Percheron puts funded path behind Vanderbilt AML trial

• Vanderbilt trial start activities expected in 2026, with recruitment anticipated in the first half of 2027
• $2.3 million institutional placement and $0.70 million R&D rebate strengthen funding
• $4.875 million cash balance and reported 8.6-quarter funding runway
• Dr Michael Baker formally commenced as CEO and managing director on 5 October
• Preclinical HMBD-002 and Photosoft combination study agreed with Invion

Vanderbilt trial moves towards recruitment

Percheron Therapeutics Limited (ASX:PER) has put a funded clinical pathway behind HMBD-002, with Vanderbilt Health expected to lead a multi-centre investigator-sponsored trial in patients with high-risk acute myeloid leukaemia and myelodysplastic syndrome.

Start-up activities are expected during calendar 2026, while recruitment is anticipated in the first half of 2027. The trial will test HMBD-002 in combination with standard-of-care treatments, although the filing does not provide a target enrolment number, detailed study design or timing for clinical readouts. The planned study builds on the Vanderbilt AML trial, which was previously described as an investigator-sponsored program in AML and MDS.

Chief executive and managing director Dr Michael Baker called the arrangement a “cost-effective pathway to key clinical data” and said Percheron intended to pursue further investigator-sponsored and combination opportunities. Those comments describe the company’s stated strategy; they do not establish whether HMBD-002 will demonstrate clinical benefit in the planned trial.

Capital supports the next development step

Percheron reported a quarter-end cash balance of $4.875 million, up from $4.053 million three months earlier. Operating cash outflow was $0.572 million for the quarter, with $0.696 million in government grants and tax incentives helping offset $0.688 million of research and development expenditure.

The company’s balance sheet was reinforced by a $2.3 million institutional placement and receipt of a $0.70 million FY2026 R&D Tax Incentive rebate. Shareholder approvals for the placement tranches were granted on 7 October, with shares issued at $0.005 each. The Appendix 4C records $1.5 million of equity proceeds during the quarter, alongside $0.102 million in transaction costs, so the headline $3 million of additional capital should be read as a combination of committed placement funding and the tax rebate rather than as a single cash receipt recorded in the quarter.

Percheron reported 8.6 quarters of estimated funding, based on $4.903 million of cash and unused facilities divided by the quarter’s operating outflow. That calculation assumes spending remains broadly steady. It therefore offers a useful funding snapshot, but does not account for possible changes in trial costs, timing or development activity.

New leadership and a second research avenue

Baker formally took over on 5 October, succeeding Dr James Garner, who remains on the board as a non-executive director. His initial priorities include progressing HMBD-002, engaging investors and building on the company’s existing development work.

After quarter end, Percheron also entered a preclinical research collaboration with Invion Limited (ASX:IVX) to test HMBD-002 alongside Invion’s Photosoft photodynamic therapy technology in solid tumours. The companies expect the study costs to be modest and say they will not affect Percheron’s cash runway, but any clinical relevance remains dependent on the generation of preclinical data.

Bottom Line?

The immediate test is execution: Percheron has funding and a trial partner, but recruitment is not expected until the first half of 2027 and the key clinical evidence remains ahead.

Questions in the middle?

• When will Vanderbilt’s start-up activities translate into an active recruiting trial?
• Will the reported 8.6-quarter runway hold once clinical spending increases?
• Can the HMBD-002 and Photosoft combination produce data strong enough to justify a clinical study in solid tumours?