This report is an updated version of the report published on 22 December 2025 at 2:40 PM AEDT.

Argenica Therapeutics Limited (ASX: AGN) 

Argenica Therapeutics Limited is a clinical-stage biotechnology company focused on developing novel neuroprotective therapeutics to reduce brain tissue damage and improve patient outcomes following neurological injuries such as stroke and traumatic brain injury.

Recommendation Rationale – SELL at AUD 0.30

• Technical Standpoint: AGN’s share price has surpassed the R1 recommended on 5 December 2025. The 14-day RSI is now around 60.98, moving towards overbought territory. This upward move raises the risk of short-term consolidation or downside retracement.
• Increase in Staff Costs Including R&D: Staff costs rose QoQ from AUD 0.395 million in Q4 FY25 to AUD 0.650 million in Q1 FY26.
• Higher Corporate Administration Expenses: Corporate administration expenses increased QoQ from AUD 0.200 million in Q4 FY25 to AUD 0.267 million in Q1 FY26, reflecting an uptick in overhead and administrative spending.
• Technical Commentary: While undergoing a minor rally during a downtrend, AGN’s stock price is approaching a significant resistance established by its previous peak as well as the October 2023 low, suggesting that the stock might resume its previous downtrend soon. Prices are trading between its previous peak and trough, which could serve as resistance and support levels for the stock, respectively.
• Business Risk: Extended pre-clinical and clinical timelines create uncertainty around safety and efficacy outcomes, while eventual commercial viability is contingent on obtaining patent protection, regulatory approvals, and reimbursement, each of which involves execution risk, potential delays, and uncertain outcomes.

AGN Daily Chart

Daily Technical Chart, Data Source: REFINITV

Considering that the stock is approaching its R2 level, macroeconomic uncertainty, rally in share price movement, current trading level, and risks associated, the share price can face consolidation at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the current price of AUD 0.30 (as of 22 December 2025, at 1:20 PM AEDT).

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical issues prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing. 

Note 1: Past performance is neither an indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 22 December 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and downtrend may take a pause backed by demand or buying interest.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and uptrend may take a pause due to profit booking or selling interest.

Stop-loss: In general, it is a level to protect further losses in case of any unfavourable movement in the stock prices