Argent BioPharma (ASX:RGT) Narrows Focus to Immune Modulation After CannEpil Licence and NLC Deal

Sonal Goyal

23 October 2026 12:23 PM AEDT

Argent BioPharma (ASX:RGT) Narrows Focus to Immune Modulation After CannEpil Licence and NLC Deal

Image Source: Shutterstock

You are reading a free article with opinions that may differ from the recommendation given by Kalkine in its paid research reports. Become a Kalkine member today to get access to our research reports, in-depth technical and fundamental research. Learn more

Start Your Free Trial Now!

Key Highlights

Argent granted Endovia an exclusive global CannEpil licence with US$5.5 million of upfront consideration satisfied by forgiveness of Mercer Street convertible notes.
A licence with NLC covers Tollovir, Tollovid and NutraVir, with royalties starting at 12% of the first US$2.5 million of net sales.
The FDA Center for Veterinary Medicine established INAD File No. 14145 on 26 August 2026 for a CannEpil veterinary program.
Operating cash outflow was A$734,000 and quarter-end cash was A$11,000, with A$7.4 million of unused convertible facility.

Argent BioPharma Ltd (ASX:RGT) used its September 2026 quarterly report to describe a narrower strategy, a new antiviral licence and the transition of CannEpil to a partnered model. After the quarter ended, the company refined its direction to concentrate resources on immune modulation and inflammatory disease, following the global licensing of CannEpil. The accompanying Appendix 4C shows net operating cash outflow of A$734,000 and quarter-end cash of A$11,000.

Argent describes itself as a revenue-generating specialty biopharmaceutical company, with CimetrA as the lead immune-modulation platform for inflammatory and autoimmune diseases, supported by NanoBodies and peptide technologies, proprietary drug delivery systems and manufacturing capabilities.

Refined Strategy and the NLC Licence

Under the refined strategy, RGT-CA91980 is the lead internally developed program, building on the CimetrA and ArtemiC development history. The NLC commercialisation rights serve as a complementary commercial platform, and the preclinical NanoBodies program is supported by US provisional patent application No. 63/979,136. The company is also evaluating a research program into chronic inflammation, inflammaging and healthy ageing biology, and does not present CimetrA as an anti-ageing medicine. Stated priorities are commercialisation and revenue generation, CannEpil licensing, manufacturing and regulatory support, inflammaging and longevity research, and corporate and capital markets positioning, including a US strategy.

During the quarter Argent signed a licence agreement with NLC Ltd., NLC Viral Defense, LLC and Dr Dorit Arad. It grants an exclusive, royalty-bearing right to commercialise the antiviral applications of Tollovir (excluding the NLCV-001 clinical-trial formulation), Tollovid and NutraVir, with related formulations, data, trade secrets and know-how. The territory is worldwide excluding China, and existing TolloHealth LLC rights to Tollovid in the United States are preserved. Argent will acquire substantially all existing NutraVir inventory for US$1.00.

NLC keeps ownership of the underlying intellectual property, and Argent's rights are limited to commercialisation, since pharmaceutical development would need separate rights and regulatory approvals. Royalties on each product are 12% of the first US$2.5 million of cumulative net sales, 9% of the next US$2.5 million and 6% thereafter. Commercialisation will run alongside CimetrA, with costs shared across both programs.

CannEpil Licence and Veterinary Program

Argent finalised a binding framework granting Splash Beverage Group, now Endovia Health Sciences, an exclusive global licence to commercialise CannEpil. The US$5.5 million upfront consideration is being satisfied through forgiveness of Mercer Street Global Opportunity Fund convertible notes, which the company describes as removing its principal secured liability. Argent retains the CannEpil intellectual property, manufactures the product on a cost-plus basis of up to a 20% margin and receives a 15% royalty on net revenues.

Addendum No. 1 extended the licensed field to veterinary applications. The 15% perpetual royalty on human therapeutic sales is unchanged, and a new 10% perpetual royalty applies to veterinary use.

Endovia began the US veterinary program, appointing Lupvindol Biosciences to lead pharmaceutical development and FDA regulatory strategy under Dr Hunter Land, a former GW Pharmaceuticals executive. On 26 August 2026 the FDA Center for Veterinary Medicine established INAD File No. 14145, initially targeting cancer-related pain in companion animals, starting with canine oncology. Argent states that the file is the first formal regulatory milestone and does not amount to approval, confirmation of safety or efficacy, or authorisation to market in the United States.

Cash Flow and Funding Position

The Appendix 4C records receipts from customers of A$10,000 against operating payments that included research and development of A$48,000, operating costs of A$14,000, advertising and marketing of A$22,000, staff costs of A$149,000 and administration and corporate costs of A$507,000, including product registrations. A GST/VAT item of A$4,000 brought net operating outflow to A$734,000.

Financing inflow was A$600,000 of convertible debt proceeds, drawn from an A$11 million convertible securities facility with C/M Capital Master Fund, LP and WVP Emerging Manager Onshore Fund LLC. Cash fell from A$141,000 at the start of the quarter to A$11,000. With A$3.6 million drawn, A$7.4 million remained unused, giving total available funding of A$7.411 million and an estimated 10.1 quarters.

On 1 October 2026 Argent entered into unsecured loan facilities totalling US$500,000 with the same counterparties for working capital. Related party payments of A$73,000 were fees to directors.

Where the Numbers Leave the Company

Argent closed the quarter with a licensed CannEpil, a new antiviral portfolio, an open FDA veterinary file, A$11,000 in cash and A$7.4 million of undrawn convertible facility.

Download Free Report – Explore 3 Stock Ideas & Industry Insights

Unlock 3 stock ideas and key industry insights in our free report. This information is general in nature and does not consider your personal objectives, financial situation, or needs. It is not financial advice.

All investments involve risk—consider independent advice before making any investment decisions.

View 3 Research Reports

Disclaimer:

This article (“Article”) has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.

Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate for your objectives, financial situation and needs before acting upon it.

There may be a Product Disclosure Statement, Information Memorandum or other offer document (“Offer Document”) for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the Offer Document and consider it before making any decision about whether to acquire the security or financial product.

Kalkine strongly recommends that you seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) before acting on any advice/information in this Article or on the Kalkine website. Not all investments are appropriate for all people.

The information in this Article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its articles (including this Article), newsletters and websites. All information represents our views at the date of publication and may change without notice.

The information in this Article does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products.

Kalkine does not issue, sell or deal in any financial products.

This Article may contain information on past performance of particular investments. Please note past performance is neither an indicator nor a guarantee of future performance.

To the extent permitted by law, and excluding any dishonesty or gross negligence by Kalkine, Kalkine disclaims and excludes all liability for any direct, indirect, implied, punitive, special, incidental or other consequential loss or damage arising from the use of or reliance on this Article, the Kalkine website and any information published on the Kalkine website without any warranties or representations by Kalkine to you. To the extent the law prohibits or limits this exclusion, Kalkine limits its liability to the resupply of services.

Please also read our Terms & Conditions and Financial Services Guide for further information.

Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this Article or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.

Some of the images/music that may be used in the Article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the Article unless stated otherwise. The images/music that may be used in the Article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.