Highlights

  • Noxopharm shares remained flat at AUD 0.076 on 27 April 2026, despite the release of new Sofra platform study results
  • First study results were reported from European partner InhaTarget Therapeutics evaluating Sofra technology in lung inflammation models
  • Data showed successful encapsulation of Sofra oligonucleotides using inhalable lipid nanoparticles (LNPs)
  • Preclinical results indicated an average 77% reduction in lung inflammation biomarkers in an animal model
  • Collaboration expands Sofra delivery applications into inhalation-based lung targeting systems
  • Company continues development across inflammation, autoimmune and oncology-focused programs

Noxopharm Limited (ASX:NOX) traded flat at AUD 0.076 on 27 April 2026, with no immediate price movement despite the announcement of new preclinical results related to its Sofra platform. The stock remains approximately 5% lower over the past year, reflecting a broader period of muted investor momentum even as the company continues to progress multiple early-stage collaborations.

The market reaction suggests that while the latest update expands scientific validation of the Sofra platform, investors have so far taken a measured approach given the preclinical nature of the results.

Sofra Platform Expands Into Lung Delivery Applications

Noxopharm’s latest announcement highlights further development of its Sofra technology through a collaboration with Belgium-based InhaTarget Therapeutics, a company specialising in inhalation-based drug delivery systems for respiratory diseases.

The partnership was initiated through a Material Transfer Agreement signed in October 2024, followed by a second agreement in May 2025. These agreements enabled InhaTarget to evaluate a range of Sofra oligonucleotide assets within lung inflammation models and optimise formulation methods for inhalation delivery.

InhaTarget brings expertise in drug formulation, immunology, preclinical development and clinical operations, with a focus on respiratory disease treatment pathways. The collaboration is centred on expanding delivery methods for Noxopharm’s immune-modulating oligonucleotides, moving beyond previously explored formats.

Preclinical Results Show Reduction in Lung Inflammation Markers

A key component of the announcement relates to preclinical study results evaluating Sofra oligonucleotides delivered via InhaTarget’s proprietary lipid nanoparticle (LNP) inhalation system.

The study demonstrated successful encapsulation of Sofra oligonucleotides using an optimised LNP formulation designed for lung targeting. In an animal model of lung inflammation, treatment resulted in an average 77% reduction in inflammatory biomarkers.

According to the company, the model involved lung inflammation induced using a TLR7/8 agonist, with five inflammatory biomarkers used for assessment. Airway delivery of the inhaled formulation significantly reduced inflammatory marker levels across the measured indicators.

These results provide early-stage validation of Sofra’s potential applicability in respiratory inflammation contexts when paired with inhalation-based delivery technologies.

Expanding Delivery Pathways for Sofra Technology

The collaboration with InhaTarget represents a further extension of Noxopharm’s Sofra platform into alternative delivery mechanisms and tissue targeting approaches.

Unlike prior Material Transfer Agreements announced by the company, where Sofra assets were integrated with antibody and protein-based delivery systems, this collaboration focuses on inhalation-based lipid nanoparticle delivery. This approach is designed to improve tissue targeting efficiency in the lungs, a key area of unmet medical need in inflammatory respiratory diseases.

The company noted that lung inflammatory conditions affect hundreds of millions of individuals globally, with limited options for long-term control of airway inflammation in some patient groups. The inhaled therapies market was valued at approximately US$11.6 billion in 2024 and is projected to exceed US$16 billion by 2034, highlighting the commercial relevance of this therapeutic area.

Management Commentary on Platform Development

Noxopharm leadership highlighted the significance of the collaboration in broadening Sofra’s potential applications.

The CEO of InhaTarget Therapeutics, Frédéric De Coninck, stated that the Sofra platform aligns well with their inhalation delivery system and expressed interest in advancing the technology toward clinical development in the coming period.

Noxopharm CEO Dr Olivier Laczka noted that the project adds another delivery method and tissue application for its oligonucleotide-based technology. He stated that the Sofra platform has broad relevance across multiple disease areas and will continue to be developed through collaborations with specialised partners.

Broader Sofra Platform Positioning

The Sofra platform is built around short nucleic acid sequences known as oligonucleotides, which are designed to regulate immune system activity by targeting specific immune sensors. The mechanism allows for modulation of inflammation at its source, either reducing or enhancing immune responses depending on therapeutic requirements.

The platform is being developed across multiple therapeutic areas, including inflammatory and autoimmune diseases, as well as oncology and RNA therapeutic enhancement. Conditions referenced by the company include rheumatoid arthritis, lupus, diabetes, and certain cancer indications.

The global autoimmune therapeutics market was valued at US$163.2 billion in 2024 and is projected to reach US$219.6 billion by 2035, while the immuno-oncology market is expected to grow significantly over the next decade.

These figures highlight the broader commercial backdrop against which Noxopharm is positioning its technology platform.

Collaboration Significance and Early-Stage Validation

While the current results remain preclinical, the data provides additional validation of Sofra’s compatibility with inhalation-based delivery systems and lipid nanoparticle formulations.

The observed reduction in inflammatory biomarkers in lung tissue models suggests that the platform may have potential applicability in respiratory inflammation settings, although further development and clinical validation will be required before any therapeutic conclusions can be drawn.

The collaboration also demonstrates continued external interest in Noxopharm’s oligonucleotide-based technology, particularly in combination with specialised delivery platforms developed by partner organisations.

What This Means for Investors

The latest update from Noxopharm highlights incremental progress in expanding the application scope of its Sofra platform through external collaborations. While the share price remained unchanged following the announcement, the study results reinforce ongoing preclinical development activity and continued engagement with international partners.

The focus remains on validating delivery methods and therapeutic applications across multiple disease areas, with lung inflammation emerging as a new potential area of exploration. However, given the early-stage nature of the results, investor sentiment appears to be awaiting further clinical advancement before reflecting material revaluation.