Molecular Partners plans to cut up to 55 positions
MP0726 is advancing to first-in-human imaging in H2 2026, while an MP0730 first-in-human program is anticipated to start mid-2027.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
6-K
Rhea-AI Filing Summary
Molecular Partners AG (MOLN) reported no research and development collaboration revenue and a nine-month net loss of CHF 38.410 million, versus CHF 49.002 million in 2025. Cash and cash equivalents were CHF 57.493 million as of September 30, 2026. Full-year 2026 operating expenses are forecast at CHF 50–55 million at constant exchange rates, including approximately CHF 5 million of non-cash costs.
Based on current operating assumptions, cash is expected to fund operating expenses and capital expenditures into late 2027. Molecular Partners disclosed material uncertainty that may cast significant doubt on its ability to continue as a going concern. It intends to reduce no more than 55 positions, potentially up to approximately 44% of positions; employee consultation has begun. Full implementation is foreseen by Q2 2027, with cost reductions expected to be fully effective early in H2 2027.
MP0712 dosing continues in fully recruited dose level 2 at 105 MBq per dose. All patients in dose level 1 at 75 MBq per dose passed safety observation, with no dose-limiting events; initial safety data are expected in December 2026 and efficacy data in 2027. Eight sites are open, and all nine planned sites are expected to open in 2026.
2 points · 0 major2 major · 2 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointNine-month net loss narrowed to CHF 38.410 million from CHF 49.002 million in 2025.
- Moderate pointNet cash used in operating activities declined to CHF 35.541 million from CHF 40.106 million.
Negative
- Major pointAt September 30, 2026, material uncertainty may cast significant doubt on the company's ability to continue as a going concern.
- Major point. Forward-looking: it has not happened yet and may not happen.The company intends to reduce no more than 55 positions, potentially up to approximately 44% of positions; employee consultation has begun.
Filing Explained
The company says it has obtained no additional funding since its last share issuance in
Key Figures
Nine-month net loss: CHF 38.410 million
Net cash used in operating activities: CHF 35.541 million
Cash and cash equivalents: CHF 57.493 million
+4 more
7 metrics
Nine-month net loss
CHF 38.410 million
Nine months ended September 30, 2026; CHF 49.002 million in 2025.
Net cash used in operating activities
CHF 35.541 million
Nine months ended September 30, 2026; CHF 40.106 million in 2025.
Cash and cash equivalents
CHF 57.493 million
As of September 30, 2026.
Operating expenses forecast
CHF 50–55 million
Full-year 2026 forecast at constant exchange rates; includes approximately CHF 5 million of non-cash costs.
Intended workforce reduction
No more than 55 positions; potentially up to approximately 44% of positions
Company restructuring; employee consultation has begun.
MP0712 dose level 2
105 MBq per dose
Fully recruited dose level; dosing ongoing.
MP0712 dose level 1
75 MBq per dose
All patients passed the safety observation period; no dose-limiting events were observed.
Key Terms
DARPin therapeutics, 212Pb-based targeted alpha therapies, dose-limiting events, isotope-agnostic strategy
4 terms
DARPin therapeutics technical
"novel class of medicines known as DARPin therapeutics"
Darpin therapeutics are medicines built from designed ankyrin repeat proteins — small, engineered proteins crafted to stick to specific molecules involved in disease, much like a custom key fitting a lock. They matter to investors because their compact, stable design can make treatments easier and cheaper to manufacture, allow targeting of multiple disease mechanisms, and may offer faster development paths compared with traditional biologic drugs.
212Pb-based targeted alpha therapies medical
"development of 212Pb-based targeted alpha therapies"
dose-limiting events medical
"no dose-limiting events observed"
Dose-limiting events are specific adverse effects or toxicities observed during a clinical trial that are serious or frequent enough to prevent raising a drug’s dose further. They are used to identify the maximum tolerated dose and shape a drug’s safety profile, which affects trial design, development timelines, regulatory review and commercial potential—think of them as warning signs that set a practical “speed limit” for how hard a drug can be pushed.
isotope-agnostic strategy technical
"pursues an isotope-agnostic strategy"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much cash does MOLN have, and how long is it expected to last?
Molecular Partners reported CHF 57.493 million in cash and cash equivalents as of September 30, 2026. Based on current operating assumptions, it expects cash to fund operating expenses and capital expenditure requirements into late 2027.
What did MOLN report about its MP0712 clinical study?
Dosing is ongoing in fully recruited dose level 2 at 105 MBq per dose. All patients in dose level 1 at 75 MBq per dose passed safety observation, with no dose-limiting events observed; initial safety data are expected in December 2026 and efficacy data in 2027.
What is MOLN's MP0714 program?
The Nuclear Medicine Research Infrastructure has initiated an early-access clinical program under South Africa's compassionate-care legal framework to image and treat patients with MP0714, a DLL3-targeting Radio-DARPin labeled with 177Lu and 225Ac, respectively.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the Month of October 2026
Commission File Number: 001-40488
MOLECULAR PARTNERS AG
(Exact name of registrant as specified in its charter)
Wagistrasse 14
8952 Zürich-Schlieren
Switzerland
Telephone: +41 447557700
(Address of registrant’s principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
☒ Form 20-F ☐ Form 40-F
EXPLANATORY NOTE
Molecular Partners AG (the "Registrant") is filing this Form 6-K to furnish (i) a press release the Registrant issued on
October 29, 2026, (ii) condensed consolidated interim financial statements (unaudited) as of, and for the three and nine months ended, September 30, 2026 (including accompanying notes thereto), which are furnished herewith as Exhibit 99.1 and 99.2, respectively.
October 29, 2026, (ii) condensed consolidated interim financial statements (unaudited) as of, and for the three and nine months ended, September 30, 2026 (including accompanying notes thereto), which are furnished herewith as Exhibit 99.1 and 99.2, respectively.
Exhibits 99.1 and 99.2 to this Report on Form 6-K, excluding any financial guidance, quotes of management, website addresses or hyperlinks included therein, shall be deemed to be incorporated by reference into the Registrant’s Registration Statements on Form F-3 (File No. 333-286488) and Forms S-8 (File No. 333-272974 and File No. 333-280491, 333-288313 and 333-296995) and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.
Condensed consolidated interim financial statements (unaudited)
Condensed consolidated interim statement of financial position as of | September 30, 2026 | December 31, 2025 | ||||||||||||
in CHF thousands | Note | |||||||||||||
Assets | ||||||||||||||
Property, plant and equipment | 3,786 | 5,229 | ||||||||||||
Intangible assets | — | 2 | ||||||||||||
Total non-current assets | 3,786 | 5,231 | ||||||||||||
Short-term time deposits | — | 10,405 | ||||||||||||
Other current assets | 1,667 | 1,985 | ||||||||||||
Trade and other receivables | 1,569 | 1,834 | ||||||||||||
Cash and cash equivalents | 57,493 | 82,653 | ||||||||||||
Total current assets | 60,729 | 96,876 | ||||||||||||
Total assets | 64,515 | 102,107 | ||||||||||||
Shareholders' equity and liabilities | ||||||||||||||
Share capital | 5.2 | 4,037 | 4,037 | |||||||||||
Additional paid-in capital | 391,937 | 389,179 | ||||||||||||
Treasury share reserve | 5.2 | (1,240) | (1,129) | |||||||||||
Cumulative losses | (344,072) | (311,753) | ||||||||||||
Total shareholders' equity | 50,662 | 80,334 | ||||||||||||
| Trade and other payables | 160 | 160 | ||||||||||||
Lease liability | 1,528 | 2,438 | ||||||||||||
Employee benefits | 2,757 | 8,147 | ||||||||||||
Total non-current liabilities | 4,445 | 10,746 | ||||||||||||
Trade and other payables | 1,205 | 1,767 | ||||||||||||
Accrued expenses | 6,991 | 8,055 | ||||||||||||
Lease liability | 1,212 | 1,206 | ||||||||||||
Total current liabilities | 9,408 | 11,027 | ||||||||||||
Total liabilities | 13,853 | 21,772 | ||||||||||||
Total shareholders' equity and liabilities | 64,515 | 102,107 | ||||||||||||
See accompanying notes, which form an integral part of these unaudited condensed consolidated interim financial statements.
Condensed consolidated interim statement of profit or loss and other comprehensive result for the 9 months ended September 30, | 2026 | 2025 | |||||||||
in CHF thousands | Note | ||||||||||
Revenues and other income | |||||||||||
Revenues from research and development collaborations | 5.1 | — | — | ||||||||
Total revenues and other income | — | — | |||||||||
Operating expenses | |||||||||||
Research and development expenses | (27,331) | (30,954) | |||||||||
Selling, general and administrative expenses | (11,762) | (11,815) | |||||||||
| Restructuring expenses | 5.10 | — | (2,733) | ||||||||
Total operating expenses | (39,093) | (45,502) | |||||||||
Operating result | (39,093) | (45,502) | |||||||||
Financial income | 5.5 | 713 | 1,288 | ||||||||
Financial expenses | 5.5 | (30) | (4,790) | ||||||||
Net finance result | 683 | (3,502) | |||||||||
Result before income taxes | (38,410) | (49,004) | |||||||||
Income taxes | 5.6 | — | 2 | ||||||||
Net result, attributable to shareholders | (38,410) | (49,002) | |||||||||
Other comprehensive result | |||||||||||
Items that will not be reclassified to profit or loss | |||||||||||
Remeasurement of net pension liabilities, net of tax | 5.8 | 6,078 | (301) | ||||||||
Items that are or may be reclassified subsequently to profit or loss | |||||||||||
Exchange differences on translating foreign operations | 13 | 9 | |||||||||
Other comprehensive result, net of tax | 6,091 | (292) | |||||||||
Total comprehensive result, attributable to shareholders | (32,319) | (49,295) | |||||||||
Basic and diluted net result per share (in CHF) | 5.7 | (1.01) | (1.32) | ||||||||
See accompanying notes, which form an integral part of these unaudited condensed consolidated interim financial statements.
Condensed consolidated interim statement of profit or loss and other comprehensive result for the 3 months ended September 30, | 2026 | 2025 | |||||||||
in CHF thousands | Note | ||||||||||
Revenues and other income | |||||||||||
Revenues from research and development collaborations | 5.1 | — | — | ||||||||
Total revenues and other income | — | — | |||||||||
Operating expenses | |||||||||||
Research and development expenses | (8,276) | (8,328) | |||||||||
Selling, general and administrative expenses | (3,785) | (3,602) | |||||||||
| Restructuring expenses | 5.10 | — | (116) | ||||||||
Total operating expenses | (12,061) | (12,045) | |||||||||
Operating result | (12,061) | (12,045) | |||||||||
Financial income | 5.5 | 362 | 366 | ||||||||
Financial expenses | 5.5 | (9) | (157) | ||||||||
Net finance result | 353 | 209 | |||||||||
Result before income taxes | (11,708) | (11,836) | |||||||||
Income taxes | 5.6 | — | — | ||||||||
Net result, attributable to shareholders | (11,708) | (11,836) | |||||||||
Other comprehensive result | |||||||||||
Items that will not be reclassified to profit or loss | |||||||||||
Remeasurement of net pension liabilities, net of tax | 5.8 | 2,808 | (372) | ||||||||
Items that are or may be reclassified subsequently to profit or loss | |||||||||||
Exchange differences on translating foreign operations | 4 | 3 | |||||||||
Other comprehensive result, net of tax | 2,812 | (370) | |||||||||
Total comprehensive result, attributable to shareholders | (8,896) | (12,206) | |||||||||
Basic and diluted net result per share (in CHF) | 5.7 | (0.31) | (0.33) | ||||||||
See accompanying notes, which form an integral part of these unaudited condensed consolidated interim financial statements.
| Condensed consolidated interim cash flow statement for the 9 months ended September 30, | 2026 | 2025 | |||||||||
in CHF thousands | |||||||||||
Net result attributable to shareholders | (38,410) | (49,002) | |||||||||
Adjustments for: | |||||||||||
Depreciation and amortization | 1,464 | 1,632 | |||||||||
Share-based compensation | 2,784 | 3,446 | |||||||||
Social security and tax paid on behalf of employees on shares vested under the PSU and RSU program | (406) | (322) | |||||||||
Other equity-settled transactions | 169 | — | |||||||||
Change in employee benefits | 687 | (770) | |||||||||
Income tax | — | (2) | |||||||||
Financial income | (713) | (1,288) | |||||||||
Financial expenses | 30 | 4,790 | |||||||||
Changes in working capital: | |||||||||||
Change in other current assets | 247 | 131 | |||||||||
Change in trade and other receivables | 276 | 215 | |||||||||
Change in trade and other payables | (568) | 425 | |||||||||
Change in accrued expenses | (1,064) | 687 | |||||||||
Exchange gain/(loss) on working capital positions | (7) | (24) | |||||||||
Interest paid on lease liabilities | (18) | (12) | |||||||||
Other financial expense | (12) | (11) | |||||||||
Net cash used in operating activities | (35,541) | (40,106) | |||||||||
Proceeds from investments in short term time deposits | 18,257 | 115,591 | |||||||||
Investments in short term time deposits | (8,036) | (55,765) | |||||||||
Acquisition of property, plant and equipment | (20) | (575) | |||||||||
Interest received | 301 | 1,346 | |||||||||
Net cash from investing activities | 10,501 | 60,597 | |||||||||
| Proceeds from issuance of shares under LTI plans | — | 1 | |||||||||
Proceeds from vesting under the LTI plans | 100 | 62 | |||||||||
Payment of lease liabilities | (903) | (912) | |||||||||
Net cash used in financing activities | (803) | (849) | |||||||||
Exchange gain (loss) on cash positions | 683 | (1,159) | |||||||||
Net increase (decrease) in cash and cash equivalents | (25,160) | 18,485 | |||||||||
Cash and cash equivalents at January 1 | 82,653 | 63,874 | |||||||||
Cash and cash equivalents at September 30, | 57,493 | 82,359 | |||||||||
See accompanying notes, which form an integral part of these unaudited condensed consolidated interim financial statements.
Condensed consolidated interim statement of changes in equity | |||||||||||||||||
in CHF thousands | Share capital | Additional paid-in capital | Treasury share reserve | Cumulative losses | Total shareholders' equity | ||||||||||||
At January 1, 2025 | 4,036 | 384,875 | (981) | (246,293) | 141,636 | ||||||||||||
Net result | — | — | — | (49,002) | (49,002) | ||||||||||||
Remeasurement of net pension liabilities | — | — | — | (301) | (301) | ||||||||||||
Exchange differences on translating foreign operations | — | — | — | 9 | 9 | ||||||||||||
Total comprehensive income | — | — | — | (49,294) | (49,294) | ||||||||||||
Share-based compensation costs (1) | — | 3,446 | — | — | 3,446 | ||||||||||||
Issuance of new shares under LTI plans | 1 | — | — | — | 1 | ||||||||||||
Exercise of LTI plans | — | (112) | 173 | — | 62 | ||||||||||||
Treasury shares withheld to cover social security and tax | — | — | (322) | — | (322) | ||||||||||||
At September 30, 2025 | 4,037 | 388,209 | (1,129) | (295,588) | 95,529 | ||||||||||||
At January 1, 2026 | 4,037 | 389,179 | (1,129) | (311,753) | 80,334 | ||||||||||||
Net result | — | — | — | (38,410) | (38,410) | ||||||||||||
Remeasurement of net pension liabilities | — | — | — | 6,078 | 6,078 | ||||||||||||
Exchange differences on translating foreign operations | — | — | — | 13 | 13 | ||||||||||||
Total comprehensive income | — | — | — | (32,319) | (32,319) | ||||||||||||
Share-based compensation costs (1) | — | 2,784 | — | — | 2,784 | ||||||||||||
| Other equity-settled transactions | — | 154 | 15 | — | 169 | ||||||||||||
Exercise of LTI plans | — | (180) | 280 | — | 100 | ||||||||||||
| Treasury shares withheld to cover social security and tax | — | — | (406) | — | (406) | ||||||||||||
At September 30, 2026 | 4,037 | 391,937 | (1,240) | (344,072) | 50,662 | ||||||||||||
(1) See note 5.4
See accompanying notes, which form an integral part of these unaudited condensed consolidated interim financial statements.
Explanatory notes to the condensed consolidated interim financial statements
1. General Information
Molecular Partners AG ("Company") and its subsidiary (collectively "Molecular Partners" or "Group") is a clinical-stage biopharmaceutical company pioneering designed ankyrin repeat proteins (DARPin) candidates to treat serious diseases, with a current focus on oncology and virology. The Company was founded on November 22, 2004, and is domiciled at Wagistrasse 14, 8952 Schlieren, Canton of Zurich, Switzerland. It is subject to the provisions of the articles of association and to article 620 et seq. of the Swiss Code of Obligations, which describe the legal requirements for limited companies (“Aktiengesellschaften”).
Molecular Partners Inc. is a wholly owned subsidiary of Molecular Partners AG. Molecular Partners Inc. was incorporated in the United States in the State of Delaware on October 8, 2018. Molecular Partners Inc. is based in Cambridge, Massachusetts.
The unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2026, were approved for issuance by the Audit and Finance Committee on October 26, 2026.
The Company’s shares are listed on the SIX Swiss Exchange (Ticker: MOLN) since November 5, 2014, and on the Nasdaq Global Select Market (Ticker: MOLN) since June 16, 2021.
2. Basis of Preparation
These unaudited condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and should be read in conjunction with the Group's last annual consolidated financial statements as at and for the year ended December 31, 2025. They do not include all the information required for a complete set of consolidated financial statements prepared in accordance with IFRS® Accounting Standards ("IFRS") as issued by the IASB. However, selected explanatory notes are included to explain events and transactions that are significant to gain an understanding of the changes in the Group's financial position and performance since the last annual consolidated financial statements as at and for the year ended December 31, 2025.
The Board of Directors and management have assessed the Group's ability to continue as a going concern for a period of at least twelve months from the date these financial statements are authorized for issue. That assessment concluded that the going concern basis of preparation remains appropriate; however, material uncertainties exist on the current ability to raise funds and on the level of cash and cash equivalents that may cast significant doubt on the Group's ability to continue as a going concern, as described below.
Conditions and events giving rise to material uncertainty
At September 30, 2026, the Group had cash and cash equivalents and short-term financial assets of TCHF57,493. Based on the approved operating plan, existing cash resources are expected to fund operations into Q4 2027. The Company has been unable to obtain additional funding since the last issuance of shares in October 2024. As the Company historically has been dependent on raising funding through the capital markets and to a lesser extent on revenue or cost sharing arrangements, the current situation gives rise to the material uncertainty.
At September 30, 2026, the Group had cash and cash equivalents and short-term financial assets of TCHF57,493. Based on the approved operating plan, existing cash resources are expected to fund operations into Q4 2027. The Company has been unable to obtain additional funding since the last issuance of shares in October 2024. As the Company historically has been dependent on raising funding through the capital markets and to a lesser extent on revenue or cost sharing arrangements, the current situation gives rise to the material uncertainty.
Management's plans and mitigating actions
Management, with oversight from the Board of Directors, has developed and is executing the following plans to address the identified conditions:
•A deepened focus on radiopharmaceuticals and streamlining of capabilities and resources resulting in a pipeline prioritization and operating cost reductions. As a result of this pipeline prioritization, the Company expects there to be no or immaterial impairment exposure. In regard to the operating cost reductions, the Company has informed on October 29, 2026, the Amt für Wirtschaft of Kanton Zürich (Office for Economic Affairs) of its intention to reduce its current workforce by no more than 55 positions, representing a potential of ~44% of all positions. Molecular Partners foresees the full implementation of these changes enacted by Q2 2027 and the reduction of costs to become fully effective early in H2 2027. See note 5.11 for further information.
•Capital raise / equity financing — ongoing efforts to secure additional funding, either through a direct issuance of shares or alternative structures.
The accounting policies set forth in the notes to those annual consolidated financial statements have been consistently applied to all periods presented, except as per below.
The condensed consolidated interim financial statements are presented in thousands of Swiss Francs (TCHF), unless stated otherwise.
The business is not subject to any seasonality. Revenues largely depend on the underlying collaboration agreements and the achievement of agreed milestones, while expenses are largely affected by the phase of the respective projects, particularly with regard to external research and development expenditures.
Due to rounding, the numbers presented in the financial statements might not precisely equal the accompanying notes.
3. New or Revised IFRS Standards and Interpretations
A number of new or amended standards became applicable for annual periods beginning on or after January 1, 2026. These standards were assessed to not have any significant impact on the Group’s accounting policies and did not require any retrospective adjustments.
A preliminary assessment on the impact of the implementation of IFRS 18 has been performed; based on this assessment, the Company expects there to be no significant impact on the Company's overall financial statements. Based on the initial assessment the Company also expects there to be no Management defined Performance Measures or MPM’s to be reported on. IFRS 18 will not be early adopted. Possible impacts from other new or revised standards have not yet been assessed but are anticipated to be immaterial.
4. Accounting estimates and judgments
The condensed consolidated interim financial statements have been prepared under the historical cost convention. In preparing these condensed consolidated interim financial statements, management made judgments, estimates and assumptions that not only assess the determination on operating as a going concern, based on the development of our cash balance, but also affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.
5. Other explanatory notes
5.1 Other group-wide disclosures
On January 5, 2024, the Group announced it entered into a co-development agreement with Orano Med to co-develop 212Pb-based Radio Darpin Therapies (RDT). Under the terms of the co-development agreement, Molecular Partners previously disclosed RDT target DLL3 (delta-like ligand 3) is included in
the collaboration with Orano Med. Both companies agree to share the cost of preclinical and clinical development with additional commitments to supply their respective materials.
The cost sharing in the first nine months of 2026 resulted in a reimbursement of expenses by Orano Med of TCHF710 (First nine months of 2025: TCHF2,030) and for the three months ended September 30, 2026: TCHF285 (Three months ended September 30, 2025: TCHF633) reported under research and development expenses.
5.2 Share capital
As of September 30, 2026, the issued share capital of the Company amounted to CHF 4,037,464 divided into 40,374,641 fully paid registered shares, inclusive of 2,039,227 treasury shares (December 31, 2025: CHF 4,037,464 divided into 40,374,641 shares, of which 2,962,973 were treasury shares).
| In CHF thousands | Number of Treasury shares | Average price in CHF | Total TCHF value | ||||||||
As of January 1, 2026 | 2,962,973 | 0.38 | 1,129 | ||||||||
Shares vested under the PSU program | (881,169) | 0.28 | (247) | ||||||||
Shares withheld to cover social security and tax liabilities | 105,614 | 3.08 | 326 | ||||||||
Shares vested under the RSU program | (120,144) | 0.28 | (34) | ||||||||
Shares withheld to cover social security and tax liabilities | 24,890 | 3.23 | 80 | ||||||||
Other equity-settled transactions | (52,937) | 0.28 | (15) | ||||||||
Shares as of September 30, 2026 | 2,039,227 | 0.61 | 1,240 | ||||||||
Treasury shares are measured at a FIFO principle.
The 130,504 shares were withheld from vested awards to cover employees’ and Board of Directors income tax and social security contributions.
5.3 Dividends
The Group has paid no dividends since its inception and does not anticipate paying dividends in the foreseeable future.
5.4 Share-based compensation
As of September 30, 2026, a total of 3,253,411 PSUs and 586,723 Restricted Share Units ("RSUs") were outstanding (as of December 31, 2025, a total of 2,918,458 PSUs and 504,543 RSUs were outstanding). The changes in the number of share-based awards (PSUs and RSUs) outstanding during the nine month period ended September 30, 2026, is as follows:
PSU/ RSU movements3 | PSU / RSU (numbers) | ||||
Balance outstanding at January 1, 2026 | 3,423,001 | ||||
Granted | 1,965,301 | ||||
(Performance adjustment)1 | (396,151) | ||||
(Forfeited)2 | (150,704) | ||||
(Expired) | — | ||||
(Exercised grants), vested PSU / RSU | (1,001,313) | ||||
Balance outstanding at September 30, 2026 | 3,840,134 | ||||
1Performance adjustments indicate additional grants or forfeitures due to non-market performance conditions (under) over-achieved
2Forfeited due to service conditions not fulfilled
3 All outstanding PSU / RSU have an exercise price of CHF 0.10.
The share-based compensation costs recognized during the nine months ended September 30, 2026, amounted to TCHF 2,784 (TCHF 3,446 for the nine months ended September 30, 2025). For the three months ended September 30, 2026, the share-based compensation costs amounted to TCHF 941 (TCHF 1,076 for the three months ended September 30, 2025).
5.5 Financial income and expense
Financial income for nine months
| in CHF thousands, for the nine months ended September 30 | 2026 | 2025 | ||||||
| Interest income on financial assets held at amortized cost | 230 | 1,288 | ||||||
| Net foreign exchange gain | 483 | — | ||||||
| Total | 713 | 1,288 | ||||||
Financial expense for nine months
| in CHF thousands, for the nine months ended September 30 | 2026 | 2025 | ||||||
Net foreign exchange loss | — | (4,767) | ||||||
Interest expense on leases | (18) | (12) | ||||||
Other financial expenses | (12) | (11) | ||||||
Total | (30) | (4,790) | ||||||
Financial income for three months
| in CHF thousands, for the three months ended September 30 | 2026 | 2025 | ||||||
Interest income on financial assets held at amortized cost | 16 | 366 | ||||||
Net foreign exchange gain | 346 | — | ||||||
Total | 362 | 366 | ||||||
Financial expense for three months
| in CHF thousands, for the three months ended September 30 | 2026 | 2025 | ||||||
Net foreign exchange loss | — | (151) | ||||||
Interest expense on leases | (5) | (3) | ||||||
Other financial expenses | (4) | (4) | ||||||
Total | (9) | (158) | ||||||
Exchange results primarily represent unrealized foreign exchange results on the cash and short-term time deposit balances held in USD.
5.6 Income taxes
The Group has in recent years reported operating losses, with the exception of the year ended December 31, 2022, that resulted in a tax loss carry-forward in Switzerland of TCHF 252,980 as of December 31, 2025. No deferred tax assets have been recognized for these tax loss carry forwards, because it is not probable that such loss carry forwards can be utilized in the foreseeable future. In addition, no deferred tax positions were recognized on other deductible temporary differences (e.g., pension liabilities under IAS 19) due to the significant tax loss carry forwards.
5.7 Earnings per share
| for the nine months ended September 30 | 2026 | 2025 | ||||||
| Weighted average number of shares used in computing basic and diluted earnings per share | 38,047,613 | 37,223,971 | ||||||
| for the three months ended September 30 | 2026 | 2025 | ||||||
| Weighted average number of shares used in computing basic and diluted earnings per share | 38,326,000 | 37,399,154 | ||||||
5.8 Other Comprehensive result
In order to recognize remeasurements of the net defined benefit obligation in the period in which they arise, the Group utilizes its independent actuaries to update the calculation of the defined benefit obligation and plan assets at each reporting date. The primary components of the remeasurement as of and for the nine month period ended September 30, 2026, relate to an increase in the value of the assets held under the defined benefit plan and changes to demographic assumptions.
5.9 Related parties
The Group did not enter into any related party transactions in the interim periods presented.
5.10 Restructuring expense
For the nine months ended September 30, 2026 no restructuring expense was recognized. For the nine months ended September 30, 2025, the Group recognized TCHF 2,733 as expenses related to the restructuring initiated June 10, 2025. The restructuring charges primarily consisted of personnel related cost.
5.11 Events after the balance sheet date
On October 29, 2026 the Company has informed the Amt für Wirtschaft of Kanton Zürich (Office for Economic Affairs) of its intention, as part of a company restructuring, to reduce its current workforce by no more than 55 positions, representing a potential of ~44% of all positions. In accordance with Swiss employment law, a consultation process with employees has been initiated. Upon completion of the consultation process, the Company will offer affected employees support. Molecular Partners foresees the full implementation of these changes enacted by Q2 2027 and the reduction of costs to become fully effective early in H2 2027. The financial impact from the restructuring is not estimable at this time, as the Company is still assessing the specifics of affected employees.
Other than the workforce reduction described above, no other events occurred between the balance sheet date and the date on which these condensed consolidated interim financial statements were approved for issuance by the Board of Directors that would require adjustment to these condensed consolidated interim financial statements or disclosure under this section.
Exhibit | ||||||||
99.1 | Press release dated October 29, 2026 | |||||||
99.2 | Condensed consolidated interim financial statements for the three and nine months ended, September 30, 2026 (including accompanying notes thereto),(unaudited) | |||||||
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, thereunto duly authorized.
Molecular Partners AG | |||||||||||||||||||||||
(Registrant) | |||||||||||||||||||||||
Date: October 29, 2026 | /s/ PATRICK AMSTUTZ | ||||||||||||||||||||||
Name: | Patrick Amstutz | ||||||||||||||||||||||
Title: | Chief Executive Officer | ||||||||||||||||||||||
PRESS RELEASEMolecular Partners Reports Q3 2026 Financial Results, Deepens Focus on Targeted Radiotherapy
•Dosing ongoing in fully recruited dose level 2 of MP0712 Phase 1/2a study; initial safety data to be presented at North America Conference on Lung Cancer in December 2026, efficacy data expected in 2027
•Emerging clinical data from lead Radio-DARPin candidate MP0712 enables strategic focus on radiopharmaceuticals
•Streamlining of organization, in line with corporate focus, to advance Radio-DARPin programs
•Cash position of CHF 57.5 million (USD ~69 million) as of September 30, 2026, expected to fund operations into late 2027
Zurich-Schlieren, Switzerland and Concord, Mass., October 29, 2026 – Ad hoc announcement pursuant to Art. 53 LR Molecular Partners AG (SIX, NASDAQ: MOLN), a clinical-stage biotech company developing a novel class of medicines known as DARPin therapeutics, (“Molecular Partners” or the “Company”), today announced corporate highlights and unaudited financial results for the third quarter of 2026, as well as a deepened focus on radiopharmaceuticals and streamlining of its resources.
"This third quarter marked a decisive step in Molecular Partners’ transformation into a dedicated radiopharmaceuticals company. Encouraged by the emerging Phase 1/2a data from MP0712, our DLL3 Radio-DARPin for SCLC, we believe now is the time to focus on targeted radiotherapy. With efficacy data expected in 2027, we will continue to execute our lead asset MP0712 and advance our clinical Radio-DARPin programs to deliver value to shareholders and meaningful benefit to cancer patients,” said Patrick Amstutz, Ph.D., CEO of Molecular Partners.
Focused Strategy & Shaping of Organization to Advance Radiotherapeutics:
Based on the emerging clinical profile of MP0712, Molecular Partners is deepening its strategic focus on radiotherapeutic medicines, with priority on executing on the Phase 1/2a study of its lead clinical candidate MP0712, and on advancing its growing pipeline of Radio-DARPin therapeutics, with the ambition to build a leading radiopharmaceuticals company.
Reflective of its corporate focus, the Company will streamline its capabilities and resources to support the successful development of its Radio-DARPin programs in the clinic. The Company has informed the Amt für Wirtschaft of Kanton Zürich (Office for Economic Affairs) of its intention to reduce its current workforce by no more than 55 positions, representing a potential of up to ~44% of positions. In accordance with Swiss employment law, a consultation process with employees has been initiated. Upon
completion of the consultation process, the Company will offer affected employees support. Molecular Partners foresees the full implementation of these changes enacted by Q2 2027 and the reduction of costs to become fully effective early in H2 2027.
Molecular Partners maintains its previously announced timelines on its clinical assets.
Research & Development Highlights
MP0712 (DLL3-targeting Radio-DARPin Therapy, RDT)
MP0712, the Company’s lead Radio-DARPin candidate targeting the tumor-associated antigen delta-like ligand 3 (DLL3) and carrying the therapeutic alpha-emitting payload 212Pb, is being co-developed with strategic partner Orano Med, a pioneer in the development of 212Pb-based targeted alpha therapies, for the treatment of small cell lung cancer (SCLC) and other neuroendocrine cancers.
The U.S. multicenter Phase 1/2a study of MP0712 (NCT07278479) is well underway with dosing ongoing in the fully recruited dose level 2 (105 MBq per dose) and 8 sites open. All 9 planned sites are expected to open in 2026. All patients in dose level 1 (75 MBq per dose) passed the safety observation period, with no dose-limiting events observed. All adverse events reported to date were mild to moderate (grade 1–2) and transient, resolving in time for the next regular dosing cycle. Initial safety data will be presented at the IASLC / ASCO North America Conference on Lung Cancer (NACLC) in December 2026. Efficacy data are expected in 2027.
Next RDT Programs
Molecular Partners pursues an isotope-agnostic strategy for its pipeline of targeted alpha therapeutics. The versatility of DARPins allows interchangeability of alpha isotopes, including 212Pb and 225Ac and corresponding chelators, enabling candidates to be tailored to a specific target and disease biology.
The Nuclear Medicine Research Infrastructure (NuMeRI) has initiated an early-access clinical program, under the legal framework for compassionate care in South Africa, to image and treat patients with MP0714, a DLL3-targeting Radio-DARPin labeled with 177Lu and 225Ac, respectively.
The Company’s MSLN-targeting RDT program MP0726 is advancing to first-in-human imaging in H2 2026.
In addition, Molecular Partners has nominated MP0730, targeting the tumor-associated antigen CD70, as the third asset for its growing RDT pipeline. At the Discovery on Target – Radioligand Therapies conference in October 2026, the Company presented first data outlining an attractive biodistribution profile of MP0730 in tumor-bearing mice, with strong and sustained tumor uptake relative to healthy tissues, including kidney, liver and blood. First-in-human program is anticipated to start mid 2027.
Molecular Partners is also developing next-generation multispecific Radio-DARPins designed to engage multiple tumor targets simultaneously, with the aim of improving precision and therapeutic efficacy for highly heterogenous cancers, as showcased at the Gordon Research Conference Radionuclide Theranostics for the Management of Cancer in July 2026.
Immune Cell Engagers
As part of its strategic focus on radiopharmaceuticals, Molecular Partners will continue to explore the broad therapeutic potential of its DARPin platforms, including Switch-DARPins inside and outside of oncology, through strategic partnerships and platform-derived spin-out opportunities, representing potential upside beyond its focus on radiotherapeutics. Recent activities from these programs include:
•A trial-in-progress poster on MP0317, a FAP-localized CD40 agonist, presented by the Phase 2 investigators at the European Society for Medical Oncology (ESMO) Congress 2026.
•Presentation of new pre-clinical data on MP0632, a logic-gated T cell engager, at the Annual Meeting of the Society for Immunotherapy of Cancer (SITC) in November 2026.
•Presentation of results from the completed Phase 1/2a dose escalation of MP0533, a novel tetra-specific T cell engager designed for selective mutation-agnostic killing of AML cells, at the American Society of Hematology (ASH) Annual Meeting in December 2026.
Financial and Business Outlook
For the full year 2026, at constant exchange rates, the Company updates its forecast with total operating expenses of CHF 50-55 million expected, including approximately CHF 5 million of non-cash effective costs for share-based payments, IFRS pension accounting and depreciation.
The Company's cash and cash equivalents are CHF 57.5 million (USD ~69 million) as of September 30, 2026 and based on current operating assumptions, is expected to be sufficient to fund its operating expenses and capital expenditure requirements into late 2027.
The financial impact from the restructuring is not estimable at this time, as Molecular Partners is still assessing the specifics of affected employees. The Company expects to be able to provide an estimate of the expected restructuring charge, including employee termination costs, as part of the full year 2026 results in early 2027.
Financial Calendar
March 5, 2027 | Full Year 2026 results | ||||
April 14, 2027 | Annual General Meeting | ||||
The latest timing of the above events can be viewed on the investor section of the website.
About Molecular Partners AG
Molecular Partners AG (SIX, NASDAQ: MOLN) is a clinical-stage biotech company pioneering a novel class of medicines known as DARPin therapeutics for cancer patients underserved by existing treatment modalities. Molecular Partners focuses on the development of targeted radiotherapeutics, leveraging the unique properties of DARPin miniproteins as isotope-agnostic vector. The Company’s lead medicine
MP0712, targeting DLL3 and armed with 212Pb, advances in a US multicenter Phase 1/2a study for patients with small cell lung cancer and other neuroendocrine cancers. Molecular Partners has established partnerships with industry leaders and academic centers covering the full value chain of radiotherapeutics. Molecular Partners, founded in 2004, has offices in both Zurich, Switzerland and Concord, MA, USA. For more information, visit www.molecularpartners.com and find us on LinkedIn.
For further details, please contact:
Seth Lewis, EVP Corporate Finance
Concord, Massachusetts, U.S.
seth.lewis@molecularpartners.com
Tel: +1 781 420 2361
Laura Jeanbart, PhD, Head of Portfolio Management & Corporate Communications
Zurich-Schlieren, Switzerland
laura.jeanbart@molecularpartners.com
Tel: +41 44 575 19 35
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements. Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995, as amended, including without limitation: implied and express statements regarding the clinical development of Molecular Partners’ current or future product candidates; expectations regarding timing for reporting data from ongoing clinical trials or the initiation of future clinical trials; the potential therapeutic and clinical benefits of Molecular Partners’ product candidates and its RDT and Switch-DARPin platforms; the selection and development of future programs; Molecular Partners’ collaboration with Orano Med including the benefits and results that may be achieved through the collaboration; Molecular Partners' plans to streamline its organization and related workforce reductions, and its anticipated scope, cost, timing and benefits; and Molecular Partners’ expected business and financial outlook, including anticipated expenses and cash utilization for 2026 and its expectation of its current cash runway. These statements may be identified by words such as “aim”, “anticipate”, “expect”, “guidance”, “intend”, “outlook”, “plan”, “potential”, “will” and similar expressions, and are based on Molecular Partners’ current beliefs and expectations. These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements. Some of the key factors that could cause actual results to differ from Molecular Partners’ expectations include, but are not limited to, those set forth under the heading “Risk Factors” in Molecular Partners’ Annual Report on Form 20-F for the year ended December 31, 2025 and other filings Molecular Partners makes with the SEC from time to time. These documents are available on the Investors page of Molecular Partners’ website at www.molecularpartners.com. In addition, this press release contains information relating to interim data as of the relevant data cutoff date, results of which may differ from topline results that may be obtained in the future.
Any forward-looking statements speak only as of the date of this press release and are based on information available to Molecular Partners as of the date of this release, and Molecular Partners
assumes no obligation to, and does not intend to, update any forward-looking statements, whether as a result of new information, future events or otherwise.