Chimeric Therapeutics Advances CAR-T Trial with Tumour Shrinkage and Strategic Review

Clinical Progress in CHM CDH17 CAR-T Trial

Chimeric Therapeutics (ASX:CHM) has advanced its Phase 1/2 trial of CHM CDH17, a third-generation autologous CAR-T therapy targeting a biomarker linked to poor outcomes in gastrointestinal cancers. The study has escalated to Dose Level 3, administering 450 million CAR-T cells to four patients, with interim data revealing tumour shrinkage of 17% to 40% in individual lesions. Two patients treated at this dose have maintained stable disease for six and four months respectively, marking a notable clinical milestone as the trial nears completion later this year, contingent on funding.

Overall, 82% of evaluable patients (9 of 11) across dose levels have achieved stable disease, including cases with durable responses extending beyond a year. The therapy demonstrated robust expansion and persistence in peripheral blood up to 15 months, a factor the company highlights as significantly de-risking the asset. Safety remains manageable, with one dose-limiting toxicity reported and no grade 4 or 5 treatment-related adverse events.

Strong Response in AML NK Cell Trial

Complementing its CAR-T progress, Chimeric reported a 60% complete response or complete response with incomplete count recovery rate in its ADVENT-AML Phase 1B trial of CHM CORE-NK, an allogeneic natural killer cell therapy. This trial targets high-risk, frontline acute myeloid leukemia patients who are unsuitable for intensive chemotherapy. The response rate notably exceeds the typical 20–30% seen with current standard care. The trial continues to enrol additional patients at MD Anderson Cancer Center, with translational data under evaluation.

Capital Consolidation and Board Changes

In April 2026, Chimeric completed a 1-for-100 capital consolidation, significantly reducing the number of ordinary shares on issue from over 4.4 billion to approximately 44 million. This restructuring also affected options and performance rights, streamlining the company's capital structure.

Post-quarter, Independent Non-Executive Director Eric Sullivan retired for personal reasons. Sullivan had served as Chairman of the Audit and Risk Committee, with the full board now temporarily assuming those responsibilities.

Strategic Review and Funding Outlook

Chimeric initiated a strategic review on 1 July 2026, appointing Hawkesbury Partners as independent financial adviser to explore options for maximising shareholder value. The review encompasses potential partnerships, licensing, mergers, asset sales, and alternative capital structures. While no transaction outcomes are guaranteed, the company is actively engaged in discussions.

Financially, the company reported $0.8 million in cash at 30 June 2026, down from $1.75 million the prior quarter. July brought an additional $2.27 million in funding, including $0.65 million drawn from a convertible note facility and a $1.62 million R&D Advance secured against the FY26 Research and Development Tax incentive. Operating cash outflows totaled $3.53 million for the quarter, primarily driven by staff costs and R&D related to the CHM CDH17 trial. With enrolment nearing completion, these expenses are expected to decline.

Management has emphasised prudent cash management, including deferral of discretionary spending, to extend the company’s runway. The board remains confident in securing further capital through equity and non-dilutive sources to sustain operations and meet strategic objectives.