Highlights

  • The company also reported a funding position that it describes as requiring continued cash management and, as needed, additional funding.
  • The company has also formed a Clinical Advisory Committee chaired by Dr Johnny Iliff, with Professor John W.
  • Patrys signed a binding agreement under which intellectual property in its deoxymab antibody platform will be assigned to Yale University.
  • No revenue from this arrangement has been reported, and any future income depends on successful development and commercialisation.

Patrys (ASX:PAB) has reported on its quarter to 30 September 2026, with the main development being progress in the Phase 1a trial of RLS-2202, an intravenous formulation of quetiapine that the company is developing as a potential treatment for delirium in acute-care settings. The company also reported a funding position that it describes as requiring continued cash management and, as needed, additional funding.

The Rls-2202 Trial

Patrys describes itself as a clinical-stage reformulation and antibody development company. The Phase 1a study received ethics approval from Bellberry's human research ethics committee on 27 August 2026 and is being run at CMAX in Adelaide, with oversight from Alithia Life Sciences. It is a two-cohort study in 16 healthy adult volunteers, using a crossover design to compare the intravenous product with oral quetiapine. Its endpoints are safety, tolerability and pharmacokinetics.

All four participants in the first cohort had completed dosing, follow-up and planned clinical assessments by the end of the quarter. After quarter-end, the Safety Review Committee reported an acceptable safety and tolerability profile and recommended proceeding to the second cohort, which has 12 participants, according to the company.

Manufacturing of the clinical trial material for the second cohort at BioCina has been completed, with quality control testing under way before release. Patrys says cohort 2 screening, enrolment and dosing are expected in the December 2026 quarter, with final dosing targeted for December 2026, and that this depends on release of the batch. This is a study in healthy volunteers; it is not evidence of efficacy in patients with delirium, and no regulatory approval is being sought at this stage.

The company has also formed a Clinical Advisory Committee chaired by Dr Johnny Iliff, with Professor John W. Devlin and Professor Mark van den Boogaard, covering Australia, the United States and Europe.

Deoxymab And The Yale Agreement

Patrys signed a binding agreement under which intellectual property in its deoxymab antibody platform will be assigned to Yale University. Patrys will be entitled to 50 per cent of commercialisation revenue that Yale receives and that is directly attributable to the portfolio, including cash and non-cash consideration. Yale will fund most future development costs. The business states the intellectual property may later move into a university-backed start-up in which Patrys could become a direct shareholder. No revenue from this arrangement has been reported, and any future income depends on successful development and commercialisation.

Cash And Funding

Patrys reported no customer receipts in the quarter. Its income comprised A$26,000 of interest and A$41,000 from intellectual property expenditure and GST refunds.

Cash fell from A$3.36 million at 30 June to A$2.23 million at 30 September. Net operating outflow was A$1.25 million, made up of research and development of A$921,000, staff costs of A$136,000 and administration and corporate costs of A$262,000. Financing brought in A$127,000, mainly the final A$130,000 received from a directors' placement, which totalled A$160,000 at A$0.024 per share with free attaching options. Related-party payments were A$66,000 in non-executive director fees.

The Appendix 4C estimates a funding runway of 1.78 quarters at the current rate of spending, and the company has no loan or credit facilities. Patrys says it expects an R&D tax incentive refund of about A$620,000 in the December 2026 quarter. A short runway means the company may need to raise further capital.

On 15 July 2026, the company issued 1,564,711 shares to Templar Corporate at a deemed price of A$0.0256 in lieu of retainer fees covering November 2025 to March 2026.

Next Milestones

The confirmed dates are the expected cohort 2 dosing during the December 2026 quarter, the anticipated tax incentive refund in the same quarter, and the annual general meeting on Monday 30 November 2026.