eXoZymes Inc. reported a net loss of $2.88 million for the second quarter of 2026, widening from a $2.55 million operating expense base as the company advanced plans for its lead biosolution NCT. The biotech firm raised $5.86 million in net proceeds from financing activities in June, bringing its cash position to $5.65 million as of June 30, according to an earnings call transcript.
Operating expenses climbed 16% year-over-year to $2.95 million in Q2 2026, with total losses for the first half of the year reaching $5.25 million. Cash used in operations totaled $3.6 million in the first six months, while non-dilutive funding secured to date approached $20 million, including a $2 million Phase II-B Small Business Innovation Research award from the National Institutes of Health for the company’s cannabinoid program.
The company’s lead product, NCT, targets the HNF4A receptor with applications in metabolic health, gut health, and nutraceuticals. A March pilot-scale campaign with Cayman Chemical scaled production from 1 liter to 100 liters, yielding over 500 grams of high-purity material at 99.6% purity with 99% feedstock conversion. eXoZymes reported productivity gains of approximately 67% more NCT per liter of reaction volume compared to the pilot run, alongside a fivefold reduction in reaction time.
Management highlighted a roughly tenfold improvement in overall process efficiency since the initial pilot run. Five additional molecules are currently undergoing rapid proof-of-concept evaluation. The company expects to finalize its primary manufacturing partner by the end of Q3 2026 and complete the NCT technology transfer package within 2026.
Commercialization efforts include targeting a market launch for NCT in the first half of 2027, with a commercial and marketing partner announcement anticipated by the end of Q4 2026. eXoZymes projects its working capital will support operations through the end of 2026. Shares closed at $7.04, up 10% from the prior session, though after-hours trading showed a 7.5% decline to $6.51.
