Prescient Therapeutics Limited (PTX.AX) Earnings Call Transcript & Summary

Good morning, everyone. My name is James Campbell and as the Chair of Prescient Therapeutics Limited. It's my pleasure to welcome you to the company's 2025 Annual General Meeting. I'd like to start by acknowledging and paying respect to the traditional custodians of the land on which we're gathered today, both physically and virtually. Shareholders attending in person or by virtual means, we'll be able to participate to ask questions and cast direct votes at the appropriate times during the meeting. The company secretary has advised that we have complied with the relevant requirements for convening this meeting and that a quorum is present. As the time is now 11 a.m., I formally declare the meeting open. I'm joined today by my fellow directors, Dr. Allen Ebens, Dr. Ellen Fiegal, Dr. Gavin Sheppard, Ms. Melanie Farris, and I'd also like to welcome our Chief Executive Officer, Mr. James McDonald; and our Chief Operating Officer, Dr. Rebecca Tunstall our company secretarial Representative, [ Tony DiPietro ] is also with us. In addition, online, we have Ross Burt representing the company's external auditors, William Buck. And finally, I'd like to welcome Vanessa from our share registry, who is assisting us with running the AGM today. The notice of meeting has been given in accordance with the company's constitution, and copies of the notice are available on the company's website. The share registry's online voting site or on the ASX market announcements platform and I'll take the notice of meeting and explanatory statement as read. The format of today's meeting will start with an overview of the meeting process followed by a chair address from me. We'll then have an operations presentation from James McDonnell, followed by a Q&A on operations have any questions on business operations. We'll then address the formal business of today's meeting. This will be followed by a Q&A on the formal items of business, following which shareholders will be provided with an extra 30 seconds to vote on the resolutions. Once the poll is completed, the results will be tallied and released on the ASX platform later today. I'll now hand over to Tony to outline the question and the poll procedure for today's meeting.

Thank you, James. As mentioned earlier, shareholders will be able to comment and ask questions and cast votes at the appropriate time. We may experience some time lag with virtual, and this may cause some delay in your text questions or comments coming to our attention. We encourage you to lodge them as early as you can. All valid proxies received have been reported, and the votes for each resolution will be displayed on screen behind the Board. It is important to note that you have -- if you have lodged a proxy form and voted prior to the meeting do not need to vote again at this meeting unless you wish to change your proxy construction. For those proxy holders, shareholders and authorized represents but have not yet voted prior to the meeting, please cast your vote on each of the resolutions when the poll is open. For proxy holders, you will have a summary of proxy votes, which detail the voting instructions, if any, all the items of business. By completing the voting by webinar fold when instructed to vote in a particular way, we are deemed to have voted in accordance with those instructions. As advised in the notice of meeting, where the chair has been appointed proxy on behalf of the shareholder, James Campbell as the Chair of the meeting intends to vote these in favorable all resolution. In participants with regards to voting at today's resolutions, all shareholders attending in person today, proxy holders and authorized corporate representatives are entitled to vote -- who are entitled to vote should have been issued with a yellow voting card, a yellow card in title who do both comment and ask questions in this meeting. If anyone present the title to vote and does not have a yellow voting part, please evanescent, from our share registry, Automic, at the registration desk at the entrance of the meeting of should assist you. Nonvoting shareholders were issued with a blue part upon entering the meeting. A blue card will not allow you to vote However, you may still comment and ask questions. Red cards indicate and media reminded that whilst we welcome into the meeting, is a shareholder meeting, and you may not ask questions or comment. Chair calls on you, please raise your voting on non voting attendance card prior to speaking to identify yourself as a shareholder. If you are acting as a proxy, please state clearly who you are appointed to represent and we'll introduce a result to the meeting. We will proceed through all items of formal business and provide the opportunity at the end of formal items of business for shareholders to ask question. Shareholders can ask questions on general business operations after our CEO presentation. Once the chair declares a poll as open, please complete your yellow voting card by marking your vote in 4 against or abstain boxes for each of the resolution. Once a Chair disclose the vote closed to come around and flops focus for shareholders at inertially for those today attending virtually, the online meeting platform is being done for the holders are turning lines and signed questions at any time and verbally at the end of the formal business of the meeting, but before the poll is closed. Questions of a similar nature will be amalgamated and answered for the formal items of business at the end of the last resolution. The questions on general operations of the business, these will be answered at the conclusion of the CEO presentation. To ask a question is a Q&A icon. This will appear on a new screen. At the bottom of the screen, there is a section for you to type your question. Please start your question by typing of shareholder SRN or PIN number. This will enable the moderator to get identify you as a shareholder. If you would like to ask question verbally type your SRN and [indiscernible], I'd like to speak. Once you finished I being please enter[indiscernible] . Please note that while you can submit questions from now on, they will be addressed after the final item of the formal business. Voting today will be conducted by way of poll on all items of business. In order to vote at this meeting, you will need to register with [indiscernible]. If you've already done so prior to the meeting, you can follow the instructions on the screen to register and log in to enable you to vote at the meeting. Please to do this now. When the poll is a clear open, bringing both Green both button will appear, please to on refresh as you cannot see you. To vote, simply select the direction in which you would like to cast vote with selective option will be marked. Once voting is declared closed, you must select next and then confirm or submit your vote. You will not be able to change your vote after pressing confirm vote. And I'll hand back to James now.

Thanks, Tony. So I'll go ahead with the Chairman's address to the AGM. So good morning, again, welcome to Prescient Therapeutics AGM for 2025. It's been a transformational year for the company. marked by significant clinical progress or regulatory validation and strategic positioning that's fundamentally positioned the company as a clinical stage biotech company. In terms of clinical milestones and regulatory recognition, the transition of PTX 100 into -- from Phase Ib to Phase IIa represents more than just a clinical advancement that demonstrates our strategic focus and reflects the confidence that we have in the therapeutic potential of PDX 100. The U.S. FDA has made 2 significant decisions relating to the asset. It's granted orphan drug designation for all T-cell lymphomas and fast track designation for relapsed or refer mycosis fungoides. These regulatory recognitions from the FDA opened pathways for accelerated approval in the USD 1.8 billion therapeutic market, which has significant unmet need. Our Phase Ib results have demonstrated a 45% overall response rate amongst evaluable T-cell lymphoma patients. And when we look at CTCL patients or cutaneous T-cell lymphoma patients, 7 out of 7 evaluable patients received clinical effort. The pharmacokinetic studies have shown no drug accumulation and minimal interactions supporting the safety profile for long-term use that will be really critical for commercial success. Most importantly, over recent months, we've progressed from FDA IND or investigational new drug status -- sorry, acceptance to active patient recruitment in our Phase IIa clinical study. The first patient was dosed in this study in May 2025, and we continue to add new sites with encouraging enrollment progress to date, as you saw in our updated 4C earlier last week. From the financial point of view and a capital point of view, we entered the AGM in a strong position, having augmented our end of year cash position of $6.9 million with a successful $6.8 million SPP and a $3 million placement, raising approximately $10 million to support the clinical development of IA. Note also that we have an R&D tax accrual of more than $4 million. So we're really well positioned going forward. The strong participation in both the SPP and the placement reflects, I think, some really strong shareholder confident in our strategy and some excitement for what's ahead. In terms of leadership and the team, the year's leadership transition have positioned President for this next stage of accelerated growth. We were delighted to bring on James in angry as CEO. He brings extensive biotech and pharma networks that will prove increasingly relevant and valuable as we advance towards our registration-enabling trials. We've also strengthened our team with the addition of [ Dr. Rebecca Tunstall ] as our Chief Operating Officer and -- sorry, [ Rebecca Tunel ] over there; and [ Dr. Marissa Lim ] as our Chief Medical Officer. So make please folks who are here today make yourselves welcome to Beck and Marissa. Finally, the Board was strengthened with the addition of Melanie Farris to my right, whose substantial Australian biotech experience adds really valuable perspective both to our strategy and our end skills on the board. In terms of partnerships and innovation, our collaborations with leading institutions around the world like Yale, like U Penn, Oxford, Moffitt in the states, Peter Mcallen here in Melbourne. Continue to validate that our technologies and expand our scientific networks. These partnerships are instrumental in advancing our pine and reinforcing our reputation as a forward-thinking innovator in oncology. Whilst our cell therapy platform, particularly Cell Prime and Omni car require limited investment during this critical Phase II period of PTX100.A the reengineering improvements we've done, particularly with Omnicare position these programs favorably for future reactivation if and when the market conditions for those cell therapies improve. Looking forward, and as we progress through financial year 2026, Prescient has never been in a stronger position. We've got a robust pipeline, any meaningful regulatory engagement with the most important regulatory body for globally for commercial success, a strong balance sheet, an expert team of seasoned drug development people. And our immediate focus is the successful execution of the Phase IIa study for 100 a study that could present us for accelerated regulatory pathways and potential partnership opportunities in a substantial market. The fundamentals are in place, compelling data, regulatory validation, financial resources and experience team. We remain committed to adding long-term shareholder value while maintaining the highest standards of governance and of execution. So on behalf of the Board, I'd like to thank our patients who participate in our trials, the clinicians and the researchers who work with us globally and you, our loyal shareholders, who continue to support our mission. The team looks forward to sharing this next phase of our and thank you. I'll now invite our CEO, James McDonnell, to provide an update on the company's operations.

Thanks, James. So there's a disclaimer and safe harbor notice here for future predictions here in this discussion. So if you move to the next slide, I joined PTX in January this year. I joined it in a very positive manner because I had done -- I had looked at the main asset of PTX Prescient as PTX 100 and saw that it was a first-in-class added that not only was first-in-class, inhibiting general general transferase 1 and preventing the prenylation of the superfamily and future downstream effects, it was also unique and the fact that it was the only GGT1 in the clinic. So that's very positive. I also knew that the IND acceptance had occurred and that this program was moving into a Phase II program. So that's very ambitious as well. There were clear pathways as as a seasoned pharma and biotech executive, I've worked in late-stage development commercial launch and commercialization and could see the benefit of orphan drug designation in that commercial -- as a commercial opportunity. And then also with the Phase II study, there's obviously a potential for re-rating. So I joined the company on the basis of some very solid information, and I look forward to taking that and leading the company through this. And so we'll look to see how we progressed. So on the next slide, we see the company snapshot. And as you can see, I take it as right here, you can see that we remain above the and capital raise value. We have a market cap of $45 million. Our cash position is strong, and we're going to strengthen that with an R&D tax rebate above $4 million. So it's looking healthy. If we go to the next slide. We've had a number of milestones during the year. And James mentioned the IND acceptance by the FDA, which triggered our Phase II program. This was on the back of a lot of discussions with the FDA and team working hard to actually produce a solid Phase II program that was accepted. We received Fast Track designation soon after joining or earlier in the quarter -- first quarter, which allows us to increase the engagement with the FDA and they also by issuing a fast-track designation, they accept that there's a clear unmet need, and this is an expedited pathway. So they're looking for opportunities to allow an active therapy to patients as as possible. We initiated the Phase II. We had the first site initiated. And the first patient enrolled. So the key component to a Phase III program is implementation. And you can see as we progress through the year, the implementation has been very thorough. First sites in the U.S. We now have 4 in the U.S., 3 in Australia and dressing well, we will soon have the European sites opening. We also submitted for an orphan designation in European Union, where this 10 years exclusivity. So again, it's very strong commercial benefit to have these orphan designations, and we look forward to hearing about that from the European Union. You can see under that, as James mentioned, there's been some new personnel myself as the CEO James' Chair and Melanie joining us as well and the capital raise there. So it was a very busy year. So if we move to the next slide, and you can see -- you can't do this unless you have the right team. And James mentioned that we've had [ Dr. Rebecca Tunstall join us and Dr. Morricalum ] joined us. The reason we do that, we've done that is because we need a strong team of implementers that know what happens when you're running a clinical trial that know how to engage with clinicians and engage with the clinical trial sites and for active implementation. We have a Board of Directors who also know what to do in terms of deal-making and understanding where to go and what to do and particularly in blood cancers, and you can see a number of companies here listed, we've gained that experience are all very significant companies. So the 1 thing you need is a very experienced team and the 1 thing you have here is a experienced team. So if you move to the next slide, we're talking about essentially our lead asset. It's a target address therapy, and we know that RAS mutations are present in 22% of all cancers. So that's a very broad opportunity. And so let's work on that. With our lead asset, PTX 100, we are addressing T-cell lymphoma at the moment and taking that through in Phase II and progressing. And we'll look for other indications as we further understand PTX-100. Our early results went well compared to benchmarks in existing drugs. We've heard about the FDA designations that we've gained. The market is substantial just on T-cell lymphoma alone. We're progressing the Phase II, 7 sites, 6 patients as of the end of September, and we know that there's more sites coming that there will be 2 more sites in the U.S. this quarter. And there is a potential for that registration based on interactions with the FDA, but that will come down to data. Then I mentioned data. Many of you may have seen this slide or half of the slide, where we talk about the benchmark, a 30% response rate, 45% clinical benefit rate durations of therapy and serious adverse events. You can see Lymphir is a recently approved CTCL product. And you can see its response rate was 36% and it had some serious adverse events as well. And our Ib stage was T-cell lymphoma that consisted of peripheral T-cell lymphoma and cutaneous T-cell lymphoma patients, we saw a response rate of 45% in 11 evaluable patients clinical benefit. So that means that these patients who were progressing either had a stable disease or better. And so that's a benefit in T-cell lymphoma and the duration of 10.7 months, which compares favor. But really importantly also is that there were no serious adverse events attributed to PTX 100. So that's very good. During the year, we had a patient that was in CR that was preventing the closure of the Phase Ib study. We actually engaged with [ Professor Myles Princen ]. We decided to move that patient into compassionate access, that patient continues in compassionate access. But that has allowed us to actually close the Phase Ib study and do the cleaning processes to develop a case -- a clinical study report. During that process, we were also able to do a small sub-analysis of the 70 valuable patients at CTCL. And we saw a similar response rate, but we saw all of them having a clinical benefit. So stable disease or better. for a duration, which was over a year. And again, we reinforced with the no severe serious adverse events attributed to PTX 100. So really good results. And that really does form the foundation of why we've moved into Phase 2, which is in the next slide, we've missed a slide. All right. So that's what I was looking at. Sorry. So you can see there the PTX100-CTCL only at 43% and 100% is a sub-analysis of 7 evaluable patients reporting where we're going next. So on the next slide, we see where we're going next. And that is with the Phase II study, which has an IND acceptance in this Phase II study is divided into 2, which is actually a benefit. The first part is influenced by project optimists from the FDA, and there's 2 dosing arms here. And there's 20 patients in each then there's a dose optimization committee that will decide what is the preferred dose and confirm the dose to move into Phase IIb. Now the charter for the dose optimization committee states that they will start reviewing the study after 10 patients have been enrolled in each of those 2 arms. So at that point, there will be a study update halfway through the Phase II, so that's an encouraging sign. The Phase IIb will then be progressed based on the optimal dose at a time that is discussed and negotiated with the FDA. You can see a number of sites and we're working closely with a number of experts around the world. So on the next slide, we see a typical development process. And in green, you see where we've -- what we've already achieved, we're in Phase and progressing well. I'd like to draw your attention to the FDA engagement component there and particularly to the Fast Track designation, which was received in 2025. Now this is an acknowledgment by the FDA that there's a clear unmet need, and this is an expedited pathway. So they -- if possible, they would like to get an active therapy to patients as soon as they can. And so that allows us to engage with the FDA in a more frequent basis than is what typical. We're also going to have a rolling submission at that time. But it's a very useful designation to have because if we can see in the next slide, there is a potential that the Phase IIb, which is currently listed at 75 patients may be adjusted accordingly, may actually end up with a control arm or something like that depending on negotiations with the FDA and potentially be a registration study. So it's potential, but it's all based on data and also direct negotiation with the FDA and agreements that way. So opportunity, but there's a way to go. If we go to the next slide, we see that PTX1000 stoned earlier is unique and first-in-class, it inhibits general-general transfers or GGT1. And by doing so, it prevents the race value proteins from attaching to the lipid membrane and triggering signaling downstream pathways, oncogenic pathways. Now we need to understand that more. And you'll see moving forward that we are contributing to some work in this space. The more we understand this, the more we can then move to what are likely to be PTX 100 RAS sensitive tumors and do some preclinical work and work that way. You can see we've listed pancreas, lung, ovarian, colon. These are all RAS sensitive tumors -- but until we further identify our means, we'll know which we will do some work to identify which are likely to be expanding indications. So there's an opportunity there. So if we move to our next slide, what's coming? Well, there's quite a bit coming. I mentioned the European orphan drug designation outcome will become later this quarter. We're expecting to hear from the European Union in terms of the French delegates are currently reviewing our submission for starting studies in the European Union. And we hope to have that achieved by in December. And this will allow us to initiate the 6 sites, 3 in Europe, 3 in France and in Italy, which will be very helpful. We know that in Europe, they have less treatment options available to patients with CTCL, and they will be keen to have access to PTX. I mentioned that mechanisms of action. We are working with the CSIRO, and we hope to have more of that mechanism of action understanding in quarter 1, which will allow us to then start working on the likely tumor types that will engage with PTX 100. So that's exciting. There are other designations because this is a fairly acknowledged pathway. And so we're working on the European designations as well. And I mentioned the continuous review of data, the dose optimization committee as part of their process will look at patients when there are 10 in each arm and provide a study update. We're expecting that mid-2026. So this is exciting times ahead of us. We will continue to update the study enrollment and site activation on a quarterly basis as we have done recently with the. So if we go to the next slide, we come back to the beginning and this is a slide I started with. This is the research I had done because and realize that this is a great opportunity to lead an organization that has a unique first-in-class therapy, the only 1 in clinical of a GGT1 inhibitor that works in cancer. We're progressing our Phase II and that's a late-stage program, which is exciting. There's clear pathways. We have designations, particularly fast track's designation now and there's a rerating potential as the study update is provided for those optimization review. So from the start to finish, that's pretty exciting. And I'm looking forward to working with my colleagues here and with my Board to progress PTX-100 further in the coming year. So thank you very much.

Thanks, James. So we'll now address shareholder questions. And there are some questions that may have been submitted. There may be some questions in the room. There may be some questions from on the meeting remotely. We'll start just noting that the questions for now, any questions that are in relation to the business, not to the formal business later on. So in relation to the operations of the company. So we'll start by asking folks in the room if you have any questions on operations, Wendy.

How does the tariff situation from America apply in that if I understood it was saying that companies would have to have a lot of their actual production in America.

So great question, Wendy, and something that the whole of the Australian biotech industry is pondering and looking at -- what I'd say is we are a clinical stage company. So the tariffs really apply for drugs that are in commercialization, so drugs that are being sold for people in clinical development, it's really less of an issue. And certainly, within the lifestyle -- within the lifetime of the current U.S. administration, it might be something that we would have to think about. But I think 1 could anticipate, based on track records of Australian biotech companies and based on track records of companies that are delivering -- that are developing small molecules, particularly in the field of cancers like these are that the asset may well be partnered or transacted prior to commercial release. So absolutely, it's a valid question. I think the time frame is probably at the end of what might be rigorous, but also the entity that might have to deal with that may well not be precedent. Is that a fair our response? Any other questions? Yes.

My name is Steve Gamble. In relation to giving us feedback on how the testing is going because we've already got one. And I've seen some people say that no news is good news because if something were to go wrong, you would announce it. These are just things that I've heard, but haven't heard from you guys. And also, I've heard through the grape vine that 6 patients are doing very well and responded well. That's just when do we find out these things on an ongoing basis. And then also, obviously, the rollout of of this when James has mentioned Europe soon. Do we announce that every time there's a rollout? Or how do we, as shareholders, understand where it's at.

Okay. Great question. So -- and if I missed some of the parts of that question because there are a few parts. Remind me of the bids we've dealt with. So as a Board, we've made a decision that we're not going to bleed information out. We will talk about when in our quarterly reports, we will give you an update of how many sites are activated and how many patients are enrolled. So there are other companies who choose to do it differently. There are other companies will say, we've activated this site, we've activated that site. We just don't see that as being particularly relevant. We've given shareholders a time frame. And we we want to be methodical and consistent so that people don't start gaming a process. So there will be a methodical release of those things like patients enrolled and sites activated. Now you said something that really made me smile, which was we disclosed last week that there have been 6 patients enrolled. And you said the word is those patients are doing well. if that's the word, then I've got to tell you the word is meaningless. There is no data either way, positively or negatively on how those patients are going. And we won't be releasing data either way, positively or negatively until we are in a position that we can give meaningful bits of data. We're not going to -- we're not going to -- again, we are different to other companies. And we're different in that this is a fairly sophisticated the Board that have direct experience with that have had drugs approved by the FDA, that won't do songs and dances about things that are really aren't really relevant. What's relevant is getting that large number of patients enrolled and seeing what those responses are 10 patients in HR. So if someone says those patients are doing well, they're making it up, which is not to say they're not doing well, but we have not disclosed anything from those studies. What -- there are other parts of the question?

When you -- on a periodical basis, you said you'll advise us.

Absolutely. Yes. Okay. Any other questions from the room? Yes.

We have more than 1 particular molecule inside for this. What sort of patent do we have on this particular molecule or whatever.

Okay. So it's a molecule. And just in broad terms, going back to biotech 101, we think about things as being small molecules, so bits of chemistry, things like aspirin and PTX-100 or biologics, they're things generally like antibodies or insulin. So bits of chemistry get made in labs, bits of biology get grown in cells. So we're developing -- we have 1 prime asset, that's PTX-100. That's a small molecule. It is our lead asset. We are very, very focused on pushing that through value inflection points with the money we have. By global state -- by Australian standards saying that we have a cash balance, including the R&D tax of more than $15 million is fantastic. On global standards, that's -- it's nice that significant exactly. So we are focused absolutely on getting the maximum value we can from our shareholder funds -- and remember that many of the Board members are actually older so. So there is 1 prime asset. We do have these other assets. So that's the cell prime asset and the OmniCAR asset. They are more around cell therapies. They're there. They have patent protection. But we are doing some work around those. When -- if and when the market for cell therapies improves, there is a chance that we would reactivate it. But we don't have the money reiterate that right now. Now you touched on 1 thing that I didn't address, which is the patent life. And that's a really important thing. And we need to be really clear that we don't shy away from the fact that our lead assets PTX-100 will come off patent this year. So it was invented more than 20 years ago. Patents are important for -- patents offer monopoly rights. Patents give you the right to sell a drug at whatever price you can get away with, frankly. There are many other ways of obtaining monopoly rights. So the things that we have spoken -- heard James has spoken about in his presentation around orphan status in particular, are things that give you those monopoly rights in the U.S. orphan status is -- gives you 7 years of monopoly right. In Europe, it gives you 10 years of monopoly right. So that's a really important thing. Don't dwell, I would say to shareholders, don't dwell on the fact that the patent is going to expire this year. What we have is monopoly rights from those orphan designations. And I'd say there's even a positive there because that monopoly period kicks in the day the drug gets approved, hopefully, drug gets approved. So 1 could make the argument that if you only reliant on your patent rights, then you're up against the patent clock all the time and you're hammering and trying to get the patients in as fast as you can, which actually affects your cash burn. When you're really, really pushing to get patients in, that actually changes the cost structure of what you're trying to do for a clinical trial. We actually don't have that pressure at all. Obviously, we want to get the trial finished. Obviously, we want to -- we're trying to -- because that's going to be of that inflection point, that's when we think partnering will be, but we're not under the pressure of that patent block, and we've still got these large periods of monopoly rights.

91, the precious time.

You're looking good for 91, sorry, -- there's 1 last question behind you.

Stuart at SB Investments. The money you've got in the bank at the moment. How long is that going to last? And you chasing more next year or.

Well, so I'm happy to take that or you can take that, if you like.

I don't know you're doing a good job.

And so the money we have in the bank sees us out at least through at least until this time next year. at least. Now it's -- I'm not being engaged here, but I'll say it depends, and it depends on the rate of enrollment. So there are fixed costs and the variable costs. And the biggest variable cost is how many patients you got in the trial. So if you see the burn going up, it's actually not a bad thing because it means we've got patients coming into the study. So our belief at the moment and our aspiration is that we have enough money in the bank to get us through that first value inflection point that first looks at the data. And that's really important. So are we going to come back to shareholders? Possibly, but there is absolutely no intention at the moment. The focus at the moment is getting the patients in, getting the data, having a good informed look at what's there, and then we'll see. If the data is good enough, hazard a guess, that maybe another cash raise won't be necessary.

Well, if not, we might have had [indiscernible] .

Exactly, Yes. James, sorry...

It's exactly about that inflection point, and we do certainly have the cash to get there. And it will be an exciting time at that point. But James is correct.

So unfortunately, with the shareholders, it's a bit of a negative response for us we keep buying and buy it, then if we're not seeing the growth. We are frustrating.

Yes. The time where we have that data and depending on the data, but it does create more opportunity. It means that you may go for a more commercial approach in terms of partnering or there are other opportunities that come on to the table at that point. And so -- so we may not need to go or we may. It just -- it creates options. And that's what we want to see. And then we can make the best choice based on what we have in front of us.

And the top 20 shareholders to but I give a choice later on down track we need to fund raise more, we get the first choice, it doesn't work by that.

So in all honestly, that is not something that the Board has spoke about. As Chair, I would say that if we move to -- if we do another raise, I would think that we might be looking at rights issue rather than an SPP, which would obviously benefit larger shareholders. Melanie, you're equally versed with razors, any thoughts on that?

No, certainly, we want to give -- enable shareholders to have -- to retain their share of the register. Rights issues are preferable. But depending on market conditions, those decisions around what to do and when are difficult for the Board, and we've got to do the best -- make the best decision at the time in order to be able to have the company succeed. Is there any thing [indiscernible].

Gavin, you are a major shareholder? Would you have -- do you have any thoughts?

I think we'll probably be premature in discussing it at all that. I think we're really comfortable where our cash position is -- and so I've invested a lot of money, be happy to invest more. But I actually love this company is actually particularly frugal and that makes me really happy. I'd like us not to be thinking about cash raises. I'd like us to think about data moving forward. So I don't have any sort of previous position about what we might do in the future because the focus just has to be absolutely made in PTX-100.

And I'd add 1 caveat to that, which is we're just giving you the lay of the land as we see the company going forward with PTX-100 as the sole asset if we were presented with a complementary asset that we thought that we could add value to that we thought we were really well positioned to advance then that might be something we bring in, that might be something that would require an additional cash raise. But certainly, it's not on our agenda at the moment. One more question, yes.

Just in relation to promoting the company, i.e., like quite a few of us believe that we're undervalued based upon the peers that are out there. So what are we doing in relation to getting out in the marketplace and pushing the share price or getting new investors in what we're doing in relation to comparing us to the peers and where we're at this stage, which our market capture being a lot higher. Are we doing anything about that.

I have some thoughts, James, I'm going to offer it to you and then I might begin.

So it is something that we're looking at. We appreciate that news flow is important to the market. We endeavor to offer webinars and company updates to both shareholders and non-shareholders. We will use [indiscernible] we'll use appropriate news to disclose to the market and then have follow-ups with that. So it's all about news flow and we'll make the most of that when available. We do speak to different agencies and bench views, and there is some activity in the marketplace. And so as that progresses and takes hold, we will see how we progress. I think the quarterly updates in terms of patient enrollment and things like that will also be abuse.

So the -- and I'll add something that's going to say I'm dower and grumpy. And I'm alloyed to say on grump because I get older, which is there are a lot more than 100 listed biotech companies in Australia. Some of them have globally experienced Boards that understand that the FDA doesn't look very favorably on companies making trivial announcements. We are not ever going to be a company that makes trivial announcements. I know that people like news flow, and I know that a lot of news flow is often trivial. So there is tension there. There's a balance that we've got to walk. We are constantly looking at how we can better inform our shareholders and how we can build enthusiasm. And I think as we see enrollment going up and as we hopefully start reporting on some of the data we talked about earlier on, we can expect some more response. But this is not a group of people that's going to start singing and dancing and doing things that we know the FDA won't look favorably upon because ultimately, our success, your successor shareholders is dependent on the FDA looking favorably on these assets. And I can guarantee you that they don't like companies spoking and making mountains at hills. Any more questions from the room? Okay. Tony, do you have any questions? Firstly, let's go with any questions that were pre-sent.

No, I didn't have any pre-sent. And I think it's probably best with James McDonnell to answer this from [ David Kennen ]. Given the importance of the RAS pathway in cancers beyond and PTX run an animal model in non-orphan type cancer, perhaps in combination with an existing treatment.

I don't know. That's going to -- I understand that there is an theories of focus, but it is important to determine PTX-100 has utility and broader cancer treatment beyond TC.

Thanks, David. Nice to hear that you're on. It's a very good question. As I mentioned, we are looking at further defining our mechanisms of action, so we can further understand the downstream effects of PTX-100. We also know that with our adverse event profile, it could be favorable for combination therapies. So as we further develop our mechanism and further look at targeted tumor types, we will consider all options, and that would be also considering a combination approach. But at the moment, a single agent efficacy is really what we're after. And if we can do that with T-cell lymphoma, that's very important. So I hope that answers the question, but I can also follow up with you later.

In fact, that's actually part and parcel of what we're doing with CSR and then later on once we get the results from CSR, we'll be doing with. So that AI component is paranasal off looking at the molecule to actually refine it, but also part of the modeling before we actually go into animals, it's actually doing what we could call in modeling to actually look at what it does for us in a computerized setting before we actually take it into an animal model. So from that perspective, the work is always going on in the background.

And just for the benefit of people online, the question there was, are we using AI for any aspects of our drug development. Okay. So as there are no further questions, I'll now move into the formal business of today's meeting. All right. Firstly, if you have any questions on any of the items of formal business, please follow the question process, which was previously outlined by our Company Secretary, and we'll address those questions after the last resolution. Before opening the poll, I wish to remind shareholders that the poll will remain open for an additional period after we've considered all resolutions and answered questions on formal business. If you haven't already done so, please log into your portal to enable you to vote at this meeting. And I now declare the poll open. [Voting]

Sorry, I'm waiting for the slides to catch up to me. Okay. I refer you to the first item of business as set out in the notice of meeting, which is to receive and consider the financial report of the company, together with the Director's report and the Audit Board for the financial year ended 30 June 2025. These items are contained in the annual report, and I'll ask that they be taken as read. The annual report is available on the ASX announcement platform or on the company's website. The corporation's act requires that the accounts and reports be put before shareholders at Annual General Meeting. However, except as set out in Resolution 1 to be considered later, there is no requirement for a vote of members to be taken on them. No written questions the auditor were received by the cutoff date, 5 business days before this meeting. Questions may be directed through myself to the auditor in relation to the conduct of the audit, the audit report, the company's accounting buses or the independence of the auditor, if you so like. As this matter does not require a vote, we'll now move on to the first resource. Does anyone have a question for Ross Burt from William Buck.

No.

No. Okay. Then I will now refer you to Resolution 1, which is to consider the adoption of the remuneration report forming part of the directors' report for the financial year ended 30 June 2025. The remuneration report is set out in the directors' report in the company's 2025 annual report. The remuneration report sets out the company's remuneration arrangements for the directors and the key management personnel of the company. The vote on this resolution is advisory only and does not by the directors or the company. All resolution is displayed on your screen, along with the proxy votes received for this resolution. I now move that shareholders consider, and if thought fit, pass the ordinary resolution. Next slide. We now move to Resolution 2, which relates to the reelection of Dr. Allen Eveb's as a Director of the company. Dr. Evab's profile has been provided on Page 4 of the Notice of Meeting. The full resolution is displayed on your screen, along with the proxy votes received for this resolution. I move that shareholders consider, and if thought fit, pass the ordinary resolution. Next slide. I now refer to Resolution 3, which refers to the election of Ms. Melanie Farris as a Director of the company. Ms. Ferris' profile as being provided on Page 4 of the Notice of Meeting. The full resolution is displayed on your screen, along with the proxy votes received for this resolution. I move that shareholders consider, and if thought fit, pass the ordinary resolution. Next slide. As this item relates to me, I'm going to pass the chair to Melanie Farris to conduct the next item of business.

Thanks, James. Resolution 4A refers to the approval of the issue of 5,257,573 options to Dr. James Campbell full resolution is displayed on your screen, along with the proxy votes received for this resolution. I move that shareholders consider will fit, pass the ordinary resolution.

Thanks, Melanie. I'll now proceed to the next item to Resolution 4B, which refers to the approval of 2,628,787 options to Dr. Allen Evabs, the full resolution is displayed on your screen, along with the proxy votes received for this resolution. I move that shareholders consider, and if thought fit pass the special resolutions. Next slide. I now refer to Resolution 4C, which refers to the approval of 2,628,787 options to Ms. Melanie Farris. The full resolution is displayed on your screen, along with the proxy votes received for this resolution. I move that shareholders consider, and if thought fit, pass the special resolution. -- sorry, that past that ordinary resolution. Yes. On to Resolution 4D, which refers to the approval of 1,213,787 options to Dr. Allen Feigal, the full resolution is displayed on your screen, along with the proxy votes received for this resolution. I move that shareholders consider, and if thought fit, pass this ordinary resolution. I now refer to Resolution 4, which refers to the approval of 1,213,787 options to Dr. Gavin Shed. The full resolution is displayed on your screen, along with the proxy votes received for the resolution I move that shareholders consider, and if thought fit, pass the ordinary resolution. Moving now to Resolution 5, which refers to the approval of an executive option plan and issue of equity securities under the equity option or the executive option plan. The full resolution is displayed on your screen, along with the proxy votes received for this resolution. I move that shareholders consider, and if thought fit, pass this special resolution. Ordinary resolution -- Sorry, I note that 4E...

The last of the resolutions. [indiscernible].

Sorry. So that was Resolution 5. Resolution 6. I now refer to Resolution 6, which refers to the ratification of the prior issue of placement shares. The full resolution is displayed on your screen, along with the proxy votes; received for this resolution. I move that shareholders consider, and if thought fit to pass the ordinary resolution. Moving to Resolution 7, which refers to the ratification of prior issue -- the prior issue of unlisted options to the lead manager. The full resolution is displayed on your screen, along with proxy votes received for this resolution, and I move that shareholders consider, and if thought fit, pass this resolution. Okay. We now move on to Resolution 8, which is a special resolution pertaining to the approval of the company's 10% placement facility. The effect of this resolution is to allow the company to issue an additional equity to issue additional equity securities under ASX Listing Rule 7.1A during the 12-month period following the approval of shareholders. The full resolution is displayed on your screen, along with proxy votes received for this resolution. As this resolution is a special resolution, it requires 75% of votes cast in favor to be deemed as passed. And I move that shareholders consider, and if thought fit pass the special resolution. I now refer you to the final item of business. Resolution 9, a special resolution pertains to the approval of amendments to the company constitution ensuring that the constitution meets current legislative requirements pertaining to employee equity schemes. The full resolution is displayed on your screen, along with the proxy votes received for the resolution. As this resolution is a special resolution, it requires 75% of votes cast in favor to be deemed as passed. I move that shareholders consider, and if thought fit pass the special resort. Okay. Thank you for bearing with me through that. We now will go to shareholder questions. Note, during this time, the poll will remain open for all shareholders to enable you to complete your voting. So I'll start with questions from the floor. Are there any questions on those items from the floor? Tony, any questions online?

No question online.

No online questions. Thank you. That concludes the Q&A session for the formal part of this meeting. So we'll now provide our online shareholders an additional 30 seconds of poll -- 30 seconds for poll voting to be completed. [Voting]

And while that's happening for those of you in attendance, you can use the yellow card, which were handed when you entered the meeting. And please make sure that you've marked your voting slip either for, against or abstain on those resolutions. Anyone need a pen, right -- you're right. If there got any questions raise your hand, we're okay -- and those online, please submit your vote now select a voting direction against the resolution and click confirm to finalize those votes. Okay. As additional time is up, I now declare the poll closed. The company has not received notice of any other business, and as such, concludes the formal business of today's meeting, and I now declare the meeting closed. After the votes have been counted, the results of the poll will be released on to the ASX later today. Thank you for your attendance here in person and online, and we look forward to your continued support. Thank you.