aibioAdlai Nortye reports US$231.9 million cash after two 2026 private placements
Tickers ANL
Adlai Nortye reports $231.9 million in cash and short-term investments at June 30, 2026, up from $8.1 million six months earlier, after two private placements of $140 million and $150 million before fees, and it has de-prioritized AN4005 as a monotherapy.
Key facts
- Company
- Adlai Nortye Group Ltd. (NASDAQ: ANL)
- News type
- Financings
- Primary source
- Adlai Nortye Group Ltd. 6-K (2026-08-14)
Adlai Nortye Ltd. (NASDAQ: ANL), a Cayman Islands company, published unaudited first-half 2026 results in a Form 6-K dated August 14, 2026. As of June 30, 2026, cash and cash equivalents together with short-term investments at amortized cost amounted to $231.9 million, compared with $8.1 million as of December 31, 2025. The balance sheet shows cash and cash equivalents of $132,590 thousand and short-term investments of $99,296 thousand.
The company completed two private placement equity financings in 2026, which it calls oversubscribed. In February it raised $140 million, and in April it raised $150 million, each before deducting placement agent fees and other expenses. The 6-K names no placement agent for either deal and names no counsel. It does not state net proceeds, but net cash from financing activities was $223,141 thousand for the half.
Dilution and the balance sheet
The placements came with a large share issue. Class A ordinary shares outstanding rose to 176,203,813 at June 30, 2026 from 103,010,803 at December 31, 2025, while Class B shares stayed at 16,990,000. Shareholders' equity was a deficit of $8,322 thousand at the end of 2025 and $214,828 thousand at June 30, 2026. The accumulated deficit stood at $470,182 thousand.
Current interest-bearing bank borrowings were $17,619 thousand at June 30, 2026, down from $24,582 thousand at the end of 2025, and long-term borrowings were $7,341 thousand.
The cash history
The annual report for 2024, filed as a 20-F and amended on May 12, 2025, shows year-end cash and cash equivalents of $60.9 million at December 31, 2024, down from $91.5 million a year earlier. Cash used in operations was $51.8 million in 2024 and $56.7 million in 2023.
For the six months ended June 30, 2026, net cash used in operating activities was $15.4 million, compared with $15.1 million a year earlier. That is nearly flat year on year.
Revenue and the loss
Revenue was $13.1 million in the first half of 2026, from nil a year earlier. The release says all of it came from an exclusive license agreement with Jiangsu Aosaikang Pharmaceutical Co., Ltd. for AN9025, recognized primarily in connection with upfront payments and development milestone achievements. Those payments are not recurring sales.
Research and development expenses fell 4%, from $15.2 million to $14.6 million,. General and administrative expenses rose 43.1%, from $4.1 million to $5.8 million. The net loss fell 70.9%, to $5.3 million from $18.3 million, with the license revenue doing the work: spending on research barely moved.
Pipeline changes
The company will de-prioritize AN4005, an oral PD-L1 inhibitor, as a monotherapy, and remains open to collaboration to explore it as a combination partner. It expects to present an update from the expansion cohorts at the 2026 SITC meeting.
AN9025, an oral pan-RAS(ON) inhibitor, is in a global Phase I trial in advanced or metastatic solid tumors with RAS mutations. The first patient was dosed in the once-daily arm in February 2026 and in the once-weekly arm in July 2026. Initial Phase Ia dose-escalation data from the once-daily arm are due in the first half of 2027.
AN4035, a RAS-inhibitor antibody drug conjugate targeting CEACAM5, received ethics committee approval in Australia in July 2026 for a Phase I trial. The first patient is to be dosed in the second half of 2026, with initial data expected in the second half of 2027.
AN8025, a tri-specific antibody fusion protein, is in a global Phase I study in Australia and China, with dose escalation to be completed by the end of 2026. AN0025, an EP4 antagonist, is in a randomized Phase II rectal cancer study called ARTEMIS. The company says the futility analysis was passed in March 2026, a low bar that says little about efficacy, and topline results are expected in the first half of 2027.
What the release leaves out
The release lists clinical milestones for 2026 and 2027 but gives no efficacy numbers from any current trial. It says the company is expanding in the United States and Singapore, and gives no cost figure for that.