Helix BioPharma Corp., a clinical-stage oncology company, released its financial results for the three- and six-month periods ended January 31, 2026, revealing a net loss of $694,000 for the quarter and $1,702,000 for the half-year, compared to losses of $1,375,000 and $2,711,000 in the same periods last year. The improvement was attributed to the closure of its LDOS006 clinical trial in metastatic pancreatic adenocarcinoma and reduced research activities, partially offset by higher operating, general, and administrative expenses.
The company's cash position dropped sharply to $31,000 as of January 31, 2026, from $1,996,000 a year earlier. Management stated that existing reserves are insufficient to meet working capital needs for the next twelve months or complete current research and development activities. The precarious financial situation follows the collapse of a $33.37 million subscription agreement with Quantum Global Ventures AG, which declared bankruptcy after the agreement was fully executed, leaving Helix without the expected proceeds.
“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. “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.”
Subsequent to the reporting period, Helix signed a term sheet with Alumni Capital Limited for a potential financing transaction, though specific terms remain confidential. The company's efforts are critical as it seeks to advance its pipeline, which includes L-DOS47 for CEACAM6-expressing tumors, LEUMUNA for post-transplant leukemia relapse, and GEMCEDA, an oral gemcitabine prodrug. The company's ability to secure funding will determine whether it can continue development and achieve its goal of listing on a U.S. exchange.
Helix's financial statements and MD&A are available on SEDAR+ at www.sedarplus.ca and on the company's website at https://www.helixbiopharma.com/filings-and-financials/.
