Highlights

  • INOVIQ shares rose 3.13% to AUD 0.33 on 28 April 2026, following the release of quarterly activities report.
  • EXO-OC ovarian cancer test clinical study progressing toward June 2026 completion.
  • Prior study showed 77% sensitivity at 99.6% specificity across all stages.
  • 100% detection achieved in early-stage (Stage I–II) ovarian cancer cases.
  • Targeting Laboratory Developed Test (LDT) readiness by December 2026.
  • US laboratory Partnership discussions advancing.
  • CAR-exosome therapeutic program progressing with new data expected in 2026.
  • Cash balance of AUD 11.9 million at 31 March 2026

INOVIQ Ltd (ASX:IIQ) shares climbed 3.13% to AUD 0.33 during the afternoon session on 28 April 2026, following the release of its Quarterly Activities Report for the period ended 31 March 2026. The modest share price gain comes as the company outlined continued progress across its clinical diagnostics and therapeutics pipeline, alongside advancing commercial discussions in the United States.

While the stock remains lower over the past year, the latest update highlights a series of upcoming milestones, particularly within its ovarian cancer screening program, which appears to be a key focus for investors.

Company Overview

INOVIQ Limited is a biotechnology company focused on developing exosome-based diagnostics and therapeutics aimed at improving early cancer detection and treatment outcomes. Its portfolio spans commercial-stage research tools, clinical-stage diagnostics for cancers such as ovarian and breast cancer, and a preclinical therapeutics program targeting solid tumours.

The company’s proprietary technologies, including EXO-NET®, underpin both its internal development pipeline and its commercial activities, positioning it within the emerging field of exosome-based medicine.

EXO-OC Clinical Study Nears Completion

A central element of the company’s update is the continued progress of its EXO-OC ovarian cancer screening test, which remains its most advanced and near-term commercial opportunity.

EXO-OC is designed as a blood-based screening test for detecting ovarian cancer in asymptomatic, average-risk women. It utilises exosome-derived biomarkers combined with an artificial intelligence-enhanced algorithm to identify cancer at early stages.

The company reported that its expanded retrospective clinical study, involving approximately 2,000 biobanked plasma samples, is progressing as planned. Sample analysis commenced in April 2026, with completion of the ovarian cancer-control group expected in June 2026.

This milestone represents a key near-term development point, with further analysis of high-risk and confounding disease groups scheduled for the second half of calendar year 2026.

Previous Study Results Provide Context

Earlier clinical findings referenced in the update demonstrated that EXO-OC achieved 77% sensitivity at 99.6% specificity across all stages of ovarian cancer in a blinded retrospective study involving 498 samples.

Notably, the test detected 100% of Stage I and Stage II ovarian cancer cases in that study, indicating its potential capability to identify cancer at early and more treatable stages.

These results form the basis for the current expanded study, which aims to further validate the test’s performance across broader patient groups and clinical conditions.

US Commercial Pathway Advancing

INOVIQ is progressing toward achieving Laboratory Developed Test (LDT)-ready status for EXO-OC by December 2026. This pathway is intended to support a Capital-efficient approach to commercialisation in the United States.

Alongside this, the company is engaged in ongoing discussions with multiple US-based laboratory partners. These discussions are focused on enabling technology transfer, validation, and eventual commercial deployment of the test.

The company indicated that these engagements reflect growing industry interest in the EXO-OC platform, particularly given its existing data and scalability potential.

Therapeutics Program Moves Forward

In addition to diagnostics, INOVIQ continues to advance its exosome therapeutics program, which is focused on developing CAR-exosome (CAR-EV) therapies for solid tumours.

The lead candidate is being developed for triple-negative breast cancer (TNBC), a condition with limited treatment Options. The program has generated preclinical proof-of-concept data demonstrating cancer-killing activity.

Following a recent review by the company’s Chief Scientific Officer, the program has been refined to focus on key development priorities, including selection of GMP-compliant cell sources, identification of Manufacturing partners, and optimisation of therapeutic design.

New in vitro data for ovarian cancer is expected in June 2026, with additional TNBC data anticipated in the third quarter of calendar year 2026.

EXO-NET® Platform Maintains Commercial Activity

INOVIQ’s EXO-NET® platform continues to support its commercial operations as well as its internal pipeline. The technology is used to isolate exosomes from biological samples and is distributed globally through Promega Corporation.

During the quarter, Promega placed its third order for EXO-NET® products, with delivery and Revenue recognition expected in the June 2026 quarter.

The company also reported that Promega has identified 80 customers using EXO-NET®, with a focus on expanding into higher-Volume pharmaceutical, biotechnology, and clinical segments.

In parallel, INOVIQ is advancing discussions with diagnostic companies to develop customised exosome capture solutions for clinical applications, which could lead to potential collaborations or licensing arrangements.

SubB2M Program for Cancer Monitoring

The company also provided an update on its SubB2M program, which supports cancer detection and monitoring through its neuCA15-3 blood test.

This test combines a monoclonal antibody with a proprietary detection reagent to improve specificity and reduce false positives. In a 483-sample study, the assay demonstrated 81% sensitivity, 93% specificity, and overall diagnostic accuracy of 87% for breast cancer detection.

During the quarter, the company progressed work to transfer the assay to a bead-based format compatible with automated diagnostic platforms, with further validation planned for 2027.

Financial Position and Cash Flow

As at 31 March 2026, INOVIQ reported a cash balance of AUD 11.9 million. Operating cash receipts during the quarter included AUD 62,000 from product sales and AUD 96,000 in interest income.

Net cash used in Operating Activities was AUD 1.77 million, primarily reflecting Research and Development expenditure of AUD 1.08 million associated with the EXO-OC clinical study and therapeutics program.

Additional costs included staff expenses of AUD 408,000 and administrative and corporate costs of AUD 387,000.

Based on current cash usage, the company estimates it has approximately 6.7 quarters of available funding.

Outlook and Near-Term Milestones

Looking ahead, INOVIQ has outlined several key priorities for 2026. These include completion of the EXO-OC clinical study, progression toward LDT readiness, and advancement of its therapeutics program.

The company also expects multiple data readouts throughout the year, which may provide further insights into the performance and potential applications of its technologies.

At the same time, it continues to focus on disciplined Capital allocation, prioritising programs with near-term value potential.

What This Means for Investors?

INOVIQ’s latest update outlines continued progress across its diagnostics and therapeutics pipeline, with particular emphasis on the EXO-OC ovarian cancer screening program.

The upcoming completion of the clinical study in June 2026 represents a key milestone, alongside ongoing efforts to establish a commercial pathway in the United States.

The modest share price increase on the day reflects a positive market response to these developments, although the stock remains below levels seen over the past year.

Investors are likely to monitor upcoming clinical data, Partnership developments, and progress toward commercialisation as the company advances its strategy in the coming quarters.