Q3 FY2026
Filed Nov 12, 2026ADARx reports Q3 2026 net loss of $28.1 million; IPO and concurrent private placement bring aggregate gross proceeds of approximately $602.5 million
Collaboration revenue rose and cash of $901.0 million, plus $62.3 million of over-allotment net proceeds received October 1, 2026, is stated to fund operations into 2030. Operating expenses rose faster than revenue, and the net loss widened from $17.9 million to $28.1 million for the quarter. The filing gives no financial guidance, so the read rests on reported figures and disclosed milestones.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Collaboration revenue, three months ended Sep 30, 2026GAAP | $2.22M | – | – |
| Research and development expenses, three months ended Sep 30, 2026GAAP | $26.71M | – | – |
| General and administrative expenses, three months ended Sep 30, 2026GAAP | $7.68M | – | – |
| Total operating expenses, three months ended Sep 30, 2026GAAP | $34.39M | – | – |
| Loss from operations, three months ended Sep 30, 2026GAAP | −$32.18M | – | – |
| Interest income, three months ended Sep 30, 2026GAAP | $3.48M | – | – |
| Other income, three months ended Sep 30, 2026GAAP | $581K | – | – |
| Total other income, net, three months ended Sep 30, 2026GAAP | $4.06M | – | – |
| Net loss, three months ended Sep 30, 2026GAAP | −$28.12M | – | – |
| Net loss per share, basic and diluted, three months ended Sep 30, 2026GAAP | $(1.74) | – | – |
| Total comprehensive loss, three months ended Sep 30, 2026GAAP | −$29.49M | – | – |
| Collaboration revenue, nine months ended Sep 30, 2026GAAP | $5.10M | – | – |
| Research and development expenses, nine months ended Sep 30, 2026GAAP | $75.03M | – | – |
| General and administrative expenses, nine months ended Sep 30, 2026GAAP | $19.20M | – | – |
| Total operating expenses, nine months ended Sep 30, 2026GAAP | $94.23M | – | – |
| Loss from operations, nine months ended Sep 30, 2026GAAP | −$89.12M | – | – |
| Interest income, nine months ended Sep 30, 2026GAAP | $11.23M | – | – |
| Other income, nine months ended Sep 30, 2026GAAP | $1.35M | – | – |
| Total other income, net, nine months ended Sep 30, 2026GAAP | $12.58M | – | – |
| Net loss, nine months ended Sep 30, 2026GAAP | −$76.54M | – | – |
| Net loss per share, basic and diluted, nine months ended Sep 30, 2026GAAP | $(6.46) | – | – |
| Cash and cash equivalents as of Sep 30, 2026GAAP | $570.6M | – | – |
| Cash, cash equivalents and short-term investments as of Sep 30, 2026other | $901M | – | – |
| Total assets as of Sep 30, 2026GAAP | $929.1M | – | – |
| Total liabilities as of Sep 30, 2026GAAP | $354.7M | – | – |
| Total stockholders' equity as of Sep 30, 2026GAAP | $574.4M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Collaboration revenue (Collaboration and License Option Agreement with the Puerto Rico branch of AbbVie Biotechnology Ltd)The release states that revenue was recognized under the AbbVie agreement based on the Company's performance of research and development services completed during each period. Prior-year comparison is $1,555 thousand for the three months ended Sep 30, 2025. The release describes collaboration revenue as $2.2 million compared with $1.6 million. | $2,217 thousand for the three months ended Sep 30, 2026 | – | – |
Capital returns
- IPO closed with 30,187,500 shares of common stock sold at $17.00 per share, including 3,937,500 shares issued on October 1, 2026 upon full exercise of the underwriters' option. Gross proceeds from the IPO before underwriting discounts, commissions and other offering expenses were $513.2 million.
- Concurrent private placement with AbbVie: 5,255,542 shares for gross proceeds of $89.3 million.
- Aggregate gross proceeds from the IPO and concurrent private placement totaled approximately $602.5 million, as stated in the release.
- Net proceeds of approximately $62.3 million from the underwriters' option shares were received on October 1, 2026 and are excluded from the $901.0 million cash figure.
- The release does not describe any share repurchase program or dividend.
What drove it
- The company states that the increase in R&D expenses was primarily due to higher external R&D expenses attributable to therapeutic candidates, higher preclinical and other external R&D expenses, and higher personnel-related expenses, partially offset by a decrease in other internal R&D expenses.
- The company states that the increase in G&A expenses was primarily due to higher personnel-related costs, professional fees and other expenses, other G&A related costs, and stock-based compensation expenses.
- The company states that collaboration revenue was recognized under the AbbVie agreement based on R&D services completed in each period.
- The company reports three Phase 2 agazisiran trials in renal diseases (IgAN, C3G, IC-MPGN), PNH and geographic atrophy, and states it intends to explore additional dosing regimens in its Phase 2 IgAN and PNH trials.
- Onvuzosiran received FDA Fast Track designation for HAE prophylaxis in August 2026 and is being evaluated in the Phase 3 STOP-HAE trial (NCT06960213).
- For ADX-626 (Factor XI), the company determined not to evaluate doses above the third cohort (400 mg) in the ongoing Phase 1 trial and intends to evaluate higher doses in its planned Phase 2 trial.
Concerns
- Net loss widened to $(28,117) thousand from $(17,883) thousand for the quarter, and to $(76,543) thousand from $(51,527) thousand for nine months.
- Total operating expenses rose to $34,394 thousand from $24,562 thousand for the quarter, while collaboration revenue was $2,217 thousand against $1,555 thousand in the prior-year quarter.
- Interest income declined to $3,479 thousand from $4,622 thousand for the quarter, and total other income, net fell to $4,060 thousand from $5,124 thousand, which reduces the offset to operating losses.
- Short-term investments fell to $330,397 thousand from $413,479 thousand at Dec 31, 2025. The release gives no operating cash flow figure.
- Deferred revenue, less current portion, of $305,524 thousand is a large liability balance relative to collaboration revenue. The filing does not explain its recognition schedule.
- The release's forward-looking statements list risks including timing and results of preclinical and clinical trials, regulatory approvals, reliance on third parties and capital needs.
What to watch
- Agazisiran Phase 2 data: IgAN 9-month UPCR reduction data expected mid-2027, IgAN 1-year eGFR stabilization data in 2H 2027, and C3G and PNH data in 2H 2027.
- Onvuzosiran Phase 3 STOP-HAE topline data by year-end 2027.
- ADX-626 Phase 2a/b initiation in secondary stroke prevention in 2027.
- ADX-077 Phase 1 initiation in obesity in 2027, and ADX-199 Phase 1 initiation by year-end 2027 or early 2028.
- Operating expense trajectory versus the R&D and G&A growth described in the release, and whether the company's stated runway into 2030 holds as spending rises.
- Investor appearance at the UBS Global Biopharma Conference in London on November 16, 2026.
Balance sheet and cash flow
- Cash and cash equivalents were $570,610 thousand as of Sep 30, 2026, compared with $66,517 thousand as of Dec 31, 2025.
- Short-term investments were $330,397 thousand as of Sep 30, 2026, compared with $413,479 thousand as of Dec 31, 2025.
- Total assets were $929,064 thousand as of Sep 30, 2026, compared with $507,655 thousand as of Dec 31, 2025.
- Stockholders' equity was $574,402 thousand as of Sep 30, 2026, compared with a deficit of $(202,255) thousand as of Dec 31, 2025. The convertible preferred stock balances shown as of Dec 31, 2025 are no longer outstanding as of Sep 30, 2026.
- Deferred revenue, less current portion, was $305,524 thousand as of Sep 30, 2026, compared with $314,994 thousand as of Dec 31, 2025. Deferred revenue, current portion, was $20,924 thousand compared with $16,557 thousand.
- Accumulated deficit was $(297,242) thousand as of Sep 30, 2026, compared with $(220,699) thousand as of Dec 31, 2025.
- The release states that existing cash, cash equivalents and short-term investments, together with the October 1, 2026 proceeds, are expected to fund projected operating expenses and capital expenditure requirements into 2030.
- No cash flow statement, operating cash flow or free cash flow figure is included in the filing.
Analysis
ADARx reported a third-quarter 2026 net loss of $(28,117) thousand, or $(1.74) per share, against a net loss of $(17,883) thousand, or $(1.85) per share, in the third quarter of 2025. The loss widened because total operating expenses rose to $34,394 thousand from $24,562 thousand, while collaboration revenue rose to $2,217 thousand from $1,555 thousand. Research and development expenses were $26,713 thousand against $19,416 thousand, and general and administrative expenses were $7,681 thousand against $5,146 thousand. The company attributes the R&D increase to external R&D spending on therapeutic candidates, preclinical costs and personnel, and attributes the G&A increase to personnel, professional fees, other G&A costs and stock-based compensation. The release does not give quarter-on-quarter comparisons or percentage changes for these lines.
For the nine months ended September 30, 2026, collaboration revenue was $5,103 thousand against $1,763 thousand, and the net loss was $(76,543) thousand against $(51,527) thousand. Non-operating income moved in the opposite direction from the operating lines: interest income was $3,479 thousand for the quarter against $4,622 thousand a year earlier, and total other income, net was $4,060 thousand against $5,124 thousand. The company does not explain the decline in interest income. Because it reported no guidance, the release gives no basis for comparing actual results with expectations.
The balance sheet changed substantially after the period. Cash and cash equivalents rose to $570,610 thousand from $66,517 thousand at December 31, 2025, and short-term investments were $330,397 thousand against $413,479 thousand. Total cash, cash equivalents and short-term investments were $901.0 million as of September 30, 2026. Total assets rose to $929,064 thousand from $507,655 thousand, and stockholders' equity moved to $574,402 thousand from a deficit of $(202,255) thousand, reflecting the IPO and concurrent private placement. Gross proceeds were $513.2 million from the IPO and $89.3 million from the AbbVie placement, about $602.5 million in total, and the release says the cash position is expected to fund operations into 2030 together with the $62.3 million of net proceeds received October 1, 2026.
The main balance-sheet item to weigh is deferred revenue, which totaled $305,524 thousand in non-current liabilities at September 30, 2026. The release does not describe its recognition schedule, so its effect on future revenue cannot be read from the filing. Total liabilities were $354,662 thousand. The release gives no cash flow statement, so operating cash burn for the period is not reported.
Pipeline milestones are the main forward-looking content. The release lists agazisiran Phase 2 data in IgAN, C3G and PNH during 2027, onvuzosiran Phase 3 STOP-HAE topline data by year-end 2027, and Phase 2 initiation for ADX-626 in secondary stroke prevention in 2027. The company does not provide numerical financial guidance, so the outlook is limited to these timelines and the stated runway.
Management, verbatim
We have made significant progress across our pipeline of next-generation siRNA therapeutics, bolstered by the successful completion of our IPO and concurrent private placement. These financings provide the resources to advance three clinical-stage programs in parallel, bring two advanced preclinical candidates into the clinic, and support additional IND filings as we expand our pipeline.
Zhen Li, Ph.D., President and Chief Executive Officer
Not in the filing
stated, not guessed- No financial guidance for revenue, operating expenses or net loss is provided, and no prior-period outlook was supplied, so guidance and vs_prior_guidance are empty.
- Percentage or dollar changes for collaboration revenue, R&D, G&A, operating expenses, net loss and other lines are not printed in the release, so yoy_change and qoq_change are null.
- Quarter-over-quarter comparisons (prior quarter, June 30, 2026) are not printed for any line item, so prior_quarter is null.
- Cash flow statement, operating cash flow and free cash flow are not included in the filing.
- The filing does not state explicitly that its financial statements are prepared under US GAAP. Basis is recorded as GAAP for the condensed consolidated statements.
- Non-GAAP measures are not presented.
- Share repurchases, dividends and any capital return program are not described.
- Segment reporting is not provided. Collaboration revenue is the only revenue line and is shown as a single revenue stream.
- Consensus estimates, analyst expectations and share price reaction are not in the documents.
- Balance sheet prior-year comparisons are shown against December 31, 2025 and are not same-period year-over-year figures, so they are listed in balance_sheet_cash_flow rather than in prior_year fields.
- Accounting for the IPO share price proceeds and the difference between gross and net proceeds beyond the figures printed is not detailed.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.