Percheron Therapeutics (ASX:PER) is a clinical-stage biotechnology company focused on HMBD-002, a first-in-class antibody targeting the VISTA checkpoint in cancer immunology. HMBD-002 has completed a 48-patient Phase I study in leading United States centres, demonstrating a clean safety profile both as monotherapy and in combination with pembrolizumab, alongside stable disease in roughly a quarter of heavily pre-treated patients at levels comparable to early data from several approved billion-dollar therapies. Percheron is preparing to initiate Phase II trials in 2026 across four high-need indications, including triple-negative breast cancer, EGFR-mutant lung cancer, HER2-negative oesophageal adenocarcinoma and endometrial cancer.
Dr James Garner, Managing Director & CEO, highlights a capital-efficient, multi-arm Phase II strategy that provides multiple shots on goal while managing cost and risk, with each tumour-specific arm capable of generating early readouts before advancing to larger confirmatory cohorts. The approach is designed to produce regular catalysts from 2026 onwards, identify a gateway indication for accelerated approval and position HMBD-002 for a global partnering deal with a major oncology company. Each priority indication represents a multi-billion-dollar commercial opportunity, and Percheron trades at a competitive valuation relative to ASX oncology peers, offering scope for a re-rate as clinical data emerge.
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