Highlights

  • Actinogen receives an FY26 research tax rebate of AUD 10.839mn including interest.
  • The company repays borrowings associated with the rebate.
  • Net proceeds lift pro forma quarter-end cash to AUD 21.9mn with no debt.
  • Actinogen expects final XanaMIA topline results in mid-November 2026.

Actinogen Medical (ASX:ACW), a biotechnology company developing therapies for neurological and neuropsychiatric diseases linked to dysregulated brain cortisol, has received its FY26 research tax rebate. The cash receipt allows repayment of related borrowings and increases its pro forma cash position as the company approaches final results from its pivotal Alzheimer’s disease trial.

The Rebate Leaves Net Cash After Repayment

The Australian Taxation Office paid AUD 10,838,793, including interest, under the research and development tax-incentive program. Actinogen had borrowed AUD 4.3mn as an advance against the expected FY26 rebate.

That loan and associated interest have been repaid from the gross receipt, leaving net proceeds of AUD 5,993,390. Combined with approximately AUD 15.9mn held at 30 September, the receipt produces a pro forma quarter-end cash position of AUD 21.9mn, with no debt. The pro forma figure incorporates the later rebate receipt into the previously announced quarter-end balance.

XanaMIA Approaches Its Final Readout

Actinogen expects final topline results from the XanaMIA Phase 2b/3 trial in mid-November 2026. The trial evaluates Xanamem in 247 patients with mild to moderate Alzheimer’s disease and progressive disease, confirmed through clinical criteria and elevated blood pTau181.

The double-blind, placebo-controlled study uses a 36-week treatment period. Patients receive either Xanamem 10 mg or placebo once daily. Recruitment is closed, and the trial has passed an independent safety and efficacy-futility review. The study is being conducted in Australia and the United States.

Clinical Measures Track Disease Progression

The primary endpoint is the Clinical Dementia Rating scale–Sum of Boxes. Other endpoints also assess whether treatment slows Alzheimer’s progression. The expected November readout will provide the final topline results from the controlled trial.

An open-label extension began in March 2026 and is available to former and current XanaMIA participants. Under that extension, all participants receive active Xanamem 10 mg daily for up to 25 months. It evaluates safety and a limited set of efficacy measures, including the same dementia-rating scale, alongside the separate controlled-study program.

Cortisol Control Defines the Development Approach

Xanamem is designed to inhibit the cortisol-synthesis enzyme 11β-HSD1 in the brain without affecting essential adrenal cortisol production. The once-daily oral compound targets areas associated with cognition, including the hippocampus and frontal cortex.

The company has studied Xanamem's enzyme inhibition in more than 500 volunteers and patients across eight clinical trials. Its wider program has also included patients with depression and cognitive impairment. Xanamem remains investigational and is not approved for use outside clinical trials by any regulatory authority. The newly received tax-incentive proceeds form part of the company's funding as the current Alzheimer’s trial reaches its scheduled final reporting stage.