Carna Biosciences, Inc. Fiscal Year Ending December 2026 Q3 Financial Summary [Japanese GAAP] (Consolidated)

Key Points of the Results

The drug discovery segment continued clinical trial progress in the U.S. and pipeline initiatives aimed at out-licensing BTK inhibitors and securing large contracts. However, increased clinical development expenses in the drug discovery segment led to an expanded operating loss, while the drug discovery support segment achieved revenue growth domestically and internationally. The full-year forecast assumes revenue of 720 million yen, operating loss of -2,028 million yen, and net loss attributable to owners of parent of -2,090 million yen. The financial summary notes material events related to the going concern assumption, including cash flow constraints and the possibility of insolvency.

Outlook and Capital Measures

The company is advancing U.S. clinical trials for the BTK inhibitor docirbrutinib with the aim of achieving out-licensing within 2026. Key measures include obtaining upfront payments and milestones from out-licensing the pipeline and securing funds through the drug discovery support business. For financing, the company has issued multiple series of bonds with warrants and executed new share issuances to supplement cash on hand; however, resolving the capital deficit depends on pipeline progress and exercise of new shares.