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TURKU, Finland - Faron Pharmaceuticals Ltd (AIM:FARN, First North: FARON) announced Friday a correction to its half-year financial results for the period ending June 30, 2025, originally published on August 27. The company stated the original announcement omitted required income statement, balance sheet and cash flow statements for AIM market compliance.
The biopharmaceutical company, which focuses on reprogramming myeloid cells to activate anti-tumor immunity, reported an operating loss of EUR 11.9 million for the first half of 2025, compared to EUR 11.3 million in the same period last year. Research and development expenses increased to EUR 7.1 million from EUR 6.7 million year-over-year.
Faron highlighted several clinical milestones for its lead candidate bexmarilimab, including positive Phase II results in high-risk myelodysplastic syndrome (HR-MDS) announced in April. The drug received orphan drug designations from both the FDA and EMA for MDS treatment in March.
The company strengthened its financial position through a EUR 12 million private placement in February and an up to EUR 35 million convertible bond arrangement in April, of which the first tranche of EUR 15 million was issued. As of June 30, Faron reported cash and cash equivalents of EUR 13.5 million, down from EUR 30.0 million a year earlier.
CEO Juho Jalkanen stated the company is "decisively progressing toward the initiation of the phase II/III registrational trial for HR MDS in parallel with partnering discussions." The company expects its current cash runway to extend into the first quarter of 2026.
The information in this article is based on a press release statement from Faron Pharmaceuticals.
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