Why Argent BioPharma (ASX:RGT) Reported $11,000 of Cash at 30 September 2026 and A$3.6 Million Drawn on Its Convertible Note Facility

Sonal Goyal

23 October 2026 05:58 PM AEDT

Why Argent BioPharma (ASX:RGT) Reported $11,000 of Cash at 30 September 2026 and A$3.6 Million Drawn on Its Convertible Note Facility

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Key Highlights

Argent BioPharma reported a net operating cash outflow of A$734,000 and closing cash of A$11,000 for the quarter to 30 September 2026.
A$3.6 million of an A$11 million convertible note Facility had been drawn at quarter end, leaving A$7.4 million undrawn.
The report covers a CannEpil licence with Endovia Health Sciences, an exclusive antiviral licence with NLC Ltd. and a US FDA investigational new animal drug file.

Argent BioPharma (ASX:RGT) has released its Appendix 4C and quarterly activities report for the three months to 30 September 2026. The reported figures are a net operating cash outflow of A$734,000 and closing cash of A$11,000, with A$600,000 drawn from convertible Debt securities. The company also reported on two licensing arrangements and a US regulatory file. The report contains no clinical trial results.

Receipts from customers were A$10,000. Operating payments included A$507,000 for administration and corporate costs, including product registrations, A$149,000 for staff, A$48,000 for research and development, A$22,000 for Advertising and Marketing and A$14,000 for product manufacturing. Net Operating Cash Flow was an outflow of A$734,000. Financing inflows of A$600,000 came from convertible securities issued to C/M Capital and WVP. Cash fell from A$141,000 on 1 July 2026 to A$11,000. Payments to related parties were A$73,000, all director fees.

The company is funded through an A$11 million convertible note facility with C/M Capital Master Fund, LP and WVP Emerging Manager Onshore Fund LLC, first announced on 17 November 2025. A$3.6 million had been drawn at quarter end, leaving A$7.4 million undrawn. Counting that unused facility, the company estimates about 10.1 quarters of runway at the current rate of spending. After the quarter, on 1 October 2026, Argent entered Unsecured Loan facilities of US$500,000 with the same counterparties for working capital. The report does not disclose the facility's Interest Rate or maturity.

CannEpil licence

Argent's CannEpil product is licensed globally to Endovia Health Sciences, formerly Splash Beverage Group. The company said the binding framework provides upfront consideration of US$5.5 million, which was satisfied by forgiving Mercer Street Global Opportunity Fund convertible notes. That is non-cash and does not appear in the cash flow statement. Argent retains the intellectual property and manufactures at cost plus a Margin of up to 20 per cent. It is entitled to a perpetual 15 per cent Royalty on net revenues from human therapeutic sales, and an addendum extends the licence to veterinary use at a 10 per cent perpetual royalty.

On 26 August 2026, the US Food and Drug Administration's Center for Veterinary Medicine established an investigational new animal drug file, number 14145, initially targeting cancer-related pain in companion animals, starting with canine oncology. The company states that this is not an approval, a confirmation of safety or efficacy, or authority to market the product in the United States.

Antiviral licence

Argent has also signed an exclusive, royalty-bearing licence with NLC Ltd., NLC Viral Defense, LLC and Dr Dorit Arad covering Tollovir, Tollovid and NutraVir, excluding the NLCV-001 clinical-trial formulation. The territory is worldwide excluding China, and existing US rights held by TolloHealth LLC to Tollovid are preserved. Argent will acquire substantially all NutraVir inventory for US$1.00. Royalties per product on cumulative net sales are 12 per cent on the first US$2.5 million, 9 per cent on the next US$2.5 million and 6 per cent thereafter. NLC keeps the underlying intellectual property, and any pharmaceutical development would need separate rights and approvals.

Strategy and caveats

Argent BioPharma (ASX:RGT) said it is focusing on immune modulation and inflammatory disease, with RGT-CA91980 as its lead internal programme and a preclinical NanoBodies programme backed by a US provisional Patent application. It is also evaluating research on chronic inflammation and healthy ageing, though it does not present its CimetrA product as an anti-ageing medicine.

Revenue in the quarter was A$10,000 in customer receipts, and the licences announced are at an early stage of commercialisation. Uncertainties noted include Argent's ability to continue drawing on the facility, the execution of Endovia and NLC, and regulatory outcomes. The next milestones are future quarterly reports and any further drawdowns.

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