COAG — Q2 2026 Financial Report Analysis

Hemab Therapeutics, a Danish-American drug developer working on treatments for rare inherited bleeding disorders, reported its first quarter as a public company. It has no products on sale and no revenue, so the quarter is about two things: how fast it is spending, and how much money it has to keep spending. Its net loss doubled to $24.2 million in the three months to June 30, 2026, as research spending rose 58%, but its May 2026 initial public offering (IPO) lifted cash and investments to $457.5 million, which management says will last "into 2029".

At a glance

• $457.5 million in cash and investments at June 30, up from $185.5 million at the end of 2025, after the IPO brought in $317.2 million net of fees. That is enough, on management's own estimate, to run the company into 2029 without raising more.
• $26.1 million of operating expenses in the quarter, up 62% from a year earlier. Hiring mattered as much as trials: R&D staff costs including stock awards rose $3.2 million, about the same as the $3.3 million rise in outside costs across all three drug programs combined.
• $44.2 million of cash used by operations in the first half, close to the $46.8 million accounting loss. At that pace the cash would last far beyond 2029, so the "into 2029" guidance implies spending will roughly double once a planned Phase 3 trial starts.

What Hemab is developing

The company's value rests on three drug candidates, all still in testing:

"Phase" refers to the stage of human testing: Phase 1 checks safety in a small group, Phase 2 looks for signs the drug works and picks a dose, and Phase 3 is the large trial regulators usually need before approving a drug.

The numbers

For the first half of 2026 the net loss was $46.8 million, against $27.5 million a year earlier. The second quarter's loss of $24.2 million compares with $22.7 million in the first quarter (the first-half loss minus the second quarter), so the step-up from last year is mostly already in the run rate rather than a one-quarter spike.

Where the money went

R&D spending — the cost of discovering drugs and running trials — rose $7.5 million year on year. The filing breaks it down:

A few things stand out:

• The lead drug is not yet where the money is going. Sutacimig's outside costs rose only $0.7 million, which the filing attributes to "increased Chemistry, Manufacturing, and Controls, or CMC, costs" — that is, scaling up production of the drug, typically a step taken ahead of a large trial. The Phase 3 trial itself has not started, so its cost is not yet in these figures.
• HMB-002's increase reflects a trial now running: the filing says the 2025 quarter carried only "start-up costs", while 2026 carries costs of the ongoing Phase 1/2 trial.
• HMB-003 nearly quadrupled to $1.9 million, driven by "non-clinical and CMC development" as it is prepared for its first human study.
• Headcount is the biggest single driver. Staff costs and stock-based pay together rose $3.2 million, which the filing puts down to "a significant increase in average headcount across clinical development, CMC, and clinical operations."

G&A — running the company outside the lab — rose $2.6 million. The largest piece is "Other" G&A, up $1.3 million to $2.1 million, which together with professional fees ($1.5 million, up $0.3 million) the filing groups as higher "professional service fees and other administrative fees". These are the costs of becoming a listed company, and the filing says they will keep rising.

What the headline numbers hide

• The loss doubled, but spending did not. Operating expenses rose 62%; the net loss rose 98%. The gap is almost entirely below the operating line: a year ago Hemab booked $3.5 million of "other income", mostly foreign-exchange gains (it spends in Danish kroner, euros, pounds and dollars), and this quarter that line was a $0.8 million loss. That $4.3 million swing outweighed a $2.5 million rise in interest income. Currency gains and losses are not part of the drug business and can flip either way next quarter; the operating loss (up 62%) is the better measure of how fast the company is actually spending.
• Cash conversion is clean. For the first half, cash used in operations ($44.2 million) was slightly below the net loss ($46.8 million). Non-cash stock-based pay ($3.3 million) was largely offset by $2.1 million of interest that was earned on discounted bonds but not yet received in cash. There is no sign of costs being pushed into future periods: unpaid bills (accounts payable and accrued expenses) rose only $2.5 million to $12.5 million.
• Interest income is real but partly not yet cash. Q2 interest income of $2.9 million came from investing the IPO money; the filing says the increase was due to "accretion income" on its bond holdings, meaning the gain from buying bonds below face value and holding them toward maturity. Separately, the bond portfolio showed a $2.3 million unrealised loss in the quarter (recorded outside the income statement), so the investment book's total return was smaller than the interest line suggests.
• Per-share loss is not comparable with last year, and will shift again. The year-ago figure of -$12.91 divides the loss over only 946,000 ordinary shares, because the preferred shares held by venture investors did not count until they converted at the IPO. This quarter's -$0.80 uses a weighted average of 30.1 million shares, because the IPO closed on May 4, partway through the quarter. By June 30 there were 46.7 million shares outstanding, so even an unchanged loss next quarter would show a smaller per-share figure (around -$0.52). That would be arithmetic, not improvement.
• Stock-based pay quadrupled to $2.0 million across R&D and G&A (from $0.5 million), a normal post-IPO pattern as new equity plans start awarding shares, but it is a cost to existing shareholders through dilution rather than cash.
• A Danish R&D tax credit (up to 5.5 million Danish kroner a year, under $1 million) is netted against R&D expense, so reported R&D is slightly lower than gross research spending.
• The IPO cost $29.6 million in underwriting fees and expenses, about 8.5% of the $346.7 million raised gross (19.26 million shares at $18).

Funding: no going-concern question

A "going concern" warning is what auditors require when a company may not have enough money to last the next 12 months. Hemab has none: the 10-Q states its cash will fund operations "for at least one year" from the filing date, and the MD&A goes further, to "into 2029". It has no debt; total liabilities were just $13.5 million against $467.8 million of assets.

The runway guidance tells you something about the spending plan. At the first half's pace of roughly $88 million a year in operating cash burn, $457.5 million would last about five years. Guiding to "into 2029" — about two and a half years from June 30 — implies average spending of up to roughly $180 million a year, about double today's rate. The filing says the planned Phase 3 trial of sutacimig will be "substantially more expensive than our earlier-stage clinical trials", which is where most of that increase is likely to go. Since inception Hemab has raised about $692.7 million gross and accumulated $228.7 million of losses.

The risk the numbers don't show

The 10-Q is candid about one safety issue: in the Phase 1/2 trial in Glanzmann thrombasthenia, sutacimig caused thromboembolism — unwanted blood clots — at high peak drug levels. For a drug designed to help blood clot, that is the central trade-off. In July 2026 the company announced long-term extension data showing a sustained effect and picked a once-weekly dose of 0.2 mg/kg for Phase 3, chosen to reduce bleeding "while avoiding high peak exposures associated with thromboembolism". The filing says the FDA has endorsed that dose. Whether the Phase 3 trial confirms both the benefit and the absence of clots at that dose is the single biggest determinant of the company's value.

On HMB-002, early single-dose data (July 2026) were descriptive only: 8 of 9 evaluable patients had no treated bleeds in the 28 days after dosing, with no clotting events, no serious side effects and no injection-site reactions. The filing notes this part of the study "was not designed to measure efficacy", so these are encouraging signals, not proof.

Takeaway: Hemab's quarterly loss doubled, but most of that came from a currency swing rather than the drug programs; the real story is that the IPO left it with roughly two and a half years of runway at a spending rate expected to double, and the value of that cash now hinges on whether sutacimig's Phase 3 dose avoids the clotting problems seen at higher exposures in earlier testing.

What to watch next

• Sutacimig Phase 3 start in Glanzmann thrombasthenia, guided for the second half of 2026. A start would push R&D sharply higher in the following quarters; a slip would show up as flatter outside costs for the program.
• Factor VII deficiency Phase 2 data, expected late 2026 or early 2027 — the first test of whether sutacimig can expand beyond its lead disease.
• HMB-003 first-in-human study, planned for the second half of 2026, with initial data in mid-2027.
• HMB-002 multiple-dose results from Part B of VELORA Pioneer, which will show whether the monthly dosing the company is aiming for holds up.
• Spending pace versus the runway. Quarterly operating expenses ran at about $25 million in the first half. If they climb toward $45 million a quarter as the "into 2029" guidance implies, that is the plan working; if they climb faster without new trials starting, the runway shortens.
• Share supply. Of the 46.7 million shares outstanding, about 27.4 million (those not sold in the IPO) are held under lock-up agreements that will expire after a set period, which can add selling pressure.

Our read: for a company at this stage, the second quarter was financially uneventful in the good sense — spending rose in line with a growing pipeline, there was no sign of strain, and the balance sheet is strong. The next three quarters matter more, because the Phase 3 start and the Factor VII data will determine whether that cash is being spent on a drug likely to reach patients.

Figures are from Hemab's Form 10-Q for the quarter ended June 30, 2026, filed August 11, 2026. Dollar amounts are rounded; percentage changes are calculated from the filing's figures in thousands.