Key Highlights

  • Dimerix received a US$10 million upfront payment, equivalent to approximately A$14.1 million, from Everest Medicines under its DMX-200 licensing agreement.
  • DXB shares were trading at $0.30 on 20 August 2026, up 3.39%, or $0.010, during the session.
  • The Everest agreement provides potential additional milestone payments of up to US$330 million, plus tiered royalties of 10% to 15% on net sales in licensed territories.
  • Dimerix now has five regional licensing agreements and has received more than A$80 million in non-dilutive upfront licensing payments.

Dimerix Limited (ASX:DXB) was trading at $0.30 on 20 August 2026 at 12:47 pm GMT+10, up 3.39%, or $0.010, as the company announced receipt of a US$10 million upfront payment from Everest Medicines. Based on the Exchange Rate cited by Dimerix, the payment is approximately A$14.1 million.

The payment relates to Everest's exclusive rights to develop and commercialise DMX-200 across Greater China, South Korea and selected Southeast Asian markets. The agreement covers all indications, including focal segmental glomerulosclerosis (FSGS).

The transaction represents Dimerix's fifth regional licensing agreement for DMX-200. The company said its five licensing agreements have now generated more than A$80 million in non-dilutive upfront payments.

Milestone and Royalty Structure

In addition to the upfront consideration, Dimerix is eligible for up to US$30 million, or approximately A$42.4 million, in development and regulatory milestone payments under the Everest agreement. A further US$300 million, equivalent to approximately A$424.4 million, is available through commercial milestones.

The agreement also provides Dimerix with tiered royalties ranging from 10% to 15% on net sales of DMX-200 in Everest's licensed territories.

Across its five commercial licensing agreements, Dimerix has stated that the arrangements collectively provide potential milestone payments of approximately A$1.9 billion, alongside future royalty income. These amounts remain dependent on development, regulatory and commercial milestones being achieved.

ACTION3 Phase 3 Program

DMX-200 is being evaluated in the ACTION3 Phase 3 study for patients with FSGS. The adult cohort has completed recruitment, with 333 patients randomised and dosed across 219 sites in 21 countries.

The final adult patient began treatment in March 2026. The trial has consequently moved from recruitment into treatment and follow-up, with the final adult patient expected to complete dosing in March 2028.

The study is evaluating DMX-200 at 120 mg twice daily alongside a stable dose of an angiotensin II receptor blocker. Its design captures proteinuria and kidney-function data, including eGFR slope, as part of the assessment of efficacy.

Recruitment of patients aged 12 to 17 continues separately within the paediatric cohort. The additional cohort may support future development of the treatment in adolescent patients.

Balance Sheet and Pipeline

Dimerix said the Everest upfront payment further strengthens its balance sheet. The company also has existing cash reserves and a recently announced A$10 million facility, which management says supports funding through key development milestones, including completion of ACTION3 and commencement of a Phase 2 trial for DMX-652.

DMX-652 is being developed for acute kidney injury and is designed to inhibit USP30, a mitochondrial enzyme involved in mitochondrial quality control. The program includes an open US investigational new drug application and an approved Phase 2 clinical trial protocol.

Meanwhile, Dimerix retains commercial rights to DMX-200 in territories that have not been licensed and continues discussions with potential partners in those markets.

Conclusion

Dimerix's receipt of the A$14.1 million-equivalent Everest upfront payment adds non-dilutive funding as its lead DMX-200 program progresses through the ACTION3 Phase 3 study. The company has expanded its licensing network to five regional partners, with the latest agreement adding rights across several major Asian pharmaceutical markets and providing potential milestone payments and royalties. The immediate financial benefit is the upfront payment, while future payments remain contingent on development, regulatory and commercial outcomes. With adult Phase 3 recruitment complete and follow-up continuing through 2028, clinical and regulatory progress remains central to the next stages of the DMX-200 program.