Highlights

  • Dimerix announced a fifth regional licensing agreement with Everest Medicines for DMX-200 across Greater China, South Korea and Southeast Asia.
  • The company’s aggregate potential milestone payments from licensing agreements increased to approximately A$1.9 billion, plus royalties.
  • ACTION3 Phase 3 trial of DMX-200 in FSGS remains statistically powered following an external blinded review.
  • Dimerix acquired DMX-652, a Phase 2-ready renal asset targeting acute kidney injury, expanding its kidney disease pipeline.
  • The company secured A$10 million in non-dilutive funding and ended the quarter with A$16.2 million in cash reserves.

Dimerix Limited (ASX:DXB) released its Quarterly Activities Report and Appendix 4C for the period ended 30 June 2026, outlining progress across its kidney disease development programs, commercial partnerships and funding strategy.

During the quarter, Dimerix executed its fifth licensing agreement for DMX-200, expanding commercial rights across Greater China, South Korea and key Southeast Asian markets through a partnership with Everest Medicines.

The company also provided updates on its ongoing ACTION3 Phase 3 trial evaluating DMX-200 in focal segmental glomerulosclerosis (FSGS), while announcing the acquisition of DMX-652, a Phase 2-ready renal asset targeting acute kidney injury.

Dimerix shares traded flat at AUD 0.24 during the morning session on 30 July 2026. The stock remains down 50.00% over the past year, while investors continue monitoring progress across the company’s clinical programs, commercial partnerships and upcoming development milestones.

Dimerix Expands Kidney Disease Portfolio Through Strategic Partnerships

Dimerix is a clinical-stage biopharmaceutical company focused on developing treatments for kidney diseases with significant unmet medical needs.

The company’s lead program, DMX-200, is currently being evaluated in Phase 3 clinical development for focal segmental glomerulosclerosis (FSGS), a rare and serious kidney disorder associated with progressive kidney damage.

Alongside DMX-200, Dimerix is expanding its pipeline through the acquisition of DMX-652, a renal asset being developed for acute kidney injury (AKI).

The company’s strategy is focused on building a broader kidney disease portfolio while advancing late-stage clinical programs and establishing commercial partnerships across global markets.

Everest Medicines Agreement Expands DMX-200 Commercial Reach

A major development during the quarter was Dimerix’s execution of an exclusive licensing agreement with Everest Medicines.

The agreement covers Greater China, including mainland China, Hong Kong SAR, Macao SAR and the Taiwan region, as well as South Korea and selected Southeast Asian countries including Singapore, Malaysia, Thailand, Indonesia, Vietnam and the Philippines.

Under the agreement, Everest Medicines received exclusive rights to develop and commercialise DMX-200 for all indications, including FSGS, across the licensed territories.

Dimerix is eligible to receive a US$10 million upfront payment, approximately A$14.1 million, along with potential development and sales milestone payments of up to US$330 million, approximately A$467 million.

The agreement also includes tiered royalties on net sales.

Following completion of the Everest Medicines transaction, Dimerix stated that the aggregate potential value across all licensing agreements could reach approximately A$1.9 billion in upfront and milestone payments, in addition to royalties.

The transaction represents Dimerix’s fifth regional licensing agreement for DMX-200 and expands the company’s commercial network across important Asian kidney disease markets.

ACTION3 Phase 3 Trial Continues Toward Final Proteinuria Endpoint

Dimerix continued progressing its ACTION3 Phase 3 clinical trial evaluating DMX-200 in patients with FSGS.

The company confirmed that an external statistical blinded review of ACTION3 data had been completed, with the review confirming that the study remains appropriately powered at greater than 90% statistical power to demonstrate a treatment effect for the primary proteinuria endpoint.

Importantly, the review did not examine efficacy data, preserving the integrity of the ongoing clinical trial while independently assessing the study assumptions and design.

Following the review, Dimerix and its commercialisation partners decided to continue ACTION3 through to the final proteinuria endpoint.

The company stated that continuing the study provides the opportunity to maximise the potential for a successful study outcome and regulatory submission.

The adult cohort of ACTION3 has been fully recruited, with 333 patients randomised and dosed globally.

Recruitment was completed across 219 sites in 21 countries, including the United States, Europe, Japan, China, Australia and New Zealand.

The final adult patient commenced treatment in March 2026, with completion of dosing expected in March 2028.

Recruitment of paediatric patients aged 12 to 17 years continues as an independent cohort within the ACTION3 program.

Open Label Extension Supports Long-Term DMX-200 Data Collection

Dimerix continues to operate its Open Label Extension (OLE) study, allowing eligible patients who complete the ACTION3 Phase 3 trial to continue receiving DMX-200 for an additional two years.

The company reported that more than 90% of patients who completed the full ACTION3 treatment period elected to enter the OLE study.

The extension study is expected to provide additional long-term safety and efficacy information.

Dimerix also introduced a post-trial access program during the quarter, allowing eligible patients who complete participation in the ACTION3 Phase 3 trial and OLE study to continue receiving DMX-200 in consultation with their physician.

DMX-652 Acquisition Expands Kidney Disease Development Pipeline

Following the quarter end, Dimerix expanded its renal disease pipeline through the acquisition of DMX-652 from Mission Therapeutics.

DMX-652 is a Phase 2-ready, first-in-class USP30 inhibitor initially being developed for acute kidney injury, a serious condition with no currently approved therapies.

The asset has completed a substantial Phase 1 clinical program involving 85 healthy volunteers treated with DMX-652 and demonstrated a favourable safety profile, with no serious drug-related adverse events reported.

DMX-652 also includes an existing open U.S. Investigational New Drug (IND) application, with FDA approval to proceed with the Phase 2 protocol.

The asset is supported by intellectual property protection through patents granted to 2043.

Dimerix plans to initially focus development of DMX-652 on acute kidney injury associated with cardiac surgery, with potential future expansion into additional indications.

The acquisition provides Dimerix with two differentiated kidney disease assets targeting separate high unmet need conditions and creates additional development opportunities alongside the company’s existing DMX-200 program.

Funding Strategy Supports Clinical Development Plans

Dimerix also strengthened its funding position through a combination of commercial payments and non-dilutive funding arrangements.

The company secured a A$10 million non-dilutive funding facility to support ongoing development activities, pipeline expansion and commercial readiness initiatives.

Dimerix expects to receive the approximately A$14.1 million upfront payment from the Everest Medicines transaction in the September 2026 quarter.

The company stated that the combination of existing cash reserves of A$16.2 million, the Everest Medicines upfront payment and the A$10 million funding facility provides funding through completion of the ACTION3 Phase 3 trial for DMX-200 and initiation of the Phase 2 trial for DMX-652.

Dimerix is also progressing negotiations to access up to a further A$40 million in non-dilutive funding, which is expected to be on substantially similar terms to the existing loan facility.

The additional funding would extend the company’s cash runway beyond the current clinical milestones.

Quarterly Cash Position Reflects Continued Clinical Investment

As at 30 June 2026, Dimerix reported cash and cash equivalents of A$16.2 million.

The company recorded net operating cash outflows of A$10.4 million during the quarter, with spending primarily related to manufacturing activities, asset acquisition diligence and clinical trial costs.

Research and development payments represented the largest component of operating expenditure, with A$8.9 million spent during the quarter.

Dimerix stated that initial costs associated with DMX-652 are expected to remain limited while preparation for the Phase 2 clinical trial continues.

The company also expects cash expenditure related to ACTION3 to reduce over time as patients complete the study.

Payments to related parties during the quarter totalled A$178,000, including director fees and salary payments for the CEO and Managing Director and Non-Executive Directors.

Global Commercial Network Continues Expanding

Dimerix continues progressing licensing discussions with potential partners in territories that remain available.

The company currently works with five regional commercialisation partners to support the global development and future commercialisation potential of DMX-200.

Everest Medicines brings nephrology expertise and commercial infrastructure across Asian markets, including previous experience launching products for kidney diseases.

Dimerix stated that these partnerships support future registration, reimbursement and commercialisation activities if DMX-200 receives approval.

What This Means for Investors?

Dimerix’s latest quarterly update highlighted progress across multiple areas, including commercial partnerships, clinical development and pipeline expansion.

The Everest Medicines agreement increased the potential value associated with the company’s licensing portfolio, while the completion of the ACTION3 blinded statistical review provided further confirmation of the trial design.

The acquisition of DMX-652 adds another kidney disease program alongside the Phase 3 DMX-200 asset, creating additional development opportunities.

Investors will continue monitoring ACTION3 progress, regulatory milestones, partnership developments and funding execution as Dimerix advances its kidney disease pipeline.

Answer: Dimerix executed an exclusive licensing agreement with Everest Medicines covering Greater China, South Korea and key Southeast Asian countries for DMX-200. The agreement includes a US$10 million upfront payment, potential milestone payments and royalties.

Answer: Following completion of the Everest Medicines transaction, Dimerix stated that aggregate potential milestone payments across its licensing agreements could reach approximately A$1.9 billion, plus royalties.

Answer: Dimerix confirmed that an external blinded statistical review found ACTION3 remains appropriately powered at greater than 90% statistical power for the primary proteinuria endpoint. The trial continues toward the final endpoint.

Answer: DMX-652 is a Phase 2-ready USP30 inhibitor being developed for acute kidney injury. The acquisition expands Dimerix’s kidney disease pipeline beyond DMX-200 and includes an open FDA IND and patent protection through 2043.

Answer: Dimerix reported cash and cash equivalents of A$16.2 million as at 30 June 2026. The company also secured A$10 million in non-dilutive funding and expects an additional A$14.1 million upfront payment from the Everest Medicines transaction.