OS Therapies (OSTX) Q2 2026 earnings summary

Executive summary

• Focused on developing OST-HER2 for osteosarcoma, with positive Phase IIb results showing improved survival rates over historical controls and strong biomarker data supporting efficacy.

• Engaged in regulatory interactions with FDA, EMA, and MHRA, with BLA and MAA submissions planned for late 2026 and early 2027.

• Expanded pipeline includes OST-tADC platform for solid tumors.

Financial highlights

• Net loss of $19.0 million for the six months ended June 30, 2026, compared to $8.4 million for the same period in 2025.

• Research and development expenses rose to $13.4 million (six months), mainly due to vendor and clinical trial costs, partially offset by a $1.96 million VAT receivable.

• General and administrative expenses were $5.3 million (six months), down from $6.0 million in 2025.

• Cash and cash equivalents were $205,035 as of June 30, 2026.

• Accumulated deficit reached $86.2 million as of June 30, 2026.

Outlook and guidance

• Substantial doubt exists about the ability to continue as a going concern due to insufficient cash to fund operations for 12 months.

• Management is pursuing additional capital through equity and debt financings; $4.7 million raised in August 2026 with up to $5 million more available.

• Anticipates increased expenses as clinical and regulatory activities expand.