REHOVOT, Israel — March 13, 2026 — Leads & Copy — Purple Biotech Ltd. (NASDAQ/TASE: PPBT) announced its financial results for the three and twelve months ending December 31, 2025. The clinical-stage company is focused on developing a next-generation immunotherapy platform to maximize anti-cancer potency while minimizing toxicity.
Purple Biotech CEO Gil Efron stated that the company focused on the CAPTN-3 platform in 2025. He added that the company named a second tri-specific antibody from the platform, IM1305, and strengthened the preclinical data package for the first tri-specific antibody, IM1240. Efron also noted that the capital raised in 2025 is expected to provide runway into 2027, covering preparations for the IM1240 Phase 1 study initiation. Efforts were made to partner both CM24 and NT219, but the company will not continue developing these assets until a strategic investment or partner is found.
According to Efron, there is increasing interest in assets similar to CAPTN-3. The company’s cash position was $9.5 million at the end of 2025. Data demonstrates that tri-specific antibodies from the CAPTN-3 platform deliver in vivo efficacy, a favorable therapeutic window, and scalable manufacturability. The company anticipates sharing additional data and advancing the program this year.
Recent clinical and corporate highlights include new data on the CAPTN-3 platform, presented at the ESMO Immuno-Oncology Congress 2025, featuring the platform’s two lead tri-specific antibodies. The CAPTN-3 platform achieved significant and sustained tumor regression across two distinct tri-specific antibodies, IM1240 and IM1305, targeting different tumor antigens.
Transcriptomic analysis across approximately 11,000 TCGA samples showed that NKG2A expression is strongly associated with tumor expression of 5T4 or TROP2, supporting the inclusion of the NKG2A arm in CAPTN-3 designs. The NKG2A arm significantly contributes to IM1240 anti-cancer immune activity in PD1-resistant patient-derived explants. A toxicology study demonstrated an expanded therapeutic window for IM1240 (capped-CD3x5T4xNKG2A).
IM1240 also demonstrated improved tolerability in a toxicology study at doses up to 300-fold higher than a non-capped comparator, with significantly reduced immune-related toxicity, including minimal cytokine release. These results highlight the unique safety profile of this approach, which may address a key limitation of certain current T-cell engagers, where cytokine release syndrome can restrict dosing. IM1240’s pharmacokinetic profile showed increased systemic exposure and a prolonged circulating half-life, enabled by its human serum albumin moiety and capping design. The company also achieved a manufacturing milestone for IM1240 and a commercially viable yield for IM1240, validating the potential scalability of the CAPTN-3 tri-specific antibody platform.
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, 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 during the period. Adjusted Operating Loss 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 the period.
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.
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.
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.
Source: Purple Biotech
