Third Quarter 2026
Filed Nov 3, 2026Faeth Therapeutics Reports Third Quarter 2026 Financial Results and Operational Updates
Faeth advanced its PIKTOR clinical program, received FDA Fast Track designation and expects a Phase 2 topline readout by year-end 2026, while quarterly operating expenses and net loss increased substantially from the prior-year period.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Research and development expenses, three months ended September 30GAAP | $11.7M | – | – |
| General and administrative expenses, three months ended September 30GAAP | $10.4M | – | – |
| Total operating expenses, three months ended September 30GAAP | $22.09M | – | – |
| Loss from operations, three months ended September 30GAAP | −$22.09M | – | – |
| Total other income, three months ended September 30GAAP | $1.69M | – | – |
| Net loss, three months ended September 30GAAP | $20.4M | – | – |
| Net loss per share, basic and diluted, three months ended September 30GAAP | $0.79 per basic and diluted share | – | – |
| Weighted-average common shares outstanding, basic and diluted, three months ended September 30GAAP | 25,840,555 | – | – |
| Cash, cash equivalents and marketable securities, September 30GAAP | $174.8M | – | – |
| Cash and cash equivalents, September 30GAAP | $14.18M | – | – |
| Marketable securities, September 30GAAP | 160,615 | – | – |
| Total assets, September 30GAAP | 178,949 | – | – |
| Total liabilities, September 30GAAP | 11,085 | – | – |
| Series B redeemable convertible preferred stock, September 30GAAP | 6,767 | – | – |
| Total stockholders’ equity, September 30GAAP | 161,097 | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
by year-end 2026 and 2027 outlook
- NoteTopline data from the Phase 2 PIK-201 trial in endometrial cancer expected by year-end
- NotePIKTOR is being evaluated in a Phase 2 trial in second-line advanced endometrial cancer (Study FTH-PIK-201), with topline data anticipated by year-end 2026.
- NotePIKTOR is also being evaluated in a Phase 1b/2 trial in HR+/HER2- advanced breast cancer (Study FTH-PIK-101), in which the first patient was dosed in April 2026 and interim data is anticipated in 2027.
What drove it
- The increase in R&D expenses was primarily driven by development costs for PIKTOR and other Faeth programs, including clinical trial, chemistry, manufacturing and controls (CMC) and preclinical expenses, together with higher personnel costs, partially offset by lower clinical trial costs for legacy Sensei programs.
- The increase in G&A expenses was primarily attributable to higher personnel costs and increased external administrative fees, primarily legal fees.
- FDA granted Fast Track designation to PIKTOR in combination with paclitaxel for the treatment of patients with advanced or recurrent endometrial cancer whose tumors harbor a PI3K/AKT/mTOR (PAM) pathway alteration and who have previously been treated with platinum-based chemotherapy and an immune checkpoint inhibitor.
- The Company selected 3 mg sapanisertib and 200 mg serabelisib three days a week as the recommended Phase 2 dose for PIKTOR in the PIK-201 trial.
Concerns
- Net loss was $20.4 million for the quarter ended September 30, 2026, compared with a net loss of $4.6 million for the quarter ended September 30, 2025.
- The filing identifies risks related to clinical development and the conduct, timing and results of clinical trials.
- The filing identifies risks related to reliance on third parties for the supply of investigational agents used in combination studies.
- The filing identifies risks related to the Company’s cash position and anticipated cash runway, its need for additional financing, limited operating history and history of operating losses.
What to watch
- Topline data from the Phase 2 PIK-201 trial in endometrial cancer anticipated by year-end 2026.
- Initial safety and efficacy data from the PIK-101 trial in HR+/HER2- breast cancer anticipated in 2027.
- The clinical implications of the FDA Fast Track designation for PIKTOR plus paclitaxel in biomarker-selected advanced endometrial cancer.
- Continued R&D and G&A expense levels as the Company develops PIKTOR and other Faeth programs.
Balance sheet and cash flow
- Cash, cash equivalents and marketable securities were $174.8 million as of September 30, 2026, as compared to $21.2 million as of December 31, 2025.
- Cash and cash equivalents were $ 14,180 as of September 30, 2026, compared with $ 8,668 as of December 31, 2025.
- Marketable securities were 160,615 as of September 30, 2026, compared with 12,516 as of December 31, 2025.
- Total assets were 178,949 as of September 30, 2026, compared with 22,902 as of December 31, 2025.
- Total liabilities were 11,085 as of September 30, 2026, compared with 4,310 as of December 31, 2025.
- Total stockholders’ equity was 161,097 as of September 30, 2026, compared with 18,592 as of December 31, 2025.
Analysis
Faeth reported a clinical-stage operating profile for the third quarter of 2026, with no revenue reported in the filing and spending concentrated on development activity. Research and development expenses were $11.7 million, compared with $2.5 million in the prior-year quarter. The company attributed the increase to PIKTOR and other program development costs, including clinical trial, CMC and preclinical spending, as well as higher personnel costs, partly offset by lower legacy Sensei clinical trial costs.
General and administrative expenses were $10.4 million, compared with $2.3 million in the prior-year quarter, driven by higher personnel costs and external administrative fees, primarily legal fees. Total operating expenses were $ 22,086 and loss from operations was $(22,086). Total other income was $ 1,688, resulting in net loss of $20.4 million, or $0.79 per basic and diluted share, versus net loss of $4.6 million, or $3.62 per basic and diluted share, in the prior-year period. Weighted-average common shares outstanding were 25,840,555, compared with 1,261,290.
Liquidity increased from year-end. Cash, cash equivalents and marketable securities were $174.8 million as of September 30, 2026, compared with $21.2 million as of December 31, 2025. The balance sheet reported cash and cash equivalents of $ 14,180 and marketable securities of 160,615. The release did not provide operating cash flow, free cash flow, debt, a quantified cash runway or capital-return activity.
Operationally, the central near-term catalyst is topline data from the Phase 2 PIK-201 endometrial cancer trial anticipated by year-end 2026. The FDA granted Fast Track designation to PIKTOR plus paclitaxel for biomarker-selected advanced or recurrent endometrial cancer after specified prior treatment. Faeth also selected 3 mg sapanisertib and 200 mg serabelisib three days a week as the recommended Phase 2 dose for PIKTOR in PIK-201, following PK/PD analysis.
The company also expects interim data from the PIK-101 Phase 1b/2 study in HR+/HER2- advanced breast cancer in 2027. The filing highlights preclinical ESMO data in which PIKTOR was tested as monotherapy and in combination with SERDs and CDK inhibitors. The investment focus remains clinical execution and data timing, alongside the pace of development and administrative spending against the reported liquidity position.
Management, verbatim
Since our last quarterly update, we presented PK/PD analysis that informed the PIKTOR dose in our Phase 2 PIK-201 trial and received Fast Track designation for PIKTOR plus paclitaxel in biomarker-selected advanced endometrial cancer.
Anand Parikh, Chief Executive Officer
The PAM pathway is dysregulated in up to 50% of solid tumors, and feedback reactivation and resistance mutations may limit single-node inhibitors. We designed PIKTOR, an all-oral, multi-node inhibitor, to address those limitations, and we believe it has the potential to give patients a differentiated treatment option.
Anand Parikh, Chief Executive Officer
We look forward to reading out topline data from our Phase 2 PIK-201 trial in endometrial cancer by year-end, and to reporting initial safety and efficacy data from our PIK-101 trial in HR+/HER2- breast cancer in 2027.
Anand Parikh, Chief Executive Officer
Not in the filing
stated, not guessed- Revenue
- Segment revenue
- Gross profit and gross margin
- Non-GAAP financial measures
- Operating cash flow
- Free cash flow
- Debt
- Quantified cash runway
- Share repurchases
- Dividends
- Financial revenue, gross-margin, operating-expense or tax-rate guidance
- Previous-release outlook for comparison
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 was checked against the filing text, and a metric 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.