Q2 FY2026 EarningsQ2 FY26 results for DMRA were mixed compared to consensus: GAAP EPS of -$0.39 slightly beat the -$0.42 estimate, while EBIT of -$30.8M was essentially in-line with the -$30.9M expected. Operating cash flow missed expectations at -$42.5M for the first half vs. a -$22.2M quarterly consensus, driven by accelerated R&D spend and related party payments. The company maintains a strong liquidity position with $540.5M in cash, providing a runway into 2H 2029 as it initiates Phase 1/1b trials for its lead candidate DMR-001.