Invex Therapeutics posted a $1.35 million net loss for FY2026, driven by expanded R&D efforts and a deepening collaboration with Tessara Therapeutics targeting neurological diseases including Alzheimer’s. The company renewed its orphan drug status in Europe and restructured its board during the year.
- Net loss widened to $1.35 million in FY2026
- R&D spend more than doubled, focused on Exenatide for neurological conditions
- Collaboration with Tessara Therapeutics expanded Alzheimer’s preclinical studies
- Orphan drug designation for Traumatic Brain Injury renewed in Europe
- UK subsidiary deregistered; board refreshed with new non-executive directors
Loss Widens Amid R&D Push on Alzheimer’s Drug Candidate
Invex Therapeutics Ltd (ASX:IXC) has reported a significant increase in its net loss for the year ended 30 June 2026, with a $1.35 million deficit compared to $0.48 million the previous year. The widening loss largely reflects a more than doubling of research and development expenses, which surged to $520,390 from $204,495, driven by an expanded collaboration with Tessara Therapeutics focused on repurposing Exenatide for neurological disorders including Alzheimer’s Disease.
The company’s loss per share grew to 1.80 cents, up from 0.63 cents, while net tangible assets per share improved to 1.8 cents, buoyed by a $2.5 million term deposit added during the year alongside $1.5 million in cash reserves. Despite the loss, Invex remains well-capitalised to support its ongoing research initiatives.
Promising Preclinical Data in Alzheimer’s Model
Invex’s principal activity continues to be the development of Exenatide, a drug already approved for other indications, now being investigated for neurological conditions characterised by raised intracranial pressure. The collaboration with Tessara Therapeutics has yielded encouraging preclinical results in the ADBrain™ model, demonstrating that Exenatide reduces neurofilament light chain levels; a biomarker of neuronal stress; by approximately 40%, alongside reductions in pro-inflammatory cytokines such as IL-6 and IL-8.
While Exenatide showed a 35% decrease in amyloid-beta burden, further analysis is needed due to experimental factors. The drug also appeared to enhance neural network complexity, suggesting potential neuroprotective effects. An expanded research program has commenced to benchmark Exenatide against other GLP-1 receptor agonists and explore combination therapies, aiming to deepen understanding of its mechanism and therapeutic potential.
Regulatory Milestone and Corporate Restructuring
During the year, Invex successfully renewed its orphan drug designation in Europe for the treatment of Traumatic Brain Injury, complementing existing orphan statuses for idiopathic intracranial hypertension in Europe and the United States. This regulatory recognition could provide commercial advantages and incentives as the company advances its clinical pipeline.
On the corporate front, Invex deregistered its UK subsidiary, simplifying its structure. The board underwent notable changes with the resignation of executive director Dr Thomas Duthy and non-executive director David McAuliffe in November 2025, replaced by new non-executive directors Simon Owen and Professor Warren Harding. These moves signal a strategic refresh as Invex positions itself for the next phase of development.
Financial Position and Outlook
Invex’s operating and administrative costs increased to $1.02 million, reflecting the ramp-up in corporate and R&D activities. The company did not declare any dividends, consistent with its focus on reinvesting capital into research. Cash flow from operations showed a net outflow of $1.36 million, with an additional $2.5 million placed into term deposits, underscoring the company’s cautious cash management.
The independent auditor issued an unqualified opinion on the financial statements and confirmed their independence, providing assurance on the company’s reporting and governance standards.
As Invex advances its Exenatide program, the expanded preclinical data and regulatory milestones will be key metrics to watch, alongside any progress towards clinical trials and potential partnerships to commercialise its neurological drug candidates.
Bottom Line?
Invex’s deepening research into Exenatide underscores its commitment to neurological therapies, but the widening losses highlight the challenge of translating promising preclinical data into clinical and commercial success.
Questions in the middle?
- Will Invex secure partnerships to accelerate clinical development of Exenatide for neurological diseases?
- How will the expanded Alzheimer’s research program influence regulatory and commercial timelines?
- Can the company sustain its cash runway amid rising R&D and administrative expenses?