Captor Therapeutics: PLN 36 m of cash at 30 September 2025, runway to mid-2026 - clinical data versus the cash clock

Captor Therapeutics: PLN 36 m of cash, runway to mid-2026 - first CT-01 patient dosed in Barcelona

Captor Therapeutics S.A. - headquartered at ul. Duńska 11 in Wrocław (postcode 54-427, Dolnośląskie voivodeship), registered in the KRS under number 0000756383 - closed Q3 2025 with cash and short-term investments of PLN 36.0 m. Together with awarded grants and public co-financing, the company says financing is secured to mid-2026. That makes cash runway the No. 1 topic for investors: without a new R&D partnership or equity issuance in H2 2026 the company will need additional capital financing.

The 2025 operating cycle confirms a pre-commercial biotech profile: Q4 2025 revenue came to just PLN 2.9 m (below the PAP consensus of PLN 4.1 m) on a net loss of PLN 8.8 m. In Q2 2025 revenue was PLN 2.0 m (-58.6% YoY), the loss PLN 9.8 m, EBIT PLN -10.7 m. H1 2025 revenue: PLN 4.6 m (-50.6% YoY). The revenue drop reflects grant-milestone scheduling - not contract loss - but financially shows the company is in a phase of deep loss accumulation.

The most important clinical event of 2025: the first CT-01 patient was dosed at Barcelona Clinic Liver Cancer (BCLC) - Captor's flagship programme in hepatocellular carcinoma (HCC). Mechanism: TPD simultaneously degrading GSPT1 and NEK7. Phase I open-label dose escalation across Spanish, German and French centres; mono- and in combination with everolimus. Data so far: no adverse events, positive PK/PD, signals on biomarkers. The second programme - CT-03, an MCL-1 degrader for haemato-oncology (NSCLC/TNBC) - completed pre-clinical work: GLP-tox in Macaca fascicularis safe up to 36 mg/kg, pre-clinical data presented at ASH in December 2025. CT-03 project financing is secured to 31 July 2026.

Captor Therapeutics

WROCŁAW · KRS 0000756383 · SPÓŁKA AKCYJNA

Revenue

15.8 M PLN

Duńska 11: 3-member science-and-operations board, institutional cap table, active Ono Pharmaceutical partnership

The address ul. Duńska 11, 54-427 Wrocław places Captor's seat in the biotech cluster of western Wrocław, near the Wrocław Technology Park - also home to Bioceltix (veterinary biotech). The company has operated in its current corporate form (Captor Therapeutics S.A., KRS 0000756383) since 7 November 2018 and has been listed on the Warsaw Stock Exchange since April 2021. It belongs to the sWIG80; market cap around PLN 441.5 m.

Governance: a three-member science-and-operations management board - the CEO is the Chief Scientific Officer; the other board members cover operations and technology. The classical CEO/CFO split does not apply here - a typical configuration for pre-clinical / clinical-stage biotechs, where scientific competence outweighs financial.

The cap table (15 April 2026) is clearly institutionalised and dispersed - no dominant shareholder:

• Michał Walczak - 14.41%
• Paweł Holstinghausen-Holsten with the family foundation - 9.45%
• Sylvain Cottens - 8.29%
• TFI Allianz Polska - 7.94%
• PTE Allianz - 7.94%
• PKO BP Bankowy OFE - 6.84%
• NN OFE - 6.12%

The top-7 collectively hold ~61% of capital; free float is around 39%. The presence of four Polish pension/investment funds (Allianz x2, PKO BP, NN) is notable - Captor is seen as speculative but acceptable as a long-term portfolio component for Polish OFE pension funds. Under Polish PKD codes the principal activity is 72.10.Z (research and development in natural and engineering sciences). The company has a registered electronic-delivery address (AE:PL-88161-66597-WVWGS-21) and the website captortherapeutics.pl.

Captor's most strategic non-financial asset is the partnership with Ono Pharmaceutical (Japan), signed in November 2022 in neurodegeneration, based on the Optigrade technology platform. Contract value: up to EUR 197 m in upfront + milestones + royalties. There is no public signal of an option exercise by Ono in 2024–2025 - the partnership is active but has not yet generated a material revenue stream for Captor.

Polish pre-commercial biotech sector on the WSE: Captor as the only pure TPD player in Poland

The Polish pre-commercial biotech sector listed on the Warsaw exchange has clear segmentation in 2026, in which Captor occupies a TPD (Targeted Protein Degradation) niche:

• Ryvu Therapeutics (Kraków, mWIG40) - a pre-commercial oncology biotech with RVU120 in Phase II, a classical kinase inhibitor. Risk profile closest to Captor.
• Bioceltix (Wrocław) - a pre-commercial veterinary biotech (cell therapies), in final EMA dialogue. Different segment than Captor (veterinary vs human).
• Mabion (Konstantynów Łódzki, mWIG40) - post-revenue biotech (Novavax CDMO), low risk profile.
• Captor Therapeutics (Wrocław) - pre-commercial TPD biotech, two clinical programmes, runway to mid-2026.
• Selvita - contract CRO, post-revenue, low risk profile.
• Celon Pharma, Medicalgorithmics - different pharma segments.

Three structural features of the Captor model that explain its sector position:

• TPD specialisation as a technological moat - Targeted Protein Degradation is one of the three main new pharmaceutical modalities alongside mRNA and CAR-T. TPD enables the degradation of proteins historically considered „undruggable" (transcription factors, some kinases without catalytic pockets). Captor is the only Polish biotech purely specialised in TPD and one of about a dozen players globally. Competitors: Arvinas, Kymera, C4 Therapeutics, Foghorn - all US-based, with significantly larger capitalisations.
• Cash runway = management priority - a pre-commercial biotech without drug-sales revenue is structurally dependent on grants, partnerships and equity issuance. PLN 36 m at 30 September 2025 lasts to about June/July 2026. Within that window management must close: (a) a new R&D partnership with Big Pharma, (b) a private equity placement, or (c) a public share issue diluting current shareholders. That is the main 2026 watch item.
• Institutional cap table as stabiliser and buffer - the presence of four OFE/TFI funds in the top-7 gives Captor access to Polish institutional capital should it need to issue equity. At the same time, none of them has a stake large enough to sway strategy unilaterally - management retains operating freedom.

Implication for the investment profile: speculative biotech, 2026 binary outcomes, additional financing required

The interpretation is speculative - the conclusions below are scenarios, not certainties:

“The PLN 36 m of cash and the awarded grants allow us to finance the company's operations to mid-2026, while ongoing discussions on research collaborations may reduce capital needs.”

Three possible consequences of the 2026 cycle for Captor's investment profile:

• Positive CT-01 BCLC data = a potential valuation catalyst - Phase I HCC dose escalation typically produces first efficacy signals within 6–12 months after the first patient. Positive ORR (objective response rate) signals, no toxicity at higher doses, prolonged PFS - each could be a trigger for a 30–100% share-price gain typical of mid-cap pre-commercial biotech. Negative data = sharp declines.
• Without a new partnership or equity issuance in H2 2026, the financing scenario plays out - the runway ends around June/July 2026. The company will have three options: (1) a new Big Pharma partnership (a second global partner after Ono - the management's expected scenario, but uncertain), (2) a private equity placement, (3) a public share issue at a 20–40% discount. The choice will determine current-shareholder dilution.
• Ono Pharmaceutical partnership as a leading indicator - the contract value of up to EUR 197 m is a theoretical maximum, dependent on option exercise and milestones. Any materialisation in 2026 would be a strong validation signal for the Optigrade platform and would strengthen the company's ability to attract further Big Pharma.

Main company-specific risks across the 2026–2027 cycle:

• Cash runway ends mid-2026 - without a new deal or equity issuance additional financing is required; share-dilution risk.
• Binary outcomes of CT-01 and CT-03 clinical data - positive data = valuation upside, negative = 50%+ downside.
• TPD competition (Arvinas, Kymera, C4) - large US biotechs with USD 1 bn+ market caps have larger R&D budgets and likely faster paths to the FDA.
• No dominant strategic shareholder - in case of strategy disputes or potential takeover offers the company is exposed to dispersed-shareholder pressure.
• No dividend - accumulated losses exclude payouts in a multi-year cycle; growth-stage / venture-style exposure.

What you'll find in the Captor Therapeutics S.A. profile

The Captor Therapeutics S.A. profile in our database carries the full picture of the company: composition of the three-member science-and-operations management board, the KRS registration history from 7 November 2018, the registered address at ul. Duńska 11 in Wrocław, e-delivery status (AE:PL-88161-66597-WVWGS-21), the website captortherapeutics.pl, and the assigned PKD code 72.10.Z (research and development). The profile is also available in English - important for international biotech-fund investors, since Captor is the only Polish pure pre-commercial biotech specialising in TPD (Targeted Protein Degradation) with two clinical programmes and an Ono Pharmaceutical partnership.

This material is informational and does not constitute investment advice.

Data: Polish KRS Court Register (KRS 0000756383); Captor Therapeutics S.A. - Q3 2025 and Q4 2025 reports (cash, runway, financial results); Stockwatch - analysis of Captor cash runway (November 2025); Bankier ESPI - Captor financial reports; biznes.pap.pl - Captor Q2 2025 vs PAP consensus; captortherapeutics.com - first CT-01 patient at BCLC; synapse.patsnap.com - CT-03 pre-clinical status and ASH December 2025 presentation; - Captor cap table (15 April 2026); PKD 72.10.Z classification (research and development); company history - incorporated 7 November 2018 as S.A., WSE IPO April 2021, as of 2026-05-02.