Percheron Therapeutics — Stronger cash position, broader opportunities

Percheron Therapeutics (ASX: PER)

Last close As at 21/10/2026

AUD0.00

— 0.00 (0.00%)

Market capitalisation

AUD8m

More on this equity

Research: Healthcare

Percheron Therapeutics — Stronger cash position, broader opportunities

Percheron Therapeutics’ September quarter update and new preclinical collaboration with Invion reinforce its capital-efficient, combination-led development strategy for HMBD-002, its anti-VISTA antibody. The partners will evaluate HMBD-002 alongside INV043, Invion’s lead Photosoft photodynamic therapy candidate, in solid tumour models. Encouraging preclinical data combining INV043 with anti-PD-1 support the scientific rationale, although efficacy with HMBD-002 remains to be established. We view the collaboration positively, broadening development opportunities beyond the Vanderbilt-led investigator-sponsored study in high-risk AML/MDS where recruitment is now expected in H1 CY27, versus H2 CY26 previously. September-end cash increased to A$4.9m (June: A$4.05m), backed by the A$2.3m placement and a A$0.7m R&D rebate. Adjusting for this one-off rebate, we estimate around four quarters of cash runway, versus the company’s reported 8.6 quarters. We will present our revised estimates in due course.

Jyoti Prakash

Written by

Jyoti Prakash, CFA

Director, healthcare

Pharma and biotech

Q127 financial and business update

22 October 2026

Price AUD0.003
Market cap AUD6m

US$/A$1.43

Net cash/(debt) at end-September 2026

AUD4.9m

Shares in issue

1,982.4m
Free float 56.0%
Code PER
Primary exchange ASX
Secondary exchange N/A
Price Performance

Business description

Percheron Therapeutics is a clinical-stage biotech advancing HMBD-002, a differentiated VISTA-targeting checkpoint inhibitor with potential to address PD-1 resistance across a range of cancer indications. HMBD-002 has completed a Phase I clinical trial in patients with advanced solid cancers, with favourable safety and tolerability. An investigator-sponsored Phase IIa trial in AML/MDS is expected to commence in H1 CY27.

Analysts

Jyoti Prakash, CFA
+44 (0)20 3077 5700
Arron Aatkar, PhD
+44 (0)20 3077 5700

Percheron Therapeutics is a research client of Edison Investment Research Limited


Note: PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

Year end Revenue (AUDm) PBT (AUDm) EPS (AUD) DPS (AUc) P/E (x) Yield (%)
6/24 2.4 (11.7) (1.33) 0.00 N/A N/A
6/25 1.4 (13.4) (1.31) 0.00 N/A N/A
6/26 0.7 (4.4) (0.38) 0.00 N/A N/A

The Invion collaboration offers a capital-efficient way to evaluate two, mechanistically complementary, treatment approaches. INV043 uses photodynamic therapy to destroy tumour cells, potentially stimulating an anti-cancer immune response. HMBD-002, meanwhile, aims to prevent tumours from suppressing this response, potentially enhancing the overall anti-tumour activity of the combination. Supporting proof of concept comes from Invion’s prior anal squamous cell carcinoma animal study with anti-PD-1, which achieved c 80% tumour control versus c 12% with immune checkpoint inhibitors alone. The collaboration is non-exclusive, with external costs shared equally and no automatic commercial rights granted to either party.

Vanderbilt remains the nearer-term clinical value driver, in our view. The investigator-sponsored study will evaluate HMBD-002 alongside standard-of-care therapies azacitidine and venetoclax in up to 38 patients with high-risk acute myeloid leukaemia (AML) and myelodysplastic syndrome (MDS), with Percheron providing the study drug, a financial grant and advisory support. Recruitment is now anticipated in H1 CY27, versus our prior expectation of H2 CY26. Management's increasing emphasis on investigator-sponsored and exploratory combination studies suggests a pragmatic approach to generating early clinical evidence while containing development costs. We view this strategy as sensible given Percheron's financial position and anticipate that the previously planned company-sponsored Phase II solid-tumour basket study will be deprioritised in the near term.

Net operating cash outflow decreased to A$0.57m in Q1 FY27/Q3 CY26 (Q2: A$1.05m) but included a one-off A$0.70m R&D rebate; excluding this, underlying outflow was c A$1.27m. Assuming a steady underlying run-rate, we estimate the quarter-end cash of A$4.9m providing around four quarters of cover, versus the 8.6 quarters indicated by the company's statutory calculation. Following the shift in development priorities, we will present our updated estimates in due course.

General disclaimer and copyright

This report has been commissioned by Percheron Therapeutics and prepared and issued by Edison, in consideration of a fee payable by Percheron Therapeutics. Edison Investment Research standard fees are £60,000 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright 2026 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or sol icitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

More on Percheron Therapeutics

View All

Latest from the Healthcare sector

View All Healthcare content

Research: Healthcare

Newron Pharmaceuticals — Pivotal enrolment complete; FDA review continues

Newron Pharmaceuticals has completed ENIGMA-TRS 1 enrolment in treatment-resistant schizophrenia (TRS), with 618 patients randomised and pivotal 12-week data expected in Q127. This removes recruitment uncertainty, although the FDA’s US clinical hold on ENIGMA-TRS 2 remains unresolved. The hold concerns potential arrhythmic risk linked to evenamide’s sodium channel blockade, following four deaths among treated patients across ENIGMA-TRS 1 and Phase II 014/015, versus one on placebo. However, only one was considered possibly treatment-related, and Newron reports lower exposure-adjusted mortality than placebo, alongside no consistent cardiac safety signal. Management has now proposed enhanced cardiac screening and monitoring, including genetic testing for Brugada syndrome. We view these measures as constructive, although regulatory acceptance remains critical. With Newron targeting an end-October response to the FDA and ENIGMA-TRS 2 continuing ex-US, we retain our 2029 US launch assumption and CHF20.9/share valuation.

Continue Reading
Cookie Policy Overview
Edison Group

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping us understand which section of the website you find more interesting and useful. See our Cookie Policy for more information.

Strictly necessary and functional

These cookies are used to deliver our website and content. Strictly necessary cookies relate to our hosting environment, and functional cookies are used to facilitate social logins, social sharing and rich-media content embeds.

Advertising

Advertising Cookies collect information about your browsing habits such as the pages you visit and links you follow. These audience insights are used to make our website more relevant.

Performance

Performance Cookies collect anonymous information designed to help us improve the site and respond to the needs of our audiences. We use this information to make our site faster, more relevant and improve the navigation for all users.