Exhibit 99.1
Purple
Biotech Reports First Quarter 2026 Financial Results and Business Highlights
New
data from IM1240 (capped-CD3 × 5T4 × NKG2A) tri-specific antibody demonstrated potent anti-tumor
activity across all treatment-resistant
patient-derived tumor samples
Established
CAPTN-3 Scientific Advisory Board with leading experts in T-cell engager development, NK cell biology and translational oncology
Expanded collaboration with Converge
Bio to apply generative AI to accelerate the design and optimization of next-generation tri-specific antibodies
Total Cash Position of $6.4 million as of March
31, 2026, expected to provide runway into 2027 based on current management estimates
REHOVOT,
Israel, May 15, 2026 (GLOBE NEWSWIRE) -- Purple Biotech Ltd. (“Purple Biotech” or “the Company”) (NASDAQ/TASE:
PPBT), a clinical-stage company developing a next-generation immunotherapy platform designed to maximize anti-cancer potency while minimizing
toxicity, today announced financial results for the three months ended March 31, 2026 and provided an update on recent business progress.
“We continue to advance the CAPTN-3 platform
as a core value driver,” said Gil Efron, Purple Biotech CEO. “New patient-derived tumor data, generated with our collaborators
at Mount Sinai, further supports IM1240’s differentiated tri-specific design and its potential to overcome tumor immune evasion
and resistance in difficult-to-treat solid tumors. Importantly, the data continues to support the contribution of the NKG2A arm, which
enhanced anti-tumor activity across tested samples and improved the therapeutic index. In parallel, our newly formed Scientific Advisory
Board and collaboration with Converge Bio provide important scientific and computational expertise as we seek to expand the broader potential
of CAPTN-3. Over the remainder of 2026, we plan to build on this momentum by generating additional efficacy evidence across potential
indications and advancing new tri-specific antibody combinations.”
Q1
2026 and Recent Clinical & Corporate Highlights:
Generated
new patient-derived tumor data supporting IM1240’s differentiated mechanism and anti-tumor activity
| ● | Data
generated in the lab of Amir Horowitz, PhD, at the Tisch Cancer Institute at the Icahn School
of Medicine at Mount Sinai, demonstrated that all tested patient-derived tumor samples responded
to IM1240 treatment. |
| ● | IM1240
demonstrated activity across treatment-resistant samples, including PD-1 or PD-1/ chemo resistant head and neck squamous cell
carcinoma metastatic lymph nodes and enfortumab vedotin + PD-1-resistant muscle-invasive bladder cancer. |
| ● | Data
further supports the contribution of IM1240’s NKG2A arm, which significantly enhanced
anti-tumor activity across tested samples and improved the therapeutic index. |
| ● | In
a patient-derived non-small cell lung cancer (NSCLC) biopsy, IM1240 induced mature tertiary
lymphoid structures (TLS) associated with effective anti-tumor immune response and favorable
prognosis, corresponding with observed anti-tumor efficacy. |
Established
Scientific Advisory Board to support CAPTN-3 development
| ● | Formed
a CAPTN-3 Scientific Advisory Board (SAB) composed of experts in T-cell engager development,
NK and T cell biology, translational science, and clinical oncology. |
| |
● |
The SAB is expected to provide strategic guidance as the Company advances IM1240 toward clinical development and continues to evaluate broader development opportunities for the CAPTN-3 platform. |
Expanded
collaboration with Converge Bio to apply generative AI to tri-specific antibody development
| |
● |
The collaboration leverages Converge Bio’s proprietary generative AI platform to support the design and optimization of novel tri-specific antibodies for oncology. |
| ● | The
AI-driven strategy is intended to accelerate discovery timelines, improve candidate quality
and developability, and expand CAPTN-3’s potential across additional high-value solid
tumor targets and resistance mechanisms. |
Advancing
IM1240 and IM1305 pre-clinical development toward first-in-human studies in 2027
| ● | IM1240
remains the Company’s lead development priority, with IM1305, targeting TROP2, continuing
to support the broader platform opportunity. |
| ● | Following
the prior announcement that further development of CM24 and NT219 would require partnering
or additional investment, the Company has redirected resources toward CAPTN-3 as its core
development priority. |
Financial
Results for the Three Months Ended March 31, 2026
Research and Development Expenses were
$1.2 million for the three months ended March 31, 2026, reflecting an increase of $0.5 million, from $0.8 million in the same period of
2025. The increase was primarily driven by higher chemistry, manufacturing, and controls (CMC) development activities related to the CAPTN-3
platform.
General
and Administrative Expenses were $1.0 million for the three months ended March 31, 2026, compared to $0.6 million in the same
period of 2025, representing an increase of $0.4 million, mainly due to higher payroll expenses as well as increased professional services
and related expenses.
Adjusted Operating Loss (as reconciled
below) was $2.1 million for the three months ended March 31, 2026, compared to $1.3 million in the same period of 2025, reflecting an
increase of $0.8 million, primarily attributable to the higher operating expenses described above.
Finance Income, Net was $2.2 million
for the three months ended March 31, 2026, compared to $1.0 million in the same period of 2025, reflecting an increase of $1.2 million,
mainly due to non-cash warrant-related income due to changes in fair value measurement.
Net Loss was $0.1 million for the
three months ended March 31, 2026, compared to a net loss of $0.5 million in the same period of 2025. The decrease in net loss was mainly
driven by finance income, net, primarily resulting from changes in the fair value of warrants, partially offset by higher operating expenses.
Adjusted
Net Loss (as reconciled below) for the three months ended March 31, 2026, was $2.1 million, an increase of $0.8 million, compared
to $1.3 million in the same period of 2025, mainly reflecting financial income related to changes in the fair value of financial instruments.
As
of March 31, 2026, Purple Biotech had cash and cash equivalents and short-term deposits of $6.4 million, which is expected to provide
the Company with a cash runway into 2027.
Non-IFRS
Financial Measures
This press release includes information about
certain financial measures that are not prepared in accordance with International Financial Reporting Standards (“IFRS”), including
adjusted operating loss and adjusted net loss. These non-IFRS measures are not based on any standardized methodology prescribed by IFRS
and are not necessarily comparable to similar measures presented by other companies. Adjusted operating loss and adjusted net loss adjust
for non-cash share-based compensation expenses, and adjusted net loss also adjusts for finance income from financial instruments. The
Company’s management and board of directors utilize these non-IFRS financial measures to evaluate the Company’s performance. The Company
provides these non-IFRS measures of the Company’s performance to investors because management believes that these non-IFRS financial measures,
when viewed with the Company’s results under IFRS and the accompanying reconciliations, are useful in identifying underlying trends in
ongoing operations. However, these non-IFRS measures are not measures of financial performance under IFRS and, accordingly, should not
be considered in isolation or as alternatives to IFRS measures as indicators of operating performance. Further, these non-IFRS measures
should not be considered measures of the Company’s liquidity. A reconciliation of certain IFRS to non-IFRS financial measures has been
provided in the tables included in this press release.
About
Purple Biotech
Purple Biotech Ltd. (NASDAQ/TASE: PPBT) is a clinical-stage company
developing a next-generation immunotherapy platform designed to maximize anti-cancer potency while minimizing toxicity. The Company is
focused on advancing its lead program, CAPTN-3 - a platform of masked tri-specific antibodies that simultaneously target tumors while
engaging both T cells and NK cells. Capping technology confines immune activation to the tumor microenvironment, significantly expanding
the therapeutic window compared to conventional T-cell engagers. The platform’s lead candidate, IM1240, is advancing toward the
clinic, and its second candidate, IM1305, is in preclinical development. The Company’s pipeline also includes additional clinical-stage
assets, for which further development is pending partnering or investment, including CM24, a CEACAM1-blocking antibody that demonstrated
improved outcomes across all efficacy endpoints in a Phase 2 study for the treatment of pancreatic ductal adenocarcinoma, and NT219, a
dual IRS1/2 and STAT3 inhibitor in a Phase 2 study for the treatment of recurrent and/or metastatic squamous cell carcinoma of the head
and neck. The Company is headquartered in Rehovot, Israel.
For
additional information about the Company, please visit: https://purple-biotech.com
Forward-Looking
Statements and Safe Harbor Statement
Certain statements in
this press release that are forward-looking and not statements of historical fact are forward-looking statements within the meaning of
the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not
limited to, statements that are not statements of historical fact, and may be identified by words such as “believe”, “expect”,
“intend”, “plan”, “may”, “should”, “could”, “might”, “seek”,
“target”, “will”, “project”, “forecast”, “continue” or “anticipate”
or their negatives or variations of these words or other comparable words or by the fact that these statements do not relate strictly
to historical matters. You should not place undue reliance on these forward-looking statements, which are not guarantees of future performance.
Forward-looking statements reflect our current views, expectations, beliefs or intentions with respect to future events, and are subject
to a number of assumptions, involve known and unknown risks, many of which are beyond our control, as well as uncertainties and other
factors that may cause our actual results, performance or achievements to be significantly different from any future results, performance
or achievements expressed or implied by the forward-looking statements. Important factors that could cause or contribute to such differences
include, among others, risks relating to: the plans, strategies and objectives of management for future operations; product development
for NT219, CM24 and CAPTN-3; the process by which such early stage therapeutic candidates could potentially lead to an approved drug product
is long and subject to highly significant risks, particularly with respect to a joint development collaboration; the fact that drug development
and commercialization involves a lengthy and expensive process with uncertain outcomes; our ability to successfully develop and commercialize
our pharmaceutical products; the expense, length, progress and results of any clinical trials; the impact of any changes in regulation
and legislation that could affect the pharmaceutical industry; the difficulty in receiving the regulatory approvals necessary in order
to commercialize our products; the difficulty of predicting actions of the U.S. Food and Drug Administration or any other applicable regulator
of pharmaceutical products; the regulatory environment and changes in the health policies and regimes in the countries in which we operate;
the uncertainty surrounding the actual market reception to our pharmaceutical products once cleared for marketing in a particular market;
the introduction of competing products; patents obtained by competitors; dependence on the effectiveness of our patents and other protections
for innovative products; our ability to obtain, maintain and defend issued patents; the commencement of any patent interference or infringement
action against our patents, and our ability to prevail, obtain a favorable decision or recover damages in any such action; and the exposure
to litigation, including patent litigation, and/or regulatory actions, and other factors that are discussed in our Annual Report on Form
20-F for the year ended December 31, 2025 as such factors may be updated from time to time in our other filings with the U.S. Securities
and Exchange Commission (“SEC”), including our cautionary discussion of risks and uncertainties under “Risk Factors”
in our Registration Statements and Annual Reports. These are factors that we believe could cause our actual results to differ materially
from expected results. Other factors besides those we have listed could also adversely affect us. Any forward-looking statement in this
press release speaks only as of the date on which it is made. We disclaim any intention or obligation to publicly update or revise any
forward-looking statement or other information contained herein, whether as a result of new information, future events or otherwise, except
as required by applicable law. You are advised, however, to consult any additional disclosures we make in our reports to the SEC, which
are available on the SEC’s website, https://www.sec.gov.
CONTACTS:
Company
Contact:
IR@purple-biotech.com
Purple
Biotech Ltd.
Consolidated
Unaudited Statements of Financial Position as of:
| | |
March 31 | | |
December 31 | |
| | |
2026 | | |
2025 | |
| | |
USD thousands | | |
USD thousands | |
| Assets | |
| | |
| |
| Cash and cash equivalents | |
| 5,567 | | |
| 8,717 | |
| Short term deposits | |
| 859 | | |
| 857 | |
| Other current assets | |
| 353 | | |
| 292 | |
| | |
| | | |
| | |
| Total current assets | |
| 6,779 | | |
| 9,866 | |
| | |
| | | |
| | |
| Non-current assets | |
| | | |
| | |
| Right to use assets | |
| 161 | | |
| 222 | |
| Fixed assets, net | |
| 117 | | |
| 124 | |
| Intangible assets | |
| 7,360 | | |
| 7,360 | |
| | |
| | | |
| | |
| Total non – current assets | |
| 7,638 | | |
| 7,706 | |
| | |
| | | |
| | |
| Total assets | |
| 14,417 | | |
| 17,572 | |
| | |
| | | |
| | |
| Liabilities | |
| | | |
| | |
| Current maturity of lease liabilities | |
| 184 | | |
| 244 | |
| Accounts payable | |
| 843 | | |
| 2,070 | |
| Warrants | |
| 1,897 | | |
| 4,066 | |
| Other payables | |
| 1,669 | | |
| 1,373 | |
| | |
| | | |
| | |
| Total current liabilities | |
| 4,593 | | |
| 7,753 | |
| | |
| | | |
| | |
| Non-current liabilities | |
| | | |
| | |
| Post-employment benefit liabilities | |
| 160 | | |
| 160 | |
| | |
| | | |
| | |
| Total non–current liabilities | |
| 160 | | |
| 160 | |
| | |
| | | |
| | |
| Equity | |
| | | |
| | |
| Share capital, no par value | |
| - | | |
| - | |
| Share premium | |
| 153,708 | | |
| 152,483 | |
| Receipts on account of warrants | |
| 21,145 | | |
| 21,145 | |
| Capital reserve for share-based payments | |
| 6,134 | | |
| 7,263 | |
| Capital reserve from transactions with related parties | |
| 761 | | |
| 761 | |
| Capital reserve from transactions with non-controlling interest | |
| (859 | ) | |
| (859 | ) |
| Accumulated loss | |
| (171,167 | ) | |
| (171,079 | ) |
| | |
| | | |
| | |
| Equity attributable to owners of the Company | |
| 9,722 | | |
| 9,714 | |
| Non-controlling interests | |
| (58 | ) | |
| (55 | ) |
| Total equity | |
| 9,664 | | |
| 9,659 | |
| | |
| | | |
| | |
| Total liabilities and equity | |
| 14,417 | | |
| 17,572 | |
Purple
Biotech Ltd.
Consolidated
Unaudited Statement of Operations for the three months ended
| | |
March 31 | | |
March 31 | |
| | |
2026 | | |
2025 | |
| | |
USD thousands | | |
USD thousands | |
| | |
| | |
| |
| Research and development expenses | |
| 1,230 | | |
| 760 | |
| General and administrative expenses | |
| 1,021 | | |
| 646 | |
| | |
| | | |
| | |
| Operating loss | |
| 2,251 | | |
| 1,406 | |
| | |
| | | |
| | |
| Finance expenses | |
| 31 | | |
| 35 | |
| Finance income | |
| (20 | ) | |
| (54 | ) |
| Finance income from financial instruments | |
| (2,173 | ) | |
| (931 | ) |
| | |
| | | |
| | |
| Finance income, net | |
| (2,162 | ) | |
| (950 | ) |
| | |
| | | |
| | |
| Loss for the period | |
| 89 | | |
| 456 | |
| | |
| | | |
| | |
| Other Comprehensive Loss | |
| - | | |
| - | |
| | |
| | | |
| | |
| Total comprehensive loss for the period | |
| 89 | | |
| 456 | |
| | |
| | | |
| | |
| Loss attributable to: | |
| | | |
| | |
| Owners of the Company | |
| 86 | | |
| 453 | |
| Non-controlling interests | |
| 3 | | |
| 3 | |
| | |
| 89 | | |
| 456 | |
| | |
| | | |
| | |
| Total comprehensive loss attributable to | |
| | | |
| | |
| Owners of the Company | |
| 86 | | |
| 453 | |
| Non-controlling interests | |
| 3 | | |
| 3 | |
| | |
| 89 | | |
| 456 | |
| | |
| | | |
| | |
| Loss per share data | |
| | | |
| | |
| | |
| | | |
| | |
| Basic and diluted loss per ADS – USD | |
| 0.09 | | |
| 1.73 | (*) |
| | |
| | | |
| | |
| Number of ADSs used in calculating basic and diluted loss per ADS | |
| 930,677 | | |
| 263,226 | (*) |
| * |
Restated
to reflect a 1:2000 reverse ratio of the ADS’s, that took place in March 2026. |
Reconciliation
of Adjusted Operating Loss for the three months ended
| | |
March 31 | | |
March 31 | |
| | |
2026 | | |
2025 | |
| | |
USD thousands | | |
USD thousands | |
| Operating loss for the period | |
| 2,251 | | |
| 1,406 | |
| Less ESOP expenses | |
| (93 | ) | |
| (93 | ) |
| | |
| | | |
| | |
| | |
| 2,158 | | |
| 1,313 | |
Reconciliation
of Adjusted Net Loss for the three months ended
| | |
March 31 | | |
March 31 | |
| | |
2026 | | |
2025 | |
| | |
USD thousands | | |
USD thousands | |
| Net loss for the period | |
| 89 | | |
| 456 | |
| Less ESOP expenses | |
| (93 | ) | |
| (93 | ) |
| Less finance income from financial instruments | |
| 2,173 | | |
| 931 | |
| | |
| | | |
| | |
| | |
| 2,169 | | |
| 1,294 | |
Consolidated
Unaudited Statements of Cash Flow
| | |
For the three months ended | |
| | |
March 31, | |
| | |
2026 | | |
2025 | |
| | |
USD thousands | | |
USD thousands | |
| | |
| | |
| |
| Cash flows from operating activities: | |
| | |
| |
| Loss for the period | |
| (89 | ) | |
| (456 | ) |
| | |
| | | |
| | |
| Adjustments: | |
| | | |
| | |
| Depreciation | |
| 65 | | |
| 45 | |
| Finance income, net | |
| (2,162 | ) | |
| (950 | ) |
| Share-based payments | |
| 93 | | |
| 93 | |
| | |
| | | |
| | |
| | |
| (2,093 | ) | |
| (1,268 | ) |
| | |
| | | |
| | |
| Changes in assets and liabilities: | |
| | | |
| | |
| Changes in other investments and other current assets | |
| (81 | ) | |
| (248 | ) |
| Changes in accounts payable | |
| (1,243 | ) | |
| (592 | ) |
| Changes in other payables | |
| 296 | | |
| 130 | |
| | |
| | | |
| | |
| | |
| (1,028 | ) | |
| (710 | ) |
| | |
| | | |
| | |
| Net cash used in operating activities | |
| (3,121 | ) | |
| (1,978 | ) |
| | |
| | | |
| | |
| Cash flows from investing activities: | |
| | | |
| | |
| Proceed from other investments | |
| - | | |
| 219 | |
| Decrease in short term deposits | |
| 2 | | |
| 2 | |
| Interest received | |
| 47 | | |
| 36 | |
| | |
| | | |
| | |
| Net cash provided by investing activities | |
| 45 | | |
| 257 | |
| | |
| | | |
| | |
| Cash flows from financing activities: | |
| | | |
| | |
| Proceeds from issuance of ADSs | |
| - | | |
| 221 | |
| ADS issuance expenses paid | |
| | | |
| (55 | ) |
| Repayment of lease liability | |
| (59 | ) | |
| (53 | ) |
| Interest paid | |
| (5 | ) | |
| (10 | ) |
| | |
| | | |
| | |
| Net cash provided by financing activities | |
| (64 | ) | |
| 103 | |
| Net
increase in cash and cash equivalents |
|
|
(3,140) |
|
|
|
(1,618) |
|
| Cash
and cash equivalents at the beginning of the period |
|
|
8,717 |
|
|
|
7,401 |
|
| Effect
of translation adjustments on cash and equivalents |
|
|
(10) |
|
|
|
(11) |
|
| |
|
|
|
|
|
|
|
|
| Cash
and cash equivalents at end of the period |
|
|
5,567 |
|
|
|
5,772 |
|
7
