FibroBiologics (FBLG) Q1 2026 earnings summary

Executive summary

• Focused on developing fibroblast-based therapies for chronic diseases, with lead candidates in wound healing, multiple sclerosis, degenerative disc disease, and psoriasis.

• Advanced product candidates include CYWC628 (wound healing), CYPS317 (psoriasis), CYMS101 (multiple sclerosis), and CybroCell™ (degenerative disc disease).

• Completed cGMP manufacturing of first two batches of CYWC628 for phase 1/2 clinical trial in diabetic foot ulcers; site onboarding completed.

• Positive preclinical results reported for burn and degenerative disc disease programs using fibroblast spheroid technology.

• Expanded patent portfolio with new US and Canadian patents for fibroblast-based therapies.

Financial highlights

• Research and development expenses increased to $3.0 million in Q1 2026 from $1.8 million in Q1 2025, mainly due to higher CRO costs.

• General and administrative expenses decreased to $2.1 million from $2.8 million year-over-year, reflecting lower personnel and professional fees.

• Net loss for Q1 2026 was $5.0 million, with cash and cash equivalents at $1.5 million as of March 31, 2026.

• Raised $3 million through a direct offering in Q1 2026 and an additional $2.5 million after quarter-end.

• Net cash used in operating activities was $4.4 million, down from $5.3 million in Q1 2025.

Outlook and guidance

• First patient dosing in phase 1/2 CYWC628 trial for diabetic foot ulcers expected in Q2 2026; interim results in Q3 2026; primary results by year-end.

• IND clearance for psoriasis therapy CYPS317 anticipated in Q3 2026.

• IND application for multiple sclerosis therapy CYMS101 planned for the second half of 2026.

• Ongoing efforts to secure additional funding through equity, debt, or strategic partnerships.

• Substantial doubt remains about ability to continue as a going concern without new capital.