Filana Therapeutics Posts $91M Loss and Projects $47–$50M Cash by June
2025 net loss was $91 million ($1.88/share) versus $24.3 million ($0.53) in 2024, excluding a $108.1 million warrant gain, and cash declined to $95.5 million from $128.6 million. Management forecasts H1 2026 cash burn of $14–17 million plus a $31.25 million litigation payment, leaving $47–50 million in cash by June 30, 2026.
1. Financial Results
Filana Therapeutics reported a net loss of $91.0 million, or $1.88 per share, for the full year 2025, compared to a $24.3 million loss, or $0.53 per share, in 2024. The year-over-year increase was driven by the absence of a $108.1 million gain from warrant-liability revaluation recognized in 2024.
2. Cash Position and Guidance
The company ended 2025 with $95.5 million in cash and equivalents, down from $128.6 million at December 31, 2024. Management projects $14–17 million in operating cash burn for the first half of 2026 plus a $31.25 million estimated litigation settlement, resulting in a cash balance of $47–50 million by June 30, 2026.
3. Research and Development
R&D expenses fell 62% to $26.6 million in 2025 from $69.6 million in 2024, reflecting the phase-out of the Alzheimer’s disease development program completed in mid-2025. The planned TSC-related epilepsy clinical program is expected to incur significantly lower development costs.
4. Program and Corporate Updates
The company formally changed its name to Filana Therapeutics to underscore its focus on modulating filamin A for CNS disorders such as TSC-related epilepsy. It is actively preparing a response to the FDA’s clinical hold letter with additional preclinical data and protocol design revisions.