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Can-Fite BioPharma Ltd. is developing treatments for inflammatory diseases, cancer and liver diseases. Its most advanced candidates are Piclidenoson, licensed to partners for psoriasis, and Namodenoson, licensed for liver diseases and pancreatic cancer. None of its candidates is approved for sale, and it has generated no revenue from selling drugs.
Pharmaceutical partners pay Can-Fite upfront for rights to develop or distribute its candidates in specified markets. Agreements also provide for payments when development or regulatory milestones are reached and, if approved products sell, royalties or payments for supplied products. Licensing agreements generate its revenue; Ewopharma supplies a large share and is its largest revenue contributor.
Can-Fite relies on partners to market its drugs and outside manufacturers to produce them. Its business depends on successful trials, regulatory approval and partners bringing products to market. Equity fundraising and licensing payments have funded operations, and it needs additional financing to continue development.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Can-Fite depends on clinical and regulatory progress, continued equity funding and licensing partners such as Ewopharma, which accounted for 51% of its 2025 revenue.
Alumis is developing oral envudeucitinib for plaque psoriasis, competing for the patients Can-Fite hopes to treat with Piclidenoson. Its clinical progress is worth watching as a rival oral treatment, not an established drug-sales business.
Inventiva's oral lanifibranor competes for the MASH patients Can-Fite targets with Namodenoson. Lanifibranor is Inventiva's only candidate in development, making its progress the clearest signal of this competitive threat.
Sagimet Biosciences is developing denifanstat for the emerging MASH market Can-Fite seeks to enter with Namodenoson. Watch denifanstat's development rather than Sagimet's overall licensing revenue, which also includes payments tied to other disease programs.
Altimmune's investigational pemvidutide competes with Can-Fite's Namodenoson for MASH treatment opportunities. Its MASH spending fell in 2025 mainly because enrollment in the Phase 2b trial finished early that year, not because it stopped pursuing those patients.
Madrigal already sells Rezdiffra in the MASH market Can-Fite hopes to enter with Namodenoson, giving investors a commercial benchmark. Rezdiffra generated $958.4 million in U.S. net product revenue in 2025.
Exelixis's cabozantinib medicines compete in the liver-cancer market Can-Fite seeks to enter with Namodenoson. Exelixis earns drug-sales revenue and royalties on sales outside the United States, but its cabozantinib totals are not a liver-cancer-only benchmark.
Amgen already sells Otezla, an oral psoriasis treatment that is a direct commercial alternative to Can-Fite's investigational oral Piclidenoson.
Bristol Myers Squibb competes with both of Can-Fite's main candidates: Piclidenoson in psoriasis and Namodenoson in liver and pancreatic cancer. Its drug-development and sales news in those diseases matters more to this overlap than its company-wide results.
AbbVie's psoriasis medicines compete for the patients Can-Fite aims to treat with Piclidenoson. For this rivalry, watch its psoriasis business rather than total medicine sales across its other treatment areas.
AstraZeneca's liver-cancer treatments compete with Can-Fite's Namodenoson, so advances in treating hepatocellular carcinoma matter to Can-Fite's prospective market. AstraZeneca's broader oncology sales are not a direct measure of that competition.
Bristol-Myers Squibb Co. earningsBMY
Bristol Myers Squibb's disease-specific drug and sales updates will show how competition is developing in the psoriasis and liver or pancreatic cancer markets that overlap with Can-Fite's candidates.
Look for disease-specific progress or sales updates in Bristol Myers Squibb's psoriasis and liver or pancreatic cancer medicines, not just its company-wide sales. Advancing treatments or stronger sales would point to more established alternatives moving ahead of Can-Fite; limited progress or weaker sales would suggest less competitive momentum, but would not prove Can-Fite's candidates work. The takeaway is whether competition is strengthening in the markets Can-Fite hopes to enter.
Amgen Inc earningsAMGN
Amgen's Otezla sales will show how strong the established oral alternative is for patients Can-Fite hopes to treat with oral Piclidenoson for psoriasis.
Focus on Amgen's disclosed Otezla sales, rather than its overall results. Steady or rising sales would show that patients continue to use this established oral treatment, which Piclidenoson would have to compete against if approved. Falling sales could mean less pressure from this oral alternative, but would not show that Piclidenoson works or would be preferred. The takeaway is how firmly Otezla holds its place in the market Can-Fite hopes to enter.
Madrigal Pharmaceuticals, Inc. earningsMDGL
Madrigal Pharmaceuticals' Rezdiffra sales will show commercial demand for MASH treatment and the level of patient adoption Can-Fite's Namodenoson may eventually need to compete for.
Read Madrigal's disclosed Rezdiffra product sales and how they change. Continued sales growth would show that an existing MASH treatment is gaining commercial acceptance, while raising the bar for Namodenoson to persuade patients, doctors and payors to choose another therapy. Weak sales would leave demand and the challenge of reaching patients less clear; they would not mean patients have no need for treatment. The takeaway is whether an established therapy is building a market that Can-Fite would have to enter.
