mnpr20260630

mnpr20260630_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒	Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended June 30, 2026

☐	Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission File Number: 001-39070

	MONOPAR THERAPEUTICS INC.
	(Exact name of registrant as specified in its charter)

Delaware

32-0463781

(State or other jurisdiction of

incorporation or organization)

(I.R.S. employer

identification number)

1000 Skokie Blvd., Suite 350, Wilmette, IL		60091
(Address of principal executive offices)		(zip code)

(847) 388-0349

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Common Stock, $0.001 par value

MNPR

The Nasdaq Stock Market LLC

(Nasdaq Capital Market)

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated Filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

The number of shares outstanding with respect to each of the classes of our common stock, as of July 31, 2026, is set forth below:

Class		Number of shares outstanding
Common Stock, par value $0.001 per share		6,712,172

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MONOPAR THERAPEUTICS INC.

TABLE OF CONTENTS

		Page
Part I	FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)	7
	Condensed Consolidated Balance Sheets as of June 30, 2026, and December 31, 2025	7
	Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2026 and 2025	8
	Condensed Consolidated Statements of Stockholders’ Equity for the Three and Six Months Ended June 30, 2026 and 2025	9
	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025	11
	Notes to Condensed Consolidated Financial Statements	12
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 4.	Controls and Procedures	33
Part II	OTHER INFORMATION	33
Item 1A.	Risk Factors	33
Item 5.	Other Information	33
Item 6.	Exhibits	34

Signatures		35

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Forward-Looking Statements

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this Quarterly Report on Form 10-Q are forward-looking statements. The words “hopes,” “believes,” “anticipates,” “plans,” “seeks,” “estimates,” “projects,” “expects,” “intends,” “may,” “could,” “should,” “would,” “will,” “continue,” and similar expressions are intended to identify forward-looking statements. The following uncertainties and factors, among others, could affect future performance and cause actual results to differ materially from those matters expressed in or implied by forward-looking statements:

●

our ability to raise sufficient funds to support continued clinical, regulatory, pre-commercial and commercial development of our programs and to make contractual future milestone payments, as well as our ability to raise additional funds to support any existing or future product candidate programs through completion of clinical trials, approval processes and, if applicable, commercialization;

●

our ability to raise funds on acceptable terms;

●

our ability to find a suitable pharmaceutical partner or partners to further our development efforts, under acceptable financial terms;

●

risks and uncertainties associated with our or any development partners’ research and development activities, including preclinical studies, clinical trials, regulatory submissions, and manufacturing and quality expenses;

●

known and unknown risks associated with developing copper-chelating therapies and radiopharmaceutical therapeutics and imaging agents;

●

the uncertainty of timeframes for our clinical trials and regulatory reviews for approval to market products;

	●	uncertainties related to the regulatory processes related to ALXN1840 and the outcome(s) thereof;

	●	potential delays and/or additional significant expenses related to developing and completing the rolling submission of the New Drug Application (“NDA”) for ALXN1840;

	●	the uncertain impacts of U.S. government shutdowns and potential future shutdowns on the timing of regulatory processes, including with respect to the rolling submission and review of the NDA for ALXN1840;

	●	our ability to address the fulfillment and logistical challenges posed by the potential time-limited shelf-life of our current radiopharmaceutical programs or future drug candidates;

●

our ability to obtain an adequate supply at reasonable costs of radioisotopes that we are currently using or that we may incorporate in the future into our drug candidates;

	●	market uptake and competitiveness in terms of pricing, efficacy and safety of any products for which we receive marketing approval, and our ability to competitively market and position any such products as compared to larger pharmaceutical companies;

	●	the difficulties of commercialization, marketing, product manufacturing and overall strategy as we build out our commercial organization;

●

uncertainties of intellectual property position and strategy, including new discoveries and patent filings;

●

our ability to attract and retain experienced and qualified key personnel and/or to find and utilize external sources with experience, expertise and scientific, medical and commercialization knowledge to complete product development and commercialization of new products;

●

the risks inherent in our estimates regarding the level of needed expenses, capital requirements and the availability of required additional financing at acceptable terms or at all;

●

U.S. political leadership developments may affect the economy and future laws, tariffs, and regulations or executive orders, and may, in turn, lead to increased or decreased governmental control of healthcare and pharmaceuticals – governmental regulations impacting cost requirements and structures for importing ingredients or products or selling therapeutic or imaging products – and governmental legislation, executive orders and/or tariffs affecting other industries which may indirectly increase our costs of obtaining goods and services and our cost of capital;

●

the uncertain impacts of any COVID-19 resurgence or of another pandemic may have on our ability to advance our clinical programs, commercialize them, and raise additional financing;

●

the cumulative impacts of domestic and global inflation, volatility in financial markets and the potential for an economic recession, resulting in higher costs for obtaining goods and services and/or making financing more difficult to obtain on acceptable terms or at all;

●

the uncertain impacts of the Russia-Ukraine war, the Israel-Hamas conflict, the conflict between the U.S., Israel and Iran and the ongoing instability in Persian Gulf states, and/or any potential future conflicts on our clinical material manufacturing expenses and timelines, as well as on general geopolitical, economic, trade and financial market conditions; and

●

the uncertainty of our financial projections and operational timelines and the development of new competitive products and technologies.

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Although we believe that the risk assessments identified in such forward-looking statements are appropriate, we can give no assurance whether such risks will materialize or that other risks will not materialize. Cautionary statements are disclosed in this Quarterly Report on Form 10-Q, including without limitation statements in the section entitled “Summary Risk Factors,” addressing forward-looking statements. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements. We undertake no obligation to update any statements made in this Quarterly Report on Form 10-Q or elsewhere, including without limitation any forward-looking statements, except as required by law.

Any forward-looking statements in this Quarterly Report on Form 10-Q reflect our current views with respect to future events or to our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Information that is based on estimates, forecasts, projections, market research or similar methodologies is inherently subject to uncertainties, and actual events or circumstances may differ materially from events and circumstances projected in this information.

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Summary Risk Factors

Our business is subject to numerous risks and uncertainties, including those highlighted in “Part I Item 1A. Risk Factors” of our December 31, 2025, Annual Report on Form 10-K, as amended, filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 27, 2026. These risks include, among others, the following:

	●	We are a clinical-stage biopharmaceutical company with a history of financial losses. We expect to continue to incur significant losses for the foreseeable future and may never achieve or maintain cash self-sufficiency or profitability, which could result in a decline in the market value of our common stock.

	●	Our ability to raise sufficient funds to support continued clinical, regulatory, pre-commercial and commercial development of our programs and to make contractual future milestone payments as they come due, as well as our ability to raise additional funds to support any existing or future product candidate programs through completion of clinical trials, approval processes and, if applicable, commercialization.

	●	Although a completed pivotal Phase 3 trial with ALXN1840 met its primary endpoint as described in this report, Alexion Pharmaceuticals, Inc. (“Alexion”), a subsidiary of AstraZeneca, terminated the ALXN1840 program in Wilson disease based on a review of results from the Phase 2 mechanistic trials and discussions with the regulatory authorities. In the near term, we are focused on assembling a regulatory package and completing the rolling submission of the NDA for ALXN1840, all with uncertain outcomes.

	●	The regulatory approval process can be lengthy, expensive and uncertain. The U.S. Food and Drug Administration (“FDA”) and other regulatory agencies around the world may require us to perform additional nonclinical and/or clinical studies to obtain ALXN1840 approval, which we may be unable to raise sufficient capital to complete or the results of which may not meet clinical and/or statistical significance required by the FDA and other regulatory agencies.

	●	We do not have and may never have any approved products on the market. Our business is highly dependent upon receiving marketing approvals from the FDA and various international regulatory agencies and would be severely harmed if we are not granted approvals to manufacture and sell our product candidates.

	●	Our clinical trials may not yield sufficiently conclusive results for regulatory agencies to approve the marketing and sale of our products, which would adversely affect our financial condition.

	●	If we experience delays or difficulties in the enrollment of patients in clinical trials, our receipt of the necessary regulatory approvals will be delayed or prevented, which could materially delay or terminate our program schedules and adversely affect our financial condition.

	●	If we or our licensees, development collaborators, or suppliers are unable to manufacture our products in sufficient quantities and/or at defined quality specifications, or are unable to obtain regulatory approvals for the manufacturing facility, we may be unable to develop and to meet the demand for our products as well as lose time to market and associated potential revenues.

	●	We rely on qualified third parties to conduct our active pharmaceutical ingredient and biologic drug substance manufacturing, drug product manufacturing, non-clinical studies, and clinical trials. If these third parties do not or cannot successfully carry out their contractual duties and meet expected deadlines or performance goals, the initiation or conduct of our clinical trials would be delayed and we may be unable to obtain regulatory approval for, or commercialize, our current product candidates or any future products, which would adversely affect our financial condition.

	●	Radiopharmaceutical technology is a relatively novel approach to cancer imaging and treatment, which may create significant and potentially unpredictable challenges for such technology, including the availability of radioisotopes, potential misconception about its safety, and low market uptake due to its novelty. Perceptions of these challenges may pose funding challenges as we devote efforts to our radiopharmaceutical programs.

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	●	The Russia-Ukraine war, and resulting sanctions against Russia and Russian entities, and Russian reduction in gas shipments to the EU and other allies, have increased fuel costs, reduced access to critical supplies and may cause shipping delays. Separately, the Israel-Hamas conflict, and the conflict between the U.S., Israel and Iran and the ongoing instability in Persian Gulf states have created additional uncertainties and impacts. The broader geopolitical, economic, trade and financial market consequences are uncertain at this time, which may increase the cost of supplies for our clinical materials, delay the manufacture of our clinical materials, restrict the availability of radioisotopes, increase costs of other goods and services or introduce additional financing difficulties and/or costs, any of which could adversely affect our clinical and preclinical programs and our financial condition.

	●	Market variables, such as inflation of product costs, labor rates and fuel, freight and energy costs, as well as geopolitical events, may significantly increase our operating and administrative expenses.

	●	Unstable market and economic conditions, such as volatility in the financial markets due to concerns about tariffs, bank stability and economic challenges due to inflation, may limit our ability to raise funds, potentially causing us to delay, restructure or cease our operations.

	●	U.S. political leadership developments may affect the economy and future laws, tariffs, and regulations or executive orders, and may, in turn, lead to increased or decreased governmental control of healthcare and pharmaceuticals – governmental regulations impacting cost requirements and structures for importing ingredients or products or selling therapeutic or imaging products – and governmental legislation, executive orders and/or tariffs affecting other industries which may indirectly increase our costs of obtaining goods and services and our cost of capital.

	●	We face significant competition from other radiopharmaceutical, biotechnology and pharmaceutical companies, and from research-based academic medical institutions, in our targeted medical indications, and our operating results would be adversely affected if we fail to compete effectively. Many competitors in our industry have greater organizational capabilities, more robust capital resources, and established marketing and sales resources and experience in the targeted markets. Competition and technological change may make our product candidates obsolete or non-competitive.

	●	The termination of third-party licenses would adversely affect our rights to important compounds and/or technologies which are essential to the development and marketing of our products.

	●	If we and our third-party licensors do not obtain and preserve protection for our respective intellectual property rights, our competitors may be able to develop and market competing drugs, which would adversely affect our financial condition.

	●	If we lose key management leadership, and/or the expertise and experience of our scientific personnel, and if we cannot recruit qualified employees or other highly qualified and experienced personnel for future requirements, we may experience significant program delays and increased operational and compensation costs, and our business may be materially disrupted.

	●	Any future or long-term impacts of COVID-19 or of any other pandemic remain uncertain, and their scope and impact could have a substantial negative bearing on our business, financial condition, operating results, stock price and ability to raise additional capital.

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PART I

FINANCIAL INFORMATION

Item 1. Financial Statements

Monopar Therapeutics Inc.

Condensed Consolidated

Balance Sheets

(Unaudited)

	*June 30, 2026*			December 31, 2025*

*Assets*

Current assets:
Cash and cash equivalents	$	52,757,766		$	61,833,552
Investments		81,541,216			78,565,491
Other current assets		464,727			63,745
Total current assets		134,763,709			140,462,788

Operating lease right-of-use asset		215,120			254,921
Total assets	$	134,978,829		$	140,717,709

*Liabilities and Stockholders’ Equity*

Current liabilities:
Accounts payable, accrued expenses and other current liabilities	$	4,016,031		$	2,735,236
Total current liabilities		4,016,031			2,735,236

Non-current operating lease liability		107,829			154,920
Total liabilities		4,123,859			2,890,156

Commitments and contingencies (Note 8)

Stockholders’ equity:
Common stock, par value of $0.001 per share, 40,000,000 shares authorized, 6,712,172 and 6,692,140 shares issued and outstanding at June 30, 2026, and December 31, 2025, respectively		6,712			6,692
Additional paid-in capital		229,472,821			227,199,002
Accumulated other comprehensive income (loss)		91,317			131,389
Retained earnings (accumulated deficit)		(98,715,880	)		(89,509,530	)
Total stockholders’ equity		130,854,970			137,827,553
Total liabilities and stockholders’ equity	$	134,978,829		$	140,717,709

* Derived from the Company’s audited consolidated financial statements.

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Monopar Therapeutics Inc.

Condensed Consolidated

Statements of Operations and Comprehensive Income (Loss)

(Unaudited)

	*Three Months Ended June 30,*						*Six Months Ended June 30,*
	*2026*			*2025*			*2026*			*2025*
Operating expenses:
Research and development	$	4,766,832		$	1,730,000		$	8,254,079		$	3,373,375
General and administrative		1,877,831			1,504,295			3,615,837			3,082,737
Total operating expenses		6,644,663			3,234,295			11,869,916			6,456,112
Income (loss) from operations		(6,644,663	)		(3,234,295	)		(11,869,916	)		(6,456,112	)
Other income (loss)		32,158			—			32,158			—
Interest income (loss)		1,299,205			780,769			2,631,408			1,377,614
Net income (loss)		(5,313,300	)		(2,453,526	)		(9,206,350	)		(5,078,498	)
Other comprehensive income (loss):
Foreign currency translation gain (loss), net		516			(3,456	)		326			(3,847	)
Unrealized gain (loss) on investments, net		(7,721	)		102,817			(40,398	)		45,432
Comprehensive income (loss)	$	(5,320,505	)	$	(2,354,165	)	$	(9,246,423	)	$	(5,036,913	)
Net income (loss) per share:
Basic and diluted	$	(0.62	)	$	(0.35	)	$	(1.08	)	$	(0.73	)
Weighted average shares outstanding:
Basic and diluted		8,542,450			6,998,082			8,538,966			6,992,761

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Monopar Therapeutics Inc.

Condensed Consolidated Statements of Stockholders’ Equity

Three and Six Months Ended June 30, 2026

(Unaudited)

								*Accumulated*			*Retained*
					*Additional*			*Other*			*Earnings*			*Total*
	*Common Stock*				*Paid-in*			*Comprehensive*			*(Accumulated*			*Stockholders’*
	*Shares*		*Amount*		*Capital*			*Income (Loss)*			*Deficit)*			*Equity*

Balance at January 1, 2026		6,692,140	$	6,692	$	227,199,002		$	131,389		$	(89,509,530	)	$	137,827,553
Issuance of common stock to employees pursuant to vested restricted stock units, net of taxes		6,922		7		(200,210	)		—			—			(200,203	)
Stock-based compensation		—		—		1,692,980			—			—			1,692,980
Net income (loss)		—		—		—			—			(3,893,050	)		(3,893,050	)
Other comprehensive income (loss)		—		—		—			(32,868	)		—			(32,868	)
Balance at March 31, 2026		6,699,062		6,699		228,691,772			98,521			(93,402,580	)		135,394,412
Issuance of common stock to employees pursuant to vested restricted stock units, net of taxes		12,802		13		(654,977	)		—			—			(654,964	)
Issuance of common stock upon exercise of stock options		308		0		7,575			—			—			7,575
Stock-based compensation		—		—		1,428,451			—			—			1,428,451
Net income (loss)		—		—		—			—			(5,313,300	)		(5,313,300	)
Other comprehensive income (loss)		—		—		—			(7,205	)		—			(7,205	)
Balance at June 30, 2026		6,712,172	$	6,712	$	229,472,821		$	91,317		$	(98,715,880	)	$	130,854,970

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Monopar Therapeutics Inc.

Condensed Consolidated Statements of Stockholders’ Equity

Three and Six Months Ended June 30, 2025

(Unaudited)

								*Accumulated*			*Retained*
					*Additional*			*Other*			*Earnings*			*Total*
	*Common Stock*				*Paid-in*			*Comprehensive*			*(Accumulated*			*Stockholders’*
	*Shares*		*Amount*		*Capital*			*Income (Loss)*			*Deficit)*			*Equity*

Balance at January 1, 2025		6,102,560	$	6,103	$	130,787,312		$	35,992		$	(75,792,636	)	$	55,036,771
Issuance of common stock to employees pursuant to vested restricted stock units, net of taxes		8,487		8		(131,137	)		—			—			(131,129	)
Issuance of common stock upon exercise of stock options		4,167		4		15,443			—			—			15,447
Stock-based compensation		—		—		1,355,017			—			—			1,355,017
Net income (loss)		—		—		—			—			(2,624,972	)		(2,624,972	)
Other comprehensive income (loss)		—		—		—			(57,776	)		—			(57,776	)
Balance at March 31, 2025		6,115,214		6,115		132,026,635			(21,784	)		(78,417,608	)		53,593,358
Issuance of common stock to employees pursuant to vested restricted stock units, net of taxes		11,672		12		(321,567	)		—			—			(321,555	)
Issuance of common stock upon exercise of stock options		571		1		4,710			—			—			4,711
Stock-based compensation		—		—		1,279,546			—			—			1,279,546
Net income (loss)		—		—		—			—			(2,453,526	)		(2,453,526	)
Other comprehensive income (loss)		—		—		—			99,361			—			99,361
Balance at June 30, 2025		6,127,457	$	6,127	$	132,989,324		$	77,577		$	(80,871,134	)	$	52,201,894

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Monopar Therapeutics Inc.

Condensed Consolidated

Statements of Cash Flows

(Unaudited)

	*For the Six Months Ended*
	*June 30,*
	*2026*			*2025*

Cash flows from operating activities:
Net income (loss)	$	(9,206,350	)	$	(5,078,498	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Stock-based compensation expense		3,121,431			2,634,563
Net amortization of investment discounts and premiums		(1,507,645	)		(214,026	)
Changes in operating assets and liabilities, net