Gain Therapeutics reported a net loss of $0.15 per share for the three months ended September 30 2025, an improvement from the $0.17 loss in the same period a year earlier and in line with the consensus estimate of $0.15. Cash and cash equivalents fell to $8.8 million from $10.4 million at the end of 2024, tightening the company’s runway to the fourth quarter of 2025.
Research and development expenses rose to $2.8 million, up from $2.6 million a year earlier, driven by the costs of the Phase 1b Parkinson’s disease trial and unfavorable foreign‑exchange translation. General and administrative costs increased to $1.9 million from $1.8 million, largely due to higher stock‑based compensation, personnel expenses, and currency effects.
The company completed enrollment of 21 participants in its Phase 1b study, surpassing the original target of 15. Sixteen of the 21 participants have finished 90 days of dosing and are moving into a 12‑month extension. Early data from the first nine participants suggest a disease‑slowing effect on the Movement Disorder Society Unified Parkinson’s Disease Rating Scale (MDS‑UPDRS), a finding that the company highlighted as encouraging for the biology of GT‑02287.
Gene Mack, President and CEO, said the company is “encouraged by the progress made during the third quarter” and remains on track to report the full 90‑day analysis in the fourth quarter. He added that the early clinical findings presented at the 2025 MDS conference indicate a disease‑slowing effect, and that approximately 80 % of participants are engaged in the extension study.
Analysts had expected a loss of $0.15 per share, so the earnings met expectations. The market reaction was driven more by the clinical progress than by the earnings themselves, with investors focusing on the early data and the company’s ability to submit an IND by the end of 2025.
The company’s cash position of $8.8 million is sufficient for near‑term operations but underscores the need for future funding to support the next phases of development. While no new guidance was issued, management emphasized that the upcoming Q4 2025 analysis will be critical for informing Phase 2 design and that the company remains focused on securing the capital required for later‑stage trials.
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