Molecular Partners (NASDAQ: MOLN) sees cash last into 2027 despite H1 2026 loss
Rhea-AI Filing Summary
Molecular Partners AG (MOLN) reported H1 2026 results showing continued investment in its DARPin pipeline and a stronger balance sheet position than its losses alone suggest. Lead Radio-DARPin MP0712 for small cell lung cancer advanced to dose level 2 in a U.S. Phase 1/2a trial, with cohort 1 fully recruited, no dose-limiting events, and only mild to moderate, transient adverse events.
The company reported no revenue, H1 2026 R&D expenses of CHF 19.0 million and SG&A of CHF 8.0 million, for total operating expenses of CHF 27.0 million versus CHF 33.5 million a year earlier, reflecting the absence of prior-year restructuring charges. Net loss narrowed to CHF 26.7 million from CHF 37.2 million, or CHF (0.70) per share versus (1.00). Net cash used in operating activities improved to CHF 25.0 million from CHF 30.2 million.
Cash and cash equivalents (including short-term time deposits) were CHF 67.9 million as of June 30, 2026, with net cash outflow leading to a decline from CHF 114.5 million a year earlier. The company states this cash is expected to fund operations into late 2027, excluding potential partnership payments, while it advances MP0712, prepares CD70 and MP0726 RDT programs, and progresses immune cell engager candidates.
Positive
- Net loss reduced by CHF 10.5 million year-on-year in H1 2026 (CHF 26.7 million vs. 37.2 million), driven by lower operating expenses and the absence of restructuring charges.
- Total operating expenses fell to CHF 27.0 million from CHF 33.5 million in H1 2025, including the elimination of CHF 2.7 million of prior-year restructuring expenses.
- Cash and cash equivalents of CHF 67.9 million are, based on current assumptions, expected to fund operations into late 2027, providing a disclosed multi-year runway.
- MP0712 advanced to dose level 2 in the Phase 1/2a trial, with cohort 1 fully recruited, no dose-limiting events, and only grade 1–2, transient adverse events reported so far.
Negative
- No revenue was recorded in H1 2026, as in H1 2025, leaving the business fully dependent on external funding and partnerships.
- Net loss of CHF 26.7 million and net cash used in operating activities of CHF 25.0 million in H1 2026 indicate continued substantial cash burn.
- Cash and short-term deposits declined to CHF 67.9 million from CHF 114.5 million a year earlier, and total shareholders’ equity decreased to CHF 58.5 million from 106.7 million.
- Headcount fell to 116.7 FTE from 153.0 FTE year-on-year, reflecting prior restructuring and a leaner organization while pipeline execution continues.
Filing Explained
As of June 30, 2026, 3,805,396 awards remained outstanding; any ownership effect depends on later exercise and whether shares are issued.
This Form 6-K furnishes Molecular Partners’ unaudited interim financial statements and press release; the filing covers the six months ended
As of
The award table records 993,696 exercised grants during H1 2026 and the withholding of 125,127 vested-award shares for employee and director tax and social-security obligations; the treasury-share table reports 2,069,404 treasury shares at June 30 versus 2,962,973 at December 31, 2025.
The outstanding awards are separate from the issued-share figure; if awards are exercised into newly issued shares, the total share count would increase and existing holders’ percentage ownership would decrease, absent offsetting changes. The filing does not state that all outstanding awards will be exercised.
The company has selected CD70 as the third target in its Radio-DARPin pipeline; IND-enabling work is planned for H2 2026 and clinical entry is slated for 2027, so those milestones remain future steps.
Key Figures
Cash & cash equivalents (incl. short-term time deposits): CHF 67.9 million
Total operating expenses: CHF 27.0 million
Net result: CHF (26.7) million
+5 more
8 metrics
Cash & cash equivalents (incl. short-term time deposits)
CHF 67.9 million
As of June 30, 2026
Total operating expenses
CHF 27.0 million
H1 2026, including depreciation and amortization
Net result
CHF (26.7) million
H1 2026 net loss attributable to shareholders
Net cash used in operating activities
CHF (25.0) million
H1 2026
Basic and diluted net result per share
CHF (0.70)
H1 2026
Total shareholders’ equity
CHF 58.5 million
As of June 30, 2026
Tax loss carry-forward in Switzerland
TCHF 252,980
As of December 31, 2025; no deferred tax asset recognized
Number of total FTE
116.7
As of H1 2026
Key Terms
DARPin therapeutics, Radio-DARPin Therapy, targeted alpha therapy, immune cell engagers, +1 more
5 terms
DARPin therapeutics medical
"a 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.
Radio-DARPin Therapy medical
"DLL3-targeting Radio-DARPin Therapy, RDT"
A radio‑DARPin therapy pairs a small, engineered binding protein (a DARPin) with a radioactive atom so the radiation is carried directly to diseased cells, most often tumors. For investors, this matters because it promises more precise treatment with potentially higher effectiveness and fewer side effects than traditional chemotherapy or external radiation, which affects clinical risk, regulatory hurdles, market potential and pricing—think a guided missile instead of carpet bombing.
targeted alpha therapy medical
"radiopharmaceuticals for targeted alpha therapy"
A cancer treatment that attaches tiny, highly energetic bits of radiation called alpha particles to a molecule that seeks out tumor cells, delivering a powerful, localized dose much like a guided missile hitting only its target. Investors care because it can offer strong anti-tumor effects with fewer whole-body side effects than traditional radiation, creating significant commercial upside, clinical and regulatory risks, and clear milestones that affect company value.
immune cell engagers medical
"logic-gated, next-generation immune cell engagers"
IAS 34 Interim Financial Reporting regulatory
"in accordance with International Accounting Standard 34 Interim Financial Reporting"
Earnings Snapshot
Total operating expenses: CHF 27.0 million · Guidance included
six months ended June 30, 2026
Total operating expenses
CHF 27.0 million
Down from CHF 33.5 million in H1 2025
Net result
CHF (26.7) million
Improved from CHF (37.2) million in H1 2025
Net cash used in operating activities
CHF (25.0) million
Improved from CHF (30.2) million in H1 2025
Cash & cash equivalents (incl. short-term time deposits)
CHF 67.9 million
Down from CHF 114.5 million as of H1 2025
Guidance
For full-year 2026, total operating expenses are forecast at CHF 45–55 million, including about CHF 6 million of non-cash costs, and current cash resources are expected to fund operations into late 2027.
FAQ
How did MOLN perform financially in H1 2026?
Molecular Partners reported no revenue, an operating loss of CHF 27.0 million (vs. 33.5 million in H1 2025) and a net loss of CHF 26.7 million (vs. 37.2 million), equivalent to CHF (0.70) basic and diluted loss per share.
What is Molecular Partners (MOLN) cash position and runway as of June 30, 2026?
Cash and cash equivalents including short-term time deposits were CHF 67.9 million as of June 30, 2026. The company states this is expected to fund operating and capital expenditure requirements into late 2027, excluding potential payments from R&D partnerships.
What progress did MOLN report on its lead candidate MP0712?
MP0712, a DLL3-targeting Radio-DARPin for SCLC, completed recruitment of cohort 1 at 75 MBq per dose with no dose-limiting events, and only mild to moderate, transient adverse events. The Dose Escalation Review Committee recommended escalation to 105 MBq (cohort 2), which is now recruiting.
What are Molecular Partners’ (MOLN) operating expense expectations for full-year 2026?
For full-year 2026, the company maintains guidance for total operating expenses of CHF 45–55 million at constant exchange rates, including approximately CHF 6 million of non-cash costs for share-based payments, IFRS pension accounting and depreciation.
Did MOLN record any restructuring expenses in H1 2026?
No. Molecular Partners reported no restructuring expenses in H1 2026, compared with CHF 2.7 million of restructuring expenses in H1 2025 related to a 2025 operational efficiency initiative.
How did cash burn from operations change for MOLN in H1 2026?
Net cash used in operating activities improved to CHF 25.0 million in H1 2026 from CHF 30.2 million in H1 2025, reflecting lower operating expenses and the absence of restructuring charges, while the company continued to invest in its R&D pipeline.
What new pipeline targets did Molecular Partners (MOLN) highlight in H1 2026?
Molecular Partners selected CD70 as a new Radio-DARPin target for clear cell renal cell carcinoma and other cancers, with IND-enabling work to start in H2 2026 and a clinical start planned for 2027, and is advancing MP0726 and immune cell engager programs.
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 August 2026
Commission File Number: 001-40488
(Exact name of registrant as specified in its charter)
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
August 25, 2026, (ii) condensed consolidated interim financial statements (unaudited) as of, and for the three and six months ended, June 30, 2026 (including accompanying notes thereto), which are furnished herewith as Exhibit 99.1, 99.2 and 99.3, respectively.
August 25, 2026, (ii) condensed consolidated interim financial statements (unaudited) as of, and for the three and six months ended, June 30, 2026 (including accompanying notes thereto), which are furnished herewith as Exhibit 99.1, 99.2 and 99.3, respectively.
Exhibits 99.1, 99.2 and 101 to this Report on Form 6-K, excluding any 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 | June 30, 2026 | December 31, 2025 | ||||||||||||
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Share capital | 5.2 | |||||||||||||
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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 6 months ended June 30, | 2026 | 2025 | |||||||||
in CHF thousands | Note | ||||||||||
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Revenues from research and development collaborations | 5.1 | ||||||||||
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| Restructuring expenses | 5.10 | ( | |||||||||
Total operating expenses | ( | ( | |||||||||
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Financial income | 5.5 | ||||||||||
Financial expenses | 5.5 | ( | ( | ||||||||
Net finance result | ( | ||||||||||
Result before income taxes | ( | ( | |||||||||
Income taxes | 5.6 | ||||||||||
Net result, attributable to shareholders | ( | ( | |||||||||
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Remeasurement of net pension liabilities, net of tax | 5.8 | ||||||||||
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Exchange differences on translating foreign operations | |||||||||||
Other comprehensive result, net of tax | |||||||||||
Total comprehensive result, attributable to shareholders | ( | ( | |||||||||
Basic and diluted net result per share (in CHF) | 5.7 | ( | ( | ||||||||
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 June 30, | 2026 | 2025 | |||||||||
in CHF thousands | Note | ||||||||||
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Revenues from research and development collaborations | 5.1 | ||||||||||
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Selling, general and administrative expenses | ( | ( | |||||||||
| Restructuring expenses | 5.10 | ( | |||||||||
Total operating expenses | ( | ( | |||||||||
Operating result | ( | ( | |||||||||
Financial income | 5.5 | ||||||||||
Financial expenses | 5.5 | ( | ( | ||||||||
Net finance result | ( | ||||||||||
Result before income taxes | ( | ( | |||||||||
Income taxes | 5.6 | ||||||||||
Net result, attributable to shareholders | ( | ( | |||||||||
Other comprehensive result | |||||||||||
Items that will not be reclassified to profit or loss | |||||||||||
Remeasurement of net pension liabilities, net of tax | 5.8 | ( | |||||||||
Items that are or may be reclassified subsequently to profit or loss | |||||||||||
Exchange differences on translating foreign operations | |||||||||||
Other comprehensive result, net of tax | ( | ||||||||||
Total comprehensive result, attributable to shareholders | ( | ( | |||||||||
Basic and diluted net result per share (in CHF) | 5.7 | ( | ( | ||||||||
See accompanying notes, which form an integral part of these unaudited condensed consolidated interim financial statements.
Condensed consolidated interim cash flow statement for the 6 months ended June 30, | 2026 | 2025 | |||||||||
in CHF thousands | |||||||||||
Net result attributable to shareholders | ( | ( | |||||||||
Adjustments for: | |||||||||||
Depreciation and amortization | |||||||||||
Share-based compensation | |||||||||||
Social security and tax paid on behalf of employees on shares vested under the PSU and RSU program | ( | ( | |||||||||
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| Proceeds from issuance of shares under LTI plans | |||||||||||
Proceeds from vesting under the LTI plans | |||||||||||
Payment of lease liabilities | ( | ( | |||||||||
Net cash used in financing activities | ( | ( | |||||||||
Exchange gain (loss) on cash positions | ( | ||||||||||
Net increase (decrease) in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents at January 1 | |||||||||||
Cash and cash equivalents at June 30, | |||||||||||
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 | ( | ( | |||||||||||||||
Net result | — | — | — | ( | ( | ||||||||||||
Remeasurement of net pension liabilities | — | — | — | ||||||||||||||
Exchange differences on translating foreign operations | — | — | — | ||||||||||||||
Total comprehensive income | — | — | — | ( | ( | ||||||||||||
Share-based compensation costs (1) | — | — | — | ||||||||||||||
Issuance of new shares under LTI plans | — | — | — | ||||||||||||||
Exercise of LTI plans | — | ( | — | ||||||||||||||
Treasury shares withheld to cover social security and tax | — | — | ( | — | ( | ||||||||||||
At June 30, 2025 | ( | ( | |||||||||||||||
At January 1, 2026 | ( | ( | |||||||||||||||
Net result | — | — | — | ( | ( | ||||||||||||
Remeasurement of net pension liabilities | — | — | — | ||||||||||||||
Exchange differences on translating foreign operations | — | — | — | ||||||||||||||
Total comprehensive income | — | — | — | ( | ( | ||||||||||||
Share-based compensation costs (1) | — | — | — | ||||||||||||||
| Other equity-settled transactions | — | — | |||||||||||||||
Exercise of LTI plans | — | ( | — | ||||||||||||||
| Treasury shares withheld to cover social security and tax | — | — | ( | — | ( | ||||||||||||
At June 30, 2026 | ( | ( | |||||||||||||||
(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 six months ended June 30, 2026 , were approved for issuance by the Board of Directors on August 24, 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 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 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 six months of 2026 resulted in a reimbursement of expenses by Orano Med of TCHF425 (First six months of 2025: TCHF1,397 ) and for the three months ended June 30, 2026 TCHF77 (Three months ended June 30, 2025: TCHF567 ) reported under research and development expenses.
5.2 Share capital
As of June 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 2,069,404 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 | |||||||||||
Shares vested under the PSU program | ( | ( | |||||||||
Shares withheld to cover social security and tax liabilities | |||||||||||
Shares vested under the RSU program | ( | ( | |||||||||
Shares withheld to cover social security and tax liabilities | |||||||||||
Other equity-settled transactions | ( | ( | |||||||||
Shares as of June 30, 2026 | |||||||||||
Treasury shares are measured at a FIFO principle.
The 125,127 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 June 30, 2026, a total of 3,218,673 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 six month period ended June 30, 2026, is as follows:
PSU/ RSU movements3 | PSU / RSU (numbers) | ||||
Balance outstanding at January 1, 2026 | |||||
Granted | |||||
(Performance adjustment)1 | ( | ||||
(Forfeited)2 | ( | ||||
(Expired) | |||||
(Exercised grants), vested PSU / RSU | ( | ||||
Balance outstanding at June 30, 2026 | |||||
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 six months ended June 30, 2026, amounted to TCHF 1,843 (TCHF 2,370 for the six months ended June 30, 2025). For the three months ended June 30, 2026, the share-based compensation costs amounted to TCHF 907 (TCHF 1,228 for the three months ended June 30, 2025).
5.5 Financial income and expense
Financial income for six months
| in CHF thousands, for the six months ended June 30 | 2026 | 2025 | ||||||
| Interest income on financial assets held at amortized cost | ||||||||
| Net foreign exchange gain | ||||||||
| Total | ||||||||
Financial expense for six months
in CHF thousands, for the six months ended June 30 | 2026 | 2025 | ||||||
Net foreign exchange loss | ( | |||||||
Interest expense on leases | ( | ( | ||||||
Other financial expenses | ( | ( | ||||||
Total | ( | ( | ||||||
Financial income for three months
in CHF thousands, for the three months ended June 30 | 2026 | 2025 | ||||||
Interest income on financial assets held at amortized cost | ||||||||
Net foreign exchange gain | ||||||||
Total | ||||||||
Financial expense for three months
in CHF thousands, for the three months ended June 30 | 2026 | 2025 | ||||||
Net foreign exchange loss | ( | |||||||
Interest expense on leases | ( | ( | ||||||
Other financial expenses | ( | ( | ||||||
Total | ( | ( | ||||||
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 six months ended June 30 | 2026 | 2025 | ||||||
| Weighted average number of shares used in computing basic and diluted earnings per share | ||||||||
| for the three months ended June 30 | 2026 | 2025 | ||||||
| Weighted average number of shares used in computing basic and diluted earnings per share | ||||||||
5.8 Other Comprehensive result
5.9 Related parties
The Group did not enter into any related party transactions in the interim periods presented.
5.10 Restructuring expense
On June 10, 2025, Molecular Partners announced a planned operational efficiency initiative (“restructuring 2025”), which included a reduction in headcount within R&D. As a result, 34 positions - primarily in R&D, but also some supporting functions - were impacted.
For the six months ended June 30, 2025, the Group recognized TCHF 2,617 as expenses. For the six months ended June 30, 2026, no restructuring expense was recognized and there was no remaining accrual. The restructuring charges primarily consisted of personnel related cost.
5.11 Events after the balance sheet date
No 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.
Independent Auditors’ Report on the Review of the Condensed Consolidated Interim Financial Statements to the Board of Directors of Molecular Partners AG, Schlieren
Introduction
We have been engaged to review the accompanying condensed consolidated interim statement of financial position of Molecular Partners AG as at June 30, 2026, and the related condensed consolidated interim statements of profit or loss and other comprehensive result for the six and three-months periods ended June 30, 2026, condensed consolidated interim cash flow statement and statement of changes in equity for the six-month period then ended, and selected explanatory notes (the condensed consolidated interim financial statements). The Board of Directors is responsible for the preparation and presentation of these condensed consolidated interim financial statements in accordance with International Accounting Standard 34 Interim Financial Reporting. Our responsibility is to express a conclusion on these condensed consolidated interim financial statements based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial statements as at and for the six and three-months periods ended June 30, 2026, are not prepared, in all material respects, in accordance with International Accounting Standard 34 Interim Financial Reporting.
| /s/ KPMG AG | |||||
| Zurich, August 24, 2026 | |||||
Exhibit | ||||||||
99.1 | Press release dated August 25, 2026 | |||||||
99.2 | Half year 2026 condensed consolidated interim financial statements and accompanying notes (unaudited) | |||||||
101 | The following materials from this Report on Form 6-K are formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed consolidated interim statements of financial position as of June 30, 2026 and December 31, 2025 (unaudited): (ii) Condensed consolidated interim statements of profit or loss and other comprehensive result for the three and six months ended June 30, 2026 and 2025 (unaudited); (iii) Condensed consolidated interim cash flow statement for the six months ended June 30, 2026 and 2025 (unaudited); (iv) Condensed consolidated interim statements of changes in equity for the six months ended June 30, 2026 and 2025 (unaudited); and (v) Explanatory notes to the condensed consolidated interim financial statements (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: August 25, 2026 | /s/ PATRICK AMSTUTZ | ||||||||||||||||||||||
Name: | Patrick Amstutz | ||||||||||||||||||||||
Title: | Chief Executive Officer | ||||||||||||||||||||||
PRESS RELEASEMolecular Partners Reports H1 2026 Financial Results and Corporate Highlights: DLL3 Radiotherapy MP0712 Successfully Advancing to Higher Dose Level in Phase 1/2a Study
•DLL3-targeting Radio-DARPin MP0712 progressing in Phase 1/2a trial, now recruiting at dose level 2; initial data expected in 2026, efficacy data expected in 2027
•CD70 selected as new radio target for the treatment of kidney cancer and other indications, with clinical program start anticipated in 2027
•Cash position of CHF 67.9 million (USD ~84 million) as of June 30, 2026, expected to fund operations into late 2027
Zurich-Schlieren, Switzerland and Concord, Mass., August 25, 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 reported corporate highlights and financial results for the first half of 2026.
"The first half of 2026 was marked by strong execution across our pipeline. With MP0712, a DLL3-targeting Radio-DARPin, we have treated the first patients in our SCLC trial, and dose escalation in the Phase 1/2a study is progressing as planned. To further strengthen our Radio pipeline, we selected CD70 as our next target, which will be evaluated using an isotope-agnostic approach. Backed by a strong balance sheet that funds operations into late 2027, we remain focused on delivering key value-driving milestones, including initial clinical data from MP0712 later this year and continued advancement of our pipeline,” said Patrick Amstutz, Ph.D., CEO of Molecular Partners.
In addition, the Company today announced that its lead Radio-DARPin candidate MP0712 has progressed to the next therapeutic dose level (cohort 2) in the Phase 1/2a study.
“Opening of cohort 2 in the Phase 1 study marks an important milestone for the MP0712 program. With any investigational drug, safety is paramount. We are happy to see that our assumptions with regard to blood and general safety remain well intact. We now move to the higher therapeutic dose level with confidence and look forward to the continued good collaboration with the investigators and sites,” said Philippe Legenne, M.D., CMO of Molecular Partners.
Research & Development Highlights
MP0712 (DLL3-targeting Radio-DARPin Therapy, RDT)
MP0712, 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, 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 the first dose level (cohort 1) fully recruited. Repeat dosing is ongoing, with patients receiving as many as four doses of MP0712 to date. All patients in cohort 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. After review of the safety data of cohort 1, the Dose Escalation Review Committee recommended that the Company proceed to dosing patients at the next therapeutic dose level (cohort 2, 105 MBq per dose). Cohort 2 is now open and recruiting patients. Five study sites are active, with a total of nine sites expected to be open in 2026. In total, four dose levels are planned in the Phase 1. The Company expects to report initial clinical data in 2026, followed by a more comprehensive safety and efficacy dataset 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 Company communicated in July 2026 that it intends to advance MSLN-targeting MP0726, its second RDT program, to first-in-human imaging in H2 2026. In addition, the Nuclear Medicine Research Institute (NuMeRI) has initiated an early-access clinical program utilizing a DLL3-targeting Radio-DARPin labeled with 177Lu/225Ac (referred to as MP0714) to image and treat patients in South Africa. Molecular Partners remains fully focused on the execution of the US Phase 1/2a study of MP0712 with 212Pb.
As part of its growing portfolio Molecular Partners has selected CD70, a clinically validated tumor-associated antigen as the third target for its RDT pipeline. CD70 is overexpressed in clear cell renal cell carcinoma (ccRCC, a type of kidney cancer) and other cancer indications, with limited expression in healthy tissues, making it an attractive candidate for targeted
radiopharmaceutical therapy. Targeted alpha therapy has the potential to overcome resistance mechanisms reported for chemotherapy and other therapeutic modalities in ccRCC. The Company intends to present supporting pre-clinical data at a scientific congress in H2 2026. IND-enabling work will begin in H2 2026, and the program is slated to enter the clinic in 2027.
Immune Cell Engagers
As highlighted in July 2026, MP0317, a FAP-localized CD40 agonist, is progressing in an investigator-initiated randomized Phase 2 proof-of-concept study in patients with advanced cholangiocarcinoma (NCT07036380). Nine study sites are active in France and patient treatment ongoing. The study aims to assess whether adding MP0317 to standard of care – durvalumab (anti-PDL1) plus gemcitabine-cisplatin chemotherapy – improves the 12-month progression-free survival rate of these patients.
The dose escalation of the Phase 1/2a trial of MP0533, a novel tetra-specific T cell engager designed for selective mutation-agnostic killing of AML cells, is fully recruited, with last patients currently on treatment (NCT05673057). The results of the study support exploring MP0533 in combination with other AML therapies, and several consortia have approached the Company with interest in conducting such studies.
MP0632 is a logic-gated T cell engager designed for conditional, tumor-localized immune activation in the presence of mesothelin (MSLN) and EpCAM, two tumor-associated antigens highly co-expressed in ovarian, endometrial, pancreatic and other solid tumors. The Company will present additional pre-clinical data on MP0632 at the Annual Meeting of the Society for Immunotherapy of Cancer (SITC) in November 2026.
Corporate Governance Highlights
Clare Fisher, SVP for Global Business Development and M&A at BeOne Medicines, was elected by shareholders to the Molecular Partners Board of Directors at the Annual General Meeting (AGM) in April 2026. Clare brings extensive business and corporate development experience in the pharmaceutical and biotech industries.
All other motions proposed by the Board of Directors at the AGM were also approved by the shareholders of the Company.
H1 2026 Operational and Financial Highlights
•Financial position of CHF 67.9 million in cash and cash equivalents as per June 30, 2026
•Net cash used in operating activities CHF 25.0 million in H1 2026
•Operating loss of CHF 27.0 million and net loss of CHF 26.7 million in H1 2026
•Company expected to be funded into late 2027, excluding potential payments from R&D partnerships
The H1 2026 Financial Statements are available on the Company's website.
| Key figures as of June 30, 2026 (unaudited) | H1 2026 | H1 2025 | Change | |||||||||||||||||
| (CHF million, except per share, FTE data) | ||||||||||||||||||||
| Total revenues and other income | — | — | — | |||||||||||||||||
| R&D expenses | (19.0) | (22.6) | 3.6 | |||||||||||||||||
| SG&A expenses | (8.0) | (8.2) | 0.2 | |||||||||||||||||
| Restructuring expenses | — | (2.7) | 2.7 | |||||||||||||||||
| Total operating expenses (incl depr. & amort.) | (27.0) | (33.5) | 6.5 | |||||||||||||||||
| Net result | (26.7) | (37.2) | 10.5 | |||||||||||||||||
| Basic net result per share (in CHF) | (0.7) | (1.0) | 0.3 | |||||||||||||||||
| Net cash from (used in) operating activities | (25.0) | (30.2) | 5.2 | |||||||||||||||||
| Cash & cash equivalents (incl. short-term time deposits) | 67.9 | 114.5 | (46.6) | |||||||||||||||||
| Total shareholders’ equity | 58.5 | 106.7 | (48.1) | |||||||||||||||||
| Number of total FTE | 116.7 | 153.0 | (36.3) | |||||||||||||||||
Financial and Business Outlook
For the full year 2026, at constant exchange rates, the Company maintains its previously reported forecast with total operating expenses of CHF 45-55 million expected, including approximately CHF 6 million of non-cash effective costs for share-based payments, IFRS pension accounting and depreciation.
The Company's cash and cash equivalents and short-term time deposits were CHF 67.9 million (USD ~84 million) as of June 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.
Financial Calendar
October 29, 2026 | Interim Management Statement Q3 2026 (unaudited) | ||||
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 medical challenges other treatment modalities cannot readily address. Molecular Partners leverages the key properties of DARPins to design and develop differentiated therapeutics for cancer patients, including radiopharmaceuticals for targeted alpha therapy and logic-gated, next-generation immune cell engagers. The Company has proprietary programs in various stages of pre-clinical and clinical development, as well as programs developed through partnerships with leading pharmaceutical companies and academic centers. 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; 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.
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