhibikase Therapeutics, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
| Three months ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Costs and expenses: |
||||||||
| Research and development |
$ | 10,839,150 | $ | 10,513,579 | ||||
| Selling, general and administrative |
7,376,123 | 5,249,291 | ||||||
| Change in fair value contingent consideration |
(373,354 | ) | (1,164,864 | ) | ||||
|
|
|
|
|
|||||
| Total costs and expenses |
17,841,919 | 14,598,006 | ||||||
|
|
|
|
|
|||||
| Loss from operations |
(17,841,919 | ) | (14,598,006 | ) | ||||
| Other income |
1,461,079 | 919,271 | ||||||
|
|
|
|
|
|||||
| Net loss |
(16,380,840 | ) | (13,678,735 | ) | ||||
| Other comprehensive income (loss), net of tax |
||||||||
| Unrealized gain (loss) on marketable securities |
(48,095 | ) | 36,281 | |||||
|
|
|
|
|
|||||
| Comprehensive loss |
$ | (16,428,935 | ) | $ | (13,642,454 | ) | ||
|
|
|
|
|
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| Net loss per share – basic and diluted |
$ | (0.10 | ) | $ | (0.15 | ) | ||
|
|
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|
|
|||||
| Weighted-average number of shares – basic and diluted |
172,306,932 | 89,537,171 | ||||||
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Inhibikase Therapeutics, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
| Three months ended March 31, |
||||||||
| 2026 | 2025 | |||||||
| Cash flows from operating activities |
||||||||
| Net loss |
$ | (16,380,840) | $ | (13,678,735 | ) | |||
| Adjustments to reconcile net loss to net cash used in operating activities: |
||||||||
| Depreciation |
— | 12,654 | ||||||
| Stock-based compensation expense |
5,559,766 | 2,042,196 | ||||||
| Write-off of in-process research and development |
— | 7,357,294 | ||||||
| Change in fair value contingent consideration |
(373,354 | ) | (1,164,864 | ) | ||||
| Non-cash accretion on marketable securities |
(814,923 | ) | — | |||||
| Changes in operating assets and liabilities: |
||||||||
| Operating lease right-of-use assets |
— | 32,718 | ||||||
| Prepaid expenses and other current assets |
(949,439 | ) | (211,924 | ) | ||||
| Prepaid research and development |
487,083 | 28,833 | ||||||
| Other assets |
(60,638 | ) | — | |||||
| Accounts payable |
429,251 | 680,824 | ||||||
| Operating lease liabilities |
— | (35,745 | ) | |||||
| Accrued expenses and other current liabilities |
43,372 | 833,219 | ||||||
|
|
|
|
|
|||||
| Net cash used in operating activities |
(12,059,722 | ) | (4,103,530 | ) | ||||
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|
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| Cash flows from investing activities |
||||||||
| Purchases of equipment and improvements |
— | (13,399 | ) | |||||
| Purchases of investments - marketable securities |
(90,584,587 | ) | — | |||||
| Maturities of investments - marketable securities |
10,100,000 | 21,506,365 | ||||||
| Acquired in-process research and development |
— | (438,624 | ) | |||||
|
|
|
|
|
|||||
| Net cash provided by (used in) investing activities |
(80,484,587 | ) | 21,054,342 | |||||
|
|
|
|
|
|||||
| Cash flows from financing activities |
||||||||
| Proceeds from issuance of common stock, pre-funded warrants and warrants, net of issuance costs |
2,897,611 | — | ||||||
|
|
|
|
|
|||||
| Net cash provided by financing activities |
2,897,611 | — | ||||||
|
|
|
|
|
|||||
| Net increase (decrease) in cash and cash equivalents |
(89,646,698 | ) | 16,950,812 | |||||
| Cash and cash equivalents at beginning of period |
139,220,208 | 56,490,579 | ||||||
|
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|
|
|
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| Cash and cash equivalents at end of period |
$ | 49,573,510 | $ | 73,441,391 | ||||
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| Supplemental disclosures of cash flow information |
||||||||
| Issuance costs |
$ | 85,000 | $ | — | ||||
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| Non-cash investing and financing activities |
||||||||
| Contingent consideration |
$ | — | $ | 3,270,579 | ||||
| Settlement of contingent consideration liability |
$ | 2,688,147 | $ | — | ||||
| Non-cash financing costs included in accounts payable and accrued expenses |
$ | 15,680 | $ | — | ||||
| CorHepta transaction costs |
$ | — | $ | 175,000 | ||||