Helix BioPharma Corp. (TSX: HBP, OTC PINK: HBPCD, FRANKFURT: HBP0), a clinical-stage oncology company, today reported financial results for the three- and six-month periods ended January 31, 2026, revealing a precarious cash position and the collapse of a major financing deal. The company recorded a net loss of $694,000 for the second quarter, compared to $1,375,000 in the same period last year, a decrease attributed to the closure of its LDOS006 clinical trial and reduced research activities. However, cash reserves plummeted to just $31,000 as of January 31, 2026, down from $1,996,000 a year earlier.
The sharp decline in cash follows the bankruptcy of Quantum Global Ventures AG, which had agreed in December 2025 to purchase 18,538,889 common shares at $1.80 per share for gross proceeds of $33,370,000. The subscription agreement was fully executed, but the company did not receive any proceeds due to the investor's bankruptcy. Helix now states that existing cash is insufficient to meet working capital needs for the next twelve months or to complete current research and development activities.
In response, Helix has signed a term sheet with Alumni Capital Limited for a potential financing transaction, although specific terms remain confidential. CEO Thomas Mehrling, MD, PhD, commented, 'While our current financial position reflects a challenging capital markets environment for small-cap biotech companies, our focus remains firmly on securing the financing necessary to advance Helix into its next phase.' The company is actively pursuing opportunities to secure approximately twelve months of operating runway and to facilitate a listing on a U.S. securities exchange.
Helix's pipeline is led by Tumor Defense Breaker L-DOS47, an antibody-enzyme conjugate targeting CEACAM6-expressing tumors, which has completed Phase Ib studies in non-small cell lung cancer. The company also advances pre-IND candidates LEUMUNA, an oral immune checkpoint modulator for post-transplant leukemia relapse, and GEMCEDA, an oral gemcitabine prodrug. Despite the financial challenges, Helix continues to innovate from strength, aiming to bring near-term solutions for hard-to-treat cancers.
The interim financial statements and MD&A are available on the company's profile at www.sedarplus.ca and on its website at https://www.helixbiopharma.com/filings-and-financials/. The company cautions that forward-looking statements involve risks and uncertainties, including those disclosed in its periodic filings.
