Helix BioPharma Corp. (TSX: HBP, OTC PINK: HBPCD, FRANKFURT: HBP0) today announced its financial results for the three- and six-month periods ended January 31, 2026, revealing a net loss of $694,000 for the quarter and $1,702,000 for the six-month period, improved from $1,375,000 and $2,711,000 in the same periods last year. However, the company's cash position has dwindled to just $31,000 as of January 31, 2026, down from $1,996,000 a year earlier, raising serious doubts about its ability to fund operations for the next twelve months.
The decrease in net loss was primarily driven by the closure of the LDOS006 clinical trial in metastatic pancreatic adenocarcinoma and reduced research activities, partially offset by higher operating, general, and administrative expenses linked to accounting, tax, legal, and consulting fees. The net loss per common share was $0.01 for the quarter and $0.05 for the six-month period, compared to $0.03 and $0.02 in the prior year.
The company's precarious financial position was exacerbated by the collapse of a planned $33.37 million financing with Quantum Global Ventures AG. On December 5, 2025, Helix entered into a subscription agreement for the sale of 18,538,889 common shares at $1.80 per share. However, Quantum Global Ventures AG declared bankruptcy after the reporting period, and Helix did not receive any proceeds. Subsequently, the company signed a term sheet with Alumni Capital Limited for a potential financing, but specific terms remain undisclosed due to confidentiality obligations.
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 management and the board are actively pursuing financing opportunities to secure approximately twelve months of operating runway, which would enable the company to pursue near-term objectives, including a listing on a U.S. securities exchange.
The company's cash reserves are insufficient to meet anticipated working capital and capital expenditure needs for the next twelve months, nor are they enough to complete current research and development activities. Helix's pipeline includes L-DOS47, a clinical-stage antibody-enzyme conjugate targeting CEACAM6-expressing tumors, and next-generation bi-specific antibody-drug conjugates. It also advances two pre-IND candidates: LEUMUNA™, an oral immune checkpoint modulator, and GEMCEDA™, an oral gemcitabine prodrug.
For more details, the Interim Filings are available on SEDAR+ and the company's website at Helix BioPharma Filings.
