Estrella Immunopharma, Inc. reported a net loss of $13.1 million for the year ended December 31, 2025, compared to a net loss of $8.8 million for the twelve months ended December 31, 2024. The company's research and development expenses increased to $10.2 million in 2025 from $6.4 million in 2024, primarily due to higher service fees associated with the STARLIGHT-1 clinical trial and the dosing of seven patients, as well as the activation of a second site. General and administrative expenses also rose to $2.8 million in 2025 from $2.4 million in 2024, driven by increased professional fees and stock-based compensation.
As of December 31, 2025, Estrella Immunopharma had cash and cash equivalents of $1.4 million and a working capital deficit of $11.9 million. The company's primary use of cash is to fund operating expenses, particularly clinical trial activities and related research and development costs. A significant portion of these costs is related to the Statement of Work with Eureka, which outlines a total commitment of $33.0 million for the STARLIGHT-1 clinical trial. As of December 31, 2025, Estrella had paid $3.5 million to Eureka for achieved milestones and deposited $1.5 million for patient treatment expenses.
Operationally, Estrella Immunopharma completed the second dose cohort in the Phase I dose-escalation portion of its STARLIGHT-1 Phase I/II clinical trial of EB103. An independent Data Safety Monitoring Board (DSMB) recommended advancing the trial into the Phase II expansion phase at the recommended Phase II dose (RP2D). In the Phase I dose-escalation phase, no treatment-related serious adverse events were reported, and the high-dose cohort achieved a 100% complete response rate at Month 1 in all evaluable patients. The company is also developing EB104, which are T-cells that utilize ARTEMIS® technology to target not only CD19, but also CD22.
The company identified material weaknesses in its internal control over financial reporting related to a lack of qualified accounting personnel. Management is of the opinion that the company will not have sufficient funds to meet its working capital requirements and debt obligations as they become due starting from one year from the date of this report. The company's ability to continue as a going concern is dependent on obtaining sufficient funding to finance its operations.
About Estrella Immunopharma, Inc.
Estrella Immunopharma is a biopharmaceutical company focused on developing T-cell therapies for cancer and autoimmune diseases. Its core platform, ARTEMIS, enables targeted, regulated immune responses to treat hematologic malignancies and solid tumors, with an emphasis on safety and efficacy. The company leverages innovative T-cell engineering to address limitations of existing immunotherapies, aiming to provide safer, more effective treatments for patients worldwide.
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