Hemogenyx Pharmaceuticals plc (LSE: HEMO) recorded a loss before taxation of £6,557,736 for the six months ended June 30, 2026, up from £5,006,415 in the prior year period. The increase was primarily driven by a non-cash share-based payment charge of £5,543,473, while underlying operating costs declined compared to the same period in 2025.

The company raised £5.6 million in gross proceeds during the first half of 2026 to support ongoing clinical development. As of June 30, 2026, Hemogenyx held cash and cash equivalents totalling £4,584,849. The biopharmaceutical group continues to advance its lead candidate, HG-CT-1, an autologous CAR-T therapy for relapsed or refractory acute myeloid leukaemia (AML).

Clinical and operational milestones

Hemogenyx submitted its second Annual Investigational New Drug (IND) Report to the FDA for HG-CT-1, covering data from three adult patients treated at the initial dose level. The report indicated that CAR-T cell expansion and persistence were observed in all subjects, with peak levels occurring between 14 and 28 days post-infusion. No immune effector cell-associated neurotoxicity syndrome (ICANS) or dose-limiting toxicities were reported.

The company has completed the technology transfer of HG-CT-1 manufacturing to Made Scientific, reducing its operating cost base. This outsourcing decision is expected to lower the burn rate further in the current financial year. Additionally, Hemogenyx secured FDA clearance to initiate Phase I trials in paediatric patients, expanding the programme beyond adults.

Commercialisation partnerships

The company has established early commercialisation pathways in Europe through hospital exemption frameworks:

• Estonia: A definitive collaboration agreement was signed with Cellin Technologies OÜ on August 11, 2026. Cellin will serve as the exclusive manufacturing and operational partner for five years under Estonia’s Medicinal Products Act hospital exemption pathway.
• Lithuania: A letter of intent was signed with Vilnius University Hospital Santaros Klinikos on July 29, 2026, for translational research and compassionate-use treatment under Lithuania’s hospital exemption framework.

These arrangements aim to generate early revenues and real-world clinical data while full marketing authorisation is pursued. However, the company noted that revenue is contingent on successful technology transfer, regulatory authorisation, and reimbursement approvals.

Financial performance

Excluding the non-cash share-based payment charge, operating costs were lower than in the comparative period, reflecting reduced underlying expenditure. The company emphasised financial discipline and resource management as key priorities for the remainder of 2026.

What the numbers show

The divergence between the widening statutory loss and the declining underlying operating costs highlights the impact of accounting charges versus cash burn. While the reported loss increased by approximately 31% year-on-year, the £5.54 million share-based payment charge accounts for the majority of this rise. Excluding this non-cash item, the company’s actual cash outflow for operations appears to have decreased, aligning with its stated strategy of outsourcing manufacturing to Made Scientific to manage burn rate. The £4.58 million cash position, combined with the £5.6 million raised during the period, provides near-term liquidity for clinical progression, though future capital needs remain dependent on trial outcomes and commercialisation milestones.

Hemogenyx Pharmaceuticals plc (LSE:HEMO) raised £291,665 through the exercise of warrants over 96,825 new ordinary shares. The capital raise follows notices received from warrant holders exercising their rights at prices ranging from 180p to 350p per share.

The company announced the issuance on September 3, 2026, noting that the transaction brings fresh equity capital to its balance sheet. The warrants were exercised at varying strike prices within the disclosed range, reflecting different tranche terms held by investors.

Admission and Voting Rights

Application has been made for the Warrant Shares to be admitted to the Financial Conduct Authority (FCA) official list and to trading on the main market for listed securities of the London Stock Exchange (LSE). Admission is expected to occur on or around 8.00 am on September 8, 2026.

Upon admission, the Warrant Shares will rank pari passu in all respects with the existing ordinary shares. The total number of issued shares and voting rights in the company will stand at 6,896,786.

Shareholder Notification Thresholds

The updated share count of 6,896,786 serves as the denominator for shareholders determining if they are required to notify their interest in, or changes to their interest in, the share capital under the FCA's Disclosure Guidance and Transparency Rules. This adjustment ensures compliance with UK regulatory transparency standards following the increase in issued share capital.

What the Numbers Show

The warrant exercise price range of 180p to 350p indicates multiple layers of investor entry points. With a total raise of £291,665 across 96,825 shares, the weighted average exercise price sits approximately at 301p per share. This suggests a mix of early-stage warrants (lower strike) and later-stage or premium warrants (higher strike) being converted simultaneously, diluting existing holdings by approximately 1.4% relative to the pre-exercise count implied by the final total.