Moleculin Biotech Reports $7.6 Million Net Loss in Q2 2025, Seeks Additional Funding

Moleculin Biotech, Inc. reported its financial results for the second quarter of 2025, revealing a net loss of $7.6 million, compared to a loss of $4.3 million in the same period last year. The company has not generated any revenue during this period, maintaining a consistent trend from previous quarters. Total operating expenses for the quarter were $5.7 million, a decrease from $6.2 million in the prior year, primarily due to reduced research and development costs, which fell to $3.6 million from $4.1 million. General and administrative expenses remained stable at approximately $2.1 million.

The company’s financial position has changed significantly since the end of 2024. As of June 30, 2025, Moleculin reported total assets of $21.6 million, up from $16.9 million at the end of December 2024. This increase was largely driven by a rise in cash and cash equivalents, which grew to $7.6 million from $4.3 million. However, total liabilities also increased substantially to $28.8 million, compared to $10.9 million at the end of 2024, primarily due to a significant rise in warrant liabilities, which reached $20.6 million.

In terms of strategic developments, Moleculin completed a public offering in June 2025, raising approximately $5.9 million through the sale of common stock and warrants. The offering included 9,972,026 shares of common stock and 6,107,974 pre-funded warrants. The company also reported a loss of $10.4 million related to the issuance of Series E warrants during this offering. Additionally, the company is actively pursuing its Phase 3 clinical trial for Annamycin, which is aimed at treating relapsed/refractory acute myeloid leukemia (AML). The trial is expected to provide interim results by the end of 2025.

Operationally, Moleculin has expanded its clinical trial sites for the MIRACLE trial, with over 35 sites selected across the U.S. and Europe. As of late July 2025, four sites were actively recruiting patients. The company has also received positive feedback from the FDA regarding its pediatric study plan for Annamycin, which is set to commence in the second half of 2027. Despite these advancements, the company faces challenges, including compliance with Nasdaq listing requirements, as it has received deficiency letters regarding its stockholder equity and bid price.

Looking ahead, Moleculin anticipates needing approximately $10 million in additional funding to support its operations and clinical trials into early 2026. The company plans to explore various financing options, including equity offerings and strategic partnerships. However, there is uncertainty regarding its ability to secure this funding, which raises concerns about its ability to continue as a going concern. The company is also under investigation by the SEC, which could impact its operations and financial condition.