AgomAb Therapeutics NV reports €252.0 million cash after $208 million IPO

AgomAb Therapeutics NV, a Belgian clinical-stage biopharmaceutical company listed on Nasdaq, reported half-year 2026 results on August 6, 2026. Cash, cash equivalents and short-term cash investments totaled €252.0 million on June 30, 2026. That figure includes the net proceeds of the initial public offering completed in February 2026, which raised gross proceeds of approximately $208 million before underwriting discounts, commissions and other offering expenses. The company expects that cash to fund operating expenses and capital spending into the first half of 2029. The release does not name the underwriters of that offering.

Cash and the loss

For the six months ended June 30, 2026, the company reported a net loss of €31.0 million, up from €26.9 million a year earlier. Net cash used in operating activities was €29,917 thousand, against €24,932 thousand in the first half of 2025. Research and development expenses were €23.0 million, compared with €22.0 million. General and administrative expenses rose to €12.2 million from €6.7 million. The company says the €5.5 million increase "mainly relates to one-off expenses incurred for the IPO," but the release does not put a figure on those costs.

The per-share loss fell to €0.80 from €63.86 because the weighted average number of shares rose to 40,763,420 from 541,126, while the net loss itself grew.

Contingent consideration from a previous acquisition stood at €6,737 thousand as a current liability and €3,437 thousand as a non-current one at June 30, 2026.

The 2025 annual report on Form 20-F, filed on April 23, 2026, shows a net loss of €62,547 thousand for 2025 and net cash used in operating activities of €51,741 thousand.

The pipeline

AgomAb develops two inhibitors of ALK5, also called TGF-β RI. Ontunisertib (AGMB-129) is an oral, gut-restricted small molecule for fibrostenosing Crohn's disease, or FSCD. AGMB-447 is an inhaled small molecule for idiopathic pulmonary fibrosis, or IPF.

For ontunisertib, the 12-week placebo-controlled, double-blind Part A of the Phase 2a STENOVA study was presented as a late-breaker at the ECCO'26 congress in February 2026. The release gives no efficacy figures for that part. Part B, an open-label long-term extension, is expected to report topline results in the coming months. An open-label extension has no placebo group to compare against. As of February 2026, the Data Safety and Monitoring Board had not raised any safety issue and recommended continuing the 200mg BID dose for up to 60 weeks.

The next study, the Phase 2b NOV-ERA trial, has not started. The company says it has aligned with the FDA on a randomized, double-blind, placebo-controlled, dose-ranging design with the primary endpoint of endoscopic passability at Week 24. The protocol has been submitted to the FDA and has cleared central IRB approval in the United States. Health Canada and the UK's MHRA have approved the study. The release describes the FDA point as alignment on the design and does not claim any approval.

For AGMB-447, interim Phase 1 results from 108 healthy participants were reported in January 2026. The company said they pointed to a generally favorable safety, tolerability and pharmacokinetic profile. Those were volunteers, not patients. The Phase 1b IPF cohort has enrolled 10 participants, who receive multiple doses of AGMB-447 or placebo over 14 days, so the first patient data will come from a very small group.

The release says both drugs are investigational and that their efficacy and safety have not been established. It names no competing drugs for either program.

What comes next

Chief Executive Tim Knotnerus said the company is "on track with the clinical read-outs and trial initiations of ontunisertib and AGMB-447 expected later this year." The company expects to dose the first NOV-ERA participants and to start a Phase 2 IPF study of AGMB-447 in the second half of 2026.

The company says its cash will cover operating and capital spending into the first half of 2029. The release does not give a budget for NOV-ERA, so that runway cannot be checked against the cost of the study. Both the net loss and the operating cash use rose in the first half.

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