Business development and finances
Net sales from goods increased by 46% to CHF 7.4m (H1 2025: CHF 5.0m) and net sales from services rose to CHF 0.6m (H1 2025: CHF 0.2m). Growth was driven both by products marketed for some time and by products added to the distribution portfolio in 2025 and 2026.
The gross contribution from goods and services rose by 32% to CHF 1.8m (H1 2025: CHF 1.3m); the combined cost base grew by only 9% against net sales growth of 51%, as personnel expenses rose 5% to CHF 1.3m (H1 2025: CHF 1.2m) and other operating expenses 17% to CHF 0.6m (H1 2025: CHF 0.5m). Relatively, personnel expenses fell from 23.0% to 16.0% of net sales, and the gross margin on goods rose from 20.7% to 22.4%.
Cash and cash equivalents rose to CHF 3.6m (31 December 2025: CHF 1.9m), reflecting a CHF 3.0 million convertible instrument placed with a strategic Swiss investor in May 2026 and converted into equity during the reporting period (net cash inflow from financing of CHF 3.0m), against cash flow from operating activities of CHF -0.9m (H1 2025: CHF -1.1m) and investing activities of CHF -0.4m, reflecting capitalised development expenditure.
Corticorelin / C-PTBE-01
Curatis’ lead product candidate, C-PTBE-01 (corticorelin), is being developed to treat peritumoral brain edema (PTBE), affecting more than 150’000 patients in the US alone, for which the current standard of care, corticosteroids, causes significant side effects and can counteract cancer immunotherapies. Corticorelin is an investigational drug not yet approved for therapeutic use in the United States or elsewhere.
Curatis advanced the corticorelin program on several levels in the first half of 2026. In March, the company signed an exclusive licence agreement for corticorelin in Japan with Neupharma, valued at up to CHF 83.5m in upfront and milestone payments plus royalties of up to 20% — Curatis’ first regional partnership for the program. As planned, Neupharma met with Japan’s health authority, PMDA, to discuss possible development pathways for that market.
On the manufacturing side, Curatis received several API batches at a higher yield than expected, the technical development for the drug product is on schedule and a cell-based potency assay is on track for validation by year-end. Corticorelin, unlike chronic corticosteroid use, may leave immune function intact. Curatis is actively pursuing this attractive additional field of application for the compound.
Outlook
Following the strong first-half performance, Curatis confirms its full-year guidance of projected revenues of approximately CHF 15m for 2026 (2025: CHF 10.8m), resulting in a revenue growth of approximately 40% in 2026. The Group’s objective remains a break-even result in 2026.
Curatis plans to meet the FDA in the first quarter of 2027 to finalise the pivotal Phase 3 study design for corticorelin, following the study design discussed with the FDA in September 2025. During 2027, the company expects to complete production of clinical study material and prepare for the study with a contract research organization, including selection of study centers.
Contact
Patrick Ramsauer
CFO
Phone: +41 61 927 8777
ir@curatis.com