On February 26, 2026 C4 Therapeutics, Inc. (C4T) (Nasdaq: CCCC), a clinical-stage biopharmaceutical company dedicated to advancing targeted protein degradation (TPD) science, reported financial results for the year ended December 31, 2025, as well as business updates.

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"We made significant progress in 2025, notably demonstrating cemsidomide’s best-in-class potential, establishing an efficient and differentiated regulatory path for cemsidomide, and extending our cash runway beyond key value‑inflection milestones, further positioning us to become a fully integrated biopharmaceutical company," said Andrew Hirsch, president and chief executive officer of C4 Therapeutics. "As cemsidomide progresses into later-stage clinical trials across multiple lines of therapy in multiple myeloma, we believe it is well positioned to become the IKZF1/3 degrader of choice. We continue to advance our discovery strategy, focused on targets that have a strong degrader rationale with first-in-class potential in inflammation, neuroinflammation and neurodegeneration diseases. Together, these achievements will bring us closer to delivering transformative TPD medicines for patients with significant unmet needs."

FOURTH QUARTER 2025 HIGHLIGHTS AND RECENT ACHIEVEMENTS

In February 2026, the first patient was dosed in the Phase 2 MOMENTUM trial evaluating cemsidomide in combination with dexamethasone in the fourth line or later MM setting. The MOMENTUM trial was designed for potential accelerated approval with a recommended Phase 2 dose of 100 µg. The trial will enroll approximately 100 patients with enrollment expected to be completed in Q1 2027.
In October 2025, C4T entered into a clinical trial collaboration and supply agreement with Pfizer Inc. Under the terms of the agreement, Pfizer will supply elranatamab (ELREXFIO), a B-cell maturation antigen CD3 targeted bispecific antibody, for the upcoming Phase 1b trial of cemsidomide in combination with elranatamab in earlier lines of MM treatment. C4T has continued to execute operational steps necessary for the initiation of the Phase 1b trial, which is expected in Q2 2026.
In October 2025, C4T raised $125 million in gross proceeds through an underwritten offering with the potential to earn up to $225 million in additional proceeds if the outstanding warrants are exercised.
In January 2026, C4T earned a $2 million milestone payment from Biogen related to BIIB145, a BTK degrader, designed by C4T and delivered to Biogen for clinical development. This is the second degrader that Biogen has advanced into the clinic under the Biogen and C4T collaboration.
KEY UPCOMING MILESTONES

Cemsidomide: IKZF1/3 Degrader for Relapsed Refractory Multiple Myeloma (RRMM)

On track to initiate the Phase 1b trial of cemsidomide in combination with elranatamab in Q2 2026 with plans to provide incremental progress throughout 2026.
Present further analysis of the data from the completed Phase 1 trial of cemsidomide in combination with dexamethasone in mid-2026.
Share the plan to initiate an additional Phase 1b trial to evaluate cemsidomide in combination with other anti-myeloma agents in mid-2026.
CFT8919: EGFR L858R Degrader for Non-Small-Cell Lung Cancer (NSCLC)

By end of Q1 2026, utilize data from the Phase 1 dose escalation trial conducted by Betta Pharmaceuticals to inform potential ex-China clinical development.
Research & Discovery: Internal Discovery Efforts Focused on Inflammation, Neuroinflammation & Neurodegeneration (INN) with Collaboration Efforts Focused on Oncology & Non-oncology

Optimize indication selection for multiple targets across discovery portfolio focused on INN in 2026.
Deliver at least one development candidate to a collaboration partner by year-end 2026.
Advance existing collaborations toward key milestones by year-end 2026.
UPCOMING INVESTOR EVENTS

March 3, 2026, at 11:50 AM ET: Management will participate in a presentation and fireside chat at the TD Cowen 46th Annual Health Care Conference taking place in Boston, Massachusetts.
March 10, 2026, at 8:00 AM ET: Management will participate in a fireside chat at the Barclays 28th Annual Global Healthcare Conference taking place in Miami, Florida.
FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS

Revenue: Total revenue for the fourth quarter and full year ended December 31, 2025, was $11.0 million and $35.9 million, respectively, compared to $5.2 million and $35.6 million for the prior year periods. The increase in revenue for the fourth quarter of 2025, as compared to the prior year period, reflects the prioritization of one KRAS project under the collaboration with Merck KGaA, Darmstadt, Germany.

Research and Development (R&D) Expense: R&D expense for the fourth quarter and full year ended December 31, 2025, was $25.0 million and $104.2 million, respectively, compared to $32.5 million and $110.6 million for the prior year periods. The decrease in R&D expense for the fourth quarter of 2025, as compared to the prior year period, was primarily related to the completion of the CFT1946 Phase 1 clinical trial.

General and Administrative (G&A) Expense: G&A expense for the fourth quarter and full year ended December 31, 2025, was $9.2 million and $36.2 million, respectively, compared to $10.4 million and $42.1 million for the prior year periods. The decrease in G&A expense for the fourth quarter of 2025, as compared to the prior year period, was primarily related to lower stock-based compensation expense.

Net Loss and Net Loss per Share: Net loss for the fourth quarter and full year ended December 31, 2025, was $20.5 million and $105.0 million, respectively, compared to $34.6 million and $105.3 million for the prior year periods. Net loss per share for the fourth quarter and full year ended December 31, 2025, was $0.18 and $1.27, respectively, compared to $0.49 and $1.52 for the prior year periods.

Cash Position and Financial Guidance: Cash, cash equivalents and marketable securities as of December 31, 2025, was $297.1 million, compared to $199.8 million as of September 30, 2025, and $267.3 million as of December 31, 2024. The increase in cash, cash equivalents and marketable securities during 2025 was primarily the result of the net proceeds from the October equity offering partially offset by the cash used to fund operations and advance our programs. The company expects that its current cash, cash equivalents and marketable securities will enable it to fund its operating plan to the end of 2028.

About Cemsidomide
Cemsidomide is an investigational, orally bioavailable molecular glue degrader (MonoDAC degrader) of IKZF1/3, transcription factors foundational to multiple myeloma biology. Data from the Phase 1 trial, which has completed enrollment, show cemsidomide’s differentiated safety and tolerability profile and potentially class-leading anti-myeloma activity that support the potential for durable outcomes.

About the MOMENTUM Trial
MOMENTUM (Multi-center trial Of cemsidoMidE iN relapsed/refracTory mUltiple Myeloma) is a Phase 2, open-label, single-arm study to evaluate the efficacy, safety, pharmacokinetics and pharmacodynamics of cemsidomide in combination with dexamethasone in patients with relapsed/refractory multiple myeloma. Data from the Phase 1 trial identified 100 µg as the recommended Phase 2 dose. The primary endpoint is overall response rate per International Myeloma Working Group response criteria, as assessed by an independent review committee. Approximately 100 patients who have received at least three prior anti-myeloma regimens that must have included an IKZF1/3 degrader, a proteasome inhibitor, an anti-CD38 antibody, and a T-cell engager or CAR-T therapy will be enrolled in the trial. More information is available at clinicaltrials.gov (NCT07284758).

About Cemsidomide in Combination With Elranatamab (ELREXFIO)
The Phase 1b trial is designed to evaluate the safety, tolerability and preliminary efficacy of cemsidomide in combination with elranatamab, an FDA-approved B-cell maturation antigen CD3 targeted bispecific antibody. The study will evaluate different cemsidomide dose levels (beginning with 75 µg, with the opportunity to simultaneously explore 50 µg and 100 µg) in patients who have received one to four prior lines of therapy, which must have consisted of at least one IKZF1/3 degrader. Exclusion criteria for patients include those who have received prior treatment with a BCMA-directed T-cell engager or BCMA-directed CAR-T therapy. More information is available at clinicaltrials.gov (NCT07280013).

About Multiple Myeloma
Multiple myeloma (MM) is a rare blood cancer affecting plasma cells. Approximately 36,000 people in the United States are diagnosed with MM each year. Approved IKZF1/3 degraders remain foundational therapies across lines of MM treatment. Despite advances, including immune-directed approaches, most patients ultimately relapse, underscoring a growing need for new therapeutics options that continue to leverage IKZF1/3 degradation to drive myeloma cell death and T-cell activation.

(Press release, C4 Therapeutics, FEB 26, 2026, View Source [SID1234663062])

On February 26, 2026 Kairos Pharma, Ltd. (NYSE American: KAPA), a clinical-stage biopharmaceutical company focused on innovative cancer therapeutics, reported the signing of a term sheet for a strategic asset acquisition with Celyn Therapeutics, Inc., a privately held biotechnology company backed by OrbiMed and Torrey Pines Investment. Under the proposed terms of the agreement, Kairos Pharma will acquire worldwide rights to two highly differentiated, clinical-stage oncology assets targeting non-small cell lung cancer (NSCLC): CL-273, a pre-IND, reversible, wild-type-sparing pan-EGFR inhibitor, and CL-741, a Phase 1-ready, orally available type IIb c-MET kinase inhibitor.

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John Yu, M.D., Kairos Pharma Chief Executive Officer, commented: "We anticipate this acquisition will significantly expand our oncology pipeline with late-preclinical and Phase 1-ready assets in a multi-billion dollar market with substantial unmet medical needs. With this acquisition, if completed, we will strengthen our armamentarium to reverse oncology drug resistance – by implementing therapeutics that specifically target resistance mutations that arise from targeting the EGFR receptor. Importantly, our established clinical consortia on the West Coast, anchored at Cedars-Sinai Medical Center in Los Angeles, provides us with the clinical infrastructure and expertise to rapidly initiate and execute Phase 1 and Phase 2 studies for both compounds."

Kairos Pharma believes the scientific rationale for combining a pan-EGFR inhibitor with a c-MET inhibitor in non-small cell lung cancer as demonstrated with these two assets is compelling and well-validated clinically. MET amplification represents one of the most important resistance mechanisms in EGFR-mutant NSCLC, and the ability to address both pathways with highly selective, brain-penetrant molecules represents a significant therapeutic advance. The Company anticipates that CL-273’s wild-type-sparing profile and broad coverage of EGFR mutations, combined with CL-741’s potent and selective c-MET inhibition, upon acquisition, will position it to develop best-in-class monotherapies as well as a differentiated combination regimen. Mechanistically, dual inhibition of EGFR and MET pathways can overcome compensatory signaling that drives resistance, deepens tumor responses, and extends progression-free survival in this difficult-to-treat patient population.

Kinase inhibitors for cancer treatment were estimated to be valued at $60.7B in 2025. Of these, EGFR inhibitors represented 32.5% of the market in 2025 (Future Market Insights).

CL-273, developed using a proprietary AI-driven drug discovery platform, targets the EGFR mutated lung cancer treatment, a market valued at $16.2B in 2026 (Future Market Insights). EGFR mutations are present in approximately 10-15% of NSCLC cases in Western populations and up to 50% in Asian populations (CoherentMI), creating a substantial addressable patient population for targeted therapies.

CL-741 addresses the cMet inhibitor market which is experiencing rapid growth, valued at more than $2B and projected to reach over $10B by 2030 with a CAGR in excess of 17% (Biospace). The c-MET metastatic NSCLC market represents a high-value niche with significant unmet medical needs, with c-MET amplification being a critical resistance mechanism for EGFR-targeted therapies. C-MET alterations, including MET exon 14 skipping mutations and MET amplification, is a driver of multiple cancer types inclusive of gastric, liver, and renal cancer.

"Our proprietary AI-driven drug design platform has enabled the discovery of a highly efficacious, wild-type-sparing, pan-mutant EGFR inhibitor. This molecule offers a 4-to-5-fold broader safety margin than current competitive inhibitors," stated Nikolay Savchuk, Ph.D., CEO of Celyn Therapeutics. "By partnering with Kairos Pharma and leveraging their clinical consortia at Cedars-Sinai Medical Center, we are positioned to rapidly advance CL-273 and CL-741. This collaboration combines Kairos’s operational expertise with our innovative pipeline to create an optimal pathway for patients fighting EGFR-mutant and c-MET-driven lung cancers."

Clinical studies have demonstrated that combination treatment with EGFR and MET inhibitors for EGFR-mutant, MET-amplified NSCLC patients is able to achieve progression-free survival of approximately 7 months, representing a significant advance over single-agent therapy (SAVANNAH trial).

CL-273 is an investigational, reversible, wild-type-sparing pan-EGFR small-molecule inhibitor specifically engineered for EGFR-mutant non-small cell lung cancer (NSCLC). Preclinical data demonstrate that CL-273 maintains broad-spectrum activity against classical EGFR mutations including Exon 19 and 21 deletions and Exon 20 insertions, atypical mutations, and resistance-associated variants that bypass currently approved tyrosine kinase inhibitors (TKIs).

A defining feature of CL-273 is its exceptional selectivity index. By sparing wild-type EGFR, studies to date have shown CL-273 offers a 4–5 fold wider therapeutic window, suggesting significantly improved safety and tolerability over existing therapies. Designed for high brain and lung permeability to address metastatic disease, CL-273 possesses favorable ADME properties and has successfully completed GLP toxicology studies. The program is currently pre-IND, with first-in-human clinical trials projected to commence in 2026.

CL-741 is an orally available, small-molecule, type IIb c-MET kinase inhibitor designed to be highly selective for c-MET with broad coverage of activating and acquired resistance mutations in solid tumors. The compound was discovered as a drug-like lead with potent activity across multiple c-MET resistance mutants and is being developed for c-MET-driven advanced solid tumors, with a primary focus on non-small cell lung cancers harboring MET exon 14 skipping alterations and MET amplification.

The acquisition of both CL-273 and CL-741, if the acquisition is successfully completed, are anticipated to enable Kairos Pharma to pursue a differentiated dual-target strategy addressing both primary EGFR mutations and MET-mediated resistance mechanisms. MET amplification is one of the most common mechanisms of acquired resistance to EGFR TKIs.

Developing CL-273 and CL-741 together provides a rational combination therapy approach for EGFR-mutant NSCLC patients who either harbor baseline MET amplification/overexpression or acquire MET-driven resistance on EGFR-TKI therapy. Combined EGFR and MET inhibition has already demonstrated meaningful clinical response rates and survival benefit with other agents in this setting. Pairing CL-273 with CL-741 could deepen and prolong responses, reduce outgrowth of MET-mediated escape clones, and potentially expand the addressable population of MET-dependent, EGFR-mutant tumors.

(Press release, Kairos Pharma, FEB 26, 2026, View Source [SID1234663081])

On February 26, 2026 Alterome Therapeutics, a clinical-stage biopharmaceutical company pioneering the development of next-generation, small molecule targeted therapies for the treatment of cancer, reported that members of its management team will participate in one-on-one investor meetings at the following upcoming conferences:

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TD Cowen 46th Annual Health Care Conference, taking place March 2–4, 2026 in Boston, MA
Leerink Partners 2026 Global Healthcare Conference, taking place March 8–11, 2026 in Miami, FL

(Press release, Alterome Therapeutics, FEB 26, 2026, View Source [SID1234663097])

On February 26, 2026 Certara, Inc. (Nasdaq: CERT), a global leader in model-informed drug development, reported its fourth quarter and full fiscal year 2025 financial results.

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Fourth Quarter Highlights:
Appointment of Jon Resnick as Chief Executive Officer and Member of the Board of Directors, effective January 1st, 2026.
Revenue was $103.6 million, compared to $100.4 million in the fourth quarter of 2024, representing growth of 3%.
Software revenue was $46.4 million, compared to $42.3 million in the fourth quarter of 2024, representing growth of 10%.
Services revenue was $57.3 million, compared to $58.1 million in the fourth quarter of 2024, representing a decrease of 1%.
Net loss was $5.9 million, compared to a net income of $6.6 million in the fourth quarter of 2024, representing a decrease of 190%.
Adjusted EBITDA was $32.5 million, compared to $33.5 million in the fourth quarter of 2024, representing a decrease of 3%.
"I am excited to join Certara, the market leader in the fast‑growing, high‑impact fields of AI-enabled biosimulation and model‑informed drug development," said Jon Resnick, Chief Executive Officer. "In my first 60 days, I have been genuinely impressed by the power of our technology, the depth of our customer relationships, and the strength of our people. It’s clear that this company – and this market opportunity – have the foundation required for long‑term success."

"To fully realize our potential, over the course of 2026 we will sharpen our strategic focus, accelerate innovation across our product portfolio, and elevate our commercial execution. It will be a year of transition and investment as we put the right people, processes, and structure in place to position the company to better capture the significant market opportunities and enable the company to drive stronger and sustainable growth."

"Our full year and fourth quarter revenue performance was in-line with our expectations on both a reported and organic basis. Adjusted EBITDA margin was 32% for the year, at the high end of our plan, driven by operating efficiencies while maintaining investment in R&D," said John Gallagher, Chief Financial Officer. "As we look forward into 2026, we expect end markets to remain stable, and we anticipate a number of changes and initiatives over the course of 2026 to drive improving revenue growth through the year, and to better position us for sustained long term growth."

Fourth Quarter 2025 Results
Total revenue for the fourth quarter of 2025 was $103.6 million, representing year-over-year growth of 3% on a reported basis and 2% on a constant currency basis. The overall increase in revenue was primarily driven by the growth in our biosimulation software and services portfolio. Please see note (1) in the section titled "A Note on Non-GAAP Financial Measures" below for more information on constant currency revenue.

Software revenue for the fourth quarter of 2025 was $46.4 million, representing year-over-year growth of 10% on a reported basis and 8% on a constant currency basis. Software growth was driven by contribution from biosimulation software.

Services revenue for the fourth quarter of 2025 was $57.3 million, representing a year-over-year decrease of 1% on a reported basis and 2% on a constant currency basis. Service revenue declined modestly, reflecting normal seasonal fluctuations, while service bookings increased significantly, supporting continued revenue momentum.

Total Bookings for the fourth quarter of 2025 were $155.2 million representing year-over-year growth of 7%.

Software Bookings for the fourth quarter of 2025 were $56.1 million, representing a year-over-year decrease of 6%. The decrease in software bookings was mainly attributable to external factors and execution challenges.

Services Bookings for the fourth quarter of 2025 were $99.1 million, representing year-over-year growth of 17%. The increase in service bookings was primarily driven by growth across all customer tiers, including large, mid-sized, and small customers.

Total cost of revenues for the fourth quarter of 2025 was $39.2 million, an increase of $0.9 million from $38.3 million in the fourth quarter of 2024, primarily attributable to higher software amortization expense and increased professional and consulting costs.

Total operating expenses for the fourth quarter of 2025 were $63.6 million, which increased by $7.5 million from $56.1 million in the fourth quarter of 2024. Higher operating expenses were primarily due to a $7.0 million increase in employee-related costs, a $0.8 million increase in equipment and software expenses, a $0.8 million increase in professional and consulting expenses, and a $0.7 million increase in transaction expenses, primarily related to refinancing of our term loan, partially offset by lower state business taxes, higher capitalized R&D costs, and a lower provision for credit allowance.

Net loss for the fourth quarter of 2025 was $5.9 million, compared to a net income of $6.6 million in the fourth quarter of 2024. The $12.5 million decrease in net income was primarily driven by higher operating expenses, increased tax expenses, and increased cost of revenues, partially offset by higher revenues.

Diluted earnings per share for the fourth quarter of 2025 was $(0.04), as compared to diluted earnings per share of $0.04 in the fourth quarter of 2024.

Adjusted EBITDA for the fourth quarter of 2025 was $32.5 million compared to $33.5 million for the fourth quarter of 2024, a decrease of $1.1 million. See note (2) in the section titled "A Note on Non-GAAP Financial Measures" below for more information on adjusted EBITDA.

Adjusted net income for the fourth quarter of 2025 was $14.9 million compared to $24.7 million for the fourth quarter of 2024, a decrease of $9.8 million. Adjusted diluted earnings per share for the fourth quarter of 2025 was $0.09, compared to $0.15 for the fourth quarter of 2024. See note (3) in the section titled "A Note on Non-GAAP Financial Measures" below for more information on adjusted net income and adjusted diluted earnings per share.

THREE MONTHS ENDED DECEMBER 31, TWELVE MONTHS ENDED DECEMBER 31,
2025 2024
2025 2024
Key Financials (in millions, except per share data)
Revenue $ 103.6 $ 100.4 $ 418.8 $ 385.1
Software revenue $ 46.4 $ 42.3 $ 183.3 $ 155.7
Service revenue $ 57.3 $ 58.1 $ 235.6 $ 229.5
Total bookings $ 155.2 $ 144.5 $ 482.1 $ 445.3
Software bookings $ 56.1 $ 59.7 $ 184.3 $ 169.4
Service bookings $ 99.1 $ 84.8 $ 297.7 $ 275.9
Net income (loss) $ (5.9 ) $ 6.6 $ (1.6 ) $ (12.1 )
Diluted earnings per share $ (0.04 ) $ 0.04 $ (0.01 ) $ (0.08 )
Adjusted EBITDA $ 32.5 $ 33.5 $ 134.5 $ 122.0
Adjusted net income $ 14.9 $ 24.7 $ 70.9 $ 72.9
Adjusted diluted earnings per share $ 0.09 $ 0.15 $ 0.44 $ 0.45
Cash and cash equivalents $ 189.4 $ 179.2

2026 Financial Outlook
Certara is providing its guidance for the full year 2026:

Full year 2026 revenue is expected to grow in the range of 0-4%.
Full year adjusted EBITDA margin to be approximately 30-32%.
Full year adjusted diluted earnings per share is expected to be in the range of $0.44- $0.48.
Fully diluted shares are expected to be in the range of 160 million to 162 million.
Please note that the Company has not reconciled adjusted EBITDA, adjusted EBITDA margin or adjusted diluted earnings per share forward-looking guidance included in this press release to the most directly comparable GAAP measures because this cannot be done without unreasonable effort due to the variability and low visibility with respect to costs related to acquisitions, financings, and employee stock compensation programs, which are potential adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results.

Webcast and Conference Call Details
Certara will host a conference call today, February 26, 2026, at 8:30 a.m. ET to discuss its fourth quarter and full fiscal year 2025 financial results. Investors interested in listening to the conference call are required to register online in advance of the call. A live and archived webcast of the event will be available on the "Investors" section of the Certara website at View Source

(Press release, Certara, FEB 26, 2026, View Source [SID1234663063])

On February 26, 2026 Ligand Pharmaceuticals Incorporated (Nasdaq: LGND) reported financial results for the three and twelve months ended December 31, 2025, and provided an operating forecast and business update. Ligand management will host a conference call and webcast today beginning at 8:30 a.m. Eastern time to discuss this announcement and answer questions.

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"We delivered strong fourth quarter results, exceeding our initial full-year adjusted EPS guidance by approximately 30%. This growth was driven by better-than-expected performance across several products in our royalty portfolio, including the successful out-licensing and partner launch of Zelsuvmi. These results highlight the strength of our team and their ability to invest in high-value assets that address significant unmet clinical needs. As we enter 2026, we have a strong balance sheet and are well positioned to execute on our broad pipeline of investment opportunities that we believe position us to continue driving growth and creating long-term shareholder value," said Todd Davis, CEO of Ligand.

Fourth Quarter 2025 Financial Results

Total revenues and income for the fourth quarter of 2025 were $59.7 million, compared with $42.8 million for the same period in 2024, with the 39% increase driven primarily by royalty revenue. Royalties for the fourth quarter of 2025 were $50.5 million, compared with $34.8 million for the same period in 2024, with the 45% increase primarily attributable to increases in sales of Travere Therapeutics’ Filspari, and Merck’s Capvaxive and Ohtuvayre. Captisol sales were $7.8 million for the fourth quarter of 2025, compared with $7.9 million for the same period in 2024. Contract revenue and income was $1.3 million for the fourth quarter of 2025, compared with $0.1 million for the same period in 2024.
Cost of Captisol was $3.0 million for the fourth quarter of 2025, compared with $2.8 million for the same period in 2024. Amortization of intangibles was $8.1 million for the fourth quarter of 2025, compared with $8.3 million for the same quarter in 2024. Research and development expenses were $3.5 million for the fourth quarter of 2025, compared with $4.4 million for the same period in 2024. General and administrative expenses were $25.0 million for the fourth quarter of 2025, compared with $25.6 million for the same period in 2024. Financial royalty asset impairment was $6.2 million for the fourth quarter of 2025 related to Agenus returned partner programs, compared to $4.1 million for the same period in 2024 related to the discontinuation of Takeda’s soticlestat program. There was no fair value adjustment to partner program derivatives for the fourth quarter of 2025. Fair value adjustment to partner program derivatives was $7.2 million for the fourth quarter of 2024 primarily due to the discontinued development of certain Agenus partnered programs.
GAAP net income was $44.8 million, or $2.12 per diluted share for the fourth quarter of 2025, compared with a net loss of $31.1 million, or $1.64 per share, for the same period in 2024. GAAP net income for the fourth quarter of 2025 included a gain of $22.1 million from our short-term investments. Adjusted net income for the fourth quarter
1 A reconciliation of forward‑looking non‑GAAP core adjusted earnings per diluted share to the most directly comparable GAAP measures was provided in the Company’s Investor Day presentation on December 9, 2025, which is available on the Company’s investor relations website. The Company is reiterating that guidance in this release and has not updated the underlying assumptions reflected in that reconciliation

of 2025 was $42.7 million, or $2.02 per diluted share, compared with $25.2 million, or $1.27 per diluted share, for the same period in 2024. The increase in adjusted net income was driven primarily by the 45% increase in royalty revenue. See the table below for a reconciliation of net income (loss) to adjusted net income.
As of December 31, 2025, Ligand had cash, cash equivalents and short-term investments of $733.5 million.
Full Year 2025 Financial Results
Total revenues and income for the full year 2025 were $268.1 million, compared with $167.1 million for the full year 2024. Royalties for the full year 2025 were $161.0 million, compared with $108.8 million for the full year 2024, with the increase primarily attributable to increases in sales of Travere Therapeutics’ Filspari, Recordati’s Qarziba, and Merck’s Capvaxive and Ohtuvayre. Captisol sales were $40.2 million for full year 2025, compared with $30.9 million for the full year 2024, with the increase due to the timing of customer orders. Contract revenue and income was $66.9 million for the full year 2025, compared with $27.5 million for the full year 2024, with income from the Pelthos Therapeutics spin-out transaction being the main driver of the increase, partially offset by 2024 Ohtuvayre approval and commercial launch milestone payments.
Cost of Captisol was $14.5 million for the full year 2025, compared with $11.1 million for the full year 2024, with the increase due to higher Captisol sales. Amortization of intangibles was $32.7 million for the full year 2025, compared with $33.0 million for the full year 2024. Research and development expenses were $81.2 million for the full year 2025, compared with $21.4 million for the full year 2024, with the increase primarily attributable to a $44.3 million one-time charge in connection with the royalty financing agreement with Castle Creek Biosciences to fund the Phase 3 clinical study of D-Fi (FCX-007) and a $17.8 million one-time charge in connection with the royalty financing agreement with Orchestra BioMed to fund its late-stage partnered cardiology programs, which were accounted for as research and development funding arrangements under ASC 730-20. General and administrative expenses were $92.4 million for the full year 2025, compared with $78.7 million for the full year 2024. This increase was primarily driven by higher stock-based compensation expenses associated with the vesting of performance stock unit awards, investments made in scaling the Company’s business development function and Pelthos transaction costs. Financial royalty asset impairment was $6.2 million for the full year 2025 related to the Agenus returned partnered programs, compared to $30.6 million for the full year 2024, primarily due to the impairment loss related to the discontinuation of Takeda’s soticlestat program. There was no fair value adjustment to partner program derivatives for the full year 2025. Fair value adjustment to partner program derivatives was $15.1 million for the full year 2024 primarily due to the discontinued development of certain Agenus partnered programs.
GAAP net income was $124.5 million, or $6.13 per diluted share, for the full year 2025, compared to a net loss of $4.0 million, or $0.22 per share, for the full year 2024. Core adjusted net income for the full year 2025 was $165.1 million, or $8.13 per diluted share, compared with core adjusted net income of $108.5 million, or $5.74 per diluted share, for the full year 2024. The increase in core adjusted net income in 2025 was driven primarily by increases in royalty revenue and Zelsuvmi out-license income. Core adjusted net income represents a non-GAAP financial measure. See the table below for a reconciliation of net income (loss) to core adjusted net income.
2026 Financial Guidance
Ligand is reaffirming its 2026 financial guidance introduced at the Company’s Investor Day on December 9, 2025. The Company continues to expect adjusted earnings per diluted share1 of approximately $8.00 to $9.00. Ligand also expects 2026 royalty revenue to be in the range of $200 million to $225 million, revenue from sales of Captisol to be in the range of $35 million to $40 million and contract revenue to be in the range of $10 million to $20 million, resulting in total revenue of $245 million to $285 million.
Fourth Quarter 2025 and Recent Business Highlights
Ohtuvayre
•On January 27, 2026, Nuance Pharma announced that the National Medical Products Administration (NMPA) of China has officially accepted for review the New Drug Application (NDA) for Ohtuvayre (ensifentrine) for the maintenance treatment of chronic obstructive pulmonary disease.
Filspari

•On November 26, 2025, Renalys Pharma, Inc., now Chugai Pharmaceuticals, announced positive topline results from its Phase 3 clinical study of sparsentan, an orally administered dual endothelin and angiotensin II receptor antagonist, in Japanese patients with IgA nephropathy (IgAN). Based on these results, Chugai plans to submit a NDA in Japan in 2026.
•On January 13, 2026, Travere announced the U.S. Food and Drug Administration (FDA) extended the review timeline of its supplemental New Drug Application (sNDA) for Filspari in focal segmental glomerulosclerosis (FSGS). The new Prescription Drug User Fee Act (PDUFA) target action date is April 13, 2026.
•On February 19, 2026, Travere announced total U.S. Filspari net product sales for the fourth quarter of 2025 to be $103 million, representing 108% growth compared to the prior year period. U.S. Filspari new patient start forms reached an all time high of 908 in the fourth quarter of 2025.
Qtorin Rapamycin
•On December 15, 2025, Palvella announced positive topline results from its Phase 2 TOIVA study of Qtorin 3.9% rapamycin anhydrous gel for the treatment of cutaneous venous malformations (cutaneous VMs). The trial achieved statistical significance on multiple pre-specified clinician-reported and patient-reported efficacy endpoints, including dynamic change endpoints and static severity endpoints and was well-tolerated, with no drug-related serious adverse events reported.
•On December 16, 2025, Palvella announced that the FDA granted Fast Track Designation to Qtorin rapamycin for the treatment of angiokeratomas. Angiokeratomas are characterized by lymphatic-derived skin lesions that can persistently bleed and significantly impact quality of life. There are currently no FDA-approved therapies in existence for the estimated 50,000 diagnosed U.S. patients. With Fast Track designation, Qtorin rapamycin for angiokeratomas may be eligible for Accelerated Approval and Priority Review in the future, if applicable criteria are met. Palvella plans to initiate a Phase 2 trial evaluating Qtorin rapamycin for clinically significant angiokeratomas in the second half of 2026.
•On January 9, 2026, Palvella provided a corporate update and 2026 outlook providing the following Qtorin rapamycin updates:
◦Palvella is accelerating U.S. launch readiness for Qtorin rapamycin for microcystic LMs which has the potential to become the first FDA-approved therapy and a first-line, standard-of-care treatment for this serious, lifelong disease affecting an estimated more than 30,000 diagnosed patients in the U.S.
◦Following positive Phase 2 results for Qtorin rapamycin for the treatment of cutaneous venous malformations announced in December 2025, requested a Preliminary Breakthrough Therapy Designation Advice meeting with the FDA, anticipated in the first quarter of 2026
•On February 24, 2026, Palvella announced positive topline results from its Phase 3 SELVA study of Qtorin rapamycin for the treatment of microcystic LMs. The Phase 3 trial met its primary endpoint with statistically significant improvement on the Microcystic LM Investigator Global Assessment and achieved statistical significance on its pre-specified key secondary endpoint and all four secondary efficacy endpoints. Qtorin rapamycin was well tolerated, with no drug-related serious adverse events reported and systemic rapamycin levels below 2 ng/mL at all timepoints for all participants. 98% of participants who completed the efficacy evaluation period elected to continue to receive Qtorin rapamycin in the ongoing treatment extension period. An NDA submission is planned for the second half of 2026.
Tzield/Teizeild
•On October 20, 2025, Sanofi announced the FDA accepted for expedited review the sBLA for Tzield to delay the progression of stage 3 type 1 diabetes (T1D) in adults and pediatric patients eight years of age and older recently diagnosed with stage 3 T1D. The FDA nominated Tzield for the Commissioner’s National Priority Voucher (CNPV) pilot program based on its potential to address a large unmet medical need. Sanofi expects a regulatory decision from the FDA in the first half of 2026.

•On January 5, 2026, Sanofi announced the FDA accepted for priority review the sBLA for Tzield to expand the current age indication from eight years and above, to as young as one year old and above to delay the onset of stage 3 T1D in patients diagnosed with stage 2 T1D. The sBLA is supported by the positive interim one-year data from the ongoing PETITE-T1D phase 4 study. The target action date for the FDA decision is April 29, 2026.
•On January 12, 2026, Sanofi announced the European Commission has approved Teizeild (teplizumab) to delay the onset of stage 3 type 1 diabetes (T1D) in adult and pediatric patients eight years of age and older with stage 2 T1D. The approval is based on positive results from the TN-10 phase 2 study demonstrating that Teizeild delayed the onset of stage 3 T1D by a median of two years compared to placebo.
Other Program Updates
•On November 6, 2025, UroGen announced it made the strategic decision to discontinue development of UGN-301 (zalifrelimab) following completion of its Phase 1 dose escalation study and provided notice of termination to Agenus. While the study confirmed proof of concept, UGN-301’s overall clinical profile did not meet UroGen’s internal benchmarks for advancement to Phase 2.
•On November 7, 2025, Pelthos Therapeutics announced it acquired U.S. commercialization rights to Xepi (ozenoxacin) Cream, 1%. Xepi is a non-fluorinated quinolone antimicrobial indicated for the topical treatment of impetigo due to Staphylococcus aureus or Streptococcus pyogenes in adult and pediatric patients two months of age and older. Ligand is entitled to a low single-digit royalty on net sales of Xepi.
•On December 3, 2025, Gilead announced that it provided 1,200 vials of its antiviral therapy, remdesivir, to the Ministry of Health of Ethiopia to help combat the country’s first outbreak of Marburg Virus Disease (MVD). Marburg Virus Disease is a rare but severe hemorrhagic fever with high mortality rates, requiring swift intervention to prevent further spread. Gilead is working closely with the Ministry of Health of Ethiopia to provide remdesivir for emergency use. Remdesivir is Captisol enabled and Ligand is entitled to revenue from material sales of Captisol for the use of remdesivir.
•On December 18, 2025, Athira, now Leona Bio, announced that it acquired the development and commercialization rights to lasofoxifene, a promising clinical asset in a potentially registrational Phase 3 trial for the treatment of metastatic breast cancer. The ongoing Phase 3 ELAINE-3 clinical trial is greater than 50% enrolled with data expected in mid-2027. Ligand is entitled to a tiered 6-10% royalty on future net sales of lasofoxifene.
•On January 15, 2026, Agenus announced the closing of its $141 million strategic collaboration with Zydus. The agreement is designed to accelerate global development and potential commercialization of Agenus’ botensilimab and balstilimab (BOT/BAL) immunotherapy combination program. The collaboration provides Agenus with strategic capital and committed, long-term biologics manufacturing capacity in the United States to support BOT/BAL clinical development, authorized early access pathways, and commercial supply preparation. Agenus is initiating a global Phase 3 registrational trial evaluating BOT/BAL in patients with refractory, unresectable microsatellite stable (MSS)/mismatch repair proficient (pMMR) colorectal cancer. The trial will enroll approximately 800 patients across more than 100 sites in Canada, France, Australia, and New Zealand.
Adjusted Financial Measures
Ligand reports adjusted net income from continuing operations, adjusted net income per diluted share and adjusted earnings per diluted share in addition to, and not as a substitute for, financial measures calculated in accordance with GAAP, and does not consider such measures superior to GAAP results. The Company also reports "core" versions of these measures, which exclude any realized gains from the sale of Viking Therapeutics common stock.
Adjusted earnings per diluted share is a key component of the financial metrics utilized by the Company’s board of directors to evaluate management performance and determine certain elements of management compensation. GAAP results include items such as share‑based compensation expense, amortization of acquisition‑related and intangible assets, changes in contingent liabilities, mark‑to‑market adjustments on investments in public companies, transaction‑related costs and related tax effects, which are excluded from adjusted results and are detailed in the reconciliations included at the end of this press release.

A reconciliation of forward‑looking non‑GAAP adjusted earnings per diluted share to the most directly comparable GAAP measures was provided in the Company’s Investor Day presentation on December 9, 2025, which is available on the Company’s investor relations website. The Company is reiterating that guidance in this release and has not updated the underlying assumptions reflected in that reconciliation.

Conference Call
Ligand management will host a conference call and webcast today beginning at 8:30 a.m. Eastern time (5:30 a.m. Pacific time) to discuss this announcement and answer questions. To participate via telephone, please dial (800) 715-9871 (North America toll-free number) using the conference ID 3661098. International participants outside of Canada may use the toll number (646) 307-1963 and use the same conference ID. To participate via live or replay webcast, a link is available at www.ligand.com.

(Press release, Ligand, FEB 26, 2026, View Source [SID1234663082])