LeonaBio beats second quarter loss estimates

LeonaBio, Inc. (NASDAQ:LONA) reported a narrower second quarter loss of $0.80 per share, surpassing forecasts of $1.12 per share. Shares remained steady in after-hours trading. The company's clinical-stage biopharmaceutical division experienced a net loss of $19.0 million during the quarter ending June 30, 2026, compared to $7.0 million in the same period last year.

LeonaBio aims to finalize enrollment of around 600 participants in its Phase 3 ELAINE-3 clinical trial of lasofoxifene by the end of 2026. Preliminary results from the trial, which is evaluating lasofoxifene in combination with abemaciclib for estrogen receptor-positive, HER2-negative, ESR1-mutated metastatic breast cancer, are anticipated in the second half of 2027.

As of the quarter's end, 495 patients had been enrolled. LeonaBio's focus moving forward is on successfully executing the Phase 3 ELAINE-3 trial and moving lasofoxifene towards becoming a potential game-changing treatment for patients with ESR1-mutated metastatic breast cancer, stated Mark Litton, Ph.D., the company's President and Chief Executive Officer.

Research and development expenses rose to $12.9 million in the second quarter, up from $3.7 million in the previous year, primarily due to clinical trial costs linked to the ELAINE-3 trial. General and administrative expenses increased to $6.6 million from $3.6 million, marking a rise in personnel-related expenses and professional service fees.

Cash, cash equivalents, and investments stood at $51.1 million as of June 30, 2026, a decrease from $88.3 million at year-end 2025. Net cash used in operations for the quarter amounted to $37.9 million, compared to $21.7 million in the second quarter of 2025.