A clinical-stage biotech developing antibody drugs that target a mutated protein called calreticulin, which drives the blood disorders essential thrombocythemia and myelofibrosis. Its lead candidate, DMR-001, was born at Paragon Therapeutics, a firm that launches drug companies from its own research — Damora was the sixth spun out. The company itself was once named Galecto and adopted the Damora name after acquiring the private firm behind DMR-001 in late 2025.
Damora's net loss widened to $31.2M as R&D spending rose 1,643% to advance its new mutCALR antibody pipeline, while cash reserves of $540.5M extend the runway into 2029.
The company's transformation from a cash-constrained shell into a well-funded preclinical biotech is now complete. Net loss widened to $31.2 million from $3.4 million a year ago as R&D expenses rose 1,643% to $25.5 million, driven by activities and preclinical costs for the DMR-001, DMR-002, and DMR-003 programs. With $540.5 million in cash, the company is funded into the second half of 2029, but its entire future now rests on early-stage mutCALR antibodies that have just entered human trials.
Key takeaways
Research and development expenses rose 1,643% to $25.5 million, driven by $9.1 million in higher chemistry, manufacturing, and controls activities, $4.5 million in non-cash warrant tied to the Paramora agreement, and $4.4 million in preclinical and clinical costs under the Paragon Option Agreement.
General and administrative expenses rose 383% to $9.5 million, primarily due to a $4.5 million increase in and higher personnel costs to support the company's new operating structure as a public biotech.
Section summaries
Management's Discussion and Analysis
Net loss widened to $31.2M in Q2 2026 driven by a $24.1M surge in R&D expense for DMR-001, DMR-002, and DMR-003 programs.
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R&D expense increased 1643% to $25.5M, primarily from $9.1M in higher CMC activities, $4.5M in Paramora warrant , and $4.4M in preclinical/clinical costs under the Paragon Option Agreement.
G&A expense rose 383% to $9.5M, mainly due to a $4.5M increase in and higher personnel costs supporting public company operations.
Other income swung to $4.1 million from near zero a year ago, driven by interest income on the enlarged cash balance following the February 2026 public offering and ATM program sales.
Cash and cash equivalents stood at $540.5 million as of June 30, 2026, up from $10.2 million a year earlier, after the company raised $295.5 million in a February 2026 public offering and $29.3 million through its .
Management expects the first regulatory submission for DMR-002 in the second half of 2026 and for DMR-003 in 2027, while DMR-001 has entered a Phase 1/1b trial with proof-of-concept data expected beginning in mid-2027.
The company disclosed that it relies on WuXi Biologics, a China-based contract manufacturer, exposing it to risks from the BIOSECURE Act and U.S. tariffs on pharmaceutical imports.
What changed
The that had been in place since FY2024 was removed at year-end 2025 and remains absent, as the $540.5 million cash balance is now expected to fund operations into the second half of 2029.
The IND filing for GB3226 planned for Q1 2026 was not mentioned; the company's strategy has pivoted entirely to the mutCALR franchise acquired from Paragon, with legacy assets GB3226 and GB1211 deprioritized.
The investigator-initiated GALLANT-1 trial of GB1211, which completed dosing in October 2025 with one patient showing over 80% tumor shrinkage, was not discussed as a forward-looking catalyst, consistent with the company's focus on its new pipeline.
The company's cash position has been transformed by two large equity raises — a $266.8 million PIPE in November 2025 and a $295.5 million public offering in February 2026 — moving from $7.6 million at the end of Q3 2025 to $540.5 million at the end of Q2 2026.
What to watch
Proof-of-concept data from the Phase 1/1b trial of DMR-001 expected beginning in mid-2027, as the company's entire valuation now rests on this single clinical-stage asset.
The regulatory submission for DMR-002 planned for the second half of 2026, which would mark the second mutCALR program to enter the clinic.
Cash burn rate relative to the $540.5 million balance, to track whether the runway into the second half of 2029 remains intact as R&D spending ramps up across three preclinical and clinical programs.
Developments related to the BIOSECURE Act and U.S. tariffs, given the company's disclosed reliance on WuXi Biologics for manufacturing.
Other income, net swung to $4.1M from near zero, driven by interest income on higher cash balances following recent equity financings.
Cash and cash equivalents stood at $540.5M as of June 30, 2026, after raising $295.5M in a February 2026 public offering and $29.3M through the ATM program.
Management expects current cash to fund operations into the second half of 2029, with plans to file the first regulatory submission for DMR-002 in H2 2026 and for DMR-003 in 2027.
Quantitative and Qualitative Disclosures About Market Risk
We are a smaller reporting company as defined by Item 305(e) of Regulation S-K and are not required to provide the information otherwise required under this item. Effects of Inflation Our assets are primarily monetary, consisting of cash and cash equivalents. Because of their li…
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We are a smaller reporting company as defined by Item 305(e) of Regulation S-K and are not required to provide the information otherwise required under this item.
Effects of Inflation
Our assets are primarily monetary, consisting of cash and cash equivalents. Because of their liquidity, these assets are not directly affected by inflation. Since we intend to retain and continue to use our equipment, furniture, fixtures and office equipment, computer hardware and software and leasehold improvements, we believe that the incremental inflation related to replacement costs of such items will not materially affect our operations. However, the rate of inflation affects our expense and use of our resources. We continue to monitor the impact of inflation on these costs in order to minimize its effects through productivity improvements and cost reductions. There can be no assurance, however, that our operating results will not be affected by inflation in the future.
We are not party to any material legal matters or claims. In the future, we may become party to legal matters and claims arising in the ordinary course of business. We cannot predict the outcome of any such legal matters or claims, and despite the potential outcomes, the existen…
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We are not party to any material legal matters or claims. In the future, we may become party to legal matters and claims arising in the ordinary course of business. We cannot predict the outcome of any such legal matters or claims, and despite the potential outcomes, the existence thereof may have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.
Damora is a preclinical biotech with no approved products, heavily dependent on DMR-001 and facing substantial capital needs through at least 2029.
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The company is substantially dependent on the success of its lead candidate DMR-001, which has just entered a Phase 1/1b trial, and failure would materially harm the business.
Damora will require substantial additional capital beyond its $540.5 million in cash (expected to fund operations into the second half of 2029) and may face doubts if unable to raise it.
The company faces significant competition in mutCALR-driven MPNs from both approved drugs and other clinical-stage candidates from companies like Incyte, Merck, and Novartis.
Damora relies heavily on its collaboration with Paragon for discovery and intellectual property, and conflicts of interest may arise because Fairmount holds significant stakes in both entities.
The company's intellectual property portfolio is at an early stage with no issued patents on its lead candidates, and its ability to obtain and protect patent rights is uncertain.
Reliance on foreign CMOs, including WuXi Biologics (Hong Kong), exposes Damora to risks from the BIOSECURE Act and geopolitical tensions that could disrupt manufacturing and supply.