Captor Therapeutics (CTX) Q4 2025 earnings summary

Executive summary

• Focused on targeted protein degradation (TPD) drug discovery, with a pipeline in oncology and autoimmune diseases, leveraging the proprietary Optigrade platform and aiming for global partnerships and commercialization through licensing and collaborations.

• 2025 marked by significant clinical progress, including the launch of a Phase 1 trial for viadrudomide (CT-01), preclinical advances for vratitoclax (CT-03), and a new collaboration with a US pharma for NEK7 degraders.

• Raised PLN 65.6 million in March 2026 via a private placement, ensuring funding through Q3 2027.

Financial highlights

• Revenue from research and development services fell to PLN 4,660 thousand in 2025 from PLN 15,825 thousand in 2024, mainly due to the end of the Ono Pharmaceutical collaboration.

• Grant revenue increased to PLN 7,088 thousand (2024: PLN 5,842 thousand).

• Operating loss widened to PLN 43,561 thousand (2024: PLN 38,967 thousand); net loss was PLN 41,997 thousand (2024: PLN 38,426 thousand).

• Cash and cash equivalents at year-end: PLN 10,719 thousand (2024: PLN 39,257 thousand); financial assets (bonds, funds): PLN 21,391 thousand.

• Equity decreased to PLN 23,481 thousand (2024: PLN 64,474 thousand) due to the net loss.

Outlook and guidance

• Management expects continued operating losses until partnering agreements are signed.

• Financial resources secured to operate until Q3 2027; further partnering and licensing deals are being pursued.

• Ongoing and planned clinical trials for lead assets (viadrudomide, vratitoclax) and advanced partnering discussions for NEK7 degraders.