Immutep’s Phase III Halt Wipes Out Value as Adherium Jumps on RPM Revenue

Immutep (ASX:IMM) was the week’s standout mover for the wrong reason, plunging -88.61% after it stopped its TACTI-004 Phase III trial in first-line non-small cell lung cancer. A “futility” call means the trial data so far suggested the drug was unlikely to work, even if the study continued. Adherium (ASX:ADR) ran the other way, rising 25.00% after reporting a 51% lift in Remote Patient Monitoring revenue between December 2025 and February 2026. Imugene (ASX:IMU) fell -21.28% despite upbeat early trial results and a new $20m funding package.

Clinical trial news: big wins matter, but big misses matter more

A Phase III stop is one of the clearest “no” signals in biotech, because Phase III is the late-stage test that must work before most approvals are realistic. That’s why Immutep’s sell-off was so violent. Trading was suspended before the update and then reopened into heavy selling. Early gains from bargain hunters didn’t last, and the stock stayed extremely volatile. Imugene’s week showed the other side of the biotech coin: even strong early data does not always translate into a rising share price. The company reported a 100% overall response rate in CLL/SLL in its Phase 1b azer-cel study and expanded cohorts, including a BTK inhibitor combination. In plain English, more patients will now be tested and some will get a combination treatment. That can strengthen the story, but it also costs more money and takes more time. Imugene moved to fund that work with a $12m placement, an up to $8m Share Purchase Plan, and changes to convertible notes to ease near-term cash pressure. Elsewhere, Telix Pharmaceuticals (ASX:TLX) added a cleaner safety read to its pipeline, up 5.02% after Part 1 of its ProstACT Phase 3 trial met safety and dosimetry goals for TLX591-Tx. “Dosimetry” is the measured radiation dose delivered to the body. Investors cared because unexpected safety issues can stop a radiopharmaceutical program quickly. Clarity Pharmaceuticals (ASX:CU6) rose 6.98% after it completed enrolment for its Phase III AMPLIFY prostate imaging trial, a step needed before final results can be produced.

Diagnostics shift from ‘promising’ to ‘usable’

Rhythm Biosciences (ASX:RHY) climbed 13.51% after it secured NATA accreditation for ColoSTAT® under ISO 15189 and then confirmed its first commercial sale. Accreditation matters because it tells clinicians the lab process meets a recognised quality standard. It also supports the next practical step: trying to get the test paid for under Medicare, which is often the difference between small uptake and broad uptake. TruScreen (ASX:TRU) gained 7.14% after a Sichuan University study reported better performance for TruScreen plus high-risk HPV testing versus Thinprep cytology plus HPV. In everyday terms, investors liked that an independent study said the device could find cervical changes more accurately than a common lab approach, especially in places without access to specialist pathology.

Digital health: revenue proof beats product talk

Adherium’s update was a rare example of digital health momentum that is easy to translate into dollars. The company linked its growth to new US CPT reimbursement codes, which can make it simpler for clinics to bill insurers for remote monitoring. That can lead to more patients being added and fewer claims being rejected. The key risk from here is whether activations keep rising fast enough to hit the 10,000 patient target by end-2026. InteliCare (ASX:ICR) fell -10.00% despite announcing its biggest contract: a five-year $8.8m agreement to deploy its platform across 22 mecwacare aged care facilities in Victoria. The mismatch between contract news and price suggests some investors still worry about delivery. A contract only turns into cash if the rollout happens on time and the customer keeps paying.

Commercial expansion: contracts, distributors, and steady repeat revenue

Pro Medicus (ASX:PME) was little changed 0.23% after securing two US renewals worth at least $40m over five years. The company also flagged higher per-transaction fees. That matters because transaction pricing can grow as scan volumes grow, even if the “minimum value” looks fixed. Orthocell (ASX:OCC) slipped -8.47% after appointing an exclusive UK distributor for Remplir™ ahead of expected regulatory approval in Q3 FY26. Osteopore (ASX:OSX) dropped -12.50% even as it expanded into Southeast Asia distribution for an injectable bone filler with minimum order commitments. These moves are commercial building blocks, but investors often wait for the first material sales numbers before re-rating the shares. On the smaller end of funding and development milestones, EVE Health (ASX:EVE) rose 5.00% after raising $0.9m to push reformulated drugs toward patent and licensing discussions. Acrux (ASX:ACR) fell -11.11% after taking a $0.55m advance on its R&D tax incentive. That’s non-dilutive funding in practice, but it also signals the company is managing cash tightly.