CTX
CAPTOR THERAPEUTICS
Giełda Papierów Wartościowych w Warszawie · consolidated · publ. September 15, 2026
H1 2026 report
Captor to spółka kliniczna finansowana rundami kapitałowymi — I półrocze 2026 zamknęło się z 71,5 mln zł w gotówce i instrumentach finansowych po emisji akcji serii Y (65,6 mln zł, marzec 2026).
Sentiment
Neutral
No guidance change
CTX
H1 2026 report
Revenue
1.96 m PLN
— YoY
Net income
-22.76 m PLN
— YoY
EBITDA
-22.41 m PLN
— YoY
FCF
-24.86 m PLN
— YoY
Summary
Investment thesis
- Kluczowy projekt viadrudomide (CT-01) jest w fazie 1 badań klinicznych z udziałem 13 pacjentów w 4 kohortach dawkowania — wstępne dane bezpieczeństwa oceniane przez Zarząd jako obiecujące.
- Strata netto pogłębiła się nieznacznie r/r (-22,8 mln zł vs -20,5 mln zł) głównie z powodu niższych przychodów projektowych i rosnących kosztów badań klinicznych — typowe dla etapu rozwoju.
- Kontynuacja działalności zależy w dużej mierze od zawarcia umowy partneringowej (rozmowy dot. NEK7, viadrudomide, vratitoclax) lub kolejnych rund finansowania po wyczerpaniu obecnego kapitału.
- Zmiana CRO w trakcie trwającego badania klinicznego viadrudomide wprowadza element ryzyka operacyjnego, choć zarządzana w sposób transparentny i deklarowana jako neutralna kosztowo.
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Financials
BETA
CTX · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.96 | 4.66 | −57.9% | 1.96 | −57.9% | reported | — | 1.00 |
| Gross profit | 1.79 | 3.22 | −44.4% | 1.79 | −44.4% | reported | — | 1.00 |
| EBITDA | -22.41 | — | — | -22.41 | — | derived | — | 0.90 |
| EBIT | -24.19 | -43.56 | +44.5% | -24.19 | +44.5% | reported | — | 1.00 |
| EBT | -22.74 | -42 | +45.9% | -22.74 | +45.9% | reported | — | 1.00 |
| Net income | -22.76 | -42 | +45.8% | -22.76 | +45.8% | reported | — | 1.00 |
| EPS (basic) (PLN) | -3.86 | -7.61 | — | -3.86 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -3.98 | — | — | -3.98 | — | reported | — | 1.00 |
| D&A | 1.78 | — | — | 1.78 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 6.35 | 5.53 | — | — | — | reported | — | 1.00 |
| Cash | 2.4 | 32 | −92.5% | — | — | reported | — | 1.00 |
| Total debt | 2.66 | — | — | — | — | derived | — | 0.90 |
| Net debt | 0.26 | — | — | — | — | derived | — | 0.60 |
| Equity | 65.07 | 23.48 | +177.1% | — | — | reported | — | 1.00 |
| Total assets | 79.54 | 40.02 | +98.7% | — | — | reported | — | 1.00 |
| Current assets | 74.77 | 33.82 | +121.1% | — | — | reported | — | 1.00 |
| Current liabilities | 13.82 | 14.91 | −7.3% | — | — | reported | — | 1.00 |
| Non-current liabilities | 0.65 | 1.63 | −60.1% | — | — | reported | — | 1.00 |
| Trade receivables | 2.72 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 6.43 | — | — | — | — | reported | — | 0.80 |
| CFO | -24.63 | -4.42 | −457.1% | -24.63 | −457.1% | reported | — | 1.00 |
| CapEx | 0.24 | — | — | 0.24 | — | reported | — | 1.00 |
| FCF | -24.86 | — | — | -24.86 | — | derived | — | 0.90 |
| Dividends paid | 0 | — | — | 0 | — | reported | — | 0.90 |
| Current ratio | 5.41x | 2.27x | +3.14x | — | — | derived | — | 0.90 |
| Debt / equity | 0.04x | — | — | — | — | derived | — | 0.70 |
| Revenue growth (YoY) | -57.49% | -70.55% | — | -57.49% | — | derived | — | 0.90 |
| EBIT growth (YoY) | -12.71% | -11.79% | — | -12.71% | — | derived | — | 0.90 |
| Net income growth (YoY) | -11.18% | -9.29% | — | -11.18% | — | derived | — | 0.90 |
H1 2026 · Δ YoY
Revenue
1.96
−57.9%
1.96
−57.9%
- H1 2025
- 4.66
- YTD 2026
- 1.96
- Δ YoY
- −57.9%
Gross profit
1.79
−44.4%
1.79
−44.4%
- H1 2025
- 3.22
- YTD 2026
- 1.79
- Δ YoY
- −44.4%
EBITDA
-22.41
—
-22.41
—
- H1 2025
- —
- YTD 2026
- -22.41
- Δ YoY
- —
EBIT
-24.19
+44.5%
-24.19
+44.5%
- H1 2025
- -43.56
- YTD 2026
- -24.19
- Δ YoY
- +44.5%
EBT
-22.74
+45.9%
-22.74
+45.9%
- H1 2025
- -42
- YTD 2026
- -22.74
- Δ YoY
- +45.9%
Net income
-22.76
+45.8%
-22.76
+45.8%
- H1 2025
- -42
- YTD 2026
- -22.76
- Δ YoY
- +45.8%
EPS (basic)
(PLN)
-3.86
—
-3.86
—
- H1 2025
- -7.61
- YTD 2026
- -3.86
- Δ YoY
- —
EPS (diluted)
(PLN)
-3.98
—
-3.98
—
- H1 2025
- —
- YTD 2026
- -3.98
- Δ YoY
- —
D&A
1.78
—
1.78
—
- H1 2025
- —
- YTD 2026
- 1.78
- Δ YoY
- —
Shares (basic)
(m units)
6.35
—
6.35
—
- H1 2025
- 5.53
- YTD 2026
- —
- Δ YoY
- —
Cash
2.4
−92.5%
2.4
−92.5%
- H1 2025
- 32
- YTD 2026
- —
- Δ YoY
- —
Total debt
2.66
—
2.66
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
0.26
—
0.26
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
65.07
+177.1%
65.07
+177.1%
- H1 2025
- 23.48
- YTD 2026
- —
- Δ YoY
- —
Total assets
79.54
+98.7%
79.54
+98.7%
- H1 2025
- 40.02
- YTD 2026
- —
- Δ YoY
- —
Current assets
74.77
+121.1%
74.77
+121.1%
- H1 2025
- 33.82
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
13.82
−7.3%
13.82
−7.3%
- H1 2025
- 14.91
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
0.65
−60.1%
0.65
−60.1%
- H1 2025
- 1.63
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
2.72
—
2.72
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
6.43
—
6.43
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-24.63
−457.1%
-24.63
−457.1%
- H1 2025
- -4.42
- YTD 2026
- -24.63
- Δ YoY
- −457.1%
CapEx
0.24
—
0.24
—
- H1 2025
- —
- YTD 2026
- 0.24
- Δ YoY
- —
FCF
-24.86
—
-24.86
—
- H1 2025
- —
- YTD 2026
- -24.86
- Δ YoY
- —
Dividends paid
0
—
0
—
- H1 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
Current ratio
5.41x
+3.14x
5.41x
+3.14x
- H1 2025
- 2.27x
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.04x
—
0.04x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-57.49%
—
-57.49%
—
- H1 2025
- -70.55%
- YTD 2026
- -57.49%
- Δ YoY
- —
EBIT growth (YoY)
-12.71%
—
-12.71%
—
- H1 2025
- -11.79%
- YTD 2026
- -12.71%
- Δ YoY
- —
Net income growth (YoY)
-11.18%
—
-11.18%
—
- H1 2025
- -9.29%
- YTD 2026
- -11.18%
- Δ YoY
- —