Highlights

  • Noxopharm shares rose 1.45% to AUD 0.070 on 24 April 2026 following its quarterly update.
  • Memorandum of Understanding signed with Tezcat Biosciences to expand collaboration
  • Sofra research paper published in Nature Immunology, gaining over 12,000 accesses.
  • Dr Olivier Laczka appointed CEO to lead Sofra-focused strategy.
  • HERACLES trial dosing completed with favourable safety and tolerability findings.
  • Cash balance stood at approximately AUD 952k as of 31 March 2026.
  • Net operating cash inflow of AUD 848k recorded during the quarter

Noxopharm Limited (ASX:NOX) shares increased by 1.45% to AUD 0.070 during the morning session on 24 April 2026, following the release of its March 2026 Quarterly Activities Report and Appendix 4C. Despite today’s upward movement, the stock remains 12.50% lower over the past year, indicating a mixed longer-term performance as investors assess progress across its development programs and funding position.

Company Overview

Noxopharm Limited is an Australian clinical-stage biotechnology company focused on developing treatments for cancer and inflammatory diseases. The company is advancing a pipeline of proprietary drug candidates built on two core technology platforms — Sofra and Chroma. These platforms are designed to target immune system pathways and improve therapeutic outcomes, including enhancing the safety profile of mRNA-based medicines.

The Sofra platform, in particular, is based on short nucleic acid sequences known as oligonucleotides, which regulate immune responses by acting on specific sensors within the body. This technology has potential applications across autoimmune diseases, oncology, and vaccine development.

Strategic Collaboration with Tezcat Biosciences

During the March quarter, Noxopharm entered into a Memorandum of Understanding (MoU) with US-based Tezcat Biosciences, marking a step towards strengthening collaboration between the two companies. This agreement builds on an existing relationship established in the prior year and reflects a shared intention to explore deeper integration of their respective technologies.

Tezcat Biosciences specialises in drug delivery systems that target specific diseased cells, including immune and cancer cells. Its platform is capable of transporting a variety of therapeutic payloads, and the collaboration aims to evaluate how Noxopharm’s Sofra assets could be delivered more effectively using this approach.

The collaboration is focused on targeting immune cells, with potential applications in cancer treatment and chronic inflammatory conditions. The development signals ongoing efforts by Noxopharm to position its technology within broader therapeutic frameworks through external partnerships.

Sofra Research Gains Global Attention

A key development during the quarter was the publication of scientific research underpinning the Sofra platform in Nature Immunology, a leading peer-reviewed journal in the field of immunology.

The paper, titled ‘2′-O-Methyl-guanosine RNA fragments antagonize TLR7 and TLR8 to limit autoimmunity’, outlines findings related to immune modulation. The research was led by Professor Michael Gantier of the Hudson Institute of Medical Research, which is Noxopharm’s strategic partner in developing this technology.

The study involved contributions from scientists across 17 institutions in five countries, reflecting a global research effort. Since its publication, the paper has been accessed more than 12,000 times, indicating notable interest from the scientific community.

Noxopharm has indicated that it will continue working with the Hudson Institute on additional publications, suggesting ongoing development and validation of the Sofra platform.

Leadership Transition to Support Strategic Focus

Following the end of the quarter, Noxopharm announced the appointment of Dr Olivier Laczka as Chief Executive Officer. Dr Laczka previously served as Chief Scientific Officer – Inflammation and has been closely involved in the advancement of the Sofra program.

His appointment represents a continuation of the company’s strategic direction, with a focus on further developing the Sofra platform. As part of the leadership transition, the Board acknowledged the contribution of outgoing CEO Dr Gisela Mautner, who had overseen a period of strategic change over the past four years.

The company has indicated that Dr Laczka’s experience across drug development, biotechnology, and diagnostics supports continuity in leadership and alignment with ongoing research priorities.

HERACLES Trial Progress and Pipeline Development

Noxopharm reported that dosing for its HERACLES trial was completed in December 2025. The trial demonstrated favourable safety and tolerability outcomes across all tested doses.

Following the completion of dosing, the company is undertaking statistical analysis for the Clinical Study Report. The results are expected to be submitted as an abstract to the Australian Society for Clinical Immunology and Allergy (ASCIA) Conference, scheduled for September 2026.

The Sofra-based candidate SOF-SKN is initially being developed to treat chronic inflammation associated with cutaneous lupus erythematosus (CLE). The company has also identified potential applications in other autoimmune-related skin conditions such as psoriasis and dermatomyositis.

The global market for CLE is valued at over US$3.3 billion, with expectations of further growth. Beyond skin-related conditions, the Sofra platform may also be applicable to diseases such as rheumatoid arthritis and diabetes.

Engagement in Healthcare Initiatives

During the quarter, Noxopharm representatives attended an event at Parliament House in Canberra for the launch of the My Pain Assessment Communication Tool (MPaCT). The initiative aims to improve communication around pain management and was developed in collaboration with patient advocacy groups including Painaustralia and Dragon Claw.

The event brought together patients, clinicians, and policymakers to discuss improvements in healthcare communication, particularly in the context of autoimmune diseases and chronic conditions.

Financial Position and Cash Flow Overview

As of 31 March 2026, Noxopharm reported cash and cash equivalents of approximately AUD 952,000. During the quarter, the company recorded net operating cash inflows of AUD 848,000, compared to an outflow of AUD 835,000 in the previous quarter.

Research and development expenditure increased to AUD 795,000, up from AUD 281,000 in the December 2025 quarter, reflecting continued investment in its pipeline.

A significant contributor to cash inflows was a research and development tax rebate of AUD 2,806,583, received on 27 February 2026.

The company also entered into a short-term loan agreement of AUD 350,000 during the quarter, which carried an interest rate of 12% per annum. This loan was repaid, along with interest, in early March 2026 following receipt of the tax rebate.

Total available funding, including unused financing facilities, stood at approximately AUD 5.95 million at quarter-end. These facilities include a AUD 5 million at-the-market subscription facility and convertible notes arrangements.

Noxopharm indicated that it continues to evaluate funding options to support ongoing research activities, including potential capital raises and non-dilutive funding opportunities such as grants.

Market Context and Technology Potential

Autoimmune diseases affect approximately 10% of the global population, equating to around 780 million individuals worldwide. These conditions occur when the immune system mistakenly attacks the body’s own tissues.

The broader autoimmune therapeutics market was valued at approximately US$163.2 billion in 2024 and is projected to reach US$219.6 billion by 2035. Additionally, the global immuno-oncology market is expected to grow from US$43 billion in 2023 to US$284 billion by 2033.

Noxopharm’s Sofra technology is positioned within this landscape as a platform targeting immune system regulation, with potential applications across multiple disease areas.

What This Means for Investors?

The latest quarterly update highlights several developments that appear to have contributed to the modest rise in Noxopharm’s share price. These include progress in strategic collaborations, scientific validation through publication, leadership changes, and updates on clinical trials.

At the same time, the company’s financial position, ongoing investment in research and development, and consideration of future funding options remain key factors for investors monitoring its progress.

With continued focus on advancing the Sofra platform and upcoming clinical milestones, market participants are likely to watch how the company executes its development strategy in the coming quarters.