Helix BioPharma Corp. (TSX: HBP, OTC PINK: HBPCD, FRANKFURT: HBP0) reported financial results for the three- and six-month periods ended January 31, 2026, revealing a reduced net loss but a precarious cash position following the collapse of a major financing deal. 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, and a six-month loss of $1.702 million, compared to $2.711 million in 2025. However, cash reserves dwindled to just $31,000 as of January 31, 2026, from nearly $2 million a year earlier.
On December 5, 2025, Helix entered into a subscription agreement with Quantum Global Ventures AG for the purchase of 18,538,889 common shares at $1.80 per share, for extended gross proceeds of $33.37 million. The agreement was fully executed by both parties, but Quantum Global Ventures AG declared bankruptcy subsequent to the reporting period, and Helix received none of the proceeds. As a result, the financing did not close. Following the end of the reporting period, the company signed a term sheet with Alumni Capital Limited for a potential financing transaction, though specific commercial terms remain undisclosed due to confidentiality obligations.
“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.” The company anticipates that existing cash reserves are insufficient to meet anticipated cash needs for working capital and capital expenditures through the next twelve months, nor are they sufficient to see current research and development activities through to completion.
The decrease in net loss was primarily due to the closing of the LDOS006 clinical trial in metastatic pancreatic adenocarcinoma and reduced research activities, partially offset by an increase in operating, general and administrative expenses associated with accounting, tax, legal, and consulting fees. The net loss per common share was $0.01 for the three months and $0.05 for the six months ended January 31, 2026, compared to $0.03 and $0.02, respectively, in the prior year.
Helix BioPharma is an oncology company with a pipeline led by Tumor Defense Breaker L-DOS47, a clinical-stage antibody-enzyme conjugate designed to prime CEACAM6-expressing tumors for increased sensitivity to therapy. The company also advances two pre-IND candidates: LEUMUNA, an oral immune checkpoint modulator for post-transplant leukemia relapse, and GEMCEDA, a first-in-class oral gemcitabine prodrug. The interim 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/.
