Helus Pharma loss widens to $150.9M; equity raises lift cash to $171.1M

Helus Pharma has reported a loss of $150.9M for the half-year to 30 September 2026, up from $58.3M in the equivalent period a year earlier. That is roughly two and a half times the prior figure. The unaudited interim accounts were approved by the board on 12 November.

The company points to two causes: heavier research spending and a larger charge for share-based pay, mostly tied to restricted share units vesting. The share-pay element is an accounting expense that does not involve cash leaving the business, so the headline loss overstates the cash cost of running development work. The summary does not say how the loss divides between the two causes.

Cash and equivalents stood at $171.1M at the period end, against $157.3M on 31 March, a rise of $13.8M. Net proceeds from equity financing, including an at-the-market programme, came to about $86M. The gap between those two numbers implies outflows of around $72M over the six months, though the available material does not itemise them.

The summary offers no split of research spending by programme, no funding guidance and no development timelines, so it cannot show how far the money goes or which assets are absorbing it. The full filing would be needed for that.