H1 2026
Filed Sep 30, 2026RedHill reported no revenues and a $6.1 million net loss for the first half of 2026 while resetting its commercial portfolio through the Talicia divestment and acquisitions of rights to Rebyota and Clenpiq.
Operating cash use declined to $4.6 million from $5.0 million and financing increased cash and cash equivalents to $5.2 million, but H1 revenue was zero, operating loss widened to $4.1 million, and total liabilities exceeded total assets as of June 30, 2026.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net revenues, six months ended June 30, 2026other | — U.S. dollars in thousands | – | – |
| Research and development expenses, six months ended June 30, 2026other | 965 U.S. dollars in thousands | – | – |
| General, administrative, business and development expenses, six months ended June 30, 2026other | 2,511 U.S. dollars in thousands | – | – |
| Share of loss of joint venture, six months ended June 30, 2026other | 655 U.S. dollars in thousands | – | – |
| Operating loss, six months ended June 30, 2026other | (4,131) U.S. dollars in thousands | – | – |
| Financial income, six months ended June 30, 2026other | 20 U.S. dollars in thousands | – | – |
| Financial expenses, six months ended June 30, 2026other | 1,610 U.S. dollars in thousands | – | – |
| Financial income (expenses), net, six months ended June 30, 2026other | (1,590) U.S. dollars in thousands | – | – |
| Loss from continuing operations, six months ended June 30, 2026other | (5,721) U.S. dollars in thousands | – | – |
| Loss from discontinued operations, six months ended June 30, 2026other | (381) U.S. dollars in thousands | – | – |
| Loss and comprehensive loss for the period, six months ended June 30, 2026other | (6,102) U.S. dollars in thousands | – | – |
| Loss per ordinary share from continuing operation, basic and diluted, six months ended June 30, 2026other | (0.00) U.S. dollars | – | – |
| Loss per ordinary share from discontinued operation, basic and diluted, six months ended June 30, 2026other | (0.00) U.S. dollars | – | – |
| Total assets as of June 30, 2026other | 26,274 U.S. dollars in thousands | – | – |
| Total liabilities as of June 30, 2026other | 27,353 U.S. dollars in thousands | – | – |
| Total equity (capital deficiency) as of June 30, 2026other | (1,079) U.S. dollars in thousands | – | – |
| Cash and cash equivalents as of June 30, 2026other | 5,159 U.S. dollars in thousands | – | – |
| Restricted cash as of June 30, 2026other | 99 U.S. dollars in thousands | – | – |
| Investment in a joint venture as of June 30, 2026other | 11,121 U.S. dollars in thousands | – | – |
| Derivative financial instruments as of June 30, 2026other | 6,469 U.S. dollars in thousands | – | – |
| Net cash used in operating activities, six months ended June 30, 2026other | (4,562) U.S. dollars in thousands | – | – |
| Net cash used in operating activities from continuing operation, six months ended June 30, 2026other | (3,863) U.S. dollars in thousands | – | – |
| Net cash provided by investing activities, six months ended June 30, 2026other | 372 U.S. dollars in thousands | – | – |
| Net cash provided by financing activities, six months ended June 30, 2026other | 5,379 U.S. dollars in thousands | – | – |
| Proceeds from issuance of ordinary shares and warrants, net of issuance costs, six months ended June 30, 2026other | 5,460 U.S. dollars in thousands | – | – |
| Increase (decrease) in cash and cash equivalents, six months ended June 30, 2026other | 1,189 U.S. dollars in thousands | – | – |
Capital returns
- Proceeds from issuance of ordinary shares and warrants, net of issuance costs, were 5,460 U.S. dollars in thousands for the six months ended June 30, 2026.
- RedHill divested its 70% stake in Talicia for $18 million in upfront cash, plus up to $35 million in potential worldwide net sales milestone payments.
- RedHill acquired commercialization rights to Rebyota and Clenpiq for an upfront cash payment of $12 million, plus future milestones and tiered royalties.
What drove it
- No revenues were recognized in the first half of 2026 following the transfer of Talicia commercial operations to Talicia Holding Inc. in October 2025. The first half of 2025 included $0.3 million generated from the Hyloris license agreement for RHB-102 (Bekinda).
- General, administrative and business development expenses declined primarily because of lower professional services expenses and allocation of certain costs to THI following the Talicia commercial-operations transfer.
- Operating loss increased mainly because of the share of THI's loss and the absence of license revenues, partly offset by lower general, administrative and business development expenses.
- Financial expenses mainly reflected warrant-related issuance costs and fair value adjustments on derivative financial instruments.
- Rebyota and Clenpiq together generated approximately $37.5 million in 2025 net sales under Ferring. Rebyota generated approximately $16.9 million in U.S. net sales and Clenpiq delivered $20.6 million in net sales in 2025.
Concerns
- Net loss from continuing operations was $5.7 million for the first half of 2026, compared to $2.9 million for the first half of 2025.
- Total liabilities of $27.4 million exceeded total assets of $26.3 million as of June 30, 2026, and total equity (capital deficiency) was $(1.1) million.
- The Company recorded no revenues in the first half of 2026.
- THI recorded net revenues of $1.3 million and a net loss of $1.0 million for the first half of 2026, resulting in a $0.7 million share of loss of joint venture for RedHill.
- The release identifies risks relating to commercialization of Rebyota and Clenpiq, product-development and regulatory outcomes, future financing, potential milestone payments, and the ability to regain and maintain compliance with Nasdaq listing requirements.
What to watch
- Transition of Rebyota and Clenpiq into RedHill and the commercial growth and cash contribution from these products.
- Potential worldwide net sales milestone payments of up to $35 million from the Talicia divestment.
- Progress of the Bayer-supported Phase 2 study of opaganib and darolutamide in advanced castrate resistant prostate cancer.
- Next steps and potential partnership discussions for opaganib Ebola development.
- Progress toward an FDA-aligned Phase 2-ready study of RHB-204 in Crohn's disease.
- Cash use, financing activity, derivative liabilities, and the Company's Nasdaq listing compliance.
Balance sheet and cash flow
- Cash Balance as of June 30, 2026, was $ 5.3 million, including cash, cash equivalents, short-term bank deposits and restricted cash.
- Total Assets as of June 30, 2026, were $26.3 million, compared to $25.3 million as of December 31, 2025.
- Total Liabilities as of June 30, 2026, were $27.4 million, compared to $21.1 million as of December 31, 2025.
- Derivative financial instruments were 6,469 U.S. dollars in thousands as of June 30, 2026, compared to — U.S. dollars in thousands as of December 31, 2025.
- Net Cash Used in Operating Activities for the first half of 2026 was $4.6 million, compared to $5.0 million for the first half of 2025.
- Net Cash Provided by Financing Activities for the first half of 2026 was $5.4 million, primarily reflecting net proceeds from the June 2026 private placement, compared to $3.3 million for the first half of 2025.
Analysis
RedHill reported no revenues for the six months ended June 30, 2026, versus 286 U.S. dollars in thousands in the prior-year period. The company attributed the prior-year revenue to the Hyloris license agreement for RHB-102 and stated that Talicia commercial operations were transferred to Talicia Holding Inc. in October 2025. The first-half financial comparison is presented on a continuing-operations basis, while RedHill's economic participation in Talicia during the period is reflected through its share of loss of the joint venture.
Operating loss was (4,131) U.S. dollars in thousands, compared with (3,393) U.S. dollars in thousands. Research and development expenses were essentially unchanged at 965 U.S. dollars in thousands, while general, administrative, business and development expenses fell to 2,511 U.S. dollars in thousands from 2,715 U.S. dollars in thousands. The deterioration in operating loss reflects the absence of license revenue and a 655 U.S. dollars in thousands share of loss from the joint venture. Financial income (expenses), net shifted to (1,590) U.S. dollars in thousands from 458 U.S. dollars in thousands, with 2026 financial expenses mainly linked to warrant-related issuance costs and derivative-instrument fair-value adjustments. Loss and comprehensive loss for the period was (6,102) U.S. dollars in thousands versus (4,133) U.S. dollars in thousands.
Cash and cash equivalents were 5,159 U.S. dollars in thousands as of June 30, 2026, up from 3,971 U.S. dollars in thousands at December 31, 2025. Net cash used in operating activities was (4,562) U.S. dollars in thousands, compared with (5,015) U.S. dollars in thousands, while financing activities provided 5,379 U.S. dollars in thousands, principally through 5,460 U.S. dollars in thousands of proceeds from ordinary shares and warrants net of issuance costs. The balance sheet showed 26,274 U.S. dollars in thousands of total assets, 27,353 U.S. dollars in thousands of total liabilities, and total equity (capital deficiency) of (1,079) U.S. dollars in thousands. Derivative financial instruments were 6,469 U.S. dollars in thousands following the June 2026 private placement.
The strategic focus has shifted to commercializing Rebyota and Clenpiq after the Talicia transaction. RedHill sold its 70% Talicia interest for $18 million in upfront cash and up to $35 million in potential worldwide net sales milestones, and acquired rights to Rebyota and Clenpiq for $12 million upfront plus future milestones and tiered royalties. The release states the two acquired products generated approximately $37.5 million in 2025 net sales under Ferring. Management also highlighted opaganib's rare pediatric disease designation for neuroblastoma, continuing recruitment in the Bayer-supported Phase 2 prostate-cancer study, and Phase 2-ready work for RHB-204 in Crohn's disease.
The release provided no quantitative financial guidance. The central operating items to monitor are the transfer and commercialization of Rebyota and Clenpiq, the resulting revenue and cash contribution, cash usage and financing needs, joint-venture performance, and clinical and regulatory progress across opaganib, RHB-204 and RHB-102.
Management, verbatim
We have executed on two major transactions that unlock significant value and fuel our capacity for growth. The acquisition of commercial rights to Rebyota ® and Clenpiq ®, funded by sale of Talicia, improves our liquidity position and provides us with control to drive increased revenues, identify additional complementary revenue-generating products and support ongoing development of our assets. We are now focused on the rapid and smooth transition of Rebyota ® and Clenpiq ® into RedHill, utilizing our lean and efficient commercial team, which is already well positioned and deeply embedded in the U.S. GI market.
Dror Ben-Asher, Chief Executive Officer
Looking forward to the second half of 2026 and beyond, we also aim to progress our R&D development projects, which provide compelling opportunities in areas of significant unmet need, including multiple oncology indications, Crohn’s disease and other GI-associated conditions and Ebola virus disease (EBOV).
Dror Ben-Asher, Chief Executive Officer
Not in the filing
stated, not guessed- Accounting framework was not specified in the filing text.
- Gross profit and gross margin were not reported.
- Non-GAAP or adjusted financial measures were not reported.
- Tax expense, tax benefit, and tax rate were not reported.
- Quantitative forward financial guidance was not provided.
- Prior-quarter comparisons were not reported.
- Segment revenue for H1 2026 was not reported.
- Free cash flow was not reported.
- Share repurchases and dividends were not reported.
- Debt was not reported as a separate balance-sheet line item.
- A prior outlook release was not provided.
AlphAI analysis generated 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 cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.