Invion (ASX:IVX) is a life-science company developing Photosoft, a light-activated technology, across cancer, eye disease and animal health. Its central claim in recent disclosures is breadth: a skin cancer trial widened to include basal cell carcinoma, and a Partnership aimed at wet age-related macular degeneration (wet AMD). All of this is early-stage clinical and preclinical work, not an approved therapy.

Programmes and stage

Invion is developing Photosoft for cancers, atherosclerosis and infectious diseases. On 21 April 2026 the company announced that its non-melanoma skin cancer trial, INV043, had been expanded to include basal cell carcinoma patients, reporting encouraging preliminary signals. The June 2026 Quarterly Report did not give data supporting those signals, so clinical progress should not be read as efficacy or approval.

Invion's March 2026 quarterly report also described an oesophageal cancer programme at the preclinical stage, and an animal health collaboration with Protect Animal Health running in vitro and in vivo studies.

Eye disease partnership

On 19 May 2026 Invion announced a strategic partnership with SANGMYUNG Innovation Co., Ltd to expand Photosoft into eye diseases. The June quarterly report describes the arrangement as providing non-dilutive funding to enter the wet AMD market. Terms were not disclosed, and a partnership does not guarantee a successful trial.

Latest quarterly report

The quarterly activities report for the June 2026 quarter, released on 31 July 2026, said Invion expects at least A$440,000 from Research and Development tax incentives for FY25 and FY26. It also reported the appointment of Dr Colin Hopper as Clinical Advisor and said the company can adjust the pace of its clinical studies to match cash inflows. Cash on hand at 30 June 2026 could not be verified here.

Cash, funding and dilution

The March 2026 quarterly report showed cash of about A$395,000. Research and development spending was about A$405,000 and administration and corporate costs about A$430,000 in the quarter. Funding included about A$1.3 million of commitments under a convertible note offering, of which a first Tranche of A$578,000 was received in the quarter, plus about A$200,000 from Hanlim Pharm and the Korea Drug Development Fund for the oesophageal programme.

Those figures show a company that relies on small, frequent funding rounds. Convertible notes and option issues can dilute existing holders when converted. A share issue and director Options at A$0.015 were issued in July 2025. These facts do not by themselves indicate distress, but the company has stated that it can slow trials to match cash.

Risks

Clinical-stage companies face the risk that trials do not show benefit, regulators require more data, or funding runs short before milestones. Invion also depends on partners in Korea. Regulatory approval of Photosoft in any indication has not been reported.