Roxadustat

2026年医疗行业更具颠覆性，全球制药迎来新一轮洗牌。 Q1，手握“K药”的默沙东跌出前五，曾靠新冠称王的辉瑞更是滑至第八。取而代之的是凭借代谢赛道异军突起的礼来与诺和诺德。礼来2026年Q1营收198亿美元，增长56%，登顶全球制药营收。诺和诺德营收968.23亿丹麦克朗（约151.35亿美元），同比增长32%，首次闯入前四。 排名更迭的背后，更标志着全球制药业的增长引擎的“转换”。风口从肿瘤、自免等传统“王牌领域”，开始加速向心血管代谢疾病迁移，以GLP-1类为代表的药物正在重塑整个行业的估值逻辑与研发取向。 中国区：这种“温差”表现的更为明显。当传统“规模优先”、单一重磅的幻想被撕开，MNC在华带来不一样的反应。默沙东HPV疫苗的失速、诺和诺德司美格鲁肽在华的下滑、赛诺菲中国市场拖累整体表现，无不警示一众MNC加速转变。相比之下，阿斯利康通过持续的新品上市稳住第一宝座，诺华则依靠Leqvio进医保后的放量逆势增长8%，礼来十年的长线布局，胜负手似乎“已经清晰”。 让我们通过TOP10 制药Q1成绩单、中国区表现，来透视全球制药巨头的“攻守之道”。 *根据最新财报数据测算；仅供参考。 01 排名巨变： 礼来问鼎，诺和诺德挺进前5 2026年Q1，礼来自2025年登顶后，稳住TOP1。诺和诺德成为TOP10新面孔，荣登第四。辉瑞跌至第8，阿斯利康晋级前三，全球顶级制药展开新一轮TOP10角逐。 1. 汇率换算：1丹麦克朗=0.15632美元、1瑞士法郎=1.2745美元、1欧元=1.1689美元。由于涉及汇率换算，营收差距小的企业排名受汇率大小影响。 2. 罗氏、强生、默沙东、辉瑞只计算制药业务。同比增长数据各企业统计口径不同；仅供参考。 *** 以下是TOP 10企业营收的具体构成 ❶ 礼来（Eli Lilly） 2026年Q1 制药营收（百万美元）：19799 同比：+56% 研发（百万美元）：3510（占总营收18%） 2026年Q1，礼来全球营收为198亿美元，增长56%。增长受销量激增65%推动，但因实现价格下降13%而抵消部分涨幅。 从治疗领域来看，礼来目前聚焦心血管代谢、肿瘤、自免、神经四大疾病。 心血管代谢：替尔泊肽撑起礼来接近三分之二的营收： Mounjaro（替尔泊肽降糖适应证）：86.62亿美元，同比大增125%； Zepbound（替尔泊肽肥胖适应证）：营收41.6亿美元，同比增长80%。 肿瘤药：Verzenio（乳腺癌）：核心CDK4/6抑制剂，保持强劲势头。Jaypirca（BTK抑制剂）：1.65亿美元，同比增长79%。 区域营收： 美国：营收121亿美元，同比增长41%，为最大区域市场，其中销量增长49%，价格下降7%。 欧洲：营收36.46亿美元，同比增长53%。 日本：营收5.71亿美元，同比增长42%。 中国（占比3.5%）：营收6.93亿美元，同比增长54%。 其他市场：营收27.71亿美元，同比增长178%。 ❷ 强生创新制药（J&J Innovative Medicine） 2026年Q1 制药营收（百万美元）：15426 同比：+11.2% 研发（百万美元）：2548（占总营收17%） 强生集团总营收达240.62亿美元，同比增长9.9%。其中，创新药板块收入154.26亿美元（+11.2%），医疗科技板块收入86.36亿美元（+7.7%）。 制药业务： 肿瘤：依然是业绩支柱，收入69.73亿美元，同比大增22.8%。 DARZALEX（达雷妥尤单抗）营收39.64亿美元（+22.5%），仍是肿瘤板块第一大单品。 CAR-T疗法CARVYKTI（西达基奥仑赛）营收5.97亿美元，同比增长62.1%。 免疫：单季度取得16.08亿美元销售额，王牌产品STELARA（乌司奴单抗）因专利到期导致销售额大幅缩水近六成，营收6.56亿美元。 神经科学：Spravato（艾司氯胺酮鼻喷雾剂）继续保持高速扩张，收入4.68亿美元（+46.4%）。 区域营收 美国市场：营收133.3亿美元，同比+8.3%。 国际市场：营收107.32亿美元，同比+11.9%。 ❸ 阿斯利康（Astra Zeneca） 2026年Q1 制药营收（百万美元）：15288  同比：+8% 研发（百万美元）：3461（占总营收23%） 2026年Q1，阿斯利康总营收152.88亿美元，同比增长8%。 制药业务： 肿瘤业务：营收67.98亿美元，同比增长16%。 心血管、肾脏及代谢疾病（CVRM）：营收33.17亿美元，同比下滑6%，占总营收22%。 呼吸与免疫（R&I）：营收23.18亿美元，同比增长7%，占总营收15%。 罕见病：营收24.20亿美元，同比增长15%，占总营收16% 区域营收： 美国：营收62.05亿美元，同比增长10%。 新兴市场：营收24.75亿美元，同比增长9%。其中， 中国市场：营收19.23亿美元，同比增长2%。 ❹ 诺和诺德（Novo Nordisk） 2026年Q1 制药营收（百万美元）：15135 同比：+32% 研发（百万美元）：1608（占总营收11%） 2026年Q1，诺和诺德总营收968.23亿丹麦克朗（约151.35亿美元），同比增长32%。 *汇率换算：1丹麦克朗=0.15632美元 制药业务： 糖尿病：营收680.19亿丹麦克朗（约合106.33亿美元），同比+31%； 肥胖护理：营收233.43亿丹麦克朗（约合36.49亿美元），同比+35%； 这两大业务合计收入约142.82亿美元，占总营收的94%。 罕见病：营收54.61亿丹麦克朗（约8.54亿美元），同比+26%。 区域营收：美国：营收220.49亿丹麦克朗，同比-19%。 欧洲、中东和非洲地区（EUCAN）：营收114.15亿丹麦克朗，同比增长11%。 新兴市场：营收42.23亿美元，同比-30%。 中国市场：营收47.74亿丹麦克朗（约合7.46亿美元），同比-10%。 ❺ 艾伯维 (AbbVie) 2026年Q1 制药营收（百万美元）：15002 同比：+12.4% 研发（百万美元）：2472（占总营收16%） 艾伯维全球营收150.02亿美元，同比增长12.4%。 制药业务： 自免：营收72.90亿美元，增长16.4%。 Skyrizi、Rinvoq依旧保持高增长，支撑起业务。Skyrizi营收44.83亿美元（+30.9%）、Rinvoq营收21.19亿美元（+23.3%）； 修美乐营收6.88亿美元，下降38.6%。 神经科学：营收28.75亿美元，增长26%。 肿瘤：营收16.31亿美元，下降0.2%。 医美：营收11.86亿美元，下降7.6%，延续下滑态势。 区域营收： 美国：营收109.69亿美元，同比+9.9%。 国际：营收40.33亿美元，同比+19.9%。 ❻ 罗氏制药（Roche） 2026年Q1 制药营收（百万美元）：14617 同比：+7% 2026年Q1，罗氏总营收147.22亿瑞士法郎（约187.63亿美元），同比增长6%。 其中，制药业务营收114.69亿瑞士法郎（约146.17亿美元），同比+7%；诊断业务收入32.53亿瑞士法郎（约41.46亿美元），同比+3%。 *汇率换算：1瑞士法郎=1.2745美元 肿瘤、血液、神经、免疫和眼科领域分别收入37亿瑞士法郎（约47亿美元，+3%）、22亿瑞士法郎（约28亿美元，+18%）、24亿瑞士法郎（约31亿美元，+10%）、15亿瑞士法郎（约19亿美元，+8%）和11亿瑞士法郎（约14亿美元，+10%）。 制药业务： 肿瘤：营收37亿瑞士法郎（约47亿美元），同比+3%； 血液：营收22亿瑞士法郎（约28亿美元），同比+18%； 神经科学：营收24亿瑞士法郎（约31亿美元），同比+10%； 免疫：营收5亿瑞士法郎（约19亿美元），同比+8%； 眼科：营收11亿瑞士法郎（约14亿美元），同比+10%。 区域营收： 美国：营收56.93亿亿瑞士法郎，同比+5%； 欧洲：营收22.34亿瑞士法郎，同比-1%。 日本：营收6.49亿瑞士法郎，同比+14%。 国际市场：营收28.93亿瑞士法郎，同比+16%。其中， 中国市场：制药业务收入同比增长14%，按照2025年上半年公布数据，罗氏制药中国区营收9.14亿瑞士法郎（-26%，约10.64亿美元），2026年Q1罗氏制药中国营收大约在6亿美元左右。 ❼ 默沙东(Merck Sharp & Dohme) 2026年Q1 制药营收（百万美元）：14349  同比：+5% 研发（百万美元）：3621（占总营收25%） 默沙东集团总营收为162.86亿美元，同比增长5%。制药业务营收143.49亿美元，同比+5%，占比88%。 制药业务： 肿瘤：KEYTRUDA（含KEYTRUDA QLEX）营收79.06亿美元，同比+10%。 疫苗：HPV疫苗Gardasil/Gardasil 9营收10.69亿美元，同比-19%。肺炎疫苗Capvaxive销售额1.42亿美元（+33%）。 心血管和呼吸：WINREVAIR（肺动脉高压）营收5.25亿美元，同比+88%。 糖尿病：Januvia/Janumet（西格列汀/西格列汀二甲双胍）销售额下降28%至5.74亿美元。OHTUVAYRE（慢阻肺靶向药）销售额1.31亿美元. 区域营收： 美国：营收85.12亿美元，同比+7%。 欧洲：营收27.25亿美元，同比+14%。 拉美：营收6.24亿美元，同比+6%。 日本：营收5.34亿美元，同比-18%。 中国：营收3.53亿美元，同比-47%，是下滑最严重的区域。 ❽ 辉瑞(Pfizer) 2026年Q1 制药营收（百万美元）：14161 同比：+2% 研发（百万美元）：2490（占总营收18%） 辉瑞集团营收144.51亿美元，同比+5%。其中制药业务营收141.61亿美元，同比+2%，占比98%。 制药业务： 初级保健：营收55.42亿美元，同比-3%。 *** 该业务包括内科医学、疫苗、新冠疫苗及药物、潜在的未来mRNA产品及抗病毒产品。 专业护理：营收29.39亿美元，+12%。 ***该业务由炎症与免疫、罕见病、医院业务（不含新冠治疗药物）组成。 肿瘤：营收38.26亿美元，同比+9%。 医院与生物仿制药：营收18.54亿美元，同比+13%。 区域营收： 美国市场：营收86.26亿美元，同比+4%； 国际市场：营收55.35亿美元，同比+7%。 ❾ 诺华制药 (Novartis) 2026年Q1 制药营收（百万美元）：13113 同比：-1% 研发（百万美元）：2740（占总营收21%） 诺华2026年Q1全球营收131.13亿美元，同比下降1%。 制药业务： 肿瘤：乳腺癌药物CDK4/6抑制剂 Kisqali营收15.16亿美元，同比+59%，是公司肿瘤药第一大单品；核药Pluvicto营收6.24亿美元（+73%）、Lutathera营收2.11亿美元（+9%）。 自免：核心由银屑病药物Cosentyx营收15.66亿美元，同比+2%。抗炎药Xolair营收3.88亿美元，同比-15%。 心血管/肾脏/代谢CRM：Entresto收入13.05亿美元，同比-42%，因美国仿制药的竞争而下滑。 神经科学：多发性硬化药物Kesimpta营收11.64亿美元，同比+29%。 区域营收： 美国：营收50亿美元，同比-13%。 欧洲：营收42亿美元，同比+7%。 中国（占比10%）：营收13亿美元，同比+13%。 ❿ 赛诺菲(Sanofi) 2026年Q1 制药营收（百万美元）：12284   同比：+13.6% 研发（百万美元）：2024（占总营收16%） 2026年Q1，赛诺菲全球营收105.09亿欧元（约122.84亿美元），同比同比增长13.6%。 *汇率：1欧元=1.1689美元 制药业务：免疫：营收42.94亿欧元，其中王牌产品度普利尤单抗（Dupixent）卖了41.70亿欧元，同比+30.8%。 罕见病：营收7.52亿欧元；肿瘤：营收2.33亿欧元；疫苗：营收12.93亿欧元；其他业务：营收29.37亿欧元。 区域营收：美国：营收入52.89亿欧元（约61.82亿美元），同比+26.2%。 欧洲：营收21.63亿欧元（约25.28亿美元），同比+5.9%。 中国：营收6.49亿欧元（约7.59亿美元），同比-2.1%。 02 中国区： MNC必争之地，AZ稳坐第一 2026年Q1，排名前10的MNC中，有7家公布了中国区业绩情况。 礼来中国区增速第一 尽管礼来中国区权重与同期持平，但其54%的增速，位列7家MNC第一，中国区也是礼来业绩引擎，同比增速领跑全球核心成熟市场，成为拉动企业增长的关键动力。 礼来首席执行官David A. Ricks 更是用“开局强劲”点评了这份财报。同时礼来上调全年业绩指引，凸显GLP-1赛道的需求韧性与中国市场的核心战略地位。再加上Q1与英砂智能、信达生物等的巨额研发合作，礼来完成未来十年增长的长线布局。 阿斯利康、诺华中国区权重提升 阿斯利康：+2% 阿斯利康2026年Q1中国区营收为19.23亿美元，同比增长2%，问鼎中国区。其营收占全球总收入近13%，相比2025年权重提升2个百分点。 在2026年Q1财报电话会议上，阿斯利康明确表示对中国区未来增长前景充满信心。 具体产品来看，凡舒卓（商品名：Fasenra）纳入2025年医保目录，快速放量，2026年Q1在新兴市场（包括中国）取得了63%的强劲增长。Enhertu（德曲妥珠单抗）HER2阳性和HER2低表达乳腺癌市场需求持续旺盛，进入中国后表现强劲。这些在未来将推动阿斯利康中国业绩增长。 此外，阿斯利康提及，VBP（带量采购）对Farxiga、Lynparza和roxadustat的增长产生了影响。其中Farxiga在中国受到VBP影响，收入下降3%，公司管理层计划通过新品上市来抵消VBP压力。2026年Q1，阿斯利康在中国共有7个新产品和新适应症获批。 诺华：+0.9% 诺华中国区与全球市场形成鲜明对：诺华全球整体业绩面临压力，全球净销售额131.13亿美元，同比下降1%。中国市场营收13亿美元，逆势增长8%，一举成为诺华贡献增长韧性、不可或缺的战略腹地，权重增加0.9个百分点。 诺华CEO Vasant Narasimhan在接受采访时表示，目前中国市场已经趋于稳定，预计2026年全年增长率将达到高个位数到低两位数。虽然市场不会恢复到2025年之前的增长水平（2024年诺华中国市场增速达到21%），但仍然具有吸引力。 在电话会议上，诺华降胆固醇药物Leqvio在中国市场的表现被重点提及，Leqvio在美国以外的国际市场实现106%增长，主要得益于Leqvio成功进入国家医保药品目录。但是，诺华管理层也未回避中国市场存在的挑战，在电话会议的问答部分明确指出Cosentyx（可善挺）在中国市场面临来自仿制药和同类生物制剂的竞争压力，增长受到一定程度的影响。 默沙东、诺和诺德、赛诺菲“双线下滑” 默沙东：营收-47%，权重-2.4% 2026年Q1，默沙东中国区营收3.53亿美元，同比-47%，是下滑最严重的区域，也是7家MNC下滑最严重的企业。HPV疫苗Gardasil（佳达修） 在2026年第一季度的全球销售额约11亿美元，同比下降了约19%至22%。公司首席财务官Caroline Litchfield在会议中明确指出，这主要是由于 “中国和日本需求的降低”。不过管理层明确表示该结果“符合我们的预期”。而随着Winrevair（索特西普） 在中国上市，未来有望开辟新的增长曲线 诺和诺德：营收-10%，权重-2.3% 诺和诺德中国区营收47.74亿丹麦克朗（约合7.46亿美元），同比-10%。具体而言司美格鲁肽系列产品整体在华销售额约17.47亿丹麦克朗，同比下滑22.5%，其中，诺和盈下跌36%，诺和忻下跌33%。 赛诺菲：营收-2.1%，权重-0.5% 赛诺菲2026年Q1营收6.49亿欧元（约7.59亿美元），同比-2.1%。财报披露显示，中国市场拖累整体增长。尽管如此，中国仍被明确视为关键战略市场。赛诺菲指出，中国已成为公司重要的创新管线策源地。 ·END· 往期·精选

Phase 2 monotherapy trial of FG-3246, a potential first-in-class antibody drug conjugate (ADC) targeting CD46, in metastatic castration-resistant prostate cancer (mCRPC) is progressing well with the interim analysis anticipated in 4Q 2026 Positive results from the investigator-sponsored study of FG-3246 in combination with enzalutamide in patients with mCRPC were presented at ASCO GU in February 2026, further validating key Phase 2 monotherapy design elements Pivotal Phase 3 trial protocol of roxadustat for the treatment of anemia in patients with lower-risk myelodysplastic syndromes (LR-MDS) and high transfusion burden is being finalized following feedback from the U.S. Food and Drug Administration (FDA) Cash, cash equivalents, investments, and accounts receivable of $100.3 million, providing cash runway into 2028 Kyntra Bio to host conference call and webcast presentation today at 5:00 PM ET SAN FRANCISCO, May 11, 2026 (GLOBE NEWSWIRE) -- Kyntra Bio (Nasdaq: KYNB) today reported financial results for the first quarter 2026 and provided an update on the company’s recent developments. “In the first quarter, we continued to make steady progress across our pipeline. We are encouraged by the pace of enrollment in our Phase 2 trial of FG-3246 in patients with mCRPC and are on track for the interim analysis in the fourth quarter of 2026. We remain confident in the potential of FG-3246 to deliver competitive progression free survival results in the Phase 2 monotherapy trial,” commented Thane Wettig, Chief Executive Officer of Kyntra Bio. “In addition, following FDA feedback, we are finalizing the protocol for the pivotal Phase 3 trial of roxadustat for the treatment of lower-risk MDS, and anticipate trial initiation in the second half of 2026.” Key Highlights of First Quarter, Recent Developments, and Upcoming Milestones FG-3246 (CD46 Targeting ADC) and FG-3180 (CD46 Targeting PET Imaging Agent) Phase 2 monotherapy trial of FG-3246, a potential first-in-class ADC targeting CD46, in mCRPC is actively enrolling and remains on track for interim analysis in the fourth quarter of 2026 Topline results from the investigator-sponsored Phase 1b/2 study, conducted by UCSF, of FG-3246 in combination with enzalutamide in patients with mCRPC were presented at ASCO GU 2026 In biomarker unselected patients with androgen receptor pathway inhibitor (ARPI)-treated, taxane-naïve mCRPC, the combination of FG-3246 and enzalutamide led to a median radiographic progression free survival (rPFS) of 7.0 months in the overall study cohort, and a median rPFS of 10.1 months in patients who progressed on only one prior ARPI. Higher tumor uptake of FG-3180 was numerically associated with PSA50 response (nominal p=0.053), highlighting its potential as a biomarker for patient selection. Combination therapy had a similar safety and exposure pro the previous FG-3246 Phase 1 monotherapy trial. Results further validate key FG-3246 Phase 2 monotherapy design elements, most importantly the inclusion of patients who have progressed on only one prior ARPI and integration of baseline FG-3180 PET for all enrolled patients. Roxadustat Pivotal Phase 3 trial protocol of roxadustat for the treatment of anemia in patients with LR-MDS and high transfusion burden is being finalized based on feedback received from the FDA Company continues to explore the opportunity to develop roxadustat internally or with a strategic partner, with the goal of initiating the Phase 3 trial in the second half of 2026 Financial Total revenue from continuing operations for the first quarter of 2026 was $3.7 million, as compared to $2.7 million for the first quarter of 2025. Net loss from continuing operations for the first quarter of 2026 was $15.1 million, or $3.74 net loss per basic and diluted share, compared to a net loss of $16.8 million, or $4.15 net loss per basic and diluted share, one year ago. As of March 31, 2026, Kyntra Bio reported $100.3 million in cash, cash equivalents, investments, and accounts receivable. The Company expects its cash, cash equivalents, investments, and accounts receivable to be sufficient to fund operating plans into 2028. Conference Call and Webcast Presentation Kyntra Bio management team will host a conference call and webcast presentation to discuss the financial results and provide a business update. A live Q&A session will follow the brief presentation. Interested parties may access a live audio webcast of the conference call here . To access the call by phone, please register here , and you will be provided with dial in details. A replay of the webcast will also be available for a limited time on the Events & Presentations page on Kyntra Bio’s website. About FG-3246 and FG-3180 FG-3246 (FOR46) is a potential first-in-class fully human antibody-drug conjugate (ADC), exclusively in-licensed from Fortis Therapeutics, and is being developed by Kyntra Bio for metastatic castration-resistant prostate cancer and potentially other tumor types. FG-3246 binds to an epitope of CD46, a cell receptor target, that induces internalization upon antibody binding, is present at high levels in prostate cancer and other tumor types and demonstrates very limited expression in most normal tissues. FG-3246 is comprised of an anti-CD46 antibody, YS5, linked to the anti-mitotic agent, MMAE, which is a clinically and commercially validated ADC payload. FG-3246 has demonstrated anti-tumor activity in both preclinical and clinical studies. FG-3180 is a companion diagnostic PET imaging agent, using the same CD46-targeting antibody together with an 89 Zr tracer. To date, FG-3180 demonstrated specific uptake in CD46 positive tumors and is currently being evaluated as a biomarker for its potential to inform patient selection. About Roxadustat Roxadustat, an oral medication, is the first in a new class of medicines comprising HIF-PH inhibitors that promote erythropoiesis, or red blood cell production, through increased endogenous production of erythropoietin, improved iron absorption and mobilization, and downregulation of hepcidin. Roxadustat is approved in Europe, Japan, China, and numerous other countries for the treatment of anemia of CKD in adult patients on dialysis (DD) and not on dialysis (NDD). Kyntra Bio has the sole rights to roxadustat in the United States, Canada, Mexico, and in all markets not held by AstraZeneca or licensed to Astellas. Astellas and Kyntra Bio are collaborating on the commercialization of roxadustat for the treatment of anemia in territories including Japan, Europe, Turkey, Russia, and the Commonwealth of Independent States, the Middle East, and South Africa. About Kyntra Bio Kyntra Bio is a biopharmaceutical company focused on development of novel therapies in oncology and rare disease. Roxadustat (爱瑞卓 ® , EVRENZO™) is currently approved in Europe, Japan, China, and numerous other countries for the treatment of anemia in chronic kidney disease (CKD) patients on dialysis and not on dialysis. The Company continues to evaluate the development plan for the Phase 3 trial of roxadustat in anemia associated with lower-risk myelodysplastic syndromes (LR-MDS) in the U.S. FG-3246 (also known as FOR46), a first-in-class antibody-drug conjugate (ADC) targeting CD46, is in Phase 2 development for the treatment of metastatic castration-resistant prostate cancer. This program also includes the development of FG-3180, an associated CD46-targeted PET biomarker. For more information, please visit . Forward-Looking Statements This release contains forward-looking statements regarding Kyntra Bio’s strategy, future plans and prospects, including statements regarding its commercial products and clinical programs and those of its partners Fortis and UCSF. These forward-looking statements include, but are not limited to, statements regarding the efficacy, safety, and potential clinical or commercial success of Kyntra Bio products and product candidates, statements under the caption “Recent Highlights and Upcoming Milestones”, statements about regulatory interactions, statements regarding cash, such as the expectation that cash, cash equivalents and accounts receivable will be sufficient to fund Kyntra Bio’s operating plans into 2028, and statements about Kyntra Bio’s plans and objectives. These forward-looking statements are typically identified by use of terms such as “may,” “will”, “should,” “on track,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue” and similar words, although some forward-looking statements are expressed differently. Kyntra Bio’s actual results may differ materially from those indicated in these forward-looking statements due to risks and uncertainties related to the continued progress and timing of its various programs, including the enrollment and results from ongoing and potential future clinical trials, and other matters that are described in Kyntra Bio’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, each as filed with the Securities and Exchange Commission (SEC), including the risk factors set forth therein. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and Kyntra Bio undertakes no obligation to update any forward-looking statement in this press release, except as required by law. Condensed Consolidated Balance Sheets (In thousands) March 31, 2026 December 31, 2025 (Unaudited) (1 ) Assets Current assets: Cash and cash equivalents $ 36,997 $ 47,872 Short-term investments 50,240 41,106 Accounts receivable, net 5,040 216 Inventory 3,384 3,743 Prepaid expenses and other current assets 5,694 6,136 Total current assets 101,355 99,073 Long-term investments 8,026 20,160 Other assets 248 361 Total assets $ 109,629 $ 119,594 Liabilities, stockholders’ equity and non-controlling interests Current liabilities: Accounts payable $ 5,094 $ 3,745 Accrued and other liabilities 17,340 20,183 Deferred revenue 5,680 5,314 Total current liabilities 28,114 29,242 Product development obligations 19,249 19,560 Deferred revenue, net of current 4,075 255 Liability related to sale of future revenues, non-current 67,405 65,980 Other long-term liabilities 76 82 Total liabilities 118,919 115,119 Redeemable non-controlling interests 21,480 21,480 Total stockholders’ deficit attributable to Kyntra Bio (43,803 ) (30,038 ) Nonredeemable non-controlling interests 13,033 13,033 Total deficit (30,770 ) (17,005 ) Total liabilities, redeemable non-controlling interests and deficit $ 109,629 $ 119,594 (1) The condensed consolidated balance sheet amounts at December 31, 2025 are derived from audited financial statements. Condensed Consolidated Statements of Operations (In thousands, except per share data) Three Months Ended March 31, 2026 2025 (Unaudited) Revenue: Development and other revenue $ 246 $ 144 Drug product revenue, net 3,492 2,595 Total revenue 3,738 2,739 Operating costs and expenses: Cost of goods sold 4,106 252 Research and development 7,566 9,175 Selling, general and administrative 5,862 8,106 Restructuring charge 22 126 Total operating costs and expenses 17,556 17,659 Loss from operations (13,818 ) (14,920 ) Interest and other, net: Interest expense (2,427 ) (2,257 ) Interest income and other income (expenses), net 1,113 413 Total interest and other, net (1,314 ) (1,844 ) Loss from continuing operations before income taxes (15,132 ) (16,764 ) Provision for income taxes — 2 Loss from continuing operations (15,132 ) (16,766 ) Income (loss) from discontinued operations, net of tax (66 ) 21,405 Net income (loss) $ (15,198 ) $ 4,639 Loss from continuing operations per share – basic and diluted $ (3.74 ) $ (4.15 ) Income (loss) from discontinued operations per share – basic and diluted (0.02 ) 5.30 Net income (loss) per share – basic and diluted $ (3.76 ) $ 1.15 Weighted average number of common shares used to calculate net income (loss) per share – basic and diluted 4,047 4,038 For Investor Inquiries: David DeLucia, CFA Senior Vice President and Chief Financial Officer ir@kyntrabio.com