Invion (ASX:IVX) is a clinical-stage health technology company developing Photosoft, a light-activated treatment platform. The central point for readers is that its lead skin cancer study, INV043, has moved into a new patient group, basal cell carcinoma, after an earlier cohort with a different cancer type. That is clinical progress in a small early study. It is not regulatory approval, and no efficacy claim has been tested in a large trial.

What the trial is testing

According to coverage of the company’s announcements, INV043 is a topical photosensitiser activated by red light, with violet light used for fluorescence imaging. Part 2 of the study treated six patients with squamous cell carcinoma. Invion reported no adverse effects or pain, lesion sizes reduced against baseline with statistical significance (p<0.05), and complete resolution in some cases. These are company-reported preliminary results from a very small group, so they should be read as early signals only.

In April 2026 the study’s Safety Review Committee approved a move into basal cell carcinoma, which the company says accounts for roughly 80% of skin cancers. Chief Executive Professor Thian Chew described the step as a key inflection point. Company statements say the basal cell data will inform its Phase 2 thinking and support a planned anogenital trial with Peter MacCallum Cancer Centre, using the same topical formulation.

Other 2026 developments

On 19 May 2026 Invion announced a Partnership extending Photosoft into eye disease, and the June Quarterly Report describes an ophthalmology proof-of-concept arrangement with SANGMYUNG Innovation targeting wet age-related macular degeneration. On 22 June it named photodynamic therapy specialist Dr Colin Hopper as a clinical adviser.

Cash and funding

The Appendix 4C for the quarter ended 30 June 2026, lodged on 31 July, showed cash of A$592,000, up from A$395,000 in the previous quarter. Research and Development costs were A$380,000 and administration and corporate costs A$244,000. Related-party payments, covering directors, the chief financial officer and company secretarial services, were A$66,000.

The rise in cash was driven by financing, not operations: the company received a net A$662,000 from the second Tranche of a convertible note offering. Invion also said it expects about A$440,000 in research and development tax incentives for the 2025 and 2026 financial years in the coming months. That refund is an expectation, not cash in hand. Spending on research and administration in the quarter, at A$624,000, was larger than the cash balance at quarter end.

Sector context

Clinical-stage biotechs typically fund early trials through Capital raisings, convertible notes and government tax incentives, because they have no product revenue. Invion fits that pattern, and market data sources classifies it under health technology.

Risks

Results so far come from a small number of patients and are unlikely to predict outcomes in larger studies.

Convertible notes can add repayment or dilution considerations for shareholders, subject to their terms.

What to watch

The main items flagged by the company are the planned anogenital trial with Peter MacCallum Cancer Centre, further basal cell carcinoma data, receipt of the expected tax incentive and the next quarterly cash report, due after the September quarter.