Faron Pharmaceuticals (FARN) H2 2025 earnings summary

Executive summary

• Achieved leading clinical and regulatory milestones for bexmarilimab in high-risk MDS, including deep and durable complete remissions, transfusion independence, and orphan drug designations from EMA and FDA.

• Presented strong efficacy data at major congresses, with results among the highest reported in HR-MDS trials.

• Strengthened management and board with new CFO, Chief Business Officer, and experienced industry leaders.

• Maintained a solid cash position and extended financial runway into Q2 2026 despite challenging equity markets.

Financial highlights

• Year-end cash position of €12.3 million, up from €9.5 million in 2024, driven by a €12 million private placement and €35 million convertible bond arrangement.

• Reported annual net loss of €27.3 million and net assets of €-18.5 million at year-end 2025.

• 114.4 million shares outstanding at year-end 2025, increasing to 119.5 million by March 2026.

• Market cap at year-end was €286 million.

Outlook and guidance

• Planning a €40 million rights offering in 2026 to fund phase 2b randomized trial and advance lead asset to key milestones.

• Directors estimate current cash will support activities until Q2 2026; additional financing is being pursued.

• Anticipated first patient enrollment in solid tumor and high-risk MDS phase II trials in 2026, with multiple value inflection points projected between 2026 and 2028.

• Investigator-initiated trials in multiple cancer indications expected to generate additional data.