Highlights

  • CHM CDH17 achieved disease control in 82% of evaluable patients.
  • One patient maintained stable disease for more than 15 months.
  • All treated patients showed CAR-T cell expansion and persistence.
  • Dose Level 3 enrolment continues with Phase 2 dose selection expected.
  • Shares gained 15% following the clinical trial update.

Chimeric Therapeutics Ltd (ASX:CHM) attracted investor attention on 1 June 2026 after releasing encouraging clinical data from its Phase 1/2 CHM CDH17 trial, which was presented at the American Society of Clinical Oncology (ASCO) meeting in the United States. The update highlighted evidence of disease control, favourable safety findings, and continued progress toward identifying a recommended dose for the next stage of development.

Reflecting the market’s response to the announcement, Chimeric Therapeutics shares traded at A$0.12 during the afternoon session on 1 June 2026, up 15.0% for the day. Despite the positive daily move, the stock remains down 71.25% over the past 12 months, underscoring the challenges often faced by early-stage biotechnology companies as they advance clinical programs toward commercialisation.

The latest results represent another milestone for Chimeric’s lead cell therapy program, CHM CDH17, which is being evaluated in patients with advanced gastrointestinal cancers who have exhausted standard treatment Options.

Positive Clinical Data Presented at ASCO

The centrepiece of the announcement was the presentation of updated Phase 1/2 clinical trial results for CHM CDH17 at ASCO, one of the world's most influential oncology conferences.

According to the data, nine of eleven evaluable patients, representing 82% of the study population assessed, achieved stable disease under RECIST criteria. Stable disease indicates that cancer has neither significantly progressed nor substantially shrunk, an outcome that can be meaningful in heavily pre-treated patients with advanced cancers where treatment options are limited.

Among the participants, one patient maintained stable disease for more than 15 months, while another remained stable for over 12 months. Additionally, three patients continue to participate in the study, leaving the potential for further follow-up data in the future.

Management noted that the results build upon previously reported interim findings released in November 2025, when disease control had been observed in 75% of evaluable patients. The latest dataset incorporates additional patients, longer monitoring periods and information from the ongoing higher-dose cohort.

For investors, the updated results suggest continued evidence that the therapy may be delivering clinically relevant disease control in difficult-to-treat gastrointestinal cancers.

Progress Across Multiple Dose Levels

The Phase 1/2 study continues to advance through its planned dose-escalation process.

As of 12 May 2026, sixteen patients had been enrolled, with two failing screening requirements. Twelve patients had received treatment across three dose levels:

  • Four patients at Dose Level 1
  • Six patients at Dose Level 2
  • Two patients at Dose Level 3

The company reported a 100% Manufacturing success rate for all completed production runs, an important operational achievement in the cell therapy sector where manufacturing complexity can often create challenges.

The successful production and administration of therapy across all enrolled patients supports confidence in the scalability and consistency of the treatment process as development progresses.

Dose Level 3 enrolment remains ongoing, and Chimeric expects to determine the recommended Phase 2 dose following completion of the dose-escalation stage.

Evidence of CAR-T Cell Expansion and Persistence

Beyond clinical disease control outcomes, the study also generated encouraging pharmacokinetic data.

The company reported that all treated patients demonstrated expansion and persistence of CHM CDH17 CAR-T cells following infusion. Some patients showed persistence for up to 15 months.

In CAR-T therapy development, persistence of engineered immune cells is often considered an important indicator because longer-lasting activity may support sustained anti-tumour effects.

Management highlighted that the universal expansion and persistence observed across treated patients helps reduce development risk for the program and provides additional evidence supporting the biological activity of the therapy.

The pharmacokinetic findings were described as demonstrating expansion and persistence beyond 30 days, with continued monitoring underway as the study progresses.

Safety Profile Remains Consistent with Expectations

Safety remains a key consideration for any cell therapy program, particularly in advanced cancer patients.

According to the update, CHM CDH17 continued to demonstrate a tolerable safety profile in heavily pre-treated metastatic cancer patients.

The trial reported one dose-limiting toxicity during the study. Grade 3 treatment-related adverse events included:

  • Cytokine Release Syndrome (CRS)
  • Enterocolitis
  • Neutropenic fever
  • Fatigue

Importantly, all of these events resolved.

The company also reported no Grade 4 or Grade 5 treatment-related adverse events.

While all patients experienced Grade 4 treatment-emergent adverse events associated with lymphodepletion therapy administered prior to CAR-T infusion, management noted that such toxicities are commonly observed across cell therapy treatments and are well documented in the broader CAR-T field.

Overall, the safety profile observed so far appears broadly consistent with expectations for this category of advanced cancer therapies.

Targeting an Unmet Need in Gastrointestinal Cancers

CHM CDH17 is a third-generation CAR-T therapy targeting CDH17, a biomarker associated with several gastrointestinal cancers and often linked with poor patient outcomes and metastatic disease.

The treatment is being evaluated in patients with:

  • Colorectal cancer
  • Gastric cancer
  • Neuroendocrine tumours

These cancers collectively account for a significant global disease burden, with many patients experiencing limited treatment options after standard therapies Fail.

The current study has been designed as a seamless Phase 1/2 trial aimed at establishing an appropriate Phase 2 dose while simultaneously evaluating safety and efficacy signals.

The Phase 1 portion is expected to enrol up to 15 evaluable patients before transitioning into indication-specific expansion cohorts during Phase 2.

Should positive results continue to emerge, the program could potentially advance into larger studies designed to assess treatment effectiveness more comprehensively.

Leadership Highlights Ongoing Momentum

Chief Executive Officer Dr Rebecca McQualter described the results as encouraging and highlighted the significance of presenting the data at ASCO.

Management noted that the latest findings reinforce previous observations of disease control while adding additional safety, translational and follow-up data as the program matures.

The company plans to continue enrolment at Dose Level 3 before selecting the most appropriate dose for future studies.

The investor webinar scheduled for 1 June 2026 is expected to provide additional insights into the clinical findings and future development plans.

About Chimeric Therapeutics

Chimeric Therapeutics is an Australian clinical-stage cell therapy company focused on developing innovative cancer treatments.

Its pipeline includes both CAR-T and natural killer (NK) cell therapies targeting a range of oncology indications. The company's portfolio currently contains three clinical-stage programs, with CHM CDH17 emerging as one of its most closely watched Assets.

The therapy originated from research conducted at the University of Pennsylvania and is designed to target Cadherin 17, a protein expressed in several gastrointestinal cancers.

Alongside CHM CDH17, Chimeric continues to advance its broader cell therapy portfolio aimed at addressing unmet needs across multiple cancer types.

Conclusion

Chimeric Therapeutics' latest update delivered encouraging clinical data from its CHM CDH17 program, with 82% of evaluable patients achieving stable disease and all treated patients demonstrating CAR-T cell expansion and persistence. The results, presented at ASCO, provide additional evidence supporting the therapy's potential role in treating advanced gastrointestinal cancers.

While the program remains in the early stages of clinical development and further testing is required, the combination of disease control, manageable safety outcomes and continued progress through dose escalation offers a favourable update for investors. As the company advances toward Phase 2 dose selection and gathers additional efficacy data, the CHM CDH17 program is likely to remain a key focus for the market.