Key Highlights

  • Shares traded at A$0.020 during the 5 November 2026 session, down 13.04%.
  • All four Cohort 1 participants in the RLS-2202 Phase 1a trial completed dosing and follow-up.
  • The company held A$2.23 million in cash at 30 September 2026 and expects an R&D tax incentive refund of about A$620,000.

Shares in Patrys Limited (ASX:PAB) were under pressure during the Trading session on 5 November 2026, trading at A$0.020 and down 13.04% in the early afternoon. The S&P/ASX 200 was up 1.87%, trading near 9,000 points. Patrys is a clinical-stage reformulation and antibody development company. Its most recent update is a quarterly activities report and Appendix 4C dated 29 October 2026, covering the September quarter.

Quarterly activities report released 29 October 2026

Patrys said the first participants were dosed in its RLS-2202 Phase 1a trial at CMAX, following Human Research Ethics Committee approval. All four Cohort 1 participants completed dosing, follow-up and planned clinical assessments. After quarter end, the Safety Review Committee found the cohort had an acceptable safety and tolerability profile and recommended advancing to Cohort 2, with final participant dosing still expected in the fourth quarter of calendar 2026.

The company also signed a binding agreement with Yale University that gives Patrys entitlement to 50% of future commercialisation Revenue that Yale receives directly from the deoxymab intellectual property portfolio. It established an international Clinical Advisory Committee and closed the quarter with A$2.23 million in cash.

Sector context

At midday, the ASX Health Care sector was up 3.08%, while Patrys shares moved lower in the session. The company's report is dated 29 October and is not linked to the 5 November price move. Patrys sits within a sector that includes many early-stage clinical companies, where progress is often reported through trial milestones and funding updates.

What to watch ahead

Investors will be following the start of Cohort 2 dosing, the completion of final participant dosing in the fourth quarter, the receipt of the R&D tax incentive refund and the company's next quarterly Cash Flow report.

Risks

Patrys is at an early clinical stage, and trial results can change as more data is collected. Its cash position of A$2.23 million means future funding may be needed. Revenue from the Yale agreement depends on future commercialisation, which is uncertain. The shares are low-priced and can be volatile.

Final Word

Patrys has completed the first cohort of its Phase 1a trial and secured a licensing-linked revenue entitlement. The share price declined on 5 November, and the company's progress into Cohort 2 will be the next key test.