ADARx Posts $1.74 Per-Share Loss in Third Quarter as Collaboration Revenue Rises
Key Facts
ADARx Pharmaceuticals reported results on November 12 for the third quarter ended September 30, 2026, posting basic and diluted loss per share of $1.74. Net loss was $28.117 million, compared with $17.883 million in the same period of 2025. In contrast, collaboration revenue rose to $2.217 million from $1.555 million a year earlier. The figures show two divergent trends during the quarter: higher revenue recorded under a collaboration agreement alongside a wider net loss. The stock closed at $13.3 in the November 11 session, before the results announcement.
Collaboration revenue came from a collaboration and license agreement with AbbVie’s Puerto Rico affiliate, in exchange for research and development services provided by ADARx. Revenue rose to $2.217 million in the third quarter of 2026 from $1.555 million in the corresponding quarter of 2025. But that revenue did not prevent net loss from increasing to $28.117 million, compared with $17.883 million a year earlier. On a per-share basis, loss was $1.74, compared with $1.85 in the year-earlier quarter. Thus, the per-share loss measure moved in a different direction from net loss, which increased between the periods.
Higher research and development spending was among the main expense items cited by the company. Those expenses totaled $26.7 million in the third quarter, compared with $19.4 million in the same period of 2025. ADARx attributed the increase mainly to higher external costs related to therapeutic candidates and preclinical work, as well as personnel expenses. It said partial declines in other internal research and development items limited the increase. General and administrative expenses were $7.7 million, compared with $5.1 million a year earlier, with the increase linked to personnel costs, professional fees, other expenses and stock-based compensation.
The company had $901.0 million in cash and cash equivalents and short-term investments on September 30, 2026. That balance excludes net proceeds of approximately $62.3 million received on October 1. ADARx said it expects its resources to fund operating and capital expenditures through 2030. The liquidity followed the closing of the company’s public offering at $17.00 per share, alongside a concurrent private placement with AbbVie. Total gross proceeds from the two offerings were about $602.5 million before expenses, while the stock began trading on Nasdaq on September 25, 2026.
In its development pipeline, the company is conducting three Phase 2 trials of agazisiran. The target areas include kidney diseases and complement-related complications, paroxysmal nocturnal hemoglobinuria, and geographic atrophy associated with macular degeneration. ADARx plans to explore additional dosing regimens in trials for immunoglobulin A nephropathy and paroxysmal nocturnal hemoglobinuria. Onvuzosiran is being evaluated in the Phase 3 STOP-HAE trial for the prevention of hereditary angioedema attacks. The U.S. Food and Drug Administration granted the candidate Fast Track designation in August 2026.
The company set expected timing for several clinical readouts in 2027. It expects data on the reduction in urine protein-to-creatinine ratio from the immunoglobulin A nephropathy trial in the middle of the year, followed by estimated glomerular filtration rate stabilization data in the second half. It also expects data from the C3G and paroxysmal nocturnal hemoglobinuria trials in the second half of 2027. The company is targeting initial data from the STOP-HAE trial by the end of that year. Ahead of those dates, ADARx is scheduled to participate in the UBS Global Biopharma Conference in London on November 16, 2026, at 2:00 p.m. GMT.