Faeth Therapeutics, Inc. FTH
We are a clinical-stage biotechnology company focused on improving outcomes for cancer patients through multi-node inhibition of critical oncogenic pathways. On February 17, 2026, we completed the acquisition of Faeth Therapeutics, a clinical-stage biotechnology company developing multi-node therapies that target tumor metabolism and signaling. The Acquisition brought Faeth's lead asset, PIKTOR, a proprietary investigational all-oral combination of serabelisib and sapanisertib that inhibits multiple nodes of the PI3K/AKT/mTOR pathway, into our pipeline. In connection with the Acquisition, we received $200 million in gross proceeds from a private placement financing, or the 2026 Private Placement, from a broad syndicate of investors, including several leading life sciences funds, including B Group Capital, Balyasny Asset Management, Columbia Threadneedle Investments, Cormorant Asset Management, Fairmount, Logos Capital, RA Capital Management, and Vivo Capital, to advance PIKTOR through key clinical milestones. For additional information regarding the terms of the Acquisition and the 2026 Private Placement, see Note 15 to the consolidated financial statements and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in this Annual Report.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| SG&A | $11.3M | $13.0M | $18.8M | $19.8M | $15.8M | $7.5M | — |
| Total operating expenses | $22.3M | $32.6M | $37.1M | $50.2M | $37.5M | $19.5M | — |
| Operating income | -$22.3M | -$32.6M | -$37.1M | -$50.2M | -$37.5M | -$19.5M | — |
| Interest expense | $32.0K | $90.0K | $144.0K | $219.0K | $670.0K | $1.7M | — |
| Pre-tax income | -$21.1M | -$30.2M | — | — | — | — | — |
| Income tax | $0 | $0 | — | — | — | — | — |
| Net income | -$21.1M | -$30.2M | -$34.1M | -$48.6M | -$36.8M | -$20.1M | — |
| EPS, basic | -16.72 | -24.01 | -1.22 | -1.58 | -1.33 | — | — |
| EPS, diluted | -16.72 | -24.01 | -1.22 | -1.58 | -1.33 | -12.53 | — |
| Shares, diluted (wtd. avg.) | 1.3M | 1.3M | 28.0M | 30.7M | 27.7M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $8.7M | $10.0M | $13.0M | $17.8M | $7.2M | $16.6M | — |
| Short-term investments | $12.5M | $31.3M | $52.7M | $89.3M | $140.5M | — | — |
| Total current assets | $21.5M | $41.9M | $67.2M | $108.6M | $148.5M | $20.1M | — |
| Property, plant and equipment | $82.0K | $417.0K | $1.2M | $2.0M | $4.6M | $1.3M | — |
| Total assets | $22.9M | $45.4M | $74.4M | $118.4M | $153.2M | $21.4M | — |
| Accounts payable | $689.0K | $244.0K | $573.0K | $4.5M | $2.5M | $3.9M | — |
| Total current liabilities | $4.3M | $5.4M | $5.6M | $9.1M | $4.9M | $4.8M | — |
| Long-term debt | — | — | — | — | — | $567.0K | — |
| Total liabilities | $4.3M | $7.0M | $9.5M | $15.0M | $6.7M | $5.5M | — |
| Retained earnings | -$283.1M | -$262.1M | -$231.9M | -$197.8M | -$149.2M | -$112.4M | — |
| Total equity | $18.6M | $38.4M | $64.9M | $103.4M | $146.5M | -$56.4M | -$68.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$20.5M | -$24.7M | -$32.0M | -$39.0M | -$30.3M | -$17.7M | — |
| Depreciation and amortisation | $122.0K | $551.0K | $571.0K | $614.0K | $685.0K | $209.0K | — |
| Stock-based compensation | $1.3M | $3.1M | $4.5M | $5.8M | $5.7M | $1.5M | — |
| Capital expenditure | $16.0K | $146.0K | $180.0K | $321.0K | $2.0M | $1.2M | — |
| Investing cash flow | $19.8M | $22.4M | $38.4M | $49.9M | -$143.1M | -$1.4M | — |
| Financing cash flow | -$645.0K | -$787.0K | -$11.2M | -$287.0K | $163.9M | $35.5M | — |
| Buybacks | — | — | $10.4M | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-252637.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — |
| Net income | — | -$20.1M | -$36.8M | -$48.6M | -$34.1M | -$30.2M | -$21.1M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
- Officer or director change Item 5.02
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event Item 8.01
- Officer or director change Item 5.02
- Charter or fiscal year changed Item 5.03
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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