Biotech Company Uncovers Breakthrough Canine Arthritis Treatment

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Can-Fite BioPharma Ltd. (CANF:NYSEAmerican) announced on March 30, 2026, that it has paired with its veterinary commercialization partner, Vetbiolix, for Phase 2 trials of its canine osteoarthritis treatment, Piclidenoson. Vetbiolix is fully funding all costs related to developing and registering the drug.

"The randomized, double-blind, placebo-controlled, dose-ranging Phase 2 clinical study is evaluating 118 client-owned dogs with osteoarthritis treated with Piclidenoson over a 90-day period, administered orally twice daily. The primary endpoint is the Liverpool Osteoarthritis in Dogs (LOAD) questionnaire, assessing symptom severity and mobility. Secondary endpoints include the Visual Analog Scale (VAS) for pain assessment by pet owners and the Numerical Rating Score (NRS) for evaluation of lameness and pain by veterinarians. Top-line results are expected in the third quarter of 2026," said Motti Farbstein of Can-Fite BioPharma.

Vetbiolix has entered a full-licensing agreement with Can-Fite, with Can-Fite set to earn upfront payments as well as milestone and royalty payments. The company projects a revenue of up to US$325 million over the next 10 years if the drug performs well.

Despite this announcement, the company's stock prices fell today, with Global Round Up reporting that they fell US$0.08, or around 2.4%, to US$3.21. The article went on to say, " In the International Depository Receipts market of 1,119 units traded today, the ADR has a 21-day relative price strength of 1, indicating it has underperformed 99% of the market. A price fall combined with a low relative strength is a bearish signal."

On March 30, 2026, News Bites noted several "unfavorable" factors about the company's performance between 2023 and 2024, such as a loss of US$7.9 million, a 9% revenue decrease, negative operating cash flow, and an EBIT margin of -1,169.1%. The numbers for full-year 2025 are available for comparison but were not included in the article.

From Treating Humans to Helping Dogs

Can-Fite BioPharma is an Israeli biotech company advancing a pipeline of small-molecule drugs for oncological and inflammatory diseases. Its current market is largely made up of human patients, though it is working on developing its medications for veterinary use. Can-Fite utilizes the Gi protein-associated A3 adenosine receptor (A3AR) as a therapeutic target, which is highly expressed in inflammatory, cancer, and other bodily cells. The company works with drugs like Namodenoson, Piclidenoson, CF6-2, cannabinoids, and others.

The company describes Piclidenoson as ". . . a novel, first-in-class, A3 adenosine receptor agonist (A3AR) small molecule, orally bioavailable drug with an excellent safety and efficacy profile demonstrated in a Phase III clinical study in psoriasis. The drug's mechanism of action entails inhibition of the inflammatory cytokines interleukin 17 and 23 (IL-17 and IL-23) and the induction of apoptosis of patients' skin cell keratinocytes involved with the disease pathogenicity."

Veterinary Needs Take Hold in the U.S.

The increasing normality of pet ownership has caused the global canine osteoarthritis market to be projected to reach approximately US$3 billion by 2028.

A February 12, 2026, article by R. Scott Nelson for the American Veterinary Medicine Association stated that "veterinary prices rose faster than inflation in 2025." The article cites John Volk, senior consultant with Brakke Consulting, expecting the veterinary industry to remain profitable even though it is under strain from higher fees meeting tighter household budgets. Veterinary practices increased revenue by about 2.5% in 2025 even though veterinary visits had fallen by around 3%, which Volk said, ". . . tells us the profession is still growing revenue, but it's increasingly being driven by higher prices rather than higher (patient) volume."

PR Newswire wrote on March 23, 2026, "The global animal drug compounding market is growing steadily, expected to be valued at around US$1.5 billion in 2026 and projected to reach US$2.3 billion by 2033 . . . North America leads with a 42% market share, driven by high pet ownership, advanced veterinary infrastructure, and strong regulatory support."

Analysts Waiting on Q3 2026 Results

Jason Kolbert of D. Boral Capital gave Can-Fite a "Hold" rating on March 30, 2026, addressing the company's Phase 2 trial: "We view the program as incremental to the broader investment case, with clinical readouts not expected until Q3 2026 and limited near-term financial impact."

While Kolbert does mention the roughly US$3 billion canine osteoarthritis market target by 2028, he points out that ". . . the company's core thesis continues to hinge on human clinical assets, including Piclidenoson in psoriasis and Namodenoson in liver indications, where regulatory pathways and data readouts are more material to near- and mid-term stock performance." D. Boral's current expectation is that veterinary medicine will remain a secondary driver in the company's near future.

Catalysts

Results of the Phase 2 trial of Piclidenoson are expected in the third quarter of 2026, which will provide updates on regulatory pathways.

The company believes it is financially well-positioned to conduct all clinical development programs for more than the next year and is confident in its intellectual property portfolio, which consists of 15 patent families issued and pending.  

Ownership & Share Structure¹

Can-Fite BioPharma Ltd. has a market cap of US$22.18 million with 4.29 million shares outstanding and a 52-week range of US$500-US$6,000.

Institutions hold 1.23% of shares, and Management and Insiders own 0.01%. The remaining 98.76% of shares are Retail.