Damora Therapeutics, Inc. (DMRA)

Price$30.06Cached quoteAs of 2026-09-06 09:45 UTC

AI: Overvalued

Price checkThe market price leaves too much value resting on unproven early clinical results.

At the observed quote, 61.7 million ordinary shares imply a market value near $1.66 billion. Adding preferred shares convertible into 18.1 million ordinary shares raises the as-converted value to about $2.14 billion, before employee options and warrants. Against $540.5 million of cash and $27.6 million of liabilities, investors are assigning roughly $1.63 billion to an unapproved pipeline. With DMR-001 only in its first human trial and no patient-effectiveness data, that premium requires unusually strong future results and supports an Overvalued verdict.

Big pictureCash can fund years of research, but the company still has no sales.

Damora has never generated product revenue. It used $42.5 million of operating cash in the first half of 2026, including $21.9 million in the second quarter; annualizing that pace gives roughly $85 million. Cash exceeds six years of current spending, but research expense rose to $49.3 million from $2.1 million, and management expects funding only into the second half of 2029 as trials expand. The $209.8 million 2025 loss included a $174.3 million acquired-research charge, so it overstates cash burn. Clinical outcomes, rather than economic cycles, drive the risk.

Business strengthThe balance sheet is strong, while the drug evidence remains limited to early tests.

DMR-001 targets mutant calreticulin, an abnormal protein driving two blood disorders affecting about 42,000 U.S. patients; no therapy specifically targeting it is approved. In company-reported laboratory and animal work, DMR-001 showed up to 30 times stronger binding, 26 times greater growth inhibition in a difficult mutation type, and about five times longer persistence than a reference antibody. Those features support broad activity and monthly injections, forming the strongest bull case. They do not establish safety or benefit in people, which remains the central weakness.

What could change the storyHuman trial results could justify the premium, while dilution and failure threaten it.

Initial DMR-001 human results expected from mid-2027 are decisive: acceptable safety and meaningful control of abnormal blood-cell production would begin supporting the pipeline premium; weak activity or toxicity would leave cash as the main tangible value. DMR-002’s planned regulatory filing in the second half of 2026 is a nearer checkpoint. Capital has gone to development, not dividends or buybacks: February’s sale of 16.6 million shares raised $295.5 million net. Another 18.1 million shares can arise from preferred conversions, while existing and annual partner warrants add further dilution.

AI: News

Lead trial beginsDamora began testing its lead drug in people, moving beyond laboratory evidence.

On August 5, 2026, Damora said health-authority clearance allowed the global Phase 1/1b CLARITY-101 study to start. It tests safety, dosing and early effectiveness in adults with blood disorders driven by abnormal calreticulin after previous treatments failed or became intolerable. The starting regimen is a 100-milligram injection once monthly, and initial data are expected from mid-2027. This is the clearest value milestone because it can validate—or contradict—the laboratory and animal findings.

Cash runway reaffirmedThe latest quarter showed rising research spending but enough cash for several planned milestones.

On August 10, 2026, Damora reported $540.5 million of cash at June 30 and said this should fund operations into the second half of 2029. Second-quarter operating cash use was $21.9 million. Research expense increased to $25.5 million from $1.5 million a year earlier as manufacturing, trial preparation and staffing expanded. The funding reduces near-term financing pressure, but the sharp spending increase shows why cash should not be treated as permanently available to shareholders.

Laboratory results differentiateEarly tests strengthened the drug’s case for broad activity and convenient monthly dosing.

At the June 12, 2026 European Hematology Association presentation, Damora reported that DMR-001 bound its abnormal-protein target up to 30 times more strongly than a reference antibody. It inhibited growth up to 26 times more effectively in a difficult mutation type and lasted about five times longer in non-human primates. These preclinical results—meaning tests before human evidence—support differentiation and monthly dosing, but cannot establish patient benefit or safety.

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Revenue

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2023

2024

2025

Net income

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Free cash flow

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Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$0	$0	$0	$0	—	—	—
Research & development	$26.9M	$6.4M	$23.8M	$48.2M	$38.5M	$24.6M	$19.7M
Operating expenses	$210.9M	$22.3M	$39.9M	$61.2M	$52.2M	$33.6M	$39.0M
Operating income	−$210.9M	−$22.3M	−$39.9M	−$61.2M	−$52.2M	−$33.6M	$39.0M
EBITDA	−$210.8M	−$22.2M	−$39.6M	−$61.2M	−$52.2M	—	—
Net income	−$209.8M	−$21.4M	−$38.3M	−$61.6M	−$51.8M	−$34.8M	−$36.5M
Basic EPSper basic share	$3.98	-$18.53	-$36.08	-$60.75	-$51.25	-$190.50	-$4,045.50
Diluted EPSper diluted share	$3.98	-$18.53	-$36.08	-$60.75	-$51.25	-$190.50	-$4,045.50

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Owners

Reported shareholders

Reference date Jun 30, 2026

14.96%of listed shares

FMR LLC9.23M shares · Jun 30, 2026

View holders

Top 20 reported holders of DMRA
Holder	% owned
FMR LLC	14.96%9.23M shares
Fairmount Funds Management LLC	14.11%8.71M shares
Avoro Capital Advisors LLC	6.13%3.78M shares
Venrock Adviser, LLC	5.84%3.6M shares
BlackRock, Inc.	5.12%3.16M shares
FCPM III SERVICES B.V.	3.95%2.44M shares
RA CAPITAL MANAGEMENT, L.P.	3.89%2.4M shares
VIKING GLOBAL INVESTORS LP	3.74%2.31M shares
Jupiter Topco LLC	3.70%2.28M shares
JPMORGAN CHASE & CO	3.34%2.06M shares
Remedium Capital Partners, LLC	3.31%2.05M shares
Commodore Capital LP	3.14%1.94M shares
BRAIDWELL LP	2.62%1.62M shares
Bellevue Group AG	2.62%1.62M shares
STATE STREET CORP	2.50%1.55M shares
a16z Capital Management, L.L.C.	2.00%1.24M shares
Balyasny Asset Management L.P.	1.99%1.23M shares
PERCEPTIVE ADVISORS LLC	1.98%1.22M shares
WELLINGTON MANAGEMENT GROUP LLP	1.71%1.06M shares
Blackstone Inc.	1.62%1M shares

Percentages use 61.73M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)9$38.8K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jan 2, 2026Form 4	Schambye Hans T.Chief Executive Officer	SellCommon Stock	700	$21.38	$15.0K	4.7K
Jan 2, 2026Form 4	Winslow GarrettGeneral Counsel	SellCommon Stock	255	$21.38	$5.5K	1.9K
Jan 2, 2026Form 4	Firmani LoriChief Financial Officer	SellCommon Stock	135	$21.41	$2.9K	931
Jul 3, 2025Form 4	Schambye Hans T.Chief Executive Officer	SellCommon Stock	735	$3.38	$2.5K	4.0K
Jul 3, 2025Form 4	Winslow GarrettGeneral Counsel	SellCommon Stock	260	$3.39	$881.40	1.4K