Key Highlights

  • Noxopharm (ASX:NOX) traded at $0.049, down 10.91%, after touching a 52-week low during the 26 October 2026 session.
  • The Phase I trial of SOF-SKN in healthy volunteers demonstrated safety and tolerability.
  • Cash and cash equivalents were $293,573 at 30 June 2026, compared with $1,554,174 a year earlier.

Noxopharm Limited (ASX:NOX) shares touched a 52-week low during the Trading session on 26 October 2026, trading at $0.049, down 10.91% on the day. Noxopharm is a Sydney-based, clinical-stage biotech company developing targeted therapies for chronic inflammation, autoimmune diseases and cancer. It released its Annual Report for the year ended 30 June 2026 on 16 October 2026.

Annual Report Released on 16 October 2026

The company said its annual report covers a year of progress in its clinical trial program and technology platform. It reported a successful trial of SOF-SKN, its autoimmune drug candidate for lupus, which demonstrated the drug's safety and tolerability in healthy volunteers. This is described as the first time an asset from its Sofra technology program has entered a clinical trial.

The company said an extension study is upcoming in which the drug will be given to cutaneous lupus patients for the first time. It also cited the publication of its work in a Journal as third-party validation of its technology.

SOF-SKN is described as a topical therapy, and the first-in-human study was conducted in healthy volunteers to assess safety and tolerability before testing in patients. The upcoming extension study will for the first time give the drug to patients with cutaneous lupus, which is a form of lupus affecting the skin.

The company states it has proprietary technology, a clear clinical trial program, a pipeline across inflammatory and autoimmune diseases, external collaborators and intellectual property, and that its work has been published. The annual report was approved for release by the Chief Executive Officer on behalf of the board.

Financial Position in the Report

The annual report's Cash Flow Statement shows cash and cash equivalents of $293,573 at 30 June 2026, compared with $1,554,174 a year earlier, a net decrease of $1,262,824 for the year. Receipts from the Research and Development Tax Incentive rebate were $2,806,583, compared with $2,337,618 in the prior year.

The report also discusses proposed changes to the R&D Tax Incentive scheme. The company states it participates in the scheme and recognises a refundable tax offset equal to 43.5% of eligible R&D expenditure each financial year, so changes to the scheme are relevant to its funding.

The company's R&D rebate receipts of $2,806,583 in the year are shown within operating cash flows. The report's discussion of proposed changes to the scheme indicates the company is monitoring how any changes could affect its participation, and it notes that the offset is refundable, meaning it is paid in cash where a company is in a tax loss position.

About Noxopharm

Noxopharm's proprietary Sofra platform is designed to regulate innate immune signalling. Its lead asset, SOF-SKN, is a topical therapy initially being developed for cutaneous lupus erythematosus, with Phase I completed. The platform also supports internal and collaborative programs in inflammatory and autoimmune diseases, RNA therapeutics and oncology.

Risks

Clinical-stage programs carry the risk that later trials may not replicate early safety findings or show efficacy, and the Phase I trial in healthy volunteers measured safety and tolerability only. Cash fell during the year and the company relies on R&D tax rebates, which may change under proposed government changes. The company states that its announcements contain forward-looking statements that are subject to uncertainty.

The net decrease in cash of $1,262,824 over the year compares with a decrease of $749,412 in the prior year. The company's disclosure that it recognises a refundable tax offset equal to 43.5% of eligible R&D expenditure means that its cash receipts depend on the R&D programs it undertakes and the rules of the scheme.

Catalysts on Investors' Radar

The extension study in cutaneous lupus patients is the next clinical step identified. Other items include progress on collaborations across the Sofra platform and the outcome of proposed changes to the R&D Tax Incentive.

Final Perspective

Noxopharm touched a 52-week low ten days after releasing its annual report. The report records a completed Phase I trial and a lower year-end cash balance, with an extension study in patients as the next planned step.