INOVIQ’s Clinical and Commercial Advances Highlight Cash Burn and Development Risks

Expanding Commercial Footprint for EXO-NET

INOVIQ Limited has reported a robust expansion of its EXO-NET exosome capture technology, with customer numbers increasing from 41 to 55 during the March quarter. This growth spans academic, pharmaceutical, biotech, and clinical laboratory sectors, predominantly in Europe, North America, and Asia-Pacific. The company’s distribution partner, Promega Corporation, has transitioned EXO-NET from Early Access to full commercial launch, placing a second order in late March 2025. This signals growing market acceptance of INOVIQ’s platform for isolating extracellular vesicles, a critical step in biomarker discovery and diagnostic development.

Advancing AI-Driven Ovarian Cancer Screening

INOVIQ is progressing its EXO-OC ovarian cancer screening test, which leverages AI-enhanced machine learning algorithms to detect early-stage ovarian cancer through exosomal biomarkers. The company is collaborating with computational scientist Professor Amanda Bernard AM to refine these algorithms, aiming for a sensitivity above 75% and specificity exceeding 99.6%, benchmarks essential for clinical utility in asymptomatic populations. A poster presentation on this work has been accepted for the upcoming American Society of Clinical Oncology meeting, underscoring the test’s potential impact in a field currently lacking approved early detection tools.

Pioneering CAR-Exosome Therapeutics for Hard-to-Treat Cancers

INOVIQ’s therapeutic pipeline is advancing with the engagement of the Peter MacCallum Cancer Centre to validate its next-generation CAR-exosome therapy targeting triple negative breast cancer (TNBC). This preclinical program aims to develop cell-free therapeutics derived from genetically engineered CAR-T and CAR-NK cells, offering potential safety and manufacturing advantages over traditional cell therapies. Initial in vitro studies are expected to complete by Q3 2025, with in vivo mouse model studies slated for Q4 2025. Successful outcomes could pave the way for Investigational New Drug enabling studies and eventual clinical trials.

Scientific Validation and Leadership Strengthening

INOVIQ’s neuCA15-3 breast cancer monitoring test has been published in the international peer-reviewed journal Breast Cancer Research and Treatment, demonstrating superior diagnostic accuracy compared to the FDA-approved Roche Elecsys CA15-3 II test. This validation enhances the test’s credibility as a simple, affordable blood assay for breast cancer detection and monitoring.

Complementing its scientific progress, INOVIQ established a Medical and Scientific Advisory Board comprising leading oncologists and researchers to guide its diagnostic and therapeutic programs. The company also appointed Dr Emma Ball as Chief Commercial Officer, bringing 25 years of biotech commercialisation expertise from roles at Illumina and CSL Limited, signaling a strategic push towards commercialisation and market expansion.

Financial Position and Outlook

At quarter-end, INOVIQ held $8.012 million in cash, with operating cash outflows of $1.455 million reflecting ongoing R&D and corporate activities. The company raised $2.302 million through financing activities during the quarter, supporting its development milestones. While revenues from EXO-NET and related products remain modest, the growing customer base and strategic partnerships position INOVIQ well for future commercial traction.