Noxopharm reports A$4.46 million loss and A$293,573 cash

Clinical milestone arrives alongside funding warning

Noxopharm Limited (ASX:NOX) has reached the most important clinical milestone in its history, completing a first-in-human trial of SOF-SKN without relevant safety issues in healthy volunteers. The achievement moves the company’s Sofra platform from laboratory research into clinical development, but the annual report makes clear that the next stage will depend on securing more money.

The company ended the year to 30 June 2026 with A$293,573 in cash and cash equivalents, down from A$1.55 million a year earlier. It recorded a net loss of A$4.46 million, narrower than the prior year’s A$4.88 million loss, while net cash used in operating activities fell to A$2.71 million from A$5.82 million.

Those improvements did not remove the balance-sheet strain. Current liabilities exceeded current assets by A$3.63 million, leaving Noxopharm with net liabilities of A$3.65 million. William Buck said a material uncertainty existed that “may cast significant doubt” on the company’s ability to continue as a going concern, although its audit opinion was not modified.

SOF-SKN moves towards patient testing

SOF-SKN, a topical candidate for cutaneous lupus erythematosus, was tested at four concentrations in the HERACLES trial. The report says the study demonstrated safety and tolerability in healthy volunteers; it does not provide efficacy data in lupus patients, because that work has not yet begun.

Noxopharm plans an extension study in people with cutaneous lupus, followed by a Phase II trial if the next stage supports further development. The program has also received FDA Phase II feedback, with earlier regulatory work focused on the proposed trial design and manufacturing strategy. The annual report separately says manufacturing for a future clinical trial has commenced.

Sofra platform expands beyond lupus

The report presents SOF-SKN as the lead asset rather than the whole investment case. Noxopharm highlighted research published in Nature Immunology, new anti-inflammatory data from samples involving systemic lupus erythematosus and rheumatoid arthritis, and progress in cancer and RNA-related programs.

In oncology, the company is developing oligonucleotides intended to amplify Toll-like receptor 8 activity. That work follows new TLR8 cancer data, which reported stronger immune activation from Sofra oligonucleotides in preclinical testing. Noxopharm also reported material transfer agreements with external companies, work with Hudson Institute of Medical Research and a project with CSL in RNA technologies.

Capital access remains the immediate constraint

The annual report says Noxopharm expects to require additional capital to meet commitments and working-capital needs over the coming 12 months. Its potential sources include an estimated A$1.43 million research and development tax rebate expected late in calendar 2026, short-term funding and an undrawn A$5 million at-the-market equity facility. The company says it may also scale back operations if required.

Debt adds to the pressure. Convertible notes had a carrying value of A$4.37 million at year-end, including an A$813,000 derivative liability, while a further A$200,592 was owed under an unsecured related-party loan from 4F Investments, controlled by chairman Fred Bart. The ATM facility provides capacity rather than cash already received, and the report says no funds had been drawn from it through approval of the financial statements.

That leaves Noxopharm with a two-part test: convert a clean healthy-volunteer safety result into evidence of benefit in lupus patients, while funding the studies needed to get there. The extension study is therefore not only the next clinical catalyst; it is also the point at which the company’s capital strategy will meet its scientific claims.