Key Highlights

  • Vanderbilt Health will conduct an investigator-sponsored clinical trial of HMBD-002 in acute myeloid leukaemia and myelodysplastic syndrome.
  • Dr Michael Baker has been appointed CEO and Managing Director, and formally started on 5 October 2026.
  • A $2.3 million institutional placement and a $0.70 million R&D Tax Incentive rebate added about $3 million of capital.
  • Percheron and Invion will evaluate HMBD-002 with Photosoft in a preclinical collaboration for tumour treatment.

Percheron Therapeutics Limited (ASX:PER) released its quarterly activities report and Appendix 4C for the period ended 30 September 2026 on 20 October 2026. The report summarises a new clinical research agreement for its anti-VISTA antibody HMBD-002, a leadership change, a preclinical collaboration and capital raised during the quarter.

Vanderbilt Health clinical trial

On 28 August 2026, the company announced a clinical research agreement with Vanderbilt Health in Nashville, Tennessee, for an investigator-sponsored trial of HMBD-002 in acute myeloid leukaemia (AML) and myelodysplastic syndrome (MDS). Vanderbilt will lead a multi-centre trial in which HMBD-002 is given with standard of care treatments to patients with high-risk AML or MDS. Start-up activities are expected to begin in calendar 2026, with recruitment anticipated in the first half of calendar 2027. The company describes the structure as a capital-efficient pathway to clinical data.

Leadership change

Dr Michael Baker was announced as CEO and Managing Director on 10 August 2026 and formally commenced on 5 October 2026. He was previously chief executive of Arovella Therapeutics (ASX:ALA) and holds a PhD in biochemistry and an MBA. Former CEO and Managing Director Dr James Garner remains on the board as a non-executive director from 1 September 2026. Dr Baker's initial priorities include advancing HMBD-002, and he is holding investor meetings in Melbourne on 20 October, Sydney on 21 October and Perth on 22 and 23 October 2026.

Collaboration with Invion

After quarter end, Percheron entered a preclinical research collaboration with Invion Limited (ASX:IVX) to evaluate HMBD-002 alongside Invion's clinical-stage next-generation photodynamic therapy technology, Photosoft. The companies say both have potential across a range of tumour types, and that preclinical data could open the possibility of clinical studies of the combination. Percheron expects the costs to be modest and not to affect its cash runway.

Capital raised

On 1 September 2026, the company announced firm commitments for a two-tranche institutional placement of $2.3 million before costs, intended to fully fund the Vanderbilt trial. Tranche 1 involved 300,000,000 new shares and 150,000,000 new options, and Tranche 2 involved up to 138,000,000 shares and 69,000,000 options. A third component of up to 22,000,000 shares and 11,000,000 options relates to Dr Baker and related parties. Shares were issued at $0.005 each, an 8.9% premium to the 15-day volume weighted average price before the trading halt. Shareholders approved the relevant issues at the annual general meeting on 7 October 2026. Percheron also received a $0.70 million R&D Tax Incentive rebate on 31 August 2026, which it intends to apply to clinical development of HMBD-002.

Stated purpose of the quarter's developments

The company says the developments position it to advance HMBD-002 while continuing to pursue additional clinical and partnering opportunities, and describes the Vanderbilt structure as a cost-effective pathway to key clinical data in AML. It also states that it hopes to form further investigator-sponsored and combination collaborations.

Investor engagement

Dr Baker will present at a Market Open Investor Sundowner event in Perth on 22 October between 5.00pm and 8.00pm, and shareholders are directed to an investor hub for updates. The company is listed on the ASX, the Frankfurt exchange and the US over-the-counter market.

Summary of the quarter

The quarter produced a funded investigator-sponsored trial agreement, a new chief executive, a preclinical collaboration and about $3 million of additional capital, with trial recruitment not expected until the first half of calendar 2027.