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IT

Inhibikase Therapeutics, Inc. (IKT)·Q3 2025 Earnings Summary

Executive Summary

  • Q3 2025 delivered an inline print for a clinical-stage company: net loss of $11.9M and diluted EPS of $0.13 loss, with no reported revenue; EPS matched Wall Street consensus and revenue was in line with $0 expectations *.
  • Operating intensity increased ahead of the PAH Phase 2b start; R&D rose to $7.6M and SG&A to $5.6M, reflecting the CorHepta acquisition charges earlier in the year and leadership build-out .
  • Liquidity remains solid at $77.3M in cash, equivalents and marketable securities, supporting the IMPROVE-PAH Phase 2b initiation targeted for Q4 2025 .
  • Execution catalyst: management reiterated the IMPROVE-PAH Phase 2b design and near-term start, appointed a Chief Commercial & Strategy Officer, and flagged upcoming visibility events (Jefferies London) .

What Went Well and What Went Wrong

What Went Well

  • Clear Phase 2b protocol for IMPROVE-PAH with 150 patients, 300/500 mg arms, PVR primary endpoint, and 12-week DSMB safety review; Q4 2025 initiation reiterated (“We expect to initiate our Phase 2b clinical study… during the fourth quarter of 2025.”) .
  • Strengthened leadership with appointment of Timothy Pigot as Chief Commercial & Strategy Officer, aligning commercial planning with late-stage development .
  • Maintained strong cash position ($77.3M), adequate to support trial start and early execution .

What Went Wrong

  • Operating costs stepped up: R&D of $7.6M vs $4.2M YoY, and SG&A of $5.6M vs $1.6M YoY, highlighting higher spend tied to CorHepta integration and executive transitions .
  • Net loss widened YoY ($11.9M vs $5.8M) as the company scaled for Phase 2b and absorbed acquisition-related items earlier in 2025 .
  • No revenue recognized, leaving the equity story fully dependent on clinical/regulatory milestones and financing prudence .

Financial Results

Core P&L and Liquidity (USD Millions unless noted)

MetricQ3 2024Q1 2025Q2 2025Q3 2025
Revenue$0.0 (no revenue line) $0.0 (no revenue line) $0.0 (no revenue line) $0.0 (no revenue line)
R&D Expenses$4.2 $10.5 (incl. $7.4M IPR&D write-off) $5.3 $7.6
SG&A Expenses$1.6 $5.2 $5.9 $5.6
Total Costs & Expenses$5.8 $14.6 $10.8 $12.8
Loss from Operations$(5.8) $(14.6) $(10.8) $(12.8)
Interest Income$0.05 $0.92 $0.92 $0.84
Net Loss$(5.8) $(13.7) $(9.9) $(11.9)
Diluted EPS$(0.65) $(0.15) $(0.11) $(0.13)
Weighted Avg Shares8.88M 89.54M 90.01M 90.05M
Cash, Equivalents & Marketable SecuritiesN/A$93.2 $87.7 $77.3

Notes:

  • Company did not present a revenue line in the statements of operations for these periods; shown as $0.0 based on absence of revenue presentation .
  • Q1 2025 R&D includes a non-cash $7.4M IPR&D write-off related to CorHepta; SG&A for 9M 2025 includes ~$1.0M severance tied to executive transitions .

Margins

MetricQ3 2024Q1 2025Q2 2025Q3 2025
Net Income Margin %N/M (no revenue) N/M (no revenue) N/M (no revenue) N/M (no revenue)
EBITDA Margin %N/M (no revenue) N/M (no revenue) N/M (no revenue) N/M (no revenue)

Segment Breakdown

  • Not applicable; the company does not report revenue by segment .

KPIs and Balance Sheet Highlights

KPIQ3 2024Q1 2025Q2 2025Q3 2025
Contingent Consideration Liability—$3.27 $2.91 $2.42
Accrued Expenses & Other Current Liabilities$2.68 $3.51 $3.15 $3.66
Additional Paid-in Capital$189.25 $193.76 $197.997 $202.773
Total Stockholders’ Equity$94.87 $85.73 $80.05 $72.90

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
IMPROVE-PAH Phase 2b initiationH2 2025 (from Q2 update)“Initiate in second half of 2025” “Initiate during Q4 2025” Narrowed timing window (maintained schedule)
IMPROVE-PAH design specifics26-week study150 pts; 300/500 mg; PVR primary; 12-week DSMB review Reaffirmed 150 pts; 300/500 mg; PVR primary; DSMB interim safety at 12 weeks with ≥50 patients Maintained

No revenue, margin, OpEx, OI&E, or tax-rate guidance provided in company materials for Q3 2025 .

Earnings Call Themes & Trends

Note: No Q3 2025 earnings call transcript was available in our document catalog [ListDocuments returned none].

TopicPrevious Mentions (Q2 2025 and Q1 2025)Current Period (Q3 2025)Trend
PAH Phase 2b study design & timingFinalized protocol; 150 pts; 300/500 mg; PVR primary; initiate H2 2025 Reaffirmed design; initiation targeted for Q4 2025 Execution progressing; timeline narrowed
Regulatory/Trial OversightDSMB interim safety at ~12 weeks (≥50 pts) embedded in protocol DSMB interim safety at ≥50 patients at 12 weeks reiterated Consistent
Commercial readinessTeam build-out in Q1; CFO appointment; infrastructure development Added Chief Commercial & Strategy Officer (Timothy Pigot) Strengthening commercial planning
R&D execution & spendQ1: $10.5M R&D incl. $7.4M IPR&D write-off; Q2: $5.3M R&D Q3 R&D $7.6M; SG&A $5.6M; reiterated CorHepta effects Elevated investment
Financing/LiquidityQ1 cash & securities $93.2M; Q2 $87.7M Q3 $77.3M Runway supporting near-term trial start

Management Commentary

  • “During our third quarter of 2025, we continued to position the Company to advance IKT-001 toward a late-stage clinical trial in PAH… We expect to initiate our Phase 2b clinical study… during the fourth quarter of 2025.” — Mark Iwicki, CEO .
  • IMPROVE-PAH: “multi-center, randomized, double-blind, placebo-controlled… approximately 150 PAH participants… randomized 1:1:1 to receive 300 mg IKT-001, 500 mg IKT-001, or placebo once daily for 26 weeks… primary efficacy endpoint is change in pulmonary vascular resistance at Week 26… interim safety review… with at least 50 patients at 12-weeks” .
  • Organizational update: “Appointed veteran biopharma executive Timothy Pigot as the Company’s Chief Commercial and Strategy Officer” .

Q&A Highlights

  • No Q3 2025 earnings call transcript was located, so Q&A highlights are unavailable [ListDocuments returned none].

Estimates Context

MetricQ3 2025 ActualQ3 2025 SPGI Consensus# of Estimates
Revenue ($USD)$0.0 (no revenue reported) $0.0*2*
Diluted EPS ($USD)$(0.13) $(0.13)*2*
  • Result was inline with consensus for EPS and revenue; no beat/miss detected *.
  • Values marked with an asterisk were retrieved from S&P Global.

Key Takeaways for Investors

  • Near-term catalyst: Phase 2b IMPROVE-PAH initiation in Q4 2025 with clear design and interim DSMB safety review, which can drive re-rating if enrollment and early safety are smooth .
  • Investment spending is elevated; watch R&D/SG&A cadence as Phase 2b ramps, and monitor non-cash items (IPR&D write-offs, contingent consideration fair value changes) that impact reported losses .
  • Liquidity of $77.3M provides capacity to start and advance the trial; continued discipline and potential business development may be important for multi-year runway .
  • Commercial build-out signals forward planning; appointment of a commercial/strategy lead aligns with potential late-stage needs and partnering discussions .
  • With no revenue, shares remain event-driven; incremental visibility (Jefferies presentation, trial site activation) could catalyze sentiment near-term .
  • Estimate risk appears contained in the near term given EPS inline and no revenue expectations; future revisions likely tied to trial timelines rather than financial metrics *.
  • Medium-term thesis hinges on demonstrating tolerability and efficacy (PVR, 6MWD) at adequate IKT-001 exposures to unlock an oral anti-proliferative option in PAH .

Values marked with an asterisk were retrieved from S&P Global.