Pathkey.AI Expands AI Platform with Chipforge Acquisition and Imunexus Deal

TrialKey Platform Advances with Agentic AI Criteria Optimiser

Pathkey.AI Ltd (ASX:PKY) has made notable strides in its AI-driven clinical trial optimisation platform, TrialKey, unveiling its new TrialKey Criteria Optimiser. This agentic AI enhancement introduces a structured, iterative method to design clinical trials by generating, evaluating, and ranking protocol alternatives within strict safety and feasibility parameters. The system combines predictive modelling with deterministic controls and explainability features, supporting transparent and auditable decision-making. Currently applied across active projects, this capability is evolving towards producing integrated, protocol-ready study plans, marking a significant step in TrialKey's commercialisation journey.

Commercial Traction Secured with Imunexus Therapeutics Contract

Pathkey secured a commercial contract with Imunexus Therapeutics Limited valued at up to A$100,000 plus GST, including an upfront payment of A$25,000 and milestone-based payments contingent on Imunexus’ proposed ASX listing. This engagement spans multiple use cases such as probability-of-success analysis, early-phase trial design optimisation, and investor communications support. The deal not only validates TrialKey’s practical application in clinical development and IPO workflows but also represents the company’s largest contract to date, underpinning its strategy to build a repeatable commercial model. The contract details were highlighted in the company’s earlier announcement on 2 April 2026, demonstrating growing market interest in TrialKey’s capabilities. This follows the company's recent A$100,000+ GST contract with Imunexus, reinforcing its commercial momentum.

Strategic Acquisition of AI Semiconductor Innovator Chipforge

In a move to diversify and strengthen its AI technology stack, Pathkey entered into a binding agreement to acquire 100% of Singapore-based Chipforge Pty Ltd, an AI-driven semiconductor hardware design and verification company. Chipforge’s platform utilises a similar agent-based optimisation approach to TrialKey, translating high-level design intent into verified, synthesisable hardware code. This reduces chip development cycles from the typical 12-24 months and associated costs. The shared underlying paradigm of agentic AI optimisation between TrialKey and Chipforge is expected to create significant cross-platform synergies, including advances in unstructured data processing, workflow management, automated verification, and explainable AI outputs. The acquisition aligns with Pathkey’s broader strategy to expand AI capabilities beyond clinical trials into data-intensive industries. The announcement on 29 April 2026 provided initial details of this transformative deal, which could accelerate Pathkey’s growth trajectory in both healthcare and semiconductor sectors.

Financial Position Strengthened by Capital Raise and Asset Disposal

Pathkey completed a capital raise totalling $3.5 million before costs during the quarter, bolstering its balance sheet to support ongoing development and commercialisation efforts. This funding round was conducted in tranches, building on earlier raises throughout late 2025 and early 2026. Additionally, the company realised $197,000 from the disposal of its bitcoin holdings via the BTX ETF. Operating cash outflows of approximately $230,000 were invested in TrialKey platform commercialisation during the quarter, reflecting continued commitment to scaling the technology. At quarter-end, Pathkey held $3.26 million in cash, providing an estimated 12.7 quarters of funding based on current operating cash flows. These financial moves follow the company’s prior $3.5 million funding completion and underscore its solid capital foundation amid ongoing AI platform advancements.

Corporate Updates and Operational Transition

Pathkey shifted its registered office and principal place of business to Level 12, 347 Kent Street, Sydney NSW 2000 in March 2026, reflecting its operational growth. Concurrently, the company transitioned its share registry services from Automic Registry Services to Xcend Pty Ltd, enhancing shareholder management capabilities. These administrative changes accompany the company’s strategic focus on expanding its AI platform and pursuing complementary technology acquisitions.