Ceryvyn Therapeutics (ASX:CYV) Limited , a clinical-stage biopharmaceutical company focused on lymphangioleiomyomatosis (LAM), released its quarterly activity report and Appendix 4C for the three months ended 30 September 2026 on 29 October. The company said it has chosen an Australian contract research organisation for the next stage of its program, although a master services agreement has yet to be signed.

The lead program

The company's lead asset is CYV-101, which it describes as a first-in-class fusion protein that binds and neutralises the growth factors VEGF-C and VEGF-D. The LAM program is currently in Stage 1, which covers preclinical biology and inhalation studies. Work in the quarter included nebulisation feasibility and preliminary animal safety and tolerability studies.

It is important to be clear about where the program stands. The company reported no regulatory approvals or submissions, and the work described is preclinical. Nothing in the report indicates that patients have been dosed with CYV-101.

The planned signal-finding study

Alongside the laboratory work, Ceryvyn is designing an Australian signal-finding study. Its Scientific Advisory Board endorsed Xe-MRI as the primary early measure for that study. The company was careful to point out that Xe-MRI's proposed role is as an early signal-finding tool rather than an established surrogate for clinical benefit, so any result would not itself demonstrate that a treatment works.

The Board has not yet finalised the study protocol. Preparation of ethics submissions falls within the proposed scope of the newly selected contract research organisation. The company said the budget and scope for that organisation may change as requirements for participants, sites, imaging and data are confirmed.

Progression to the later stage is not automatic. The Scientific Advisory Board supports moving forward only if Stage 1 preclinical requirements are met, and the Board will decide on stage progression using predefined scientific, operational and capital allocation criteria.

Cash and spending

Cash and equivalents were A$27.5 million at 30 September 2026, compared with A$30.0 million at 30 June. Operating cash outflow was A$2.4 million for the quarter, up from A$1.1 million in the previous quarter. Research and development spending was A$0.9 million, while administration and corporate costs, including consultants, were A$1.8 million. Interest income of A$0.3 million partly offset these outflows, payments to directors were A$0.4 million, and foreign exchange movements reduced cash by about A$194,000.

On this basis the Appendix 4C estimates about 11.6 quarters of funding, calculated by dividing current cash by the quarter's operating outflow. The company received no equity, debt or other financing in the quarter and reported no drawn or available loan facilities. It also received no government grants or research and development tax incentives during the period.

Risks and next steps

The company has no revenue and no committed funding beyond its current cash, and a rise in operating spending as the study progresses could shorten the runway estimate. The report notes that future capital raising may be needed. Stage 2 also depends on Stage 1 results and Board approval of the criteria.

The confirmed next steps are to execute the master services agreement and statements of work with the selected contract research organisation, to finalise the study protocol incorporating the Scientific Advisory Board's recommendations, and to progress the Stage 1 preclinical studies. The company has not given dates for these milestones in the report, so the timing of the Australian study remains open. Readers should also note that the shift from preclinical work to any human study is a decision the company has tied to scientific and capital allocation criteria, not a commitment already made, and that the report does not describe any trial results.