Inhibikase Therapeutics reported its third‑quarter 2025 results, posting a net loss of $11.9 million, or $0.13 per share, compared with a $5.8 million loss and a $0.65 per share loss in the same quarter of 2024. The widening loss reflects higher operating expenses as the company invests in its pipeline.
Cash, cash equivalents and marketable securities fell to $77.3 million at September 30, 2025, down from $97.5 million at the end of 2024. The remaining balance is expected to support 6–7 quarters of operating flexibility, assuming current burn rates continue.
Research and development costs increased to $7.6 million from $4.2 million, largely driven by the February 2025 acquisition of CorHepta Pharmaceuticals for approximately $15 million in stock and a $7.4 million non‑cash write‑off of in‑process R&D. The acquisition adds a small PAH asset to Inhibikase’s portfolio and explains the R&D expense spike.
Selling, general and administrative expenses rose to $5.6 million from $1.6 million, driven by $1 million of severance and consulting fees related to restructuring initiatives. The jump in SG&A is consistent with the company’s focus on preparing for the upcoming Phase 2b study.
Management reiterated its plan to launch the Phase 2b IMPROVE‑PAH trial of IKT‑001 in the fourth quarter of 2025. CEO Mark Iwicki emphasized that the study is a critical milestone for the company’s lead product, a prodrug of imatinib mesylate, and that the company remains focused on advancing the candidate into late‑stage development.
No consensus analyst estimates for EPS or revenue were available for the quarter, so a beat or miss assessment cannot be made. Guidance for the next quarter remains unchanged, indicating confidence in maintaining the current cash runway while continuing to invest in clinical development.
The CorHepta acquisition expands Inhibikase’s pipeline in PAH and adds a small but valuable asset, but the associated costs have increased the burn rate. The company’s strategy to fund the Phase 2b study through existing cash reserves and potential future financing reflects a typical clinical‑stage approach.
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