Molecular Partners (MOLN) Q4 2025 earnings summary

Executive summary

• Advanced clinical pipeline in oncology, focusing on DARPin-based targeted radiotherapies and immune cell engagers, including MP0712 for SCLC/NECs and MP0726 for ovarian cancer, both in collaboration with Orano Med.

• Initiated US Phase 1/2a study of DLL3-targeting Radio-DARPin MP0712 for SCLC and neuroendocrine cancers; initial data expected in 2026.

• Advanced MP0726 targeting MSLN towards first-in-human imaging; new candidate nominations anticipated mid-2026.

• Signed development agreement with Eckert & Ziegler to expand Radio-DARPin pipeline with a range of isotopes, including 225Ac.

• Strategic review completed, extending cash runway into 2028 and resulting in organizational changes and cost reductions.

Financial highlights

• Cash balance of CHF 93.1 million as of December 31, 2025, down from CHF 149.4 million in 2024, supporting operations through 2028.

• Net cash used in operations was CHF 51.3 million in 2025, an improvement from CHF 59.2 million in 2024.

• Operating loss of CHF 58.1 million in 2025, including CHF 2.6 million restructuring charge.

• Revenues of CHF 5.0 million in 2025, compared to zero in 2024.

• Shareholders' equity CHF 80.3 million (2024: CHF 141.6 million); company remains debt-free.

Outlook and guidance

• MP0712 Phase 1/2a study open in the US, with initial safety data expected in H1 2026 and activity data in H2 2026.

• Progression of MP0726 to first-in-human imaging and nomination of new RDT programs planned for mid-2026.

• Updates on MP0533 and Switch-DARPin programs anticipated in H1 2026.

• Operating expenses for 2026 expected at CHF 45–55 million, including CHF 6 million in non-cash costs.