NovaBridge Biosciences H1FY26 net loss widens to $37.9 million
NovaBridge Biosciences reported a H1FY26 net loss of $37.9 million, widening from $8.7 million in the prior year, with an EPS miss of 135.71%. The company highlighted strategic progress, including the appointment of Srishti Gupta as CEO and advancements in its givastomig and VIS-101 pipelines, while maintaining $215.9 million in cash.
*this image is generated using AI for illustrative purposes only.
NovaBridge Biosciences (NASDAQ: NBP) reported a quarterly loss of $(0.33) per ADS for the first half of FY26, missing the analyst consensus estimate of $(0.14). The actual loss exceeded expectations by 135.71 percent, signaling a significant divergence from market forecasts. The total net loss for the six months ended June 30, 2026, was $37.9 million, compared to $8.7 million in the prior-year period.
Financial Performance
The widening loss was driven by increased operating expenses. Research and development expenses rose to $14.3 million from $4.1 million in the first half of FY25, primarily due to investments in clinical development activities for givastomig and the build-out of development capabilities. Administrative expenses also increased significantly to $26.4 million from $8.3 million in the prior year. This rise was attributed to higher share-based compensation expense associated with equity awards granted in 2025, increased personnel costs, and a one-time write-off of deferred offering costs related to the previously proposed HKEx dual primary listing.
Despite the higher burn rate, NovaBridge maintained a strong balance sheet. As of June 30, 2026, the company held $215.9 million in cash, cash equivalents, short-term investments, and equity investment at fair value. Management stated this position provides sufficient runway through several important clinical and strategic inflection points, including givastomig’s planned Phase 3 interim data read-out in 2028.
| Metric: | Value |
|---|---|
| Reported EPS (ADS): | $(0.33) |
| Consensus Estimate: | $(0.14) |
| Miss Percentage: | 135.71% |
| Net Loss (H1FY26): | $37.9 million |
| Net Loss (H1FY25): | $8.7 million |
| Cash & Equivalents: | $215.9 million |
What the Numbers Show
The magnitude of the miss highlights a sharp deviation from consensus. With the reported loss more than double the estimated loss per share, the result indicates that operational or non-operational factors weighed heavier on the bottom line than analysts had projected. The data points to a wider-than-expected deficit in the period, driven largely by the one-time write-off and accelerated R&D spending.
Strategic Updates and Pipeline Progress
During the first half of 2026, NovaBridge continued executing its strategic priorities by progressing key clinical milestones for its lead programs. The company appointed Srishti Gupta, MD, MPP, as Chief Executive Officer to strengthen strategic oversight, governance, and capital allocation. Mark Hagler was appointed Chief Commercial Officer, and Jeffrey Nau, PhD, MMS, was named President and CEO of Visara, Inc., the subsidiary leading the ophthalmology platform.
Givastomig
Givastomig, a potential first-in-class Claudin 18.2-Targeted Immuno Amplifier, is advancing toward initiating a registrational Phase 3 study as early as year-end 2026 under a potential Accelerated Approval Pathway. In June 2026, the FDA granted Fast Track Designation to givastomig for the treatment of previously untreated HER2-negative advanced or metastatic gastroesophageal adenocarcinoma. Positive Phase 1b data showed a 77% objective response rate at 8 mg/kg and 73% at 12 mg/kg among evaluable subjects with first-line gastric cancer.
VIS-101
VIS-101, a tetravalent VEGF-A × ANG-2 peptibody for retinal vascular diseases, is progressing toward Phase 2b initiation in the second half of 2026. This follows positive Phase 2a results reported in March 2026, which demonstrated favorable safety, meaningful visual acuity improvements, and encouraging durability in neovascular age-related macular degeneration patients. A global Phase 3 program is anticipated to begin in 2027.
How will the significant increase in share-based compensation and administrative costs impact NovaBridge's burn rate trajectory leading up to the 2028 givastomig data read-out?
Given the $37.9 million net loss, does the current $215.9 million cash position provide sufficient runway to fund both givastomig's Phase 3 and VIS-101's Phase 2b trials without requiring additional dilutive financing?
What specific milestones must givastomig achieve in late 2026 to successfully initiate its registrational Phase 3 study under the FDA's Accelerated Approval Pathway?
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