Percheron Therapeutics Ltd (ASX:PER, OTC:PERCF) has reported June quarter developments including an exclusive worldwide licensing agreement reached with Hummingbird Bioscience for HMBD-002, a Phase II-ready immuno-oncology drug targeting the VISTA immune checkpoint.
The company is now gearing up for upcoming Phase II trials, following promising results from Phase I. Percheron also reported progress in other areas, including advancing its research on ‘long COVID’ diagnostics and solidifying its financial position to support further clinical development.
Licensing deal for HMBD-002 expands oncology portfolio
Percheron secured an exclusive worldwide license from Hummingbird Bioscience for the Phase II-ready immuno-oncology candidate HMBD-002. This recombinant monoclonal antibody targets VISTA, a protein involved in immune suppression in tumours.
HMBD-002 has shown promising results in Phase I trials, demonstrating safety and potential efficacy when combined with pembrolizumab (Keytruda®).
- The drug has completed its Phase I clinical trial, with full results expected in the second half of 2025.
- Percheron will begin Phase II trials in 2026, with discussions ongoing to finalise trial design and target patient groups.
- The company has taken over the Investigational New Drug (IND) application with the US FDA and has initiated the manufacturing of a new batch of HMBD-002 for upcoming trials.
Licensing agreement for long COVID diagnostics
In a separate move, Percheron entered into an exclusive license agreement with HelixRx Pty Ltd for diagnostic intellectual property related to long COVID. The agreement grants Percheron a share of any future commercial proceeds from the technology, further expanding its portfolio in the healthcare space.
Financial overview
Percheron closed the quarter with a cash balance of $10.17 million, down from $12.92 million at the end of the previous quarter. Net cash outflows were $2.75 million, primarily due to research and development expenditure on ongoing programs, including the Phase IIb ATL1102 trial. The company expects to receive additional funding from the Federal Government’s R&D Tax Incentive scheme in the second half of 2025.
- R&D expenditure: $2.17 million
- Cash runway: 3.7 quarters, subject to changes in expenditure related to clinical trials and licensing agreements.
Percheron remains focused on advancing HMBD-002 into Phase II clinical trials, with discussions on trial design and patient groups ongoing.