Highlights

  • Invion advanced Photosoft clinical and pre-clinical programs across oncology and other disease areas during FY26.
  • INV043 progressed into a Basal Cell Carcinoma cohort following Safety Review Committee approval.
  • SANGMYUNG collaboration expanded Photosoft research into ophthalmology applications including wet AMD.
  • Invion reported FY26 Revenue of $384,707 and cash reserves of $592,000 at 30 June 2026.

Invion Limited (ASX:IVX) is a clinical-stage life-science company developing Photosoft™, a Next Generation Photodynamic Therapy platform for cancer, infectious diseases and other medical applications. The company holds global licensing rights for Photosoft and is progressing clinical, pre-clinical and Partnership programs designed to evaluate the technology across multiple indications. During FY26, Invion focused on advancing INV043 clinical development, expanding collaborations and strengthening its development framework.

Photosoft Platform Progresses Through Clinical Development

Invion continued advancing its Photosoft technology platform during FY26, with the company progressing clinical studies and expanding research activities across oncology and other therapeutic areas.

Photosoft is being developed as a Next Generation Photodynamic Therapy technology that uses photosensitisers and light activation to target diseased cells. The company is evaluating applications across cancers, infectious diseases and other medical conditions.

During the June 2026 quarter, Invion expanded its INV043 non-melanoma skin cancer clinical program from squamous cell carcinoma (SCC) into a newly authorised Basal Cell Carcinoma (BCC) cohort following Safety Review Committee approval.

The company reported continued favourable safety observations across treated SCC patients, alongside tumour necrosis and lesion reduction signals supporting further cohort progression. Complete resolution was observed in select cases, with durability under evaluation.

Invion is also progressing preparations for additional clinical programs, including an anogenital clinical trial in partnership with the Peter MacCallum Cancer Centre.

Partnership Expansion Broadens Photosoft Applications

Invion expanded its collaboration network during FY26, including its first ophthalmology-focused partnership with SANGMYUNG Innovation Co., Ltd.

Under the collaboration, SANGMYUNG will undertake and fund proof-of-concept pre-clinical efficacy studies using selected compounds from Invion’s Photosoft photosensitiser library. Invion retains rights to the Photosoft technology.

The studies include evaluation in wet age-related macular degeneration (wet AMD), a condition associated with vision loss. Invion stated that the collaboration provides non-dilutive funding to advance Photosoft research while broadening the potential applications of the platform.

The company also progressed a collaboration with Hanlim Pharm Co., Ltd, supported by funding from the South Korean government’s Korea Drug Development Fund. The arrangement provides up to $2 million to support pre-clinical studies and regulatory preparation for a planned Australian first-in-human clinical trial of intravenously administered INV043 for oesophageal cancer.

Invion also signed an agreement with Protect Animal Health Inc. to evaluate Photosoft compounds for cancer applications in companion animals.

Financial Position and FY26 Strategic Milestones

Invion reported revenue of $384,707 for FY26, compared with no revenue in the previous year. The company recorded a net loss after tax of $5.63 million, an improvement from the $8.81 million loss reported in FY25.

Research and development expenditure during FY26 was $1.48 million, while administrative and corporate expenses were $2.12 million.

At 30 June 2026, Invion held cash and cash equivalents of $592,311. During the June quarter, the company received $662,000 in financing proceeds from convertible notes.

The company also completed an expanded perpetual and exclusive global licence arrangement for Photosoft technology during FY26. The licence provides rights to develop, manufacture, market, distribute, sub-license and commercialise Photosoft for agreed indications.

Invion continues focusing on clinical advancement, partnership development and regulatory preparation as it progresses Photosoft toward later-stage development. The company has identified funding availability, clinical outcomes, competition and technology development as factors that may influence future progress.

Key Insights

Invion is progressing its Photosoft platform through clinical trials, research collaborations and expanded licensing rights. FY26 activities included INV043 program expansion, new ophthalmology research partnerships, funding arrangements and continued development of Next Generation Photodynamic Therapy applications.