Eupraxia Reports $16.7M Q4 Loss, Raises $63.2M and Extends Runway
Eupraxia Pharmaceuticals posted a Q4 2025 net loss of $16.7 million, up from $7.5 million year-over-year, driven by increased R&D and G&A expenses. The company raised $63.2 million in February and ended the quarter with $80.5 million cash, extending its runway into H2 2028.
1. Fourth Quarter 2025 Financial Results
Eupraxia recorded a net loss of $16.7 million in Q4 2025, up from $7.5 million a year earlier, reflecting higher research and development costs for EP-104GI and increased general and administrative expenses. Cash balances rose to $80.5 million at December 31, 2025, compared with $33.1 million at the end of Q4 2024.
2. Clinical Milestones Achieved
In November 2025, additional 52-week follow-up data from the RESOLVE trial in eosinophilic esophagitis showed consistent results with EP-104GI, and in January 2026 positive tissue health data demonstrated near-complete biopsy improvement. Management anticipates multiple readouts from RESOLVE and plans to initiate additional programs in new indications.
3. $63.2M Financing Closed
On February 20, 2026, Eupraxia closed a public offering issuing 7.6 million common shares at $7.00 each and 1.43 million pre-funded warrants at $6.99999, generating approximately $63.2 million gross proceeds including full exercise of underwriter options. The capital infusion strengthens the balance sheet and supports pipeline expansion.
4. Cash Runway and Trade Outlook
With existing cash reserves and proceeds from the offering, the company expects funding into the second half of 2028. Management continues to monitor US-Canadian tariff developments, manufactures clinical supplies in the US, and maintains US dollar balances to mitigate currency fluctuations and potential trade impacts.