VANCOUVER, British Columbia, June 01, 2026 (GLOBE NEWSWIRE) -- Rakovina Therapeutics Inc. (TSXV:RKV) (FSE: 7JO0), a biopharmaceutical company advancing innovative cancer therapies through AI-powered drug discovery, today announced its financial results for the three months ended March 31, 2026 ("Q1 2026"), and provided an update on recent corporate developments.
Q1 2026 Financial Highlights
Research and development (R&D) expenses of $1,031,556, up from $885,594 in Q1 2025, reflecting expanded chemistry, AI research, and contract research activity supporting the advancement of the Company's AI-powered oncology pipeline.
General and administrative (G&A) expenses of $443,986, down from $1,224,752 in Q1 2025, a reduction of approximately 64%, reflecting cost management across consulting, investor relations, and compliance expenditures.
R&D expenses were approximately 70% of total operating expenses in Q1 2026 compared to 56% for the year ended December 31, 2025, reflecting a shift in spending toward AI-powered drug discovery pipeline advancement.
Cash and cash equivalents of $585,908 as at March 31, 2026, up from $298,758 at December 31, 2025, primarily due to the $1.0 million convertible debenture financing completed on March 5, 2026.
Working capital deficit improved to $729,019 at March 31, 2026 from $2,149,223 at December 31, 2025, following the refinancing and extension of debt maturities into 2028 and 2029.
Net loss of $1,675,400 for Q1 2026, compared to a net loss of $2,179,823 in Q1 2025, a year-over-year reduction of approximately 23%.
"Q1 2026 reflects the operating discipline we committed to earlier this year as we implemented the first phase of a restructuring for success. We reduced G&A by more than 60% year-over-year while maintaining R&D investment, as we transition into a focused, science-first drug discovery company. We also strengthened the balance sheet by closing a new convertible debenture financing and settling and restructuring legacy debentures, thereby eliminating all near-term debt maturities. We are now ready to move onto the second phase including enhancing our relationships with our AI partners and securing further financing with a focus on non-dilutive financing from industry partners. With our AACR 2026 preclinical data, ongoing lead optimization across the kt-5000 ATR-mTOR and kt-2000 programs, and active formulation work with NanoPalm, we are well-positioned to advance partnership discussions as our data set matures," said Kim Oishi, Chief Executive Officer of Rakovina Therapeutics.
Recent Corporate Highlights
On April 22, 2026, the Company presented two preclinical posters at the American Association for Cancer Research (AACR) Annual Meeting highlighting progress in its AI-discovered oncology pipeline: kt-5000 series (dual ATR-mTOR inhibitor) data demonstrating anti-tumor activity, metabolic stability, selectivity, measurable CNS penetration, and tumor growth inhibition with improved tolerability relative to reference ATR inhibitors; and initial formulation data for kt-3283 (dual PARP/HDAC inhibitor) demonstrating successful development of a lipid nanoparticle (LNP) formulation supporting continued preclinical evaluation.
On March 12, 2026, the Company announced a non-brokered private placement of up to $1.0 million through the issuance of common shares at $0.12 per share, subsequently extended to April 9, 2026.
On March 5, 2026, the Company completed a $1.0 million convertible debenture unit private placement and concurrently settled $1.59 million of its May 2023 convertible debentures, extending its debt maturity profile into 2028 and 2029.
On January 27, 2026, the Company announced up to $1.5 million in new financing, debt restructuring, the appointment of Kim Oishi as Chief Executive Officer, and welcomed Frank Holler to its Board of Directors.
On January 8, 2026, Rakovina announced an expansion of its collaboration with Variational AI, focused on the continued optimization of the kt-5000 series ATR-mTOR inhibitors.
Status of Previously Announced Financing
On January 27, 2026, the Company announced a proposed non-brokered private placement of up to 5,000,000 common shares at a price of $0.12 per share for gross proceeds of up to $600,000 (the "January 2026 Share Offering"). The January 2026 Share Offering did not close and has lapsed in accordance with its terms. The Company intends to formally withdraw the related submission with the TSX Venture Exchange.
Selected Financial Results for Q1 2026
March 31, 2026 ($)
Dec 31, 2025 ($)
Cash and Cash Equivalents
585,908
