Hemogenyx Pharmaceuticals is running low on cash. The company reported a pre-tax loss of £6.56 million for the first half of 2026. That’s a bigger loss than last year. Most of the hit came from a non-cash share-based payment charge of £5.54 million. This charge hid the fact that real operating costs actually dropped. By June 30, 2026, Hemogenyx still had £4.58 million in cash and cash equivalents. A £5.6 million capital raise earlier this year helped keep the lights on.
After the reporting period, Hemogenyx initiated the pediatric arm of its HG-CT-1 trial, with the first child patient identified and screening underway.
Hemogenyx finished moving HG-CT-1 manufacturing to Made Scientific. This step aims to cut costs and slow the burn rate for the rest of the year. A Reuters financial review confirmed the FDA has cleared Phase I trials in children. This expands the program beyond adults and opens new development paths. Hemogenyx has already sent a comparability package to the FDA. It shows that Made Scientific’s product matches what Hemogenyx made in-house.
On the business side, Hemogenyx is chasing early revenue and real-world data through European partners. In Estonia, it signed a five-year exclusive deal with Cellin Technologies OÜ. The agreement uses the country’s hospital exemption pathway. It became official on August 11, 2026, after a non-binding letter of intent turned into a contract. The deal still needs a regulatory dossier review, which should take about 90 days. In Lithuania, Hemogenyx signed a letter of intent with Vilnius University Hospital Santaros Klinikos. This covers translational research and compassionate-use treatment under Lithuania’s hospital exemption rules. Both deals are set up to bring in first revenues and clinical data while Hemogenyx works toward full marketing approval. Actual revenue will depend on successful tech transfer, regulatory sign-off, and reimbursement decisions.
The company has explicitly stated in its half-year report that it now depends on Made Scientific to deliver HG-CT-1 at the required quality, volume, and timelines to support the ongoing Phase I trial, making manufacturing risk a significant operational factor.
The numbers tell a tough story. Operating costs rose to £6.48 million from £4.89 million. But almost all of that jump came from the non-cash share-based payment charge. Without it, Hemogenyx actually spent less than last year. The gap between statutory losses and real costs shows how accounting charges can distort the picture of cash burn.
With £4.58 million left and a recent cash boost, Hemogenyx has bought some time. The company now needs to push HG-CT-1 through its next clinical and commercial hurdles. But future funding depends on how the trials go and whether European deals deliver. The next stretch will show if Hemogenyx’s tight cost control and new partnerships can turn science into a real business. For now, the company is on a financial tightrope. The clock is ticking.
