Key Highlights

  • Net loss for the third quarter of 2026 was $50.7 million, or $1.23 per share.
  • Cash, cash equivalents and marketable securities totaled $324.4 million as of September 30, 2026.
  • The company closed a $350 million financing and completed its transaction with Galera Therapeutics in the quarter.
  • Topline data from the registration-enabling cohort are expected by year-end 2027.

Obsidian Therapeutics, Inc. (NASDAQ:OBX) reported third quarter 2026 financial results and Business updates on November 12, 2026. The company develops engineered tumor-infiltrating lymphocyte cell therapies using protein-regulation technology. The quarter marked its Nasdaq debut as a public company, following a financing and a transaction with Galera Therapeutics. Its lead program, amsoki-cel, is in enrollment for a registration-enabling cohort in melanoma.

Financing and Corporate Transaction

Chief Executive Madan Jagasia said the company closed an oversubscribed $350 million financing in the third quarter, completed its transaction with Galera Therapeutics and began trading on Nasdaq. The company's cash, cash equivalents and marketable securities were $324.4 million at September 30, 2026, and it expects cash runway into the second half of 2028.

The company also strengthened its board with the appointment of Mark Reisenauer. The release does not give the terms of the Galera transaction in its summary, and readers should refer to the company's filings for details on the structure and consideration.

Amsoki-Cel Clinical Program

Amsoki-cel, formerly known as OBX-115, is being studied in the registration-enabling cohort of the Phase 1/2 Agni-01 trial in patients with immune checkpoint inhibitor-resistant advanced or metastatic melanoma. Enrollment is expected to be completed by the end of the first quarter of 2027, with topline data expected by year-end 2027.

At the SITC meeting, the company presented updated data showing an objective response rate of 67%, a median progression-free survival of 8.3 months and a median duration of response not yet reached at a median follow-up of 14.3 months. The company described the safety profile as consistent and favorable. These are interim results from a small, ongoing study.

Quarterly Financial Results

Obsidian reported a net loss of $50.7 million, or $1.23 per basic and diluted share, for the three months ended September 30, 2026. The release does not break down Research and Development or general and administrative expenses in its headline section.

The release does not separate the clinical, financing and public listing costs in its summary, so the contribution of each to the quarterly loss cannot be measured from the headline figures.

Final Word

The third quarter shows Obsidian completing a large financing, listing on Nasdaq and advancing amsoki-cel toward a registration-enabling readout, while its net loss for the period was $50.7 million. Cash of $324.4 million is expected to fund operations into the second half of 2028. Enrollment completion in early 2027 and topline data by year-end 2027 will determine how the program develops from here.