Faron Pharmaceuticals (FARN) H2 2025 earnings summary

Executive summary

• Achieved leading position in high-risk MDS treatment with outstanding clinical results, including deep and durable complete remissions, transfusion independence, and high response rates in both frontline and last line populations; orphan drug designations from EMA and FDA.

• Presented strong clinical data at major congresses (ASCO, EHA, ESMO, ASH), with efficacy among the highest reported in HR-MDS trials.

• Strengthened management and board with new CFO, experienced industry leaders, and a new Chief Business Officer.

• Advanced BEXMAB program with successful completion of phase I/II enrollment and preparations for phase 2b/III trials.

Financial highlights

• Year-end cash position of EUR 12.3 million, up from EUR 9.5 million in 2024, driven by a EUR 12 million private placement and EUR 35 million convertible bond arrangement.

• Reported annual net loss of EUR 27.3 million and net assets of minus EUR 18.5 million.

• 114.4 million shares outstanding at year-end 2025, increasing to 119.5 million by March 2026.

• Market cap at year-end was EUR 286 million (2024: EUR 124.5 million).

• R&D expenses increased to EUR 12.7 million; G&A expenses rose to EUR 7.6 million.

Outlook and guidance

• Planning a EUR 40 million rights offering to fund phase 2b randomized trial and advance lead asset to key milestones.

• Directors estimate current cash will support activities until Q2 2026; additional financing is being pursued.

• Anticipated first patient enrollment in solid tumor and high-risk MDS phase II trials in 2026.

• Investigator-initiated trials in multiple cancer indications expected to generate additional data.