Helix BioPharma Corp. (TSX:HBP, OTC PINK:HBPCD, FRANKFURT:HBP0) today reported financial results for the three- and six-month periods ended January 31, 2026, revealing a narrowed net loss but critically low cash reserves. The clinical-stage oncology company posted a net loss of $694,000 for the three months ended January 31, 2026, down from $1.375 million in the same period last year. For the six-month period, the net loss was $1.702 million, compared to $2.711 million in the prior year.
The reduction in losses was primarily attributed to the closure of the LDOS006 clinical trial in metastatic pancreatic adenocarcinoma and reduced research activities, partially offset by higher operating, general and administrative expenses related to accounting, tax, legal, and consulting fees. However, the company's cash position deteriorated sharply, with only $31,000 on hand as of January 31, 2026, down from $1.996 million a year earlier.
Helix acknowledged that existing cash reserves are insufficient to meet anticipated needs for working capital and capital expenditures through the next twelve months, nor are they sufficient to complete current research and development activities. The company had entered into a subscription agreement with Quantum Global Ventures AG on December 5, 2025, for the purchase of 18,538,889 common shares at $1.80 per share, for gross proceeds of $33.37 million. However, subsequent to the reporting period, Quantum Global Ventures AG declared bankruptcy and Helix did not receive any of the subscription proceeds, resulting in the financing not closing.
"While our current financial position reflects a challenging capital markets environment for small-cap biotech companies, our focus remains firmly on securing the financing necessary to advance Helix into its next phase," said Thomas Mehrling, MD, PhD, Chief Executive Officer of the Company. "The Management and Board are actively pursuing financing opportunities aimed at securing approximately twelve months of operating runway, which will allow the Company to pursue its near-term objectives, including listing on a U.S. securities exchange."
Following the end of the reporting period, Helix signed a term sheet with Alumni Capital Limited for a potential financing transaction. Specific commercial terms were not disclosed due to confidentiality obligations. The company's interim financial statements and management's discussion and analysis are available on SEDAR+ at www.sedarplus.ca and on its website at https://www.helixbiopharma.com/filings-and-financials/.
The company's pipeline includes Tumor Defense Breaker L-DOS47, a clinical-stage antibody-enzyme conjugate for CEACAM6-expressing tumors, which has completed Phase Ib studies in non-small cell lung cancer. Helix also advances pre-IND candidates LEUMUNA, an oral immune checkpoint modulator for post-transplant leukemia relapse, and GEMCEDA, an oral gemcitabine prodrug. The company is listed on TSX (HBP), OTC PINK (HBPCD), and FWB (HBP0). More information is available at https://www.helixbiopharma.com/.
