Chimeric Therapeutics Secures $8.4M Funding, Eyes April EGM for Key Approvals

Funding Progress and Upcoming Approvals

Chimeric Therapeutics Limited (ASX: CHM) has made significant strides in securing capital to advance its clinical pipeline, announcing the settlement of the first tranche of a $4.4 million placement. This initial tranche, worth approximately $2.3 million, was completed in late December 2025 and early January 2026. The company now looks ahead to an extraordinary general meeting (EGM) planned for April 2026, where shareholders will be asked to approve the second tranche of the placement, a $4 million convertible note with associated warrants, and a proposed share consolidation.

Capital Raising Details and Investor Support

The full placement comprises roughly 1.47 billion shares issued at $0.003 each, accompanied by attaching options exercisable at $0.005, expiring in 2030. Notably, a US-based family office has committed around US$2 million (approximately A$2.8 million) to the placement, while a separate US institutional investor has committed to the convertible note facility. The convertible notes are structured in four tranches, with conversion rights and protections typical of such instruments, including a 25% discount conversion price and warrants exercisable over four years.

Clinical and Strategic Implications

Proceeds from the capital raising will fully fund the CHM CDH17 CAR-T clinical trial through to the end of Phase 1, including treatment of the next patient cohort at an increased dose level following promising safety and disease control signals. Additionally, funding will support the advancement of the CORE-NK clinical programs and cover working capital and placement costs. This financial backing is critical as CHM CDH17 remains the company’s primary value driver and most advanced asset.

Operational Reset and Governance Enhancements

Alongside the funding update, Chimeric Therapeutics is executing a strategic reset aimed at reducing costs, sharpening execution focus, and aligning its operating model with its current development stage. This includes a targeted expense-reduction program across corporate and operational functions and a simplified organisational structure prioritising capital allocation toward high-value clinical assets. Governance improvements are also underway, highlighted by the recent appointment of Dr Bradley Glover as Non-Executive Chair, who emphasised the company’s strong scientific foundations and reinforced financial position.

Looking Ahead

CEO Dr Rebecca McQualter expressed confidence that finalising the capital raising positions the company to maintain momentum across its pipeline and enter a more sustainable, execution-driven phase. The upcoming EGM will be a pivotal moment for shareholders to endorse the remaining funding components and share consolidation, which will shape Chimeric’s financial and operational trajectory in the near term.