What CanFite BioPharma does

Can-Fite BioPharma Ltd. is an Israeli clinical-stage biopharmaceutical company founded in 1994 and listed on NYSE American and the Tel Aviv Stock Exchange (ticker: CANF). The company develops orally bioavailable small molecule agonists targeting the Gi protein-associated A3 adenosine receptor (A3AR), a receptor that is highly expressed in inflammatory, cancer, and other pathological cells but minimally expressed in healthy cells. Compounds bind with nanomolar affinity to A3AR and modulate the NF-kB and Wnt signal transduction pathways to deliver anti-inflammatory and anti-cancer effects, with safety data accumulated across more than 1,600 patients in clinical studies.

The clinical pipeline comprises three core candidates and one preclinical program. Piclidenoson (CF101) is an A3AR agonist in pivotal Phase III for moderate-to-severe plaque psoriasis following positive Phase III COMFORT-1 topline data. Namodenoson (CF102) is the lead oncology asset, in pivotal Phase III for advanced hepatocellular carcinoma, Phase IIb for MASH, and Phase IIa for pancreatic cancer; it has received FDA Orphan Drug Designation for HCC and pancreatic cancer plus FDA Fast Track Designation for second-line HCC. CF602 is an A3AR allosteric modulator in preclinical development for erectile dysfunction, particularly for diabetic patients and PDE5 non-responders, and a cannabinoid program targets the endocannabinoid system. The company pursues a pure out-licensing model, granting exclusive regional development and commercialization rights to specialized pharmaceutical distributors in exchange for upfront payments, regulatory and sales milestones, and royalties on net sales.

Can-Fite generates revenue from licensing agreements rather than direct product sales. Current commercial partners include Ewopharma (Central Eastern Europe), CMS (China/Hong Kong/Macao/Taiwan), Chong Kun Dang (South Korea), Cipher Pharmaceuticals (Canada), Gebro Pharma (Switzerland/Spain/Austria), Kyongbo Pharm (South Korea), and Vetbiolix (worldwide veterinary). The Ewopharma agreement alone includes a $2.25 million upfront payment, up to $40.45 million in milestones, and 17.5% royalties on net sales; the Vetbiolix veterinary deal is potentially worth up to $325 million. FY2025 revenue was $0.41 million against a $9.83 million net loss, with operations funded by recurring equity raises totaling approximately $19 million between November 2023 and March 2026, led by H.C. Wainwright & Co.

Name

CanFite BioPharma

Legal name

Can-Fite BioPharma Ltd.

Website

https://canfite.com

Company type

Public

Founded year

1994

Operating status

Operating

Headcount range

1–10 employees

Short description

Can-Fite BioPharma is an Israeli clinical-stage biopharmaceutical company that develops orally bioavailable small molecule A3 adenosine receptor (A3AR) agonists for oncology (liver and pancreatic cancer), inflammatory diseases (psoriasis), and metabolic disorders (MASH, obesity), generating revenue through regional out-licensing partnerships rather than direct commercialization.

Ownership category

akta.pro rank

Headquarters

HQ city

Petah Tiqva

HQ country

Israel

HQ region

Middle East

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Others

Revenue model

1. Licensing and Milestone Payments: Can-Fite generates revenue through upfront payments, regulatory and sales milestone payments, and royalties from licensing agreements with regional pharmaceutical partners for its drug candidates.
2. Product Revenue: The company reported $0.41 million in revenue for 2025 (down 40% year-over-year), derived from licensing agreements and recognition of upfront payments.

Go-to-market motion1 record

Distribution channels7 records

Marketing channels4 records

Core offering

Can-Fite BioPharma is a clinical-stage biopharmaceutical company developing proprietary small molecule drug candidates that target the A3 adenosine receptor (A3AR) for oncology, inflammatory, and metabolic diseases. Its lead candidates include Piclidenoson (Phase III for plaque psoriasis), Namodenoson (Phase III for hepatocellular carcinoma, Phase IIb for MASH, Phase IIa for pancreatic cancer), CF602 for erectile dysfunction, and a preclinical Cannabinoids program. The company monetizes these assets by out-licensing them to regional pharmaceutical partners for development and commercialization.

Product overview

Can-Fite BioPharma is an Israeli biopharmaceutical company with a platform technology utilizing the Gi protein associated A3 adenosine receptor (A3AR) as a therapeutic target. The company has an advanced clinical-stage pipeline of proprietary small molecule drug candidates addressing oncology, inflammatory, and metabolic diseases. The portfolio includes Piclidenoson (CF101) for psoriasis, Namodenoson (CF102) for liver cancer/HCC and metabolic diseases, CF602 for erectile dysfunction, and Cannabinoids in preclinical development. The compounds bind with nM affinity to A3AR and initiate de-regulation of NF-kB and Wnt signal transduction pathways resulting in anti-inflammatory and anti-cancer effects. Drugs have demonstrated excellent safety profiles with experience in over 1,600 patients in clinical studies.

Differentiator

Problem solved

Functional benefit

Products and services

• Piclidenoson (CF101)

Quantifiable outcome

• 9-year cancer-free survival in hepatocellular carcinoma patient treated with Namodenoson
• +4 more outcomes

Segments3 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core and regional.

• Ewopharma AGcoreChannel Partner/ Reseller/ Distributor · 1 January 2021Swiss company Ewopharma AG holds exclusive distribution rights for Namodenoson in Central Eastern European countries for liver cancer, NASH, and pancreatic cancer indications. Agreement includes upfront payment of US$2.25 million with up to US$40.45 million in milestones plus 17.5% royalties on net sales.
• CMS (China Medical System)coreChannel Partner/ Reseller/ DistributorCMS holds exclusive license for Namodenoson for the treatment of liver cancer and NASH in China, Taiwan, Hong Kong and Macao territories.
• Chong Kun Dang (CKD) PharmaceuticalcoreChannel Partner/ Reseller/ DistributorCKD Pharmaceutical in South Korea holds exclusive license for Namodenoson for liver cancer and NASH treatment in the Korean market.
• Cipher PharmaceuticalsregionalChannel Partner/ Reseller/ DistributorCipher Pharmaceuticals holds exclusive license for Piclidenoson for the treatment of psoriasis in Canada.
• Gebro Pharma GmbHregionalChannel Partner/ Reseller/ DistributorGebro Pharma GmbH holds exclusive license for Piclidenoson for the treatment of psoriasis in Switzerland, Spain, and Austria.
• Kyongbo PharmregionalChannel Partner/ Reseller/ DistributorKyongbo Pharm holds exclusive license for Piclidenoson for the treatment of psoriasis in Korea.
• VetbiolixcoreChannel Partner/ Reseller/ DistributorVetbiolix holds exclusive worldwide license to develop Piclidenoson for veterinary indications including canine osteoarthritis. The agreement is potentially worth up to $325 million in upfront, milestone, and royalty payments. Phase 2 clinical study completed enrollment with 118 dogs in Q3 2026.

Scale indicators8 records

Recent moves7 records

Expansion highlights2 records

Broad incumbents

• Intercept Pharmaceuticals: Pioneer in NASH/MASH with obeticholic acid; acquired by Alfasigma. Provides relevant precedent for the regulatory and commercial challenges facing small-cap MASH developers and informs expectations for Can-Fite's MASH program.
• Bristol-Myers Squibb: Major pharmaceutical company with Sotyktu (deucravacitinib), an oral TYK2 inhibitor approved for psoriasis. Represents the dominant competitive threat to Piclidenoson in moderate-to-severe plaque psoriasis.
• Exelixis: Established oncology player with Cabometyx (cabozantinib) approved for HCC. Sets the competitive benchmark for second-line HCC treatment that Namodenoson's Phase III must differentiate against.

Direct peers

• AnaptysBio: Clinical-stage immunology company developing innovative inflammation treatments including IL-36R antagonist for psoriasis. Comparable size and development-stage profile to Can-Fite, with overlapping psoriasis therapeutic focus.
• Galmed Pharmaceuticals: Clinical-stage biopharma developing Aramchol for NASH/MASH and HCC. Similar profile as a small-cap Israeli biopharma with a single-asset focus in hepatic diseases, providing direct competitive context for Can-Fite's Namodenoson.
• Genfit: French biopharma with elafibranor (Iqirvo, approved for PBC) and ongoing MASH development. Direct MASH peer with comparable clinical-stage profile and similar out-licensing strategy in select geographies.
• Arcutis Biotherapeutics: Dermatology-focused biopharma with FDA-approved Zoryve for psoriasis. Direct competitor in plaque psoriasis with a similar small-cap, focused-therapeutic-area profile to Can-Fite's Piclidenoson.
• Madrigal Pharmaceuticals: Direct competitor in MASH/NASH with approved drug Rezdiffra (resmetirom). Both companies target liver/metabolic disease with small-molecule approaches, making Madrigal the most direct read-across for Namodenoson's MASH Phase IIb program.

Emerging players

• Galectin Therapeutics: Clinical-stage developer of galectin-3 inhibitors for NASH cirrhosis and cancer immunotherapy. Similar small-cap clinical profile with liver fibrosis and oncology pipeline overlap with Namodenoson's HCC indication.
• CymaBay Therapeutics: Pre-acquisition clinical-stage biopharma developing seladelpar for PBC and MASH; acquired by Gilead in 2024 for $4.3B. Provides relevant precedent for valuation outcomes when late-stage MASH assets demonstrate clinical success.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/8228756

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds17 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CanFite BioPharma