ASX Health Quarterly Wrap: Progress on multiple fronts in strong start to FY26

• Race progresses clinical trials and discovers new way of patenting active chemical form of bisantrene
• EZZ progresses its US market entry, builds its Australian distribution and launches three new products
• Neurotech starts authorised prescriber program for NTI164 and progresses submission of IND with US FDA

As quarterly results season comes to an end ASX healthcare companies have been highlighting ongoing progress, including new discoveries and clinical trial updates to propel growth in FY26.

Race Oncology (ASX:RAC)

• Race scientists find a new way of patenting the active chemical form of bisantrene
• Progress on phase I cardio protection and anticancer clinical trial of RC220 in combination with doxorubicin
• Post quarter Race announces discovery of primary mechanism of action for (E,E)-bisantrene (RCDS1)

Race started FY26 with a major IP breakthrough through the discovery and filing of three patents protecting the composition, manufacture, formulation, and use of the active (E,E)-isoform of bisantrene.

Race said the patents would  significantly change its commercial outlook, with the potential to provide 20 years of composition of matter protection over the active pharmaceutical ingredient of RC220.

This discovery also enables advancement of the acute myeloid leukaemia-focused RC110 formulation into
a pivotal phase III trial (subject to partner support).

Progress was made on the phase I cardio protection and anticancer clinical trial of RC220 in combination with doxorubicin (RAC-010) during the quarter.

The company announced two patients had been safely treated with RC220 as a single agent and in combination with doxorubicin.

Additional sites in Hong Kong and South Korea received ethics and regulatory approval, with the Queen Mary Hospital in Hong Kong activated for patient recruitment.

In August Race announced positive final results of the investigator-sponsored Phase II trial of bisantrene in combination with clofarabine and fludarabine (Bis/Clo/Flu) in relapsed or refractory acute myeloid leukaemia (R/R AML) patients had been published in the prestigious peer-reviewed British Journal of Haematology.

In post quarter news, Race announced the discovery that the primary anticancer mechanism of action of (E,E)-bisantrene is via RNA and DNA G-quadruplex binding.

Race’s cash and cash equivalents totalled $11.27m as at the quarter end, with more than 78% of spending ($2.3m) directed toward R&D and drug manufacturing.

Early conversion of options by shareholders has provided an additional $3.6m of funding which, together with prudent cash management, Race said places the company in a position to fund all announced activities through CY2026.

EZZ Life Science (ASX:EZZ)

• Progresses entry to the US market and refines its digital marketing strategy for the country
• In Australia adds a pharmacy wholesaler and three new pharmacies to its distribution network
• Product innovation remains a key focus, with EZZ launching three new formulations during quarter

EZZ has reported a busy start to FY26, progressing its entry into the US market, expanding domestic distribution channels, and launching three new products, despite a softer sales quarter impacted by seasonal trends in China.

The company refined its digital marketing strategy for the US, shifting from image-based Instagram promotions to performance-driven TikTok and Amazon influencer campaigns aimed at improving conversion rates and engagement.

EZZ also began discussions to list its products on the Walmart Marketplace as part of its broader plan to build sustainable online channel revenue.

Domestically, EZZ added one new Australian pharmacy wholesaler and three new pharmacies to its distribution network during the quarter, further strengthening its retail footprint.

The company also launched a new Shopify store to better serve Australian consumers seeking supplements and healthcare products directly online.

Product innovation remained a key focus, with EZZ launching three new formulations including: EZZ Breast Health Capsule, EZZ Women’s Bone Strength Capsule, and EZZ R-21 Ergothioneine Capsule.

These additions expand the company’s women’s health and anti-ageing portfolio, supporting its long-term brand positioning in preventative wellness.

Receipts from customers totalled $11.5 million, down 25.4% on the prior corresponding period (pcp), largely due to deferred receipts from a September live streaming campaign and seasonally slower retail sales in China’s first quarter.

Operating expenditure increased in line with inventory purchases ahead of the upcoming 11.11 Shopping Festival, US marketing costs, and the review of potential M&A opportunities.

EZZ closed the quarter with $17.3m in cash reserves and remains debt-free – excluding lease liabilities – positioning the company well to capitalise on anticipated Q2 FY26 sales growth and its evolving international strategy.

Neurotech International (ASX:NTI)

• Neurotech starts an authorised prescriber program for NTI164 in neurodevelopmental conditions
• Phase I/II clinical trial results for NTI164 published in Rett syndrome in the Journal of Paediatrics and Child Health
• Makes strong progress toward the submission of an Investigational New Drug (IND) application with US FDA

During the quarter Neurotech initiated an Authorised Prescriber (AP) program for its lead investigational therapy NTI164, marking a significant milestone in its strategy to expand access and advance the commercialisation of treatments for paediatric neurological disorders in Australia.

The program will be overseen by Professor Michael Fahey, head of paediatric neurology at Monash
Medical Centre, enabling controlled and specialist-led access to NTI164 for eligible children with a range of neurodevelopmental conditions.

In July, Neurotech announced the publication of its Phase I/II clinical trial results for NTI164 in Rett syndrome in the Journal of Paediatrics and Child Health.

The peer-reviewed paper detailed results from Neurotech’s open-label trial of NTI164, a novel full-spectrum medicinal cannabis extract containing 0.08% THC.

The study found NTI164 was well tolerated and showed clinical improvements across neurological, behavioural, and functional domains, suggesting potential benefits for Rett syndrome patients beyond standard symptom management.

Neurotech also progressed its chronic toxicology study for NTI164, designed to demonstrate the
long-term safety profile of the compound in alignment with US Food and Drug Administration (FDA)
requirements.

The company continues to make strong progress toward the submission of an Investigational New
Drug (IND) application with the FDA.

Neurotech has also been highly active in engaging with key industry and investment stakeholders, participating in major events including the Bioshares Biotech Summit in Australia in August.

The events have provided  opportunities to showcase its strong clinical progress, strengthen relationships, and further elevate the company’s profile among potential partners and investors.

Neurotech reported total cash operating expenses of ~$1.2m for Q1 FY26, down from $2.6m in Q4 FY25, primarily driven by ~$800,000 in R&D and ~$400,000 in corporate and administrative costs.

R&D spend reflected ongoing investment in IND-enabling pre-clinical toxicology work, regulatory development, and clinical trial extensions for ASD and Rett syndrome.

The company ended the quarter with ~$1.7m in cash. NTI expects to receive ~$4.7m in cash inflows from the R&D tax incentive this quarter.

At Stockhead, we tell it as it is. While Race Oncology, EZZ Life Science and Neurotech International are Stockhead advertisers, the companies did not sponsor this story.