Damora Therapeutics (DMRA) Q1 2026 earnings summary

Executive summary

• Completed acquisition of Pre-Acquisition Damora, expanding pipeline with three mutCALR-targeting antibody candidates for myeloproliferative neoplasms (MPNs), each with distinct mechanisms and best-in-class potential.

• Focused R&D on DMR-001, DMR-002, and DMR-003, with regulatory submissions for DMR-001 and DMR-002 planned for mid and late 2026, and DMR-003 in 2027.

• DMR-001 preclinical data to be presented at the 2026 European Hematology Association Congress.

• Appointed Jennifer Jarrett as CEO and expanded leadership team with deep biotech experience.

• Name changed from Galecto, Inc. to Damora Therapeutics, Inc. in March 2026.

Financial highlights

• Cash and cash equivalents increased to $532.9 million as of March 31, 2026, up from $257.6 million at December 31, 2025, expected to fund operations into 2029.

• Net loss for Q1 2026 was $27.8 million, compared to $2.5 million in Q1 2025.

• Operating expenses rose to $30.8 million in Q1 2026 from $2.6 million in Q1 2025, driven by R&D and G&A increases.

• Research and development expenses were $23.8 million, up from $0.7 million year-over-year, mainly due to increased preclinical activity, Paragon Option Agreement costs, and stock-based compensation.

• General and administrative expenses increased to $7.0 million from $1.9 million year-over-year, driven by higher personnel and professional fees.

Outlook and guidance

• Existing cash and cash equivalents expected to fund operations into 2029.

• DMR-001 regulatory submission planned for mid-2026; DMR-002 in second half of 2026; DMR-003 in 2027.

• Two clinical proof-of-concept datasets for DMR-001 anticipated beginning mid-2027.

• Continued negative cash flows from operations anticipated as R&D investment increases.

• Additional capital will be required for future development and commercialization activities.