Full Press Release Details
Purple Biotech Reports Fourth Quarter and Full Year 2025 Financial
Prioritized development of first tri-specific
antibody from the CAPTN-3 platform, IM1240, targeting 5T4 tumor-associated antigen, and second tri-specific antibody, IM1305, named as
development candidate, targeting TROP2
Achieved toxicology and manufacturing
milestones for IM1240, demonstrating an expanded therapeutic window and commercially viable yield
Positive preclinical data presented at ESMO
Immuno-Oncology Congress 2025 demonstrates multi-arm anti-tumor activity for both IM1240 and IM1305
Total Cash Position of $9.5 million as of December
31, 2025, expected to provide runway into 2027
REHOVOT, Israel, March 13, 2026 (GLOBE
NEWSWIRE) -- Purple Biotech Ltd. ("Purple Biotech" or the "Company") (NASDAQ/TASE: PPBT), a
clinical-stage company developing a next-generation immunotherapy platform designed to maximize anti-cancer potency while minimizing
toxicity, today announced financial results for the three and twelve months ended December 31, 2025.
"In 2025, we focused on the CAPTN-3 platform and the value it
can generate for patients and shareholders, naming a second tri-specific antibody from the platform, IM1305, and strengthening the preclinical
data package for the first tri-specific antibody, IM1240. In addition, the capital we raised in 2025 is expected to provide runway into
2027, covering preparations for IM1240 Phase 1 study initiation," said Gil Efron, Purple Biotech CEO. "During the past year,
we made efforts to partner both CM24 and NT219 and, as previously reported, we will not be able to continue developing these assets until
we obtain a strategic investment or a partner."
"We are excited by the increasing interest in modalities such as T cell engagers (TCEs) and masked antibodies, both features of
the CAPTN-3 tri-specific platform. With a cash position of $9.5 million at the end of 2025, and with data demonstrating that tri-specific
antibodies from the CAPTN-3 platform deliver in vivo efficacy, a favorable therapeutic window, and scalable manufacturability, we look
forward to sharing additional data and advancing the program over the course of this year," Gil concluded.
Q4 2025 and Recent Clinical & Corporate Highlights:
New data on the CAPTN-3 platform were presented at the ESMO Immuno-Oncology
Congress 2025, with CAPTN-3's two lead tri-specific antibodies:
Toxicology study demonstrated an expanded therapeutic window for
IM1240 (capped-CD3x5T4xNKG2A)
Achieved manufacturing milestone for IM1240
Financial Results for the Three Months Ended December 31, 2025
Research and Development Expenses were $1.8 million, an
increase of $1.4 million, compared to $0.5 million in the same period of 2024, primarily due to CAPTN-3 platform CMC (chemistry, manufacturing,
and controls) development activities.
General and Administrative Expenses were $1.1 million,
compared to $0.6 million in the same period of 2024, an increase of $0.6 million, primarily attributable to increased professional services
fees and higher cash and non-cash compensation expenses.
Impairment Loss Expenses were $20.5
million for the period, in connection with the impairment of in-process research and development assets related to CM24 and NT219 as of
December 31, 2025. Following the Company's determination that the continued development of CM24 and NT219 is contingent upon partnering
or the availability of additional financing under the circumstances, and in light of the Company's focus of its development efforts
on CAPTN-3, the Company determined that the recoverable value of the CM24 and NT219 assets was less than their carrying value, resulting
in the recognition of $20.5 million of impairment charges related to these programs.
Operating Loss was $23.4 million, an increase of $22.4
million, compared to $1.0 million in the same period of 2024, primarily reflecting the $20.5 million non-cash impairment expenses recognized
Adjusted Operating Loss (as reconciled below) was $2.9
million, compared to $1.0 million in the same period of 2024 primarily reflecting the increase in CAPTN-3 platform development activities.
Financial Expenses, Net, were $0.2
million, compared to financial income of $0.6 million in the same period of 2024, primarily due to fair value adjustments of warrants
and foreign exchange rate fluctuations.
Net Loss was $23.6 million, an increase of $23.1 million,
compared to $0.4 million in the same period of 2024, primarily reflecting the $20.5 million non-cash impairment expenses recognized during
As of December 31, 2025, Purple Biotech had cash and cash equivalents
and short-term deposits of $9.5 million, which is expected to provide the Company with a cash runway into 2027.
Financial Results for the Twelve Months Ended December
Research and Development Expenses were $3.7 million, a
decrease of $3.9 million, compared to $7.6 million in the same period of 2024. The decrease was primarily due to lower clinical trial
expenses, partially offset by CMC development activities related to the CAPTN-3 platform.
General and Administrative Expenses were $3.2 million,
consistent with the same period of 2024.
Impairment Loss Expenses were $20.5
million for the year ended December 31, 2025. The Company determined that the recoverable value of the CM24 and NT219 assets was
less than their carrying value as of December 31, 2025, resulting in the recognition of $20.5 million of impairment charges related to
these programs. No impairment loss expenses were recognized in 2024.
Operating Loss was $27.5 million, an increase of $16.5
million, compared to $11 million in the same period of 2024, primarily reflecting the $20.5 million non-cash impairment expenses recognized
during the period, partially offset by lower clinical trial expenses.
Adjusted Operating Loss (as reconciled below) was $6.7
million, compared to $10.4 million in the same period of 2024 primarily reflecting the decrease in clinical trial expenses.
Net Loss for the year ended December 31, 2025 was $26.4
million, or $54.9 loss per basic ADS, compared to a net loss of $7.2 million, or $44.4 loss per basic and diluted ADS, in the same period
of 2024. The increase in net loss was primarily due to the $20.5 million non-cash impairment expenses recognized during the period.
Non-IFRS Financial Measures
This press release includes information about certain financial measures
that are not prepared in accordance with International Financial Reporting Standards ("IFRS"), including adjusted operating
loss. This non-IFRS measure is not based on any standardized methodology prescribed by IFRS and is not necessarily comparable to similar
measures presented by other companies. Adjusted operating loss adjusts for non-cash share-based compensation expenses and non-cash impairment
expenses. The Company's management and board of directors utilize this non-IFRS financial measure to evaluate the Company's performance.
The Company provides this non-IFRS measure of the Company's performance to investors because management believes that this non-IFRS
financial measure, when viewed with the Company's results under IFRS and the accompanying reconciliations, are useful in identifying underlying
trends in ongoing operations. However, this non-IFRS measure is not a measure of financial performance under IFRS and, accordingly, should
not be considered as an alternative to IFRS measures as indicators of operating performance. Further, this non-IFRS measure should not
be considered a measure of the Company's liquidity. A reconciliation of certain IFRS to non-IFRS financial measures has been provided
in the tables included in this press release.
About Purple Biotech
Purple Biotech Ltd. (NASDAQ/TASE: PPBT) is a clinical-stage company
developing a next-generation immunotherapy platform designed to maximize anti-cancer potency while minimizing toxicity. The Company is
focused on advancing its lead program, CAPTN-3 - a platform of masked tri-specific antibodies that simultaneously target tumors while
engaging both T cells and NK cells. Capping technology confines immune activation to the tumor microenvironment, significantly expanding
the therapeutic window compared to conventional T-cell engagers. The platform's lead candidate, IM1240, is advancing toward the
clinic, and its second candidate, IM1305, is in preclinical development. The Company's pipeline also includes additional clinical-stage
assets, for which further development is pending partnering or investment, including CM24, a CEACAM1-blocking antibody that demonstrated
improved outcomes across all efficacy endpoints in a Phase 2 study for the treatment of pancreatic ductal adenocarcinoma, and NT219, a
dual IRS1/2 and STAT3 inhibitor in a Phase 2 study for the treatment of recurrent and/or metastatic squamous cell carcinoma of the head
and neck. The Company is headquartered in Rehovot, Israel. For additional information about the Company, please visit: https://purple-biotech.com
Forward-Looking Statements and Safe Harbor Statement
Certain statements in this press release that are forward-looking and
not statements of historical fact are forward-looking statements within the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements that are not statements of
historical fact, and may be identified by words such as "believe", "expect", "intend", "plan",