Helix BioPharma Corp. (TSX: HBP, OTC PINK: HBPCD, FRANKFURT: HBP0), a clinical-stage oncology company, today announced its financial results for the three- and six-month periods ended January 31, 2026, revealing a sharp decrease in cash reserves and a failed financing that has left the company seeking alternative funding.
The company reported a net loss of $694,000 for the three months ended January 31, 2026, compared to a loss of $1,375,000 in the same period last year. For the six-month period, the net loss was $1,702,000, down from $2,711,000 in the prior year. The reduced loss was primarily due to the conclusion of the LDOS006 clinical trial in metastatic pancreatic adenocarcinoma and decreased research activities, partially offset by higher operating, general and administrative expenses.
However, the company's cash position has deteriorated significantly. As of January 31, 2026, Helix held only $31,000 in cash, down from $1,996,000 at the same time last year. The company stated that existing cash reserves are insufficient to meet anticipated working capital and capital expenditure needs for the next twelve months, nor to complete current research and development activities.
The cash crunch stems from a failed financing agreement. 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 gross proceeds of $33,370,000. However, after the reporting period, Quantum Global Ventures AG declared bankruptcy, and Helix received none of the proceeds, leaving the financing unclosed.
In response, Helix is actively pursuing new financing. Following the reporting period, the company signed a term sheet with Alumni Capital Limited for a potential financing transaction, though specific commercial terms remain confidential. CEO Thomas Mehrling, MD, PhD, stated, "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." He added that the management and board are pursuing financing opportunities to secure approximately twelve months of operating runway, which would allow the company to pursue near-term objectives, including listing on a U.S. securities exchange.
Helix's pipeline is led by Tumor Defense Breaker™ L-DOS47, a clinical-stage antibody-enzyme conjugate targeting CEACAM6-expressing tumors, which has completed Phase Ib studies in non-small cell lung cancer. The company also has pre-IND candidates LEUMUNA™ and GEMCEDA™ in development.
The financial statements and management's discussion and analysis are available on SEDAR+ at www.sedarplus.ca and on the company's website at https://www.helixbiopharma.com/filings-and-financials/.
Forward-looking statements in this release are based on assumptions and subject to risks, including those detailed in the company's public filings on SEDAR+.
