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Highlights

  • PAR posted 1HY25 loss after tax of AUD 5.92m, down from AUD 50.02m.
  • All clinical sites in Australia and the U.S. are expected to be active by the third quarter of 2025.
  • The company targets 50% Phase 3 trial enrolment for knee OA by end-2025. 

Paradigm Biopharmaceuticals Limited (ASX:PAR) is a clinical-stage biopharmaceutical company focused on developing pentosan polysulfate sodium (PPS) for the treatment of osteoarthritis and other inflammatory conditions. Its lead asset, Zilosul®, is in Phase 3 development, addressing significant unmet medical needs worldwide.

For the half-year ended 31 December 2024 (1HFY25), the company reported other income of AUD 0.42 million, up 96.70% from AUD 0.21 million in the prior corresponding period, mainly due to an AUD 6.3 million R&D tax incentive refund. During the reported period, loss after income tax stood at AUD 5.92 million compared with a loss of AUD 50.02 million a year earlier, reflecting lower research and development expenditure following the completion of the PARA_OA_002 study. Cash and cash equivalents were AUD 24.78 million as at 31 December 2024, down 26.15% from AUD 33.55 million at 31 December 2023.

June 2025 Quarterly Activities

In the June 2025 quarter, the company advanced its active Phase 3 trial for knee osteoarthritis with iPPS, commencing patient screening and dosing in Australia and the U.S., with 27 sites. The company secured a USD 27 million (AUD 41.2 million) convertible note facility in the June 2025 quarter, extending its financial runway to mid-2026. Proteobioactives Pty Ltd was acquired to expand its osteoarthritis portfolio to include oral and veterinary applications with Pentacoxib™.

The cash balance at 30 June 2025 was AUD 16.82 million, with an additional USD 7 million drawn after quarter-end, and the company stated that it remains on track to meet recruitment and interim analysis milestones in the coming quarters.         

Company Outlook.

The company targets completing 50% patient enrolment by end of this year and advancing its Phase 3 knee osteoarthritis trial towards a pivotal interim analysis planned for mid-2026 under the oversight of an independent DSMB.

The company expects all clinical sites in Australia and the U.S. to be active by the third quarter of 2025 to support accelerated recruitment and data collection for regulatory milestones. Furthermore, the recently acquired Pentacoxib™ IP will initially target veterinary osteoarthritis markets, with later-stage development aimed at early-stage human osteoarthritis.

Share performance of PAR

PAR shares rose 6.78% to close at AUD 0.315 per share on 13 August 2025. Over the past year, PAR’s share price has surged 43.18% and gained 31.25% over nine months. However, it has fallen 37.00% over six months, 25.00% over one month, and 4.55% in the past week. The 52-week high for PAR is AUD 0.660, reached on 24 February 2025, while the 52-week low is AUD 0.165, recorded on 26 September 2024.

Support and Resistance Summary

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 13 August 2025. The reference data in this report has been partly sourced from EODHD/Others.

 

Technical Indicators Defined:

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.