WILMINGTON, DE— Inhibikase Therapeutics, Inc. (Nasdaq: IKT) nearly doubled its second-quarter net loss as spending increased on its Phase 3 pulmonary arterial hypertension program, while a subsequent $50 million stock sale bolstered the drug developer’s resources for the global trial.
The clinical-stage pharmaceutical company reported a net loss of $19.6 million, or $0.11 per share, for the quarter ended June 30, compared with $9.9 million, or $0.11 per share, a year earlier.
Research and development expenses climbed to $13.4 million from $5.3 million. Selling, general and administrative expenses increased to $7.7 million from $5.9 million.
For the first six months of 2026, Inhibikase recorded a $36 million net loss, or $0.21 per share, compared with $23.6 million, or $0.26 per share, in the year-earlier period. Six-month R&D spending rose to $24.2 million from $15.8 million, while SG&A expenses increased to $15 million from $11.2 million.
Inhibikase ended June with $159 million in cash, cash equivalents and marketable securities. In July, RA Capital Management purchased 25 million common shares through the company’s at-the-market facility for gross proceeds of $50 million.
Later that month, 18.03 million of those shares were exchanged for pre-funded warrants to purchase common stock. Inhibikase had 132 million common shares and 42.5 million pre-funded warrants outstanding as of June 30.
The company expects the new capital and existing reserves to fund operations through the topline data readout from Part B of its Phase 3 IMPROVE-PAH study, assuming full and timely exercise of outstanding Series A and B warrants.
That trial is evaluating IKT-001, Inhibikase’s once-daily oral anti-proliferative candidate for pulmonary arterial hypertension. Regulatory approvals have been obtained in 26 countries, with three additional approvals pending and submissions planned in four more countries.
Inhibikase reported that 43 clinical sites have recently been initiated. The European Medicines Agency cleared the company in April to begin the Phase 3 study in Europe.
IMPROVE-PAH is structured as a two-part adaptive trial. Part A is a double-blind, placebo-controlled study of approximately 140 patients, with change in pulmonary vascular resistance at 24 weeks as its primary endpoint.
Part B is designed to begin after enrollment of the final Part A patient and use a similar format, but will evaluate change in six-minute walk distance at 24 weeks as the primary endpoint in approximately 346 patients.
The U.S. Food and Drug Administration in July granted IKT-001 Orphan Drug Designation, which can provide development incentives including certain clinical-trial tax credits, exemption from some FDA user fees and potentially seven years of U.S. market exclusivity if the drug ultimately receives regulatory approval.
Inhibikase also presented preclinical and Phase 1 findings on IKT-001 at the American Thoracic Society International Conference in May. The company reported data indicating potentially lower gastrointestinal toxicity than imatinib mesylate, including an 18-fold reduction in c-Kit inhibition in in vitro pharmacology studies.
Single doses of IKT-001 produced rapid, dose-proportional exposure to circulating imatinib and were well tolerated across a 300-milligram to 800-milligram range, with no indication of dose-dependent gastrointestinal toxicities, according to the company.
Chief Executive Officer Mark Iwicki characterized the regulatory expansion, clinical-site activation, orphan designation and financing as positioning Inhibikase to continue advancing IKT-001 through the Phase 3 program.
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