New Risk • Aug 04
New major risk - Revenue and earnings growth Earnings have declined by 17% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (85% average daily change). Earnings have declined by 17% per year over the past 5 years. Shareholders have been substantially diluted in the past year (40% increase in shares outstanding). Market cap is less than US$10m (€2.79m market cap, or US$3.22m). Minor Risk Revenue is less than US$5m (AU$1.7m revenue, or US$1.2m). Board Change • Jun 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. CEO, MD & Director James Garner was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 16
Percheron Therapeutics Limited has filed a Follow-on Equity Offering in the amount of AUD 2.174875 million. Percheron Therapeutics Limited has filed a Follow-on Equity Offering in the amount of AUD 2.174875 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 434,975,053
Price\Range: AUD 0.005
Security Features: Attached Options
Transaction Features: Rights Offering Announcement • Aug 28
Percheron Therapeutics Limited, Annual General Meeting, Oct 22, 2025 Percheron Therapeutics Limited, Annual General Meeting, Oct 22, 2025. Announcement • Nov 26
Percheron Therapeutics Limited has completed a Follow-on Equity Offering in the amount of AUD 13.01854 million. Percheron Therapeutics Limited has completed a Follow-on Equity Offering in the amount of AUD 13.01854 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 135,231,746
Price\Range: AUD 0.08
Discount Per Security: AUD 0.0048
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 27,500,000
Price\Range: AUD 0.08
Discount Per Security: AUD 0.0048
Transaction Features: Subsequent Direct Listing Announcement • Nov 15
Percheron Therapeutics Limited has completed a Follow-on Equity Offering in the amount of AUD 0.185287 million. Percheron Therapeutics Limited has completed a Follow-on Equity Offering in the amount of AUD 0.185287 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 23,160,916
Price\Range: AUD 0.008 New Risk • Nov 12
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 15% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (20% average weekly change). Minor Risks Shareholders have been diluted in the past year (15% increase in shares outstanding). Revenue is less than US$5m (AU$3.0m revenue, or US$2.0m). Market cap is less than US$100m (€55.0m market cap, or US$58.6m). Announcement • Oct 23
Percheron Therapeutics Limited has filed a Follow-on Equity Offering in the amount of AUD 2 million. Percheron Therapeutics Limited has filed a Follow-on Equity Offering in the amount of AUD 2 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 25,000,000
Price\Range: AUD 0.08 Announcement • Oct 18
Percheron Therapeutics Limited has filed a Follow-on Equity Offering in the amount of AUD 13.01854 million. Percheron Therapeutics Limited has filed a Follow-on Equity Offering in the amount of AUD 13.01854 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 135,231,746
Price\Range: AUD 0.08
Discount Per Security: AUD 0.0048
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 27,500,000
Price\Range: AUD 0.08
Discount Per Security: AUD 0.0048
Transaction Features: Subsequent Direct Listing Breakeven Date Change • Oct 10
Forecast to breakeven in 2027 The 3 analysts covering Percheron Therapeutics expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of AU$6.18m in 2027. Average annual earnings growth of 10% is required to achieve expected profit on schedule. New Risk • Jan 17
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$8.2m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$8.2m free cash flow). Earnings are forecast to decline by an average of 8.8% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$14m net loss in 3 years). Share price has been volatile over the past 3 months (8.0% average weekly change). Shareholders have been diluted in the past year (35% increase in shares outstanding). Revenue is less than US$5m (AU$1.6m revenue, or US$1.0m). Market cap is less than US$100m (€31.0m market cap, or US$33.7m). Announcement • Oct 17
Antisense Therapeutics Limited, Annual General Meeting, Nov 15, 2023 Antisense Therapeutics Limited, Annual General Meeting, Nov 15, 2023, at 14:00 AUS Eastern Standard Time. Location: Minter Ellison, Collins Arch Level 20 447 Collins Street Melbourne VIC 3000 Melbourne Australia Agenda: To receive and consider the Annual Financial Report of the Company for the year ended 30 June 2023 (2023 Annual Report), comprising the Financial Report, the Directors' Report, and the Auditor's Report; to consider Non-Binding Resolution to Adopt the 2023 Remuneration Report; to consider Re-Election of Director Dr. Charmaine Gittleson; to consider Ratification of Prior Issue of Shares to Institutional Investors; to consider Approval for issue of Options to Dr. James Garner; to consider Approval of Employee Share Option Plan; to consider Approval for issue of Options to Dr. Charmaine Gittleson; to consider Approval of change of Company name and modification of Constitution; and to consider Approval of 10% Placement Facility. New Risk • Aug 25
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$6.8m free cash flow). Share price has been highly volatile over the past 3 months (23% average weekly change). Earnings are forecast to decline by an average of 37% per year for the foreseeable future. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Currently unprofitable and not forecast to become profitable over next 2 years (AU$21m net loss in 2 years). Shareholders have been diluted in the past year (35% increase in shares outstanding). Revenue is less than US$5m (AU$2.0m revenue, or US$1.3m). Market cap is less than US$100m (€28.3m market cap, or US$30.6m). New Risk • Aug 14
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$6.8m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$6.8m free cash flow). Share price has been highly volatile over the past 3 months (23% average weekly change). Earnings are forecast to decline by an average of 44% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$25m net loss in 2 years). Shareholders have been diluted in the past year (25% increase in shares outstanding). Revenue is less than US$5m (AU$2.0m revenue, or US$1.3m). Market cap is less than US$100m (€25.3m market cap, or US$27.7m). New Risk • Jul 24
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 50% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (20% average weekly change). Earnings are forecast to decline by an average of 44% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (50% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$25m net loss in 2 years). Revenue is less than US$5m (AU$2.0m revenue, or US$1.4m). Market cap is less than US$100m (€33.6m market cap, or US$37.2m). New Risk • Jul 24
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 25% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (20% average weekly change). Earnings are forecast to decline by an average of 40% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$25m net loss in 2 years). Shareholders have been diluted in the past year (25% increase in shares outstanding). Revenue is less than US$5m (AU$2.0m revenue, or US$1.4m). Market cap is less than US$100m (€27.8m market cap, or US$31.0m). Announcement • Jun 29
Antisense Therapeutics Limited Receives MHRA Approval for ATL1102 Phase IIb DMD Clinical Trial in UK Antisense Therapeutics Limited announced that it has received both regulatory authority and ethics committee approval to conduct its double-blind, placebo controlled Phase IIb trial of ATL1102 in non-ambulant boys with Duchenne muscular dystrophy (DMD) in the United Kingdom (UK). Following these approvals, requisite contracts are anticipated to be finalised for initiation of trial sites, expected during third quarter current year 2023. Announcement • Feb 15
Antisense Therapeutics Limited Receives Regulatory Authority Approval from the Turkish Medicines and Medical Device Agency Antisense Therapeutics Limited announced that it has received regulatory authority approval from the Turkish Medicines and Medical Device Agency (TMMDA) to conduct its double-blind, placebo controlled Phase IIb trial of ATL1102 in non-ambulant boys with Duchenne muscular dystrophy (DMD). As previously advised, the Company had submitted a Clinical Trial Application (CTA) for approval to conduct the Phase IIb trial in UK, Bulgaria and Turkey. This first trial approval by a regulatory authority is an important milestone for the Company in affirming the quality and acceptability of the Phase IIb trial design and critically, in providing the `green light' for trial initiation at expected high patient enrolling sites. The Phase IIb study aims to enrol and randomize 45 non-ambulant boys with DMD from multiple clinical trial sites in Europe and Australia. Following the initial six-month regimen of either placebo, 25 mg or 50 mg ATL1102 once weekly (blinded phase), participants will continue into a further six-month open label treatment period. Trial approvals in Bulgaria, the UK and Australia are expected to come through in a staggered manner depending on the respective regulatory agencies' evaluation process and timelines. The Company will make further announcements as and when material progress updates emerge. As per previous guidance, reporting of the results from the blinded phase of the trial is anticipated in First half of 2024. Announcement • Feb 03
Antisense Therapeutics Limited Reports Initial Positive Muscle Functional Data from A DMD Antisense Therapeutics Limited reported initial positive muscle functional data from a DMD mdx animal study assessing the use of the combination of antisense (ASO) to CD49d with a dystrophin exon skipping restoration drug. The use of the combination improved the specific maximum force of the extensor digitorum longus (EDL) muscle, a lower leg muscle, and the eccentric muscle force remaining following induced damage to the EDL. This functional data supports the potential use of ATL1102 in combination with dystrophin restoration drugs to improve therapeutic outcomes in patients with DMD. Under the collaborative research agreement with the Murdoch Children's Research Institute's (MCRI), six groups of DMD mdx mice (n=8 per group) were treated for 6 weeks with antisense oligonucleotide to CD49d (mouse equivalent of ATL1102), or control oligonucleotide mismatch or saline treatments, or the morpholino exon skipping dystrophin restoration drug alone and in combination. The muscle physiology of the EDL was assessed for force parameters including specific maximum force and the force drop following 1 to 10 eccentric (lengthening) contraction each involving induced muscle damage by the stretching of the muscle by 10%. The EDL is 1 of 4 muscles in the front of the lower leg whose function is to invert the foot at the ankle. Another of these muscles is the tibialis anterior (TA) on which the ASO to CD49d has previously reported a benefit in reducing eccentric muscle damage in mdx mice. The ASO to CD49d and morpholino exon skipping combination improved the specific maximum force (the maximum force corrected for size/mass and cross-sectional area of the EDL muscle) and both the eccentric muscle force remaining after a single and 10 repeated lengthening contractions with statistically significant effects compared to saline control. This combination after the 10 repeated lengthening contractions, also showed a significant effect (P<0.001) compared to the exon skipping drug used alone and the exon skipping drug used together with the control oligo. In addition, the ASO to CD49d showed a significant effect vs the saline and its control oligo. The morpholino exon skipping drug showed a significant effect compared to the saline control. A provisional patent application titled "Combination Compositions and Methods for Treatment of Muscular Dystrophy" is to be filed to cover the use of the ASO to CD49d and the morpholino exon skipping drug combination to seek protection of the combination of ATL1102 with the dystrophin restoration/exon skipping drugs to 2044, well beyond the patent life of the registered dystrophin restoration drugs. Notably the dystrophin restoration drugs have yet to demonstrate in controlled clinical studies a slowing of the loss of ambulation beyond use of corticosteroids, highlighting the clinical need for a more efficacious therapeutic approach.Further investigations are ongoing in the mdx mouse combination study to determine the possible mechanisms by which the combination approach is providing the observed functional benefits. Muscle RNA and protein samples have been isolated from the mdx mice quadricep muscle for analysis of the dystrophin levels in the muscle to determine if higher levels are seen with the use of the combination than with the dystrophin restoration agent alone. Cellular markers of inflammation and fibrosis including those observed in the ATL1102 DMD Phase II study, will also be assessed to elucidate the potential mechanisms that may be involved. Results from this analysis are anticipated before the end of the first quarter of current year 2023. Board Change • Nov 22
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Chair Charmaine Gittleson was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 01
Full year 2022 earnings released: AU$0.009 loss per share (vs AU$0.015 loss in FY 2021) Full year 2022 results: AU$0.009 loss per share (up from AU$0.015 loss in FY 2021). Net loss: AU$5.81m (loss narrowed 28% from FY 2021). Over the next year, revenue is forecast to grow 18%, compared to a 6.8% growth forecast for the Pharmaceuticals industry in Germany. Breakeven Date Change • Sep 13
Forecast to breakeven in 2024 The 2 analysts covering Antisense Therapeutics expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of AU$21.1m in 2024. Average annual earnings growth of 61% is required to achieve expected profit on schedule. Breakeven Date Change • Aug 27
Forecast to breakeven in 2024 The 2 analysts covering Antisense Therapeutics expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of AU$21.1m in 2024. Average annual earnings growth of 61% is required to achieve expected profit on schedule. 
