Molecular Partners AG reported its fourth‑quarter 2025 earnings on March 12, 2026, after market close. The Swiss‑listed biopharma company posted a net loss of CHF 61.7 million for the year, an increase from CHF 54.0 million in 2024, and a quarterly loss of CHF 0.44 per share, missing the consensus estimate of CHF 0.38 per share. The company generated no revenue in 2025, a result that matches the consensus estimate of zero and reflects the winding down of a collaboration with Novartis that had previously provided a significant revenue stream.
The earnings miss is driven by the absence of collaboration revenue and the continued investment in clinical development. Molecular Partners confirmed that it will spend CHF 45–55 million on operating expenses in 2026, a level that supports its ongoing pipeline, including the first‑in‑class Radio‑DARPin MP0712 targeting DLL3 and the immune‑cell engager MP0533. The company’s cash balance of CHF 93.1 million as of December 31, 2025, provides a runway that extends into 2028, giving management time to advance these candidates through clinical trials.
Management highlighted progress in the MP0712 program, noting that early imaging and dosimetry results support the Phase 1/2a study that has now opened in the United States. The company also emphasized its broader DARPin platform, which it believes positions it as a potential leader in targeted alpha‑radiotherapy for small‑cell lung cancer and in next‑generation immuno‑oncology.
Analysts noted that the EPS miss and the lack of revenue are primary drivers of the market’s negative reaction. While the company’s cash position remains robust, the widening net loss and zero revenue underscore the high‑cost, high‑risk nature of its clinical‑stage business model.
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