Adlai Nortye (ANL) Q4 2025 earnings summary

Executive summary

• Global clinical-stage oncology company with dual R&D presence in the U.S. and China, focusing on RAS-targeting therapies and next-generation cancer immunotherapies.

• Pipeline includes AN9025 (pan-RAS inhibitor), AN4035 (CEACAM5-targeting ADC), AN8025 (tri-functional fusion protein), AN4005 (oral PD-L1 inhibitor), and AN0025 (EP4 antagonist).

• In December 2025, entered an exclusive license agreement for AN9025 in China, Hong Kong, and Macau, with potential payments up to $230 million and tiered royalties.

• Completed a $140 million PIPE financing in February 2026, with $85 million received by the report date.

Financial highlights

• Net loss decreased to $35.5 million in 2025 from $51.9 million in 2024 and $109.2 million in 2023.

• Revenue of $5.0 million in 2025, recognized from a non-refundable upfront fee after project discontinuation.

• Research and development expenses declined to $32.8 million in 2025 from $44.9 million in 2024 and $58.2 million in 2023.

• Administrative expenses fell to $8.3 million in 2025 from $10.0 million in 2024 and $15.3 million in 2023.

• Cash and cash equivalents were $8.1 million as of December 31, 2025, with additional liquidity from PIPE and licensing proceeds.

• Net cash used in operating activities was $33.5 million in 2025, down from $51.8 million in 2024.

Outlook and guidance

• Management expects current cash, PIPE proceeds, and licensing payments to fund operations for at least the next 12 months.

• Ongoing focus on advancing clinical pipeline, with key milestones expected in 2026–2027, including IND submissions and clinical data readouts.

• Anticipates continued operating losses and increased expenses as clinical programs progress.