Highlights

• Ceretas was admitted to the ASX official list on 21 July 2026 and began trading on 23 July 2026 after raising A$8 million through an IPO priced at A$0.25 per share.

• The company is developing a portable low-intensity focused ultrasound platform licensed from UniQuest, the commercialisation arm of the University of Queensland.

• IPO proceeds will fund the Phase 2 CERE-CALM trial, a randomised sham-controlled study targeting 66 Alzheimer’s patients.

• Ceretas remains a pre-revenue clinical-stage company with no approved products and no listed financial track record.

• Ceretas shares traded at A$0.60, rising 2.56% (+A$0.015) during the session as investors continued assessing the company’s clinical potential and valuation following its ASX debut.

Ceretas Limited (ASX:CTS) has entered the ASX market as a clinical-stage medical technology company focused on developing a non-invasive ultrasound platform for Alzheimer’s disease treatment.

The Brisbane-based company has emerged from a University of Queensland research program and has secured funding to progress its next major clinical milestone. However, with no commercial revenue and clinical efficacy yet to be demonstrated, the investment case remains centred on future potential rather than current financial performance.

ASX Listing Marks Start of Commercial Development Phase

Ceretas commenced trading on the ASX on 23 July 2026 following an A$8 million initial public offering.

The company issued 32 million shares at A$0.25 each, raising funds to support clinical development activities and advance its ultrasound technology platform.

Following listing, Ceretas entered the market with approximately 71.4 million ordinary shares on issue.

The IPO provides the company with capital to progress the Phase 2 CERE-CALM trial while continuing preclinical research into potential blood-brain-barrier applications.

As a newly listed biotechnology company, Ceretas does not yet have an established financial history on the ASX, making clinical progress the primary driver of future valuation.

Focused Ultrasound Technology Targets Alzheimer’s Disease

Ceretas is developing a portable low-intensity focused ultrasound platform designed to target specific areas of the brain.

The technology is based on research developed through the University of Queensland’s Queensland Brain Institute and licensed through UniQuest.

The company’s approach focuses on two potential mechanisms:

• Neuromodulation, which aims to influence neural activity linked to memory, cognition and behaviour.

• Temporary blood-brain-barrier opening, which could potentially improve delivery of therapeutic molecules into brain tissue.

Unlike existing focused ultrasound systems that often require large specialist installations and advanced imaging infrastructure, Ceretas is developing a more accessible platform intended for use in conventional clinical environments.

If successful, the technology could offer a different treatment pathway for neurological conditions where drug delivery remains challenging.

Phase 2 CERE-CALM Trial Becomes Key Milestone

The next major step for Ceretas is the Phase 2 CERE-CALM clinical trial.

The randomised, sham-controlled study is designed to evaluate the company’s ultrasound therapy in 66 patients with diagnosed Alzheimer’s disease.

The trial aims to measure changes in neuropsychiatric symptoms following treatment.

The study design is important because neurological trials often face significant placebo and variability challenges. A sham-controlled structure provides a stronger assessment of whether improvements are linked to the treatment itself.

Ceretas has already completed a 12-patient safety and tolerability study, providing initial support for the technology’s safety profile.

However, the Phase 2 trial represents the first significant test of clinical effectiveness.

Financial Position and Capital Allocation

As a newly listed company, Ceretas has limited financial history available for investors.

The company is pre-revenue and currently focused on research, development and clinical validation rather than commercial sales.

IPO proceeds of A$8 million are expected to support:

• The Phase 2 CERE-CALM trial.

• Preclinical blood-brain-barrier research.

• Ongoing operational and development activities.

The company’s ability to secure additional funding in the future will depend on clinical progress, market conditions and investor confidence.

Like many early-stage biotechnology companies, Ceretas is likely to require further capital before reaching commercialisation.

UniQuest Partnership Provides Research Foundation

Ceretas’ technology originates from research conducted at the University of Queensland.

The intellectual property has been licensed from UniQuest, which remains a significant shareholder in the company.

UniQuest holds approximately 8.41% of Ceretas shares, reflecting the university commercialisation pathway behind the business.

The company’s scientific foundation includes researchers involved in therapeutic ultrasound development, providing technical expertise as Ceretas advances through clinical development.

However, the long-term commercial value will depend on whether the technology can move beyond research validation into successful clinical outcomes and eventual market approval.

Why the Development Matters

The global demand for improved Alzheimer’s treatments remains significant, with current therapies facing limitations around effectiveness, cost and accessibility.

Ceretas’ potential advantage lies in its delivery approach. A non-invasive platform that can be used repeatedly in clinical settings could offer a different commercial pathway compared with pharmaceutical treatments requiring complex administration.

The blood-brain-barrier application could also create broader opportunities if the technology demonstrates value as a drug delivery platform.

However, these opportunities remain early-stage. The company must first demonstrate clinical effectiveness before larger commercial partnerships or expansion opportunities become realistic.

Growth Catalysts to Watch

Potential catalysts for Ceretas include:

• Recruitment progress and completion milestones for the Phase 2 CERE-CALM trial.

• Clinical data demonstrating improvements in Alzheimer’s-related symptoms.

• Results from preclinical blood-brain-barrier research.

• Potential partnerships with pharmaceutical or healthcare companies.

• The first quarterly cash flow report following ASX listing.

Risks and Challenges

Clinical risk remains the largest challenge for Ceretas.

Although the company has completed an initial safety study, the evidence base remains limited. The Phase 2 trial will determine whether the technology can demonstrate meaningful therapeutic benefits.

Funding risk is also significant. Ceretas is pre-revenue and will likely require additional capital before commercialisation. Future equity raisings could result in shareholder dilution.

Intellectual property risk must also be considered, as the company’s technology is licensed rather than entirely owned.

The limited free float and shareholder concentration following the IPO may also contribute to share price volatility, particularly during the early trading period.

What Investors Should Watch Next

The company’s progress will be measured primarily through clinical and operational milestones.

Key areas to monitor include:

• First patient recruitment and trial progress for CERE-CALM.

• Quarterly cash expenditure and available funding runway.

• Results from clinical studies.

• Development of the blood-brain-barrier research program.

• Potential strategic partnerships.

Conclusion

Ceretas has entered the ASX with a technology platform supported by university research, an initial safety study and funding to progress its next clinical milestone.

The A$8 million IPO provides resources to advance the Phase 2 CERE-CALM trial, which will become the most important test of whether the ultrasound platform can deliver meaningful clinical benefits.

However, the company remains a high-risk, early-stage medtech business with no revenue and no approved product.

With shares trading at A$0.60, up 2.56% (+A$0.015), investors are focused on whether Ceretas can convert scientific potential into clinical evidence and ultimately commercial value.