The market has been punishing IMPACT Therapeutics, with the share price down about 10% over the past week and close to 70% over three months. Yet the headline from these results is blunt: this is still a high-growth, loss-making biotech, and the revenue line is doing almost all the talking.

H1 2026 revenue reached C¥105.19 million, well above the prior period, while the business still reported a net loss of C¥90.81 million. That mix of rapid sales expansion and continued red ink, sitting on a P/S of 23x, is what will matter for anyone thinking beyond today’s price move.

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