Invion’s Half-Year Loss Jumps 90.5% to $3.57M Amid Key Photosoft Milestones

Financial Performance and Going Concern

Invion Limited, a clinical-stage life sciences company focused on cancer therapies, reported a net loss of $3.57 million for the half-year ended 31 December 2025, a significant increase of 90.5% compared to the prior corresponding period. The company’s cash reserves fell to $137,543, and current liabilities exceeded current assets by over $2 million, prompting the auditor to highlight material uncertainty about Invion’s ability to continue as a going concern.

Despite these financial headwinds, the directors remain confident in the company’s strategic direction, supported by recent capital raises and funding commitments that aim to sustain ongoing research and development activities.

Progress on Photosoft™ Technology and Clinical Trials

Invion made notable strides in advancing its Photosoft™ photodynamic therapy platform during the period. A key highlight was securing a $2 million non-dilutive grant from the South Korean Government’s Drug Development Fund (KDDF), supporting preclinical and clinical preparations for a first-in-human intravenous trial targeting oesophageal cancer. This funding not only validates the technology internationally but also reduces shareholder dilution risks.

Oesophageal cancer represents a significant unmet medical need with poor survival rates and limited effective treatments. The global market for therapies in this area is projected to grow substantially, offering Invion a promising commercial opportunity if clinical success is achieved.

Expanded Licensing and Regulatory Milestones

In December 2025, Invion secured an expanded perpetual and exclusive global licence for the Photosoft™ technology portfolio, subject to shareholder approval. This licence grants Invion rights to develop, manufacture, and commercialise Photosoft across selected indications with attractive market potential and orphan drug designations.

Notably, the U.S. Food and Drug Administration granted Orphan Drug Designation to Invion’s lead candidate INV043 for anal cancer treatment, providing seven years of market exclusivity and potential regulatory incentives. This designation underscores the platform’s potential to address rare and difficult-to-treat cancers.

Collaborations and Companion Animal Therapeutics

Invion also expanded its footprint into veterinary oncology through a collaboration with Taiwan-listed Protect Animal Health Inc. to evaluate Photosoft compounds for treating cancer in companion animals. This initiative taps into a growing market for advanced animal therapeutics and could open additional commercial avenues.

Capital Raising and Funding Outlook

During the half-year, Invion raised nearly $1 million through a loyalty option entitlement offer and issued convertible notes with a face value of approximately $780,000. Post-reporting period commitments include a further $1.3 million via convertible notes from major shareholders, alongside access to a research and development tax incentive loan facility.

These funding activities are critical to supporting Invion’s ongoing clinical programs and operational expenses amid the current cash flow challenges.