XORTX Therapeutics Q1 2026 Results, Share Consolidation, and $5M Public Offering Initiation

XORTX Therapeutics Inc. reported financial results for the first quarter ended March 31, 2026. The company ended the quarter with $250,275 in cash, a significant decrease from $864,514 at year-end 2025. Net loss for the period was $808,472, compared to $698,673 in Q1 2025. XORTX issued a "going concern" warning, noting that existing capital is insufficient to fund operations and clinical trials without additional financing. Subsequent to the quarter-end, XORTX achieved several major milestones: 1. Completed a 5:1 share consolidation on April 6, 2026, and regained compliance with Nasdaq's minimum bid price rule. 2. Finalized the acquisition of a Renal Anti-Fibrotic Therapeutic Program (VB4-P5) from Vectus Biosystems on April 13, 2026, issuing 154,544 common shares and 692,150 pre-funded warrants as consideration. 3. Initiated a public offering on May 15, 2026, seeking to raise up to $5 million in gross proceeds to support its clinical programs in ADPKD and gout. The company continues to develop its lead candidates, XORLO for gout and XRx-008 for ADPKD, while expanding its pipeline with the newly acquired anti-fibrotic assets.