Cantargia Reports 2025 Financials, Secures Financing to Accelerate Nadunolimab Development
Cantargia reported full year 2025 financial results with net sales of SEK 316.7 million and cash of SEK 281.8 million. The company secured a SEK 124 million financing package to advance clinical development of nadunolimab, including a phase Ib study combining it with a RAS inhibitor in pancreatic cancer.
Cantargia AB published its full year 2025 financial report, showing a transformational year with net sales of SEK 316.7 million and a strong cash position, while also announcing a SEK 124 million financing package to accelerate clinical development of its lead antibody nadunolimab.
Financial results for the full year 2025 included net sales of SEK 316.7 million, up from zero in the prior year, with operating results of SEK 154.1 million and net income of SEK 147.0 million. Cash and cash equivalents stood at SEK 281.8 million, and the equity/assets ratio was 90 percent. The board does not intend to propose a dividend at the Annual General Meeting.
The financing includes a rights issue of SEK 124 million and a loan agreement of up to SEK 75 million. Upon full subscription and utilization of the loan, the company will receive approximately SEK 199 million before issue costs. DNB Bank acts as guarantor for SEK 72.6 million of the loan.
CEO Hilde Steineger described 2025 as a transformational year, highlighting the combination of the Otsuka partnership, FDA Fast Track Designation, extended patent protection, compelling clinical data in pancreatic cancer patients with high IL1RAP expression, and strengthening of the leadership team.
Nadunolimab, the lead candidate, has been evaluated in over 300 cancer patients and has shown particularly interesting results in pancreatic cancer, high-risk myelodysplastic syndrome (MDS), and acute myeloid leukemia (AML). The first patient was dosed in a new investigator-initiated study in colorectal cancer in the US, meaning nadunolimab is now being clinically evaluated in three different cancer types.
In pancreatic cancer, Cantargia is planning a phase Ib study combining nadunolimab with a RAS inhibitor, leveraging early preclinical data suggesting synergistic activity. In hematology, encouraging results from MD Anderson Cancer Center showed all five evaluable patients in the phase Ib part of the MDS study achieved complete remission, and the company is expanding the investigator-initiated study.
However, the analysis of overall survival results from the Phase 1b/2 TRIFOUR study evaluating nadunolimab in triple-negative breast cancer showed no difference in median overall survival between the group treated with nadunolimab plus gemcitabine/carboplatin and the control group.
Other significant events in the fourth quarter included the appointment of Dr. Wolfram Dempke as Chief Medical Officer. After the period ended, the first patient was dosed in an externally funded study at Mount Sinai Tisch Cancer Center in New York, evaluating nadunolimab in combination with a checkpoint inhibitor in up to 24 patients with colorectal cancer.
Cantargia is a Lund-based biotechnology company developing antibody-based drugs against life-threatening cancers, with a platform built around the target molecule IL1RAP, a protein overexpressed in several solid and hematological cancers. The company's second development program, CAN10, addresses autoimmune and inflammatory diseases, and its acquisition by Otsuka Pharmaceutical was completed in September 2025.