Can-Fite BioPharma (NYSE American: CANF) experienced a sharp rally in premarket trading on Friday, June 26, 2026, following news that Japanese authorities have granted a patent for its drug Namodenoson. The stock rose 17% to $3.44, with an extraordinary 21.73 million shares changing hands before the opening bell—more than 45 times the 65-day average volume of 477,200 shares.
The Japan Patent Office allowed Patent Application No. 2025-049941, a divisional of JP 2023-078136, titled “An A3 Adenosine Receptor Ligand for Use for Achieving a Fat Loss Effect.” This patent covers the use of A3 adenosine receptor agonists, including Namodenoson, for fat loss, obesity, and metabolic disorders. Dr. Pnina Fishman, Can-Fite's chairperson and chief scientific officer, stated that the allowance strengthens the company’s global intellectual property portfolio and supports future partnering opportunities. Can-Fite already holds patent protection for the technology in the U.S., Canada, Australia, and Israel.
Despite the patent-driven rally, Can-Fite's market capitalization stands at approximately $6.61 million, just above the NYSE American's proposed $5 million continued-listing threshold. The exchange has submitted a rule to the SEC that would allow it to suspend and delist companies whose 30-day average market cap falls below $5 million, without the option to submit a compliance plan. The SEC is accepting comments through June 26, with rebuttals due by July 10. This rule has not yet been approved, leaving the listing risk unresolved.
The premarket surge is notable given the stock's 52-week range of $2.82 to $21.80. At $3.44, the ADR is trading approximately 84% below its 52-week high. Thursday's regular session closed at $2.94, down 1.67%.
Can-Fite's balance sheet highlights ongoing funding concerns. As of December 31, 2025, the company held $8.54 million in cash, cash equivalents, and short-term deposits. Since then, it has raised approximately $4.35 million through warrant exercises. However, net losses for 2025 reached $9.83 million, with net operating cash outflow of $8.95 million. The company has warned in its annual report that it will need additional capital, which could dilute existing shareholders. Management expects current cash to cover operations for 12 months from the report date, but may seek public or private funding, debt, or partnerships.
Namodenoson is not solely an obesity treatment. Can-Fite is also developing the drug for advanced liver cancer (Phase 3), MASH (Phase 2b), and pancreatic cancer (Phase 2a). Friday's press release did not mention any new obesity partner, clinical trial, or funding arrangement.
