Gain Therapeutics (GANX) Q4 2025 earnings summary

Executive summary

• Advanced lead candidate GT-02287 for Parkinson's disease, with promising Phase 1b data showing disease-modifying potential and stable MDS-UPDRS scores over 150 days of treatment.

• Completed enrollment in Phase 1b nine-month extension; 14 of 16 participants completed 5 months of dosing as of March 2026.

• Presented new preclinical and clinical data at major scientific conferences, supporting the mechanism and efficacy of GT-02287.

• GT-04686, a novel GCase allosteric modulator, is ready for IND-enabling studies.

Financial highlights

• Research and development expenses decreased to $10.2M for 2025 from $10.8M in 2024, mainly due to pipeline cost optimization.

• General and administrative expenses fell to $8.5M from $9.6M, driven by lower stock-based compensation and legal fees.

• Net loss for 2025 was $20.2M ($0.61 per share), compared to $20.4M ($0.89 per share) in 2024.

• Cash, cash equivalents, and marketable securities totaled $20.8M at year-end 2025, up from $10.4M at year-end 2024.

Outlook and guidance

• IND submission clearance for GT-02287 expected in 2Q26, enabling Phase 2 clinical development in the US.

• Phase 2 clinical trial for GT-02287 in Parkinson's disease anticipated to begin in 3Q26.

• Results from the Phase 1b clinical study expected in 4Q26.