Purple Biotech (NASDAQ:PPBT) posted a net loss of $26.4 million for the full year 2025, a result heavily impacted by a $20.5 million non-cash impairment of its CM24 and NT219 programs.
Despite the widening loss, the Rehovot, Israel-based biopharmaceutical firm emphasized a strengthened balance sheet and a strategic focus on its CAPTN-3 tri-specific antibody technology, ending the year with $9.5 million in cash.
The company stated that its current capital, bolstered by financing activities in late 2025, is sufficient to fund operations into 2027.
This runway is designated to transition the CAPTN-3 platform from preclinical stages into Phase 1 clinical testing.
The shift follows the company's decision to deprioritize older assets in favor of "next-generation" immunotherapies designed to activate both innate and adaptive immune responses within the tumor microenvironment.
In its scientific update, Purple Biotech highlighted progress for its lead molecules, IM1240 and IM1305.
Preclinical data for IM1240, which targets the 5T4 tumor antigen, demonstrated a significantly expanded toxicology window, with the drug being well-tolerated at doses up to 300-fold higher than non-masked comparators.
Additionally, the company reported achieving commercially viable manufacturing yields for the platform, a critical milestone for a tri-specific architecture that is traditionally difficult to scale.
The 2025 fiscal year also marked a change in leadership, with CEO Gil Efron announcing plans to step down in August 2026 for health reasons.
Efron will remain on the board and lead corporate development efforts during the transition.