Invex Therapeutics reports a net loss of $715,582 for H1 2026 while advancing its Exenatide program targeting neurological diseases, alongside notable board reshuffles.
- Net loss doubles to $715,582 for half-year ended 31 December 2025
- Ongoing R&D collaboration with Tessara Therapeutics on Exenatide for Alzheimer’s Disease
- Renewal of orphan drug designation for Exenatide in Europe for traumatic brain injury
- Significant board changes with two directors resigning and two new appointments
- Strong cash position of $4.6 million maintained with no dividends declared
Financial Performance and Operational Context
Invex Therapeutics Ltd has released its half-year financial results for the period ending 31 December 2025, revealing a net loss attributable to members of $715,582. This represents a doubling of the loss compared to the same period in 2024, when the company reported a loss of $356,535. Despite the widening loss, Invex maintains a solid cash balance of approximately $4.6 million, providing a buffer as it continues its clinical development efforts.
The company did not declare or pay any dividends during the period, with the board opting to reinvest resources into advancing its drug development pipeline.
Progress in Exenatide Research and Collaborations
Invex’s principal focus remains on repurposing Exenatide, an already approved drug, for neurological conditions characterised by raised intracranial pressure and neurodegeneration. A key highlight during the half was the continuation of its research collaboration with Tessara Therapeutics, which further evaluated Exenatide’s effects in Tessara’s proprietary ADBrain™ model of Alzheimer’s Disease.
Results from this collaboration showed promising biological activity – Exenatide reduced neurofilament light chain levels, a marker of neuronal stress, by around 40%, and decreased pro-inflammatory cytokines IL-6 and IL-8, both implicated in neuroinflammation. While the drug showed a 35% reduction in amyloid-beta burden, a hallmark of Alzheimer’s pathology, it did not significantly affect phosphorylated Tau levels or glucose uptake in the model. These findings suggest potential early therapeutic benefits, though further investigation is warranted.
Regulatory Milestones and Pipeline Review
On the regulatory front, Invex successfully renewed its orphan drug designation (ODD) for Exenatide in Europe for the treatment of Traumatic Brain Injury (TBI). This complements existing ODDs for Idiopathic Intracranial Hypertension in both Europe and the United States, underscoring the company’s strategic positioning in niche neurological indications.
Additionally, Invex has been actively reviewing new investment opportunities in neurological disease treatments, signalling a willingness to expand or diversify its pipeline beyond Exenatide.
Corporate Governance and Board Changes
Significant changes to the company’s board occurred in November 2025. Two directors, David McAuliffe and Thomas Duthy, resigned, alongside the departure of the Chief Financial Officer and Company Secretary. Subsequently, Invex appointed Simon Owen and Professor Warren Harding AM as non-executive directors, bringing extensive experience in corporate governance, healthcare, and biotech sectors. These changes prompted the cancellation of a scheduled general meeting and the deferral of the Annual General Meeting to February 2026, where shareholders will consider resolutions related to the new appointments.
Outlook and Strategic Positioning
Invex’s financial statements were reviewed by an independent auditor without qualification, affirming the integrity of the reported results. The company also completed deregistration of its UK subsidiary, consolidating its R&D activities in Australia and registering for the Australian R&D Tax Incentive, which may provide future fiscal benefits.
While the company faces the challenge of increasing losses, its ongoing research progress, regulatory milestones, and refreshed board composition position it to potentially unlock value in the neurological therapeutics space. Investors will be watching closely for updates on clinical development timelines and strategic initiatives in the coming months.
Bottom Line?
Invex’s widening loss underscores the high-risk nature of biopharma development, but its advancing Alzheimer’s research and board renewal hint at a company preparing for its next growth phase.
Questions in the middle?
- What are the next clinical milestones and timelines for Exenatide’s development in Alzheimer’s and other neurological conditions?
- How will the recent board changes influence Invex’s strategic direction and potential partnerships?
- What is the company’s plan to manage cash burn and secure funding beyond its current cash reserves?