AGMB — H1 2026 Financial Report Analysis

IPO cash in the bank, losses up modestly, and two Phase 2 trials about to start

AgomAb Therapeutics (Agomab), a Belgian drug developer that went public on Nasdaq in February 2026, has no product on the market and no sales. Its first half of 2026 was about money in and money out: the IPO lifted cash and short-term investments to €252.0 million at June 30, 2026, from €116.5 million at the end of 2025, while the net loss widened to €31.0 million from €26.9 million a year earlier. Almost all of the extra loss came from administrative costs tied to the IPO itself; research spending, the part that actually moves the drugs forward, rose only 4%.

At a glance

• €252.0 million of cash and short-term investments — management says this lasts into the first half of 2029, which is roughly two and a half years from June 2026.
• €29.9 million of cash used by operations in six months (€24.9 million a year earlier) — the "burn rate", or how fast the company spends its cash while it has no income.
• R&D €23.0 million, up 4.3% — research spending was nearly flat, but that should change: two mid-stage (Phase 2) trials are due to start in the second half of 2026.

All figures are in euros under IFRS and unaudited, taken from the half-year results press release furnished to the SEC on Form 6-K (Exhibit 99.1) on August 6, 2026. As a foreign private issuer, Agomab does not file quarterly 10-Qs; this release carries its condensed income statement, balance sheet and cash-flow statement for the six months to June 30.

Results for the six months to June 30