Key Highlights

  • Invion closed recruitment in its Phase I non-melanoma skin cancer trial and will advance to Phase II.
  • Point8 Capital agreed to co-fund 50% of clinical trial invoices, up to $25 million, and Rockford Capital offered a Loan Facility of up to $7.5 million.
  • Preliminary readouts from 14 Phase I patients showed no treatment-related adverse events and a 79% disease control rate.
  • Cash was $512,000 at 30 September, with $400,000 of short-term loans from directors carrying 8% interest.

Invion (ASX:IVX) is a Melbourne-based clinical-stage biotechnology company developing Photosoft, a photodynamic therapy that uses light-activated compounds intended to destroy cancer cells and stimulate an immune response. It holds a global exclusive licence to the technology for a range of cancer and non-cancer uses.

Its recent announcements combine clinical progress with a new funding model. On 19 October 2026 Invion said it had closed recruitment in its Phase I non-melanoma skin cancer trial and would advance to Phase II. Two days later it announced co-funding and financing agreements that it expects to cover up to about 85% of its clinical trial costs. Its cash balance, however, remains small.

Clinical progress, not approval

According to its September quarter activities report released on 29 October 2026, preliminary readouts from 14 Phase I patients showed no treatment-related adverse events or dose-limiting toxicities and a 79% disease control rate, including one complete response. The company said final results depend on 12-month patient follow-up and an independent audit.

Phase I trials are designed mainly to assess safety in small groups. These early findings do not show that the therapy is effective and are a long way from regulatory approval. Invion has also started a preclinical collaboration with Percheron Therapeutics to test Photosoft with an immunotherapy antibody, announced on 20 October 2026.

How the funding deals work

Under the arrangement announced on 21 October 2026, Point8 Capital agreed to co-fund 50% of clinical trial invoices, up to $25 million over several years. In return, Invion will grant Point8 about 11.06 million unlisted options, equal to 10% of its issued capital, exercisable at about $0.036. The Options vest only as funding is drawn and if a candidate reaches Phase 3. The grant requires Shareholder approval.

Separately, Rockford Capital agreed to a secured loan facility of up to $7.5 million across FY27 and FY28, advancing funds against expected refundable R&D tax incentive offsets. Together, Invion says, the two arrangements could fund up to about 85% of trial invoices. Invion would still need to fund the remaining share of trial costs and its corporate costs.

Cash and debt

The Appendix 4C shows cash of $512,000 at 30 September 2026, down from $592,000 in the previous quarter. Operating Cash Flow was a small positive $18,000, but only because of a $545,000 R&D tax refund; underlying R&D and corporate payments were about $527,000. The 4C's 28-quarter funding estimate reflects that one-off inflow and is not a reliable runway measure.

On 29 September 2026 Invion disclosed $400,000 in unsecured, four-month loans from Executive Chair and CEO Thian Chew and director Alan Yamashita, carrying 8% interest and convertible into shares at $0.05 subject to shareholder approval. Repaying or converting these loans, and funding its share of trial costs, are near-term considerations.

Board changes and risks

On 11 November 2026 Invion said Philip Wood would join as an independent non-executive director from 26 November, after Melanie Leydin retires as director and company secretary at the AGM. Paul Field joined the board in August.

Risks include clinical failure in larger trials, the conditional nature of the Point8 funding, reliance on R&D tax refunds and loans, possible dilution from options and loan conversions, and a short cash runway outside the trial funding arrangements.

What to watch

The virtual Annual General Meeting is scheduled for 1.00pm (AEDT) on 25 November 2026, where shareholders are expected to vote on the Point8 options. Investors may also watch for Phase II trial design and timing, and the final Phase I results after follow-up.