New York, June 26, 2026, 09:06 EDT
- Can-Fite (NYSE American: CANF) traded at $3.44 before the market opened, up 17%. About 21.73 million shares changed hands in before-hours trading.
- The company said Japan has granted a patent for Namodenoson’s use in fat loss, obesity, and metabolic disorders.
- CANF’s latest key-data market value sat at $6.61 million, which is just above the NYSE American’s $5 million continued-listing threshold that matters to holders.
Can-Fite BioPharma Ltd. (NYSEAMERICAN:CANF) rallied in premarket trading Friday after reporting a Japanese patent allowance for Namodenoson targeting obesity. The move was strong but volume stood out as cleaner signal, with a late MarketWatch quote putting the ADR at $3.44 by 8:54 a.m. EDT, up 50 cents or 16.99%. Volume print was 21.73 million shares before the open. NYSE American’s regular trading starts at 9:30 a.m. ET, and June 26 is not shown as a 2026 U.S. equity-market holiday.
That premarket volume ran more than 45 times the 65-day average of 477,200 shares and over 300 times Thursday’s regular session volume of 63,480 shares. Shares finished Thursday at $2.94, off 1.67%.
Can-Fite said the Japan Patent Office has allowed Japanese Patent Application No. 2025-049941, which is a divisional of JP 2023-078136. The patent is titled “An A3 Adenosine Receptor Ligand for Use for Achieving a Fat Loss Effect.” The company said the coverage includes A3 adenosine receptor agonists like Namodenoson for fat loss, obesity and metabolic disorders.
Dr. Pnina Fishman, chairperson and chief scientific officer at Can-Fite, said the allowance “strengthens our global intellectual property portfolio” and “supports future partnering opportunities.” The company said it already holds patent protection for the technology in the U.S., Canada, Australia and Israel.
CANF shares bounced but still traded near the bottom of their range. According to MarketWatch, the ADR’s 52-week range was $2.82 to $21.80. At a $3.44 premarket price, it was down about 84% from the top.
Can-Fite has a market cap of $6.61 million, according to MarketWatch. The market-cap issue now matters more for investors after the SEC on June 5 put out an order in the Federal Register on a NYSE American plan. That proposal would let the exchange move to suspend and kick off a company if its 30-day average market cap dipped below $5 million, with no path to submit a compliance plan.
The rule hasn’t been approved yet. The SEC will take comments through June 26 and rebuttals through July 10. Can-Fite’s patent-based move came with the rule proposal still pending, so the listing-risk issue is still in play.
Can-Fite’s balance sheet puts the focus on funding as much as on pipeline news. The company held $8.54 million in cash, cash equivalents, and short-term deposits as of Dec. 31, 2025. After the year ended, it pulled in about $4.35 million more through gross proceeds from warrant exercises. Net losses for 2025 reached $9.83 million, and net operating cash outflow was $8.95 million.
Can-Fite said in its annual report it will need more capital, warning that any raise could dilute current shareholders. The company said its cash is expected to meet needs for 12 months from the report date. Still, Can-Fite may look for public or private funding, take on debt, or pursue partnerships or licensing.
Namodenoson isn’t only about obesity. Can-Fite said it has the drug in a Phase 3 trial for advanced liver cancer, in Phase 2b for MASH, and in a Phase 2a pancreatic cancer study. The company’s release on Friday didn’t mention any new obesity partner, trial, or funding.
