Grayscale Investments (GRAY) Q2 2026 earnings summary

Executive summary

• Focused on developing CRAC channel inhibitors for acute and chronic inflammatory, immunologic, and cardiopulmonary diseases, with lead candidates Auxora (IV) and CM5480 (oral).

• Auxora is advancing toward a Phase 2b trial in acute pancreatitis, with FDA alignment on trial design; plans for a Phase 1b study in pulmonary arterial hypertension are underway.

• Enrollment in the KOURAGE Phase 2 trial for AKI was paused due to a mortality imbalance, but FDA review found no drug-related toxicity; no current plans to resume dosing in this trial.

• The company has not generated product revenue and expects continued operating losses as it advances its pipeline.

Financial highlights

• Cash and cash equivalents were $18.6 million as of June 30, 2026.

• Net loss for the three months ended June 30, 2026 was $7.7 million, compared to $6.0 million for the same period in 2025.

• Net loss for the six months ended June 30, 2026 was $2.7 million, a significant improvement from $11.0 million in the prior year period, primarily due to a $7.2 million non-cash gain from fair value adjustments to warrant and promissory note liabilities.

• Operating expenses for the six months ended June 30, 2026 were $9.6 million, down 27% year-over-year, driven by lower R&D and G&A costs.

• Accumulated deficit was $192.0 million as of June 30, 2026.

Outlook and guidance

• Cash runway is expected to fund operations into the second half of 2027, but not sufficient to complete clinical development or commercialization of product candidates.

• Additional capital will be required to advance clinical programs, including the planned Phase 2b trial for Auxora.

• Management has expressed substantial doubt about the ability to continue as a going concern without further financing.