Highlights

  • Percheron Therapeutics confirmed a new HMBD-002 drug substance batch passed quality testing and is ready for clinical use preparation.
  • The company plans to return HMBD-002 to clinical testing during the second half of 2026.
  • HMBD-002 is a VISTA-targeting antibody being developed for cancer immunotherapy applications.
  • Percheron reported cash of $4.05 million at the end of the June 2026 quarter following a Capital raising.

Percheron Therapeutics (ASX:PER) has completed a key Manufacturing milestone for its lead cancer immunotherapy candidate HMBD-002, confirming that a newly manufactured drug substance batch has passed quality testing and can support the company's planned return to clinical trials.

The announcement on 17 June 2026 removes a manufacturing requirement ahead of the next clinical study for HMBD-002, a VISTA-targeting antibody being developed in oncology.

For Percheron, the milestone allows preparation for renewed clinical activity after the company repositioned its strategy around HMBD-002 following challenges with its previous lead program.

What Was Announced?

Percheron confirmed that the newly manufactured HMBD-002 drug substance batch received its Certificate of Analysis, confirming that quality attributes met required specifications.

The batch was manufactured by Hummingbird Bioscience, which assumed manufacturing responsibility for HMBD-002 under a licensing agreement signed with Percheron in June 2025.

HMBD-002 is a recombinant, humanised monoclonal IgG4 antibody produced using a Chinese hamster ovary (CHO) cell expression system. The manufacturing process requires specialised Good Manufacturing Practice (GMP)-compliant facilities.

Percheron expects the drug substance consignment to arrive in late June 2026, with fill-and-finish activities planned for Q3 2026 and final product release expected around September 2026.

The company plans to use the manufactured material in a new HMBD-002 clinical trial during the second half of 2026.

Separately, the World Health Organization granted HMBD-002 a provisional International Nonproprietary Name, Minperstobart, in May 2026. Confirmation of the name is expected to be finalised in the second half of calendar 2027.

Why This Matters

For Percheron (ASX:PER), securing clinical-grade HMBD-002 Supply is a required operational step before restarting human trials.

HMBD-002 targets VISTA (V-domain immunoglobulin suppressor of T-cell activation), an immune checkpoint protein involved in regulating T-cell activity against tumours.

The company believes blocking VISTA may enhance immune system activity against cancer cells, potentially supporting future combination approaches with existing checkpoint inhibitors.

In a completed Phase 1 trial involving 48 advanced cancer patients across six U.S. centres, HMBD-002 demonstrated a safety profile considered suitable for further evaluation, with no dose-limiting toxicities reported.

However, the program remains in clinical development, and early safety observations do not confirm future efficacy outcomes.

Company Background

Percheron Therapeutics (ASX:PER) is an Australian clinical-stage biotechnology company focused on immuno-oncology.

The company was previously known as Antisense Therapeutics before rebranding in December 2023.

Its earlier lead program, ATL1102, was an antisense oligonucleotide targeting CD49d for Duchenne muscular dystrophy. Following unsuccessful Phase 2b trial results, Percheron shifted its focus toward HMBD-002.

The company licensed HMBD-002 from Hummingbird Bioscience and is developing the asset as a VISTA-targeting antibody for cancer treatment.

Percheron operates with a small team focused on advancing HMBD-002 through clinical development.

Financial Position

Percheron finished the June 2026 quarter with cash of $4.05 million, compared with $3.10 million at the start of the quarter.

The increase followed a capital raising of approximately $2.2 million through a non-renounceable entitlement offer.

The offer allowed eligible shareholders to subscribe for two new shares for every five shares held at $0.005 per share, with attaching unlisted options issued under the offer structure.

Based on the cash movement following the raise, quarterly operating expenditure was approximately $1.25 million.

As a pre-revenue biotechnology company, Percheron continues to rely on available cash resources and future capital raising activities to fund clinical development.

What Comes Next?

The next milestones for Percheron (ASX:PER) include completion of fill-and-finish activities during Q3 2026, final product release around September 2026 and commencement of the planned HMBD-002 clinical trial in the second half of 2026.

The company has not disclosed details regarding the new trial design, patient population, enrolment targets or timelines.

Further updates are expected around clinical trial structure, additional data presentations and confirmation of the Minperstobart name process.

Risks

Percheron (ASX:PER) remains exposed to clinical development risks associated with oncology drug development. Safety findings from early-stage studies do not guarantee efficacy in larger trials. The company has a limited cash position relative to clinical development requirements and may require additional funding. Percheron also depends on Hummingbird Bioscience for manufacturing and technical execution of HMBD-002. Previous challenges with ATL1102 highlight the uncertainty associated with biotechnology development programs.

Investor Takeaway

Percheron has completed an important manufacturing milestone that supports its planned return of HMBD-002 to clinical testing during 2026.

The achievement removes a practical development hurdle, while previous Phase 1 safety data and the WHO naming step provide additional development visibility.

However, HMBD-002 remains an early-stage oncology asset without confirmed efficacy data, a detailed new trial design or commercial partnership. For Percheron (ASX:PER), future value will depend on clinical execution, funding management and upcoming trial results.