Key Highlights

  • Net loss was USD 9.7 million for the third quarter of 2026.
  • Cash and cash equivalents were USD 268.9 million as of September 30, 2026.
  • The September 2026 offering raised approximately USD 172.5 million in gross proceeds.
  • Research and development expenses were USD 5.3 million in the quarter.

Yarrow Bioscience (NASDAQ:YARW) reported its third-quarter 2026 results following the completion of its merger. Loss per share was USD 0.43, against an estimate of USD 0.71. The company is a clinical-stage biotechnology company, and its shares began trading on the Nasdaq Capital Market under the ticker symbol shown in the company name after the Merger closed.

Net loss for the quarter totaled USD 9.7 million. Research and Development expenses were USD 5.3 million, and general and administrative expenses were USD 5.5 million.

Offering and Cash Position

In September 2026, the company completed an underwritten public offering of 6,634,615 shares of common stock. The offering included the full exercise of the underwriters' option to purchase additional shares. Aggregate gross proceeds were approximately USD 172.5 million, before deducting Underwriting discounts and commissions and other offering expenses.

As of September 30, 2026, Yarrow had cash and cash equivalents of USD 268.9 million, a figure that includes the net proceeds from the September offering. The company stated that cash and cash equivalents are projected in its release to fund operations into 2030. That period includes completion of the DIRECTION-GD trial and preparatory work for its next planned thyroid eye disease study.

As of September 30, 2026, Yarrow had approximately 11.5 million shares of common stock issued and outstanding. It also had pre-funded warrants to purchase approximately 23.7 million additional shares of common stock.

Research and development expenses of USD 5.3 million and general and administrative expenses of USD 5.5 million together make up the operating cost lines the company reported for the quarter. The company reported no Revenue figure for the period, and the table of estimates shows no revenue estimate or actual.

The DIRECTION-GD Clinical Trial

DIRECTION-GD is a Phase 2a/2b randomized, blinded, placebo-controlled, two-part trial. It evaluates YB-101 in patients with Graves' disease, with or without concomitant thyroid eye disease. The trial is registered under the identifier NCT07682896.

The company's cash runway statement ties directly to this program. It covers the trial's completion and preparatory work for the next planned thyroid eye disease study, as described in the company's third-quarter announcement.

Reported Reference Points for the Quarter

The items reported for the quarter are the completion of the merger, the Nasdaq Capital Market listing, the September 2026 public offering of 6,634,615 shares and the cash balance of USD 268.9 million.

The company disclosed its share structure alongside the results, with roughly 11.5 million common shares outstanding and 23.7 million shares underlying pre-funded warrants as of the quarter end. The third-quarter net loss of USD 9.7 million, together with the R&D and G&A figures, forms the cost base reported for the period. The company also reported that the merger closed before the quarter ended, and that the offering was completed in September, within the same reporting period as the cash balance. Loss per share of USD 0.43 compares with the estimate of USD 0.71 shown in the Earnings table.