Net loss widens 68% to -$41.2M in Q2 2026 as R&D spend rises

Filed August 10, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 11, 2025 · ~2 min read

Key Changes

• high

  Net loss for Q2 2026 was $41.2M, up 68% from $24.6M a year earlier, as R&D expenses rose 65% to $72.4M for the six months. Operating loss widened 76% YoY to $50.1M. The company is burning cash faster to support multiple Phase 2 trials.

  MD&A: Operating Results verify on EDGAR →
• high

  Cash and marketable securities reached $1.1B as of June 30, 2026, up from $351.5M a year earlier. In July 2026, the company raised an additional $122.5M via the ATM.

  Notes: Subsequent Events verify on EDGAR →
• high

  ORKA-001 Phase 2a (EVERLAST-A) Week 16 data showed 63.5% of participants achieved complete skin clearance (PASI 100), with 83% achieving PASI 90. Phase 2b (EVERLAST-B) enrolled 187 patients; Week 16 data expected Q4 2026. Phase 3 initiation planned for H1 2027.

  MD&A: Clinical Programs verify on EDGAR →