Can-Fite's Losses Mount to $9.8M in 2025 Amid Reverse Split

TL;DR

**CANF's mounting losses and reverse split scream desperation; this speculative biotech is a high-stakes gamble on unproven drugs.**

AI Summary

Can-Fite BioPharma Ltd. (CANF) reported a net loss of approximately $9.8 million in 2025, an increase from $7.9 million in 2024 and $7.6 million in 2023, bringing its accumulated deficit to approximately $176.2 million as of December 31, 2025. The company, an advanced clinical-stage biopharmaceutical firm, has not yet commercialized any products or generated revenue from product sales, relying primarily on equity sales and out-licensing agreements for funding. Its pipeline focuses on orally bioavailable small molecule therapeutic products targeting the A3 adenosine receptor for cancer, liver, and inflammatory diseases, with Piclidenoson being the most advanced candidate. A significant business change occurred on January 2, 2026, with a 1-for-3,000 reverse stock split on the TASE and a concurrent 1-for-20 reverse ADS split on January 5, 2026, to address NYSE American listing requirements. Key risks include the need for substantial additional capital, the high cost and uncertainty of clinical trials, and the absence of sales, marketing, or distribution capabilities. The strategic outlook remains focused on advancing its three main drug candidates: Piclidenoson, Namodenoson, and CF602, with profitability contingent on successful commercialization. The company also faces risks related to its operations in Israel and potential currency fluctuations.

Why It Matters

Can-Fite's continued and increasing net losses, reaching $9.8 million in 2025, underscore the significant financial challenges facing clinical-stage biopharmaceutical companies. For investors, this highlights the high-risk, high-reward nature of biotech, where profitability is distant and dependent on successful drug development and commercialization. The recent 1-for-3,000 reverse stock split and 1-for-20 reverse ADS split, while intended to maintain NYSE American listing, signal underlying concerns about share price and market perception. Employees and customers face uncertainty given the company's reliance on future product success and external funding. In a competitive landscape, Can-Fite's lack of commercialized products puts it at a disadvantage against more established players, making its A3AR platform a critical differentiator that must deliver results.

Risk Assessment

Risk Level: high — Can-Fite has incurred substantial net losses, including approximately $9.8 million in 2025, and has an accumulated deficit of approximately $176.2 million as of December 31, 2025. The company explicitly states it has not commercialized any products or generated revenue from product sales, and anticipates continued substantial operating losses, indicating a high financial risk. Furthermore, the 1-for-3,000 reverse stock split and 1-for-20 reverse ADS split on January 2 and 5, 2026, respectively, suggest the company is struggling to meet NYSE American listing requirements, adding to the risk profile.

Analyst Insight

Investors should approach CANF with extreme caution, recognizing it as a highly speculative investment. Given the consistent losses and the recent reverse stock split, potential investors should wait for clear evidence of clinical trial success and a viable path to commercialization before considering a position. Existing investors should re-evaluate their risk tolerance and consider the implications of further dilution or delisting.

Financial Highlights

debt To Equity

N/A

revenue

N/A

operating Margin

N/A

total Assets

N/A

total Debt

N/A

net Income

-$9.8M

eps

N/A

gross Margin

N/A

cash Position

N/A

revenue Growth

N/A

Key Numbers

• $9.8M — Net Loss (incurred in 2025, an increase from $7.9M in 2024)
• $176.2M — Accumulated Deficit (as of December 31, 2025)
• 1-for-3,000 — Reverse Stock Split Ratio (effected on ordinary shares on January 2, 2026)
• 1-for-20 — Reverse ADS Split Ratio (effected on ADSs on January 5, 2026)
• 2,618,425 — Ordinary Shares Outstanding (as of December 31, 2025)
• NIS 3.19 — Exchange Rate (per $1.00 on December 31, 2025)

Key Players & Entities

• Can-Fite BioPharma Ltd. (company) — registrant
• Motti Farbstein (person) — Chief Executive, Financial and Operating Officer
• SEC (regulator) — U.S. Securities and Exchange Commission
• NYSE American (regulator) — stock exchange for ADSs
• Tel Aviv Stock Exchange (regulator) — stock exchange for ordinary shares
• Piclidenoson (company) — most advanced drug candidate
• Namodenoson (company) — drug candidate
• CF602 (company) — drug candidate

Forward-Looking Statements

• Can-Fite BioPharma Ltd. will continue to focus on pharmaceutical preparations in its future filings. (Can-Fite BioPharma Ltd.) — high confidence, target: 2027-03-26

FAQ

Risk Factors

• Need for Substantial Additional Capital [high — financial]: Can-Fite BioPharma has not generated revenue from product sales and relies on equity sales and out-licensing for funding. The company incurred a net loss of $9.8 million in 2025, increasing from previous years, and has an accumulated deficit of $176.2 million. This necessitates significant future capital raises to fund operations and clinical development.
• Clinical Trial Costs and Uncertainty [high — operational]: The company's business model is heavily dependent on the success of its clinical trials for drug candidates like Piclidenoson. These trials are inherently costly, time-consuming, and carry a high degree of uncertainty regarding efficacy and safety, posing a significant risk to future commercialization.
• Lack of Commercialization Capabilities [medium — operational]: Can-Fite BioPharma currently lacks established sales, marketing, or distribution capabilities. Successful commercialization of any future approved products will require significant investment in building these infrastructure components or securing partnerships.
• Regulatory Approval Uncertainty [high — regulatory]: As a biopharmaceutical company, Can-Fite BioPharma is subject to stringent regulatory review processes by bodies like the FDA. The success of its drug candidates hinges on obtaining regulatory approval, which is a complex and uncertain process with no guarantee of outcome.
• Market Competition [medium — market]: The biopharmaceutical market, particularly in areas like cancer, liver, and inflammatory diseases, is highly competitive. Can-Fite BioPharma faces competition from established companies with larger resources and existing market presence, which could impact the market penetration of its future products.
• Currency Fluctuation Risk [low — financial]: The company operates in Israel and reports in USD, exposing it to currency fluctuations between the New Israeli Shekel (NIS) and the U.S. dollar. For example, the exchange rate was NIS 3.19 to $1.00 on December 31, 2025, which can impact reported financial results and the cost of operations.

Industry Context

Can-Fite BioPharma operates in the highly competitive biopharmaceutical sector, focusing on orally bioavailable small molecules targeting the A3 adenosine receptor. The industry is characterized by long development cycles, high R&D costs, and stringent regulatory hurdles. Key therapeutic areas include cancer, liver, and inflammatory diseases, where numerous established players and emerging biotech firms are actively developing novel treatments.

Regulatory Implications

As a clinical-stage biopharmaceutical company, Can-Fite is subject to rigorous regulatory oversight from agencies like the FDA. The success of its drug candidates hinges on navigating complex clinical trial phases and obtaining marketing approval, which involves substantial data requirements and a high probability of failure. The recent reverse stock split was undertaken to comply with NYSE American listing standards, indicating ongoing efforts to maintain market access.

What Investors Should Do

1. Monitor clinical trial progress and results
2. Assess future capital raise needs and dilution
3. Evaluate the impact of the reverse stock split
4. Consider the competitive landscape

Key Dates

• 2026-01-02: Reverse Stock Split (Ordinary Shares) — Effected a 1-for-3,000 reverse stock split on TASE to meet listing requirements, consolidating shares.
• 2026-01-05: Reverse ADS Split — Implemented a 1-for-20 reverse ADS split to adjust the ADS to ordinary share ratio, also to meet listing requirements.
• 2025-12-31: Exchange Rate NIS to USD — The exchange rate was NIS 3.19 to $1.00, relevant for translating financial statements and understanding operational costs.
• 2024-12-31: Exchange Rate NIS to USD — The exchange rate was NIS 3.467 to $1.00, used for translating 2024 financial figures.
• 2023-12-29: Exchange Rate NIS to USD — The exchange rate was NIS 3.627 to $1.00, used for translating 2023 financial figures.

Glossary

ADSs

American Depositary Shares, which represent shares of a foreign company that are held by a U.S. depositary bank. (Can-Fite's ADSs trade on the NYSE American, and changes in their ratio to ordinary shares (like the recent reverse split) directly impact U.S. investors.)

A3 adenosine receptor (A3AR)

A specific receptor in the body that Can-Fite BioPharma targets with its drug candidates, as it is highly expressed in pathological cells like cancer and inflammatory cells. (This is the core of Can-Fite's platform technology and the basis for its drug development pipeline.)

Clinical-stage biopharmaceutical company

A company focused on developing new drugs that has advanced its product candidates into human clinical trials but has not yet brought any products to market. (Indicates that Can-Fite is still in the development phase and has not yet achieved commercialization or revenue generation from drug sales.)

Accumulated Deficit

The total net losses a company has incurred over its lifetime that have not been offset by profits. (Can-Fite's significant accumulated deficit of $176.2 million highlights its history of unprofitability and reliance on external funding.)

Reverse Stock Split

A corporate action where a company reduces the number of its outstanding shares by consolidating them, typically to increase the share price. (Can-Fite executed a significant reverse stock split (1-for-3,000 for ordinary shares, 1-for-20 for ADSs) to meet NYSE American listing requirements.)

U.S. GAAP

United States Generally Accepted Accounting Principles, the standard framework of guidelines for financial accounting in the U.S. (Ensures that Can-Fite's financial statements are prepared and presented in a consistent and comparable manner for investors.)

Year-Over-Year Comparison

The most recent filing indicates a worsening financial performance, with a net loss of $9.8 million in 2025, up from $7.9 million in 2024. This trend exacerbates the company's already significant accumulated deficit of $176.2 million. While specific revenue figures for the current period are not detailed, the company continues to operate without product sales, relying on external financing. New risks related to the substantial reverse stock splits executed in early 2026 to maintain NYSE American listing requirements have emerged, alongside the persistent challenges of clinical trial success and capital acquisition.

Key Financial Figures

• $1 — ranslated using the rate of NIS 3.19 to $1.00, the exchange rate reported by the B
• $9.8 million — , including net losses of approximately $9.8 million in 2025, $7.9 million in 2024, and $7.6
• $7.9 million — of approximately $9.8 million in 2025, $7.9 million in 2024, and $7.6 million in 2023. As o
• $7.6 million — lion in 2025, $7.9 million in 2024, and $7.6 million in 2023. As of December 31, 2025, we ha
• $176.2 million — an accumulated deficit of approximately $176.2 million. We do not know whether or when we will
• $5.5 million — 25, we had cash and cash equivalents of $5.5 million and short-term deposits of $3.0 million
• $3.0 million — $5.5 million and short-term deposits of $3.0 million. Based on our current projections and p

Filing Documents

• ea0282586-20f_canfite.htm (20-F) — 2023KB
• ea028258601ex1-1.htm (EX-1.1) — 252KB
• ea028258601ex2-1.htm (EX-2.1) — 61KB
• ea028258601ex12-1.htm (EX-12.1) — 10KB
• ea028258601ex13-1.htm (EX-13.1) — 4KB
• ea028258601ex15-1.htm (EX-15.1) — 6KB
• ea028258601_img1.jpg (GRAPHIC) — 108KB
• ea028258601_img2.jpg (GRAPHIC) — 36KB
• ea028258601_img3.jpg (GRAPHIC) — 49KB
• ea028258601_img4.jpg (GRAPHIC) — 88KB
• ea028258601_img5.jpg (GRAPHIC) — 52KB
• ea028258601_img6.jpg (GRAPHIC) — 64KB
• ea028258601_img7.jpg (GRAPHIC) — 5KB
• 0001213900-26-034447.txt ( ) — 8277KB
• canf-20251231.xsd (EX-101.SCH) — 52KB
• canf-20251231_cal.xml (EX-101.CAL) — 31KB
• canf-20251231_def.xml (EX-101.DEF) — 180KB
• canf-20251231_lab.xml (EX-101.LAB) — 416KB
• canf-20251231_pre.xml (EX-101.PRE) — 322KB
• ea0282586-20f_canfite_htm.xml (XML) — 676KB

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 147 ITEM 12.

Description of Securities Other Than Equity Securities

Description of Securities Other Than Equity Securities 148 PART II 150 ITEM 13. Defaults, Dividend Arrearages and Delinquencies 150 ITEM 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 150 ITEM 15.

Controls and Procedures

Controls and Procedures 150 ITEM 16. [RESERVED] 151 ITEM 16A. Audit Committee Financial Expert 151 ITEM 16B. Code of Ethics 151 ITEM 16C. Principal Accountant Fees and Services 151 ITEM 16D. Exemptions from the Listing Standards for Audit Committees 151 ITEM 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 151 ITEM 16F. Change in Registrant's Certifying Accountant 151 ITEM 16G. Corporate Governance 152 ITEM 16H. Mine Safety Disclosure 152 ITEM 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 152 ITEM 16J. Insider Trading Policies 152 ITEM 16K. Cybersecurity 152 PART III 153 ITEM 17.

Financial Statements

Financial Statements 153 ITEM 18.

Financial Statements

Financial Statements 153 ITEM 19. Exhibits 153 i INTRODUCTION Can-Fite is an advanced clinical-stage biopharmaceutical company that develops orally bioavailable small molecule therapeutic products for the treatment of cancer, liver and inflammatory diseases. Our platform technology utilizes the Gi protein associated A3 adenosine receptor, or A3AR, as a therapeutic target. A3AR is highly expressed in pathological body cells such as inflammatory and cancer cells, and has a low expression in normal cells, suggesting that the receptor could be a specific target for pharmacological intervention. Our pipeline of drug candidates are synthetic, highly specific agonists and allosteric modulators targeting the A3AR. Since 2005, our ordinary shares have been trading on the Tel Aviv Stock Exchange, or TASE, and trade under the symbol "CANF". On October 2, 2012, our ADSs began trading over the counter, or OTC, in the United States and on November 19, 2013, our ADSs began trading on the NYSE American under the symbol "CANF." Unless otherwise indicated, all references to the "Company," "we," "our" and "Can-Fite" refer to Can-Fite BioPharma Ltd. and its consolidated subsidiary. References to "ordinary shares", "ADSs", "warrants" and "share capital" refer to the ordinary shares, ADSs, warrants and share capital, respectively, of Can-Fite. References to "U.S. dollars", "dollars", "USD", and "$" are to currency of the United States of America, and references to "NIS" are to New Israeli Shekels. References to "ordinary shares" are to our ordinary shares, no par value. We report financial information under generally accepted accounting principles in the United States, or U.S. GAAP. Unless otherwise indicated, U.S. dollar translations of NIS amounts presented in this Annual Report on Form 20-F for the year ended on December 31, 2025 are translated using the rate of NIS 3.19 to $1.00, the exchange rate reported by the Bank of Israel on December 31, 2025, U.S. dollar translat

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS This Annual Report on Form 20-F contains forward-looking statements, about our expectations, beliefs or intentions regarding, among other things, our product development efforts, business, financial condition, results of operations, strategies or prospects. In addition, from time to time, we or our representatives have made or may make forward-looking statements, orally or in writing. Forward-looking statements can be identified by the use of forward-looking words such as "believe," "expect," "intend," "plan," "may," "should" or "anticipate" or their negatives or other variations of these words or other comparable words or by the fact that these limited to, various filings made by us with the U.S. Securities and Exchange Commission, or the SEC, press releases or oral statements made by or with the approval of one of our authorized executive officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause our actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to, the factors summarized below. This Annual Report on Form 20-F identifies important factors which could cause our actual results to differ materially from those indicated by the forward-looking on Form 20-F are not necessarily all of the important facto

Identity

ITEM 1. Identity of Directors, Senior Management and Advisers. Not applicable.

Offer

ITEM 2. Offer Statistics and Expected Timetable. Not applicable.

Key

ITEM 3. Key Information. A. [Reserved] B. Capitalization and Indebtedness. Not applicable. C. Reasons for the Offer and Use of Proceeds. Not applicable. D. Risk Factors You should carefully consider the risks we describe below, in addition to the other information set forth elsewhere in this Annual Report on Form 20-F, including our consolidated financial statements and the related notes beginning on page F-1, before deciding to invest in our ordinary shares and American Depositary Shares, or ADSs. These material risks could adversely impact our results of operations, possibly causing the trading price of our ordinary shares and ADSs to decline, and you could lose all or part of your investment. Summary Risk Factors The principal factors and uncertainties that make investing in our ordinary shares risky, include, among others: Risks Related to Our Financial Position and Capital Requirements We have incurred operating losses since our inception and anticipate that we will continue to incur substantial operating losses for the foreseeable future. We will need to raise additional capital to meet our business requirements in the future, and such capital raising may be costly or difficult to obtain and will dilute current shareholders' ownership interests. Risks Related to Our Business and Regulatory Matters We have not yet commercialized any products or technologies, and we may never become profitable. Our product candidates are at various stages of clinical and preclinical development and may never be commercialized. Results of earlier clinical trials may not be predictive of the results of later-stage clinical trials. We might be unable to develop product candidates that will achieve commercial success in a timely and cost-effective manner, or ever. 1 Our current pipeline is based on our platform technology utilizing the Gi protein associated A3AR, as a potent therapeutic target and currently includes three molecules, Piclidenoson, Na

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