Edison Issues Report on Percheron Therapeutics (PER)

Core Viewpoint - Edison has refreshed its investment case for Percheron Therapeutics as it prepares for a clearly defined Phase II plan for HMBD-002, supported by positive Phase I data and a strengthened management team [1] Group 1: Phase II Plan and Indications - The Phase II plan will include a basket design with exploratory and subsequent expansion cohorts [1] - The four priority indications are triple-negative breast cancer (TNBC), EGFR-mutant non-small cell lung cancer (NSCLC), HER2-negative oesophageal adenocarcinoma, and endometrial cancer [1] - TNBC and NSCLC are expected to be the lead indications due to their larger addressable markets and clearer early-stage partnering interest [1] Group 2: Trial Design and Timeline - Trial initiation is likely to be staggered, with a projected three- to six-month gap between each arm [1] - The company anticipates self-sponsoring the Phase II studies, with a global licensing deal expected in 2029, ahead of Phase III [1] Group 3: Valuation Update - The valuation for Percheron has increased to A$79.0 million or 7.3 cents per share, up from A$66.7 million or 6.1 cents per share [1]