TME Pharma: half-year net loss reduced to €0.51 million, shareholders' equity still negative
TME Pharma published its first-half 2026 financial statements on 30 October 2026. The net loss amounts to €0.51 million, compared with €2.1 million a year earlier, after a 79% decrease in general and administrative expenses and a 98% decrease in research and development expenses.
These accounts are released a few days after two announcements that alter the biotech's outlook: the postponement of its debt to June 2028 and the opening of exclusive negotiations with Japan's TMS Co., Ltd. regarding NOX-A12. The balance sheet remains marked by negative shareholders' equity of €2.61 million at the end of June 2026.
A net loss reduced by lower expenses
The company recorded no revenue over the half-year, compared with €27 thousand in the first half of 2025. Its net loss amounts to €0.51 million, compared with €2.1 million a year earlier.
This change is based on reduced costs. General and administrative expenses fell by 79% to €203 thousand, and research and development expenses decreased by 98%. Cash stood at €1.02 million as of 30 June 2026.
Chief Executive Officer Diede van den Ouden indicated that the half-year was mainly devoted to discussions and negotiations with potential partners. Despite a policy of “strict cost control”, the company had to incur legal and due diligence advisory fees and maintain the infrastructure of the GLORIA study.
Negative shareholders' equity of €2.61 million, debt postponed to 2028
As mentioned at the general meeting in June 2025, shareholders' equity fell below the 50% threshold, then became negative in the second quarter of 2025. At the end of June 2026, it remains negative by €2.61 million.
The company specifies that, under the IFRS standards in force, certain of its assets (goodwill, raw materials and vials in stock) are valued at €0. It believes these assets may represent value if agreements are concluded with partners.
After the closing date, the repayment deadline of the debt was postponed to 30 June 2028 and two new bond issues were carried out. According to the press release of 26 October 2026, these transactions extend the company's financial visibility until the second quarter of 2028.
Exclusive negotiations with TMS for a licence on NOX-A12
On 29 October 2026, TME Pharma signed an exclusive negotiation agreement with Japanese company TMS Co., Ltd. This agreement aims to finalise a licence agreement and to continue the development of NOX-A12, its main asset. The outlined financial terms remain non-binding and would apply only upon signature of a definitive agreement.
According to the Chief Executive Officer, the operational objective of this collaboration is to enable the resumption of the GLORIA study, a phase 1/2 trial in glioblastoma. In the event of a definitive agreement, TME Pharma would receive liquidity, and the partner would bear all ongoing costs related to NOX-A12, including operating, advisory and patent expenses.
In the United States, the FDA granted NOX-A12 Fast Track designation, in combination with radiotherapy and bevacizumab, for the treatment of glioblastoma. The company is also seeking partners for NOX-E36, its second asset, intended for ophthalmic diseases.
At the end of the half-year, TME Pharma has cash of €1.02 million as of 30 June 2026 and negative shareholders' equity of €2.61 million. Following the postponement of its debt and its two bond issues, its financial visibility is now announced until the second quarter of 2028.
