Purple Biotech (PPBT) hit by $26.4M 2025 loss and plans CEO transition
Rhea-AI Filing Summary
Purple Biotech Ltd. reported a much wider full-year 2025 net loss of $26.4 million, driven mainly by a $20.5 million non-cash impairment of its CM24 and NT219 programs as it shifts focus to its CAPTN-3 tri-specific antibody platform.
Adjusted operating loss improved to $6.7 million from $10.4 million in 2024, reflecting lower clinical trial spending, while research and development expenses fell to $3.7 million from $7.6 million. Cash, cash equivalents and deposits totaled about $9.5 million as of December 31, 2025, which the company expects to fund operations into 2027.
The lead CAPTN-3 candidate IM1240 achieved toxicology and manufacturing milestones, and IM1305 was named a development candidate. Separately, CEO Gil Efron will step down in August 2026 for health reasons, remaining on the board and leading corporate development while a search for a new CEO is underway.
Positive
- Adjusted operating loss improved to $6.7 million for 2025 from $10.4 million in 2024, reflecting reduced clinical trial expenses while CAPTN-3 development continued.
- Cash and deposits of about $9.5 million as of December 31, 2025 are expected by the company to provide operational runway into 2027.
- CAPTN-3 platform advanced materially, with IM1240 achieving toxicology and manufacturing milestones and IM1305 named a development candidate, supported by positive preclinical data presented at ESMO Immuno-Oncology Congress 2025.
Negative
- Non-cash impairment charges of $20.5 million were recorded on CM24 and NT219 after concluding further development depends on partnering or additional financing, effectively sidelining these programs for now.
- Net loss increased sharply to $26.4 million for 2025 from $7.2 million in 2024, heavily impacting equity, which fell to $9.7 million as of December 31, 2025.
- CEO Gil Efron will step down as chief executive in August 2026 for health reasons, introducing leadership change risk even though he will remain on the board and lead corporate development.
Insights
Large impairment drives heavy 2025 loss as Purple Biotech pivots to CAPTN-3 with limited cash.
Purple Biotech posted a 2025 operating loss of
Excluding non-cash items, non-IFRS adjusted operating loss improved to
Cash, cash equivalents and short-term deposits of about
CEO transition is planned and gradual, with continuity via board and corporate development role.
CEO Gil Efron will step down in
The board has launched a formal search for a new CEO with biotechnology and platform development experience. Because Efron stays in place until a successor is appointed and then shifts to a strategic role, the company describes a smooth and orderly transition aimed at maintaining momentum around the CAPTN-3 platform.
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
of the Securities Exchange Act of 1934
For the month of March 2026
Commission File Number: 001-37643
PURPLE BIOTECH LTD.
(Translation of registrant’s name into English)
4 Oppenheimer Street, Science Park, Rehovot 7670104, Israel
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Purple Biotech
On March 13, 2026, Purple Biotech Ltd. (the “Registrant”) issued press releases “Purple Biotech Reports Fourth Quarter and Full Year 2025 Financial Results”, which is attached hereto as Exhibit 99.1 and “Purple Biotech Announces CEO Transition”, which is attached hereto as Exhibit 99.2.
| Exhibit | ||
| 99.1 | Purple Biotech Reports Fourth Quarter and Full Year 2025 Financial Results | |
| 99.2 | Purple Biotech Announces CEO Transition |
Incorporation by Reference
This Report on Form 6-K, including all exhibits attached hereto, is hereby incorporated by reference into each of the Registrant’s Registration Statement on Form S-8 filed with the Securities and Exchange Commission on May 20, 2016 (Registration file number 333-211478), the Registrant’s Registration Statement on Form S-8 filed with the Securities and Exchange Commission on June 6, 2017 (Registration file number 333-218538), the Registrant’s Registration Statement on Form F-3, as amended, originally filed with the Securities and Exchange Commission on July 16, 2018 (Registration file number 333-226195), the Registrant’s Registration Statement on Form S-8 filed with the Securities and Exchange Commission on March 28, 2019 (Registration file number 333-230584), the Registrant’s Registration Statement on Form F-3 filed with the Securities and Exchange Commission on September 16, 2019 (Registration file number 333-233795), the Registrant’s Registration Statement on Form F-3 filed with the Securities and Exchange Commission on May 13, 2020 (Registration file number 333-238229), the Registrant’s Registration Statement on Form S-8 filed with the Securities and Exchange Commission on May 18, 2020 (Registration file number 333-238481), each of the Registrant’s Registration Statements on Form F-3 filed with the Securities and Exchange Commission on July 10, 2020 (Registration file numbers 333-239807 and 333-233793), the Registrant’s Registration Statement on Form S-8 filed with the Securities and Exchange Commission on April 4, 2022 (Registration file number 333-264107), the Registrant’s Registration Statement on Form F-3, as amended, originally filed with the Securities and Exchange Commission on December 8, 2022 (Registration file number 333-268710), and the Registrant’s Registration Statement on Form F-3 filed with the Securities and Exchange Commission on March 23, 2023 (Registration file number 333-270769), to be a part thereof from the date on which this report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.
1
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.
| March 13, 2026 | PURPLE BIOTECH LTD. | |
| By: | /s/ Gil Efron | |
| Gil Efron | ||
| Chief Executive Officer | ||
2
Exhibit 99.1
Purple Biotech Reports Fourth Quarter and Full Year 2025 Financial Results
Prioritized development of first tri-specific antibody from the CAPTN-3 platform, IM1240, targeting 5T4 tumor-associated antigen, and second tri-specific antibody, IM1305, named as development candidate, targeting TROP2
Achieved toxicology and manufacturing milestones for IM1240, demonstrating an expanded therapeutic window and commercially viable yield
Positive preclinical data presented at ESMO Immuno-Oncology Congress 2025 demonstrates multi-arm anti-tumor activity for both IM1240 and IM1305
Total Cash Position of $9.5 million as of December 31, 2025, expected to provide runway into 2027
REHOVOT, Israel, March 13, 2026 (GLOBE NEWSWIRE) -- Purple Biotech Ltd. (“Purple Biotech” or the “Company”) (NASDAQ/TASE: PPBT), a clinical-stage company developing a next-generation immunotherapy platform designed to maximize anti-cancer potency while minimizing toxicity, today announced financial results for the three and twelve months ended December 31, 2025.
“In 2025, we focused on the CAPTN-3 platform and the value it can generate for patients and shareholders, naming a second tri-specific antibody from the platform, IM1305, and strengthening the preclinical data package for the first tri-specific antibody, IM1240. In addition, the capital we raised in 2025 is expected to provide runway into 2027, covering preparations for IM1240 Phase 1 study initiation,” said Gil Efron, Purple Biotech CEO. “During the past year, we made efforts to partner both CM24 and NT219 and, as previously reported, we will not be able to continue developing these assets until we obtain a strategic investment or a partner.”
“We are excited by the increasing interest in modalities such as T cell engagers (TCEs) and masked antibodies, both features of the CAPTN-3 tri-specific platform. With a cash position of $9.5 million at the end of 2025, and with data demonstrating that tri-specific antibodies from the CAPTN-3 platform deliver in vivo efficacy, a favorable therapeutic window, and scalable manufacturability, we look forward to sharing additional data and advancing the program over the course of this year,” Gil concluded.
Q4 2025 and Recent Clinical & Corporate Highlights:
New data on the CAPTN-3 platform were presented at the ESMO Immuno-Oncology Congress 2025, with CAPTN-3’s two lead tri-specific antibodies:
| ● | Demonstrated significant and sustained tumor regression with two distinct tri-specific antibodies from the CAPTN-3 platform, IM1240 and IM1305, targeting different tumor antigens |
| ● | Transcriptomic analysis across ~11,000 TCGA samples showed that NKG2A expression is strongly associated with tumor expression of 5T4 or TROP2, supporting the inclusion of the NKG2A arm in CAPTN-3 designs |
| ● | NKG2A arm significantly contributes to IM1240 anti-cancer immune activity in PD1-resistant patient-derived explants |
Toxicology study demonstrated an expanded therapeutic window for IM1240 (capped-CD3x5T4xNKG2A)
| ● | IM1240 demonstrated improved tolerability in a toxicology study at doses up to 300-fold higher than a non-capped comparator, with significantly reduced immune-related toxicity, including minimal cytokine release. These results highlight the unique safety profile of this approach, which may address a key limitation of certain current T-cell engagers, where cytokine release syndrome can restrict dosing |
| ● | IM1240’s pharmacokinetic profile showed increased systemic exposure and a prolonged circulating half-life, enabled by its human serum albumin moiety and capping design |
Achieved manufacturing milestone for IM1240
| ● | Achieved commercially viable yield for IM1240, positioning the program competitively for anticipated future development |
| ● | Validates the potential scalability of the CAPTN-3 tri-specific antibody platform |
Financial Results for the Three Months Ended December 31, 2025
Research and Development Expenses were $1.8 million, an increase of $1.4 million, compared to $0.5 million in the same period of 2024, primarily due to CAPTN-3 platform CMC (chemistry, manufacturing, and controls) development activities.
General and Administrative Expenses were $1.1 million, compared to $0.6 million in the same period of 2024, an increase of $0.6 million, primarily attributable to increased professional services fees and higher cash and non-cash compensation expenses.
Impairment Loss Expenses were $20.5 million for the period, in connection with the impairment of in-process research and development assets related to CM24 and NT219 as of December 31, 2025. Following the Company’s determination that the continued development of CM24 and NT219 is contingent upon partnering or the availability of additional financing under the circumstances, and in light of the Company’s focus of its development efforts on CAPTN-3, the Company determined that the recoverable value of the CM24 and NT219 assets was less than their carrying value, resulting in the recognition of $20.5 million of impairment charges related to these programs.
Operating Loss was $23.4 million, an increase of $22.4 million, compared to $1.0 million in the same period of 2024, primarily reflecting the $20.5 million non-cash impairment expenses recognized during the period.
Adjusted Operating Loss (as reconciled below) was $2.9 million, compared to $1.0 million in the same period of 2024 primarily reflecting the increase in CAPTN-3 platform development activities.
Financial Expenses, Net, were $0.2 million, compared to financial income of $0.6 million in the same period of 2024, primarily due to fair value adjustments of warrants and foreign exchange rate fluctuations.
Net Loss was $23.6 million, an increase of $23.1 million, compared to $0.4 million in the same period of 2024, primarily reflecting the $20.5 million non-cash impairment expenses recognized during the period.
As of December 31, 2025, Purple Biotech had cash and cash equivalents and short-term deposits of $9.5 million, which is expected to provide the Company with a cash runway into 2027.
Financial Results for the Twelve Months Ended December 31, 2025
Research and Development Expenses were $3.7 million, a decrease of $3.9 million, compared to $7.6 million in the same period of 2024. The decrease was primarily due to lower clinical trial expenses, partially offset by CMC development activities related to the CAPTN-3 platform.
General and Administrative Expenses were $3.2 million, consistent with the same period of 2024.
Impairment Loss Expenses were $20.5 million for the year ended December 31, 2025. The Company determined that the recoverable value of the CM24 and NT219 assets was less than their carrying value as of December 31, 2025, resulting in the recognition of $20.5 million of impairment charges related to these programs. No impairment loss expenses were recognized in 2024.
2
Operating Loss was $27.5 million, an increase of $16.5 million, compared to $11 million in the same period of 2024, primarily reflecting the $20.5 million non-cash impairment expenses recognized during the period, partially offset by lower clinical trial expenses.
Adjusted Operating Loss (as reconciled below) was $6.7 million, compared to $10.4 million in the same period of 2024 primarily reflecting the decrease in clinical trial expenses.
Net Loss for the year ended December 31, 2025 was $26.4 million, or $54.9 loss per basic ADS, compared to a net loss of $7.2 million, or $44.4 loss per basic and diluted ADS, in the same period of 2024. The increase in net loss was primarily due to the $20.5 million non-cash impairment expenses recognized during the period.
Non-IFRS Financial Measures
This press release includes information about certain financial measures that are not prepared in accordance with International Financial Reporting Standards (“IFRS”), including adjusted operating loss. This non-IFRS measure is not based on any standardized methodology prescribed by IFRS and is not necessarily comparable to similar measures presented by other companies. Adjusted operating loss adjusts for non-cash share-based compensation expenses and non-cash impairment expenses. The Company’s management and board of directors utilize this non-IFRS financial measure to evaluate the Company’s performance. The Company provides this non-IFRS measure of the Company’s performance to investors because management believes that this non-IFRS financial measure, when viewed with the Company’s results under IFRS and the accompanying reconciliations, are useful in identifying underlying trends in ongoing operations. However, this non-IFRS measure is not a measure of financial performance under IFRS and, accordingly, should not be considered as an alternative to IFRS measures as indicators of operating performance. Further, this non-IFRS measure should not be considered a measure of the Company’s liquidity. A reconciliation of certain IFRS to non-IFRS financial measures has been provided in the tables included in this press release.
About Purple Biotech
Purple Biotech Ltd. (NASDAQ/TASE: PPBT) is a clinical-stage company developing a next-generation immunotherapy platform designed to maximize anti-cancer potency while minimizing toxicity. The Company is focused on advancing its lead program, CAPTN-3 - a platform of masked tri-specific antibodies that simultaneously target tumors while engaging both T cells and NK cells. Capping technology confines immune activation to the tumor microenvironment, significantly expanding the therapeutic window compared to conventional T-cell engagers. The platform’s lead candidate, IM1240, is advancing toward the clinic, and its second candidate, IM1305, is in preclinical development. The Company’s pipeline also includes additional clinical-stage assets, for which further development is pending partnering or investment, including CM24, a CEACAM1-blocking antibody that demonstrated improved outcomes across all efficacy endpoints in a Phase 2 study for the treatment of pancreatic ductal adenocarcinoma, and NT219, a dual IRS1/2 and STAT3 inhibitor in a Phase 2 study for the treatment of recurrent and/or metastatic squamous cell carcinoma of the head and neck. The Company is headquartered in Rehovot, Israel. For additional information about the Company, please visit: https://purple-biotech.com
3
Forward-Looking Statements and Safe Harbor Statement
Certain statements in this press release that are forward-looking and not statements of historical fact are forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements that are not statements of historical fact, and may be identified by words such as “believe”, “expect”, “intend”, “plan”, “may”, “should”, “could”, “might”, “seek”, “target”, “will”, “project”, “forecast”, “continue” or “anticipate” or their negatives or variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical matters. You should not place undue reliance on these forward-looking statements, which are not guarantees of future performance. Forward-looking statements reflect our current views, expectations, beliefs or intentions with respect to future events, and are subject to a number of assumptions, involve known and unknown risks, many of which are beyond our control, as well as uncertainties and other factors that may cause our actual results, performance or achievements to be significantly different from any future results, performance or achievements expressed or implied by the forward-looking statements. Important factors that could cause or contribute to such differences include, among others, risks relating to: the plans, strategies and objectives of management for future operations; product development for NT219, CM24, IM1240 and IM1305; the process by which such early stage therapeutic candidates could potentially lead to an approved drug product is long and subject to highly significant risks, particularly with respect to a joint development collaboration; the fact that drug development and commercialization involves a lengthy and expensive process with uncertain outcomes; our ability to successfully develop and commercialize our pharmaceutical products; the expense, length, progress and results of any clinical trials; the impact of any changes in regulation and legislation that could affect the pharmaceutical industry; the difficulty in receiving the regulatory approvals necessary in order to commercialize our products; the difficulty of predicting actions of the U.S. Food and Drug Administration or any other applicable regulator of pharmaceutical products; the regulatory environment and changes in the health policies and regimes in the countries in which we operate; the uncertainty surrounding the actual market reception to our pharmaceutical products once cleared for marketing in a particular market; the introduction of competing products; patents obtained by competitors; dependence on the effectiveness of our patents and other protections for innovative products; our ability to obtain, maintain and defend issued patents; the commencement of any patent interference or infringement action against our patents, and our ability to prevail, obtain a favorable decision or recover damages in any such action; and the exposure to litigation, including patent litigation, and/or regulatory actions, and other factors that are discussed in our Annual Report on Form 20-F for the year ended December 31, 2024, as such factors may be updated from time to time in our other filings with the U.S. Securities and Exchange Commission (“SEC”), including our cautionary discussion of risks and uncertainties under “Risk Factors” in our Registration Statements and Annual Reports. These are factors that we believe could cause our actual results to differ materially from expected results. Other factors besides those we have listed could also adversely affect us. Any forward-looking statement in this press release speaks only as of the date which it is made. We disclaim any intention or obligation to publicly update or revise any forward-looking statement or other information contained herein, whether as a result of new information, future events or otherwise, except as required by applicable law. You are advised, however, to consult any additional disclosures we make in our reports to the SEC, which are available on the SEC’s website, https://www.sec.gov.
CONTACTS:
Company Contact:
IR@purple-biotech.com
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Purple Biotech Ltd.
Consolidated Statements of Financial Position
| As of December 31, | ||||||||
| 2025 | 2024 | |||||||
| USD thousands | USD thousands | |||||||
| Assets | ||||||||
| Cash and cash equivalents | 8,717 | 7,401 | ||||||
| Short term deposits | 857 | 848 | ||||||
| Other investments | - | 275 | ||||||
| Other current assets | 292 | 384 | ||||||
| Total current assets | 9,866 | 8,908 | ||||||
| Non-current assets | ||||||||
| Right to use assets | 222 | 164 | ||||||
| Fixed assets, net | 124 | 124 | ||||||
| Intangible assets | 7,360 | 27,842 | ||||||
| Total non - current assets | 7,706 | 28,130 | ||||||
| Total assets | 17,572 | 37,038 | ||||||
| Liabilities | ||||||||
| Current maturity of lease liabilities | 244 | 183 | ||||||
| Trade payable | 2,070 | 1,455 | ||||||
| Warrants | 4,066 | 1,149 | ||||||
| Other payables | 1,373 | 1,200 | ||||||
| Total current liabilities | 7,753 | 3,987 | ||||||
| Non-current liabilities | ||||||||
| Post-employment benefit liabilities | 160 | 140 | ||||||
| Total non - current liabilities | 160 | 140 | ||||||
| Equity | ||||||||
| Share capital, no par value | - | - | ||||||
| Share premium | 152,483 | 147,631 | ||||||
| Receipts on account of warrants | 21,145 | 21,145 | ||||||
| Capital reserve for share-based payments | 7,263 | 8,875 | ||||||
| Capital reserve from transactions with related parties | 761 | 761 | ||||||
| Capital reserve from transactions with non- controlling interest | (859 | ) | (859 | ) | ||||
| Accumulated loss | (171,079 | ) | (144,693 | ) | ||||
| Equity attributable to owners of the Company | 9,714 | 32,860 | ||||||
| Non-controlling interests | (55 | ) | 51 | |||||
| Total equity | 9,659 | 32,911 | ||||||
| Total liabilities and equity | 17,572 | 37,038 | ||||||
5
Consolidated Statements of Operations and Other Comprehensive Loss
| For the year ended December 31, | For the three months ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| USD thousands | USD thousands | USD thousands | USD thousands | |||||||||||||
| Research and development expenses | 3,731 | 7,620 | 1,829 | 458 | ||||||||||||
| General and administrative expenses | 3,245 | 3,183 | 1,135 | 558 | ||||||||||||
| Impairment loss | 20,482 | 202 | 20,482 | - | ||||||||||||
| Operating Loss | 27,458 | 11,005 | 23,446 | 1,016 | ||||||||||||
| Change in fair value of warrants | (1,524 | ) | (3,341 | ) | 61 | (76 | ) | |||||||||
| Finance expenses | 982 | 483 | 214 | (69 | ) | |||||||||||
| Finance income | (424 | ) | (868 | ) | (79 | ) | (456 | ) | ||||||||
| Finance income, net | (966 | ) | (3,726 | ) | 197 | (601 | ) | |||||||||
| Loss for the period | 26,492 | 7,279 | 23,642 | 415 | ||||||||||||
| Other comprehensive loss: | ||||||||||||||||
| Items that will be transferred to profit or loss: | ||||||||||||||||
| Loss (profit) from cash flow hedges | - | 19 | - | (2 | ) | |||||||||||
| Total comprehensive loss for the period | 26,492 | 7,298 | 413 | |||||||||||||
| Loss attributable to: | ||||||||||||||||
| Owners of the Company | 26,386 | 7,240 | 23,546 | 410 | ||||||||||||
| Non-controlling interests | 106 | 39 | 97 | 5 | ||||||||||||
| 26,492 | 7,279 | 23,642 | 415 | |||||||||||||
| Total comprehensive loss attributable to: | ||||||||||||||||
| Owners of the Company | 26,386 | 7,259 | 23,546 | 408 | ||||||||||||
| Non-controlling interests | 106 | 39 | 97 | 5 | ||||||||||||
| 26,492 | 7,298 | 23,642 | 413 | |||||||||||||
| Loss per share data | ||||||||||||||||
| Basic and diluted loss per Share – USD | 0.027 | (*)0.022 | 0.10 | (*)0.001 | ||||||||||||
| Number of Shares used in calculation | 960,106,739 | (*)327,913,200 | 2,381,666,947 | (*)409,752,000 | ||||||||||||
| Loss per ADS information (where 1 ADS represents 2000 shares) | ||||||||||||||||
| Basic and diluted loss per ADS – USD | 54.96 | (*)44.4 | 19.85 | (*)2 | ||||||||||||
| Number of ADSs used in calculation | 480,053 | (*)163,957 | 679,575 | (*)204,876 | ||||||||||||
| * | Restated to reflect the 1:10 change in the ADS ratio from 1:200 to 1:2,000 ordinary shares per ADS. |
6
Consolidated Statements of Cash Flows
| for the year ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| USD thousands | ||||||||
| Cash flows from operating activities: | ||||||||
| Loss for the year | (26,492 | ) | (7,279 | ) | ||||
| Adjustments: | ||||||||
| Depreciation | 203 | 186 | ||||||
| Impairment loss | 20,482 | 202 | ||||||
| Finance income, net | (966 | ) | (3,726 | ) | ||||
| Share-based payments | 309 | 582 | ||||||
| (6,464 | ) | (10,035 | ) | |||||
| Changes in assets and liabilities: | ||||||||
| Changes in other current assets | 153 | 96 | ||||||
| Changes in trade payables | 450 | (2,076 | ) | |||||
| Changes in other payables | 205 | (2,352 | ) | |||||
| 808 | (4,332 | ) | ||||||
| Net cash used in operating activities | (5,656 | ) | (14,367 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Proceed from other investments | 458 | 187 | ||||||
| Decrease (increase) in short term deposits | (9 | ) | 2 | |||||
| Interest received | 186 | 320 | ||||||
| Acquisition of fixed assets | (3 | ) | - | |||||
| Net cash provided by investing activities | 632 | 509 | ||||||
| Cash flows from financing activities: | ||||||||
| Proceeds from issuance of ADSs | 3,153 | 5,809 | ||||||
| ADS issuance expenses paid | (312 | ) | (556 | ) | ||||
| Proceeds from issuance of warrants and prefunded warrants | 4,240 | - | ||||||
| Proceeds from warrant inducement transaction | - | 2,028 | ||||||
| Warrants issuance expenses paid | (508 | ) | (280 | ) | ||||
| Repayment of lease liability | (217 | ) | (183 | ) | ||||
| Interest paid | (23 | ) | (44 | ) | ||||
| Net cash provided by financing activities | 6,333 | 6,774 | ||||||
| Net increase (decrease) in cash and cash equivalents | 1,309 | (7,084 | ) | |||||
| Cash and cash equivalents at the beginning of the year | 7,401 | 14,489 | ||||||
| Effect of translation adjustments on cash and cash equivalents | 7 | (4 | ) | |||||
| Cash and cash equivalents at end of the year | 8,717 | 7,401 | ||||||
7
Reconciliation of Adjusted Operating Loss
| For the year ended | For the three months ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| USD thousands | USD thousands | USD thousands | USD thousands | |||||||||||||
| Operating loss for the period | 27,458 | 11,005 | 23,446 | 1,016 | ||||||||||||
| Less ESOP expenses | (309 | ) | (582 | ) | (105 | ) | 32 | |||||||||
| Less Impairment loss | (20,482 | ) | (202 | ) | (20,482 | ) | - | |||||||||
| Non-IFRS adjusted operating loss | 6,667 | 10,221 | 2,859 | 1,048 | ||||||||||||
8
Exhibit 99.2
Purple Biotech Announces CEO Transition
Gil Efron to Step Down as CEO in August 2026 for Health Considerations; Will Continue to Lead Corporate Development
REHOVOT, Israel, March 13, 2026 (GLOBE NEWSWIRE) -- Purple Biotech Ltd. (NASDAQ/TASE: PPBT), a clinical-stage company developing next-generation cancer therapies, today announced that Gil Efron, Chief Executive Officer, will step down from his role as CEO effective August 2026.
Mr. Efron will remain actively involved with the Company, transitioning to lead corporate development and continuing as a member of the Board of Directors. In this new capacity, he will focus on identifying strategic initiatives, partnerships, and support the Company’s financing activities as needed. The Board of Directors has initiated a formal search process to appoint a new Chief Executive Officer.
Mr. Efron has served in senior leadership roles at Purple Biotech for the past eight years, including as Chief Financial Officer and, since 2022, as Chief Executive Officer. During his tenure, he led the Company through a period of significant transformation and strategic repositioning, including advancing the Company’s focus on the promising CAPTN-3 tri-specific antibody platform.
Eric Rowinsky, MD, Chairman of Purple Biotech’s Board of Directors, stated:
“On behalf of the Board of Directors, I would like to sincerely thank Gil for his dedication and exceptional leadership. Gil played a critical role in repositioning Purple Biotech’s activities around the highly promising CAPTN-3 platform and strengthening the Company’s strategic direction. Importantly, Gil will remain closely involved with Purple Biotech as a member of the Board and in corporate development, and we look forward to continuing to benefit from his experience and vision as we move forward. The Board remains confident in the strength of the Company’s pipeline, its commitment to innovation and its world-class employees.”
Gil Efron, Chief Executive Officer of Purple Biotech, commented:
“Serving Purple Biotech over the past eight years, first as CFO and later as CEO, has been a privilege. Together with a dedicated team, we have navigated a complex environment and positioned the Company around a very exciting scientific and business opportunity. I firmly believe in the potential of our lead asset and the CAPTN-3 platform, as well as in the broader era of emerging technologies that Purple Biotech is well positioned to embrace and lead. Due to health considerations, I believe this is the right time for me to transition from the CEO role, but I remain deeply committed to the Company, its strong team and its future. I look forward to continuing to support Purple Biotech through corporate development initiatives, building strategic partnerships, and helping secure the resources needed to advance our programs.”
The Board of Directors has initiated a search process to identify a new Chief Executive Officer with experience leading innovative biotechnology companies and advancing novel therapeutic platforms. Mr. Efron will continue to serve as CEO until August 2026 or until a successor is appointed, ensuring a smooth and orderly leadership transition. Mr. Efron has also been appointed to the Board of Directors, to serve as a second class director, effective immediately and until the annual general meeting of shareholders of the Company to be held in 2026.
About the CAPTN-3 Platform
CAPTN-3, Purple Biotech's lead program, is a platform of capped tri-specific antibodies that simultaneously target tumor-associated antigens while engaging both T cells and NK cells. Proprietary capping technology confines immune activation to the tumor microenvironment by masking the CD3-binding arm in circulation and activating it only at the tumor site, significantly expanding the therapeutic window versus conventional T-cell engagers. The platform’s lead candidates, IM1240 (targeting 5T4) and IM1305 (targeting TROP2), are in preclinical development.
About Purple Biotech
Purple Biotech Ltd. (NASDAQ/TASE: PPBT) is a clinical-stage company developing a next-generation immunotherapy platform designed to maximize anti-cancer potency while minimizing toxicity. The Company is focused on advancing its lead program, CAPTN-3 - a platform of masked tri-specific antibodies that simultaneously target tumors while engaging both T cells and NK cells. Capping technology confines immune activation to the tumor microenvironment, significantly expanding the therapeutic window compared to conventional T-cell engagers. The platform’s lead candidate, IM1240, is advancing toward the clinic, and its second candidate, IM1305, is in preclinical development. The Company’s pipeline also includes additional clinical-stage assets, for which further development is pending partnering or investment, including CM24, a CEACAM1-blocking antibody that demonstrated improved outcomes across all efficacy endpoints in a Phase 2 study for the treatment of pancreatic ductal adenocarcinoma, and NT219, a dual IRS1/2 and STAT3 inhibitor in a Phase 2 study for the treatment of recurrent and/or metastatic squamous cell carcinoma of the head and neck. The Company is headquartered in Rehovot, Israel. For additional information about the Company, please visit: https://purple-biotech.com
Forward-Looking Statements and Safe Harbor Statement
Certain statements in this press release that are forward-looking and not statements of historical fact are forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements that are not statements of historical fact, and may be identified by words such as “believe”, “expect”, “intend”, “plan”, “may”, “should”, “could”, “might”, “seek”, “target”, “will”, “project”, “forecast”, “continue” or “anticipate” or their negatives or variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical matters. You should not place undue reliance on these forward-looking statements, which are not guarantees of future performance. Forward-looking statements reflect our current views, expectations, beliefs or intentions with respect to future events, and are subject to a number of assumptions, involve known and unknown risks, many of which are beyond our control, as well as uncertainties and other factors that may cause our actual results, performance or achievements to be significantly different from any future results, performance or achievements expressed or implied by the forward-looking statements. Important factors that could cause or contribute to such differences include, among others, risks relating to: the plans, strategies and objectives of management for future operations; product development for NT219, CM24, IM1240 and IM1305; the process by which such early stage therapeutic candidates could potentially lead to an approved drug product is long and subject to highly significant risks, particularly with respect to a joint development collaboration; the fact that drug development and commercialization involves a lengthy and expensive process with uncertain outcomes; our ability to successfully develop and commercialize our pharmaceutical products; the expense, length, progress and results of any clinical trials; the impact of any changes in regulation and legislation that could affect the pharmaceutical industry; the difficulty in receiving the regulatory approvals necessary in order to commercialize our products; the difficulty of predicting actions of the U.S. Food and Drug Administration or any other applicable regulator of pharmaceutical products; the regulatory environment and changes in the health policies and regimes in the countries in which we operate; the uncertainty surrounding the actual market reception to our pharmaceutical products once cleared for marketing in a particular market; the introduction of competing products; patents obtained by competitors; dependence on the effectiveness of our patents and other protections for innovative products; our ability to obtain, maintain and defend issued patents; the commencement of any patent interference or infringement action against our patents, and our ability to prevail, obtain a favorable decision or recover damages in any such action; and the exposure to litigation, including patent litigation, and/or regulatory actions, and other factors that are discussed in our Annual Report on Form 20-F for the year ended December 31, 2024 and 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
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