Can-Fite BioPharma Ltd.

What they do

Can-Fite uses its Gi protein associated A3 adenosine receptor (A3AR) platform to develop synthetic, highly specific agonists and allosteric modulators. The company is clinical-stage and has no approved products, so operations center on research and development. Its American Depositary Shares trade on the NYSE American under the symbol CANF, and its ordinary shares trade on the Tel Aviv Stock Exchange.

Revenue drivers

• No product revenue — The company is clinical-stage and has no commercialized drugs; reported annual revenue was $405,000 in 2025.
• A3AR drug pipeline — Value is tied to drug candidates targeting the A3 adenosine receptor for cancer, liver and inflammatory diseases, none of which are approved or marketed.

Recent performance

Revenue declined from $853,000 in 2021 to $405,000 in 2025, with a drop from $674,000 in 2024. Net loss was $9.8 million in 2025, worse than the $7.9 million loss in 2024. Operating cash flow remained negative at $(8.9) million in 2025, compared with $(7.6) million in 2024. At December 31, 2025, total assets were $9.5 million, shareholder equity was $5.6 million and cash and equivalents were $5.5 million. Diluted EPS was $(5.97) in 2025 versus $(10.86) in 2024.

Strategy

Can-Fite is advancing its pipeline of A3AR-targeting drug candidates for cancer, liver and inflammatory diseases. The company completed a 1-for-3,000 reverse split of its ordinary shares on the Tel Aviv Stock Exchange effective January 2, 2026, and concurrently changed its ADS ratio from one ADS representing 300 ordinary shares to one ADS representing two ordinary shares on January 5, 2026. No other strategic priorities, partnerships or specific development milestones are disclosed in the provided excerpts.

Risks

• No approved products — All drug candidates remain clinical-stage, so the company has no commercial revenue to fund operations.
• Persistent losses and cash burn — Net loss was $9.8 million and operating cash flow was negative $8.9 million in 2025, against $5.5 million of cash at year-end.
• Declining revenue — Annual revenue fell to $405,000 in 2025 from $853,000 in 2021.
• Reverse split and ADS ratio change — A 1-for-3,000 ordinary share reverse split and an ADS ratio change from 1:300 to 1:2 were effected in January 2026, which can affect liquidity and investor perception.

Outlook

The provided excerpts do not contain specific forward guidance or stated milestones for 2026 beyond the January 2026 reverse split and ADS ratio change. Management's priorities are not detailed in the source material. The company's ability to continue development depends on funding its negative operating cash flow.