NeOnc Technologies — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net loss for the quarter ended September 30, 2026, was $4.4 million, a 49% decrease from $8.6 million in Q3 2025.
• Total operating expenses declined to $5.8 million in Q3 2026 from $6.9 million in Q3 2025; excluding $0.3 million in non-cash stock-based compensation, expenses were approximately $5.6 million.
• Research and development expenses were $1.3 million in Q3 2026, up from $0.7 million in Q3 2025.
• General and administrative expenses decreased to $0.6 million in Q3 2026 from $0.9 million in Q3 2025.
• Net loss attributable to common stockholders was $7.3 million ($0.28 per share) in Q3 2026, compared to $8.6 million ($0.45 per share) in Q3 2025.
• For the nine months ended September 30, 2026, net loss was $27.5 million, compared to $46.6 million for the same period in 2025.
• Net cash used in operating activities was $16.8 million for the nine months ended September 30, 2026, matching the prior year period.
• Cash and cash equivalents were approximately $6.2 million as of September 30, 2026, up from $2.0 million as of June 30, 2026.
• The company maintained an undrawn $10.0 million line of credit with HCWG and had approximately $73.8 million available under its at-the-market offering program.

Guidance and Future Outlook:

• The company plans to present updated NEO100 Phase 1/2a results and NEO212 Phase 1 data at the Society for Neuro-Oncology Annual Meeting on November 13, 2026.
• NEO212 is advancing toward Phase 2 development following FDA feedback on its chemistry, manufacturing, and controls program.
• The company requires substantial additional capital to fund operations, which may not be available on acceptable terms.

Business Segments and Product Lines:

• NEO100: The Phase 2a study in recurrent IDH1-mutant high-grade glioma met its primary endpoint with a six-month progression-free survival of 48.9% versus a 20% benchmark (p = 0.0047). Median overall survival was 26.09 months, with 12-month and 24-month overall survival rates of 60.9% and 54.1%, respectively. No major toxicities were reported.
• NEO212: Received FDA written feedback in July regarding the transition from a capsule to a tablet formulation. Phase 1 data on safety, pharmacokinetics, and early activity in TMZ-resistant recurrent glioblastoma and brain metastases will be presented in November.
• Abu Dhabi Collaboration: Signed a memorandum of understanding (MoU) with the Department of Health – Abu Dhabi in October to advance CNS oncology research, clinical development, and capacity building. Investigational New Drug authorizations for NEO100 and NEO212 were granted in June 2026.
• Compassionate Use: A three-year-old patient treated with NEO100 under the Compassionate Care program in Abu Dhabi reportedly began breathing independently and moving legs, though this single case does not establish causality.

Market and Competitive Landscape:

• The company highlighted the blood-brain barrier as a primary challenge in brain cancer treatment, positioning its intranasal approach as a solution.
• Management emphasized international expansion and collaboration, specifically through the Abu Dhabi partnership and the company's presence at the Abu Dhabi Future Health Summit.

Risks and Challenges:

• NEO100 and NEO212 are investigational and have not been approved by any regulatory authority; safety and efficacy are not established.
• The NEO100 Phase 2a study was a single-arm, open-label study not powered as a confirmatory trial.
• The MoU with Abu Dhabi is not binding, and any clinical collaboration or regional activities remain subject to separate agreements and approvals.
• The company faces uncertainty regarding the availability of future capital on acceptable terms.

Management Commentary and Tone:

• Executive Chairman Amir F. Heshmatpour described the quarter as a period of "meaningful progress" regarding clinical programs, the balance sheet, and international presence.
• Management expressed encouragement regarding the work ahead in bringing new approaches to patients with brain cancer.
• The tone was positive, citing the elimination of potential dilution from preferred stock and the strengthening of the financial foundation.

Other Key Points:

• Capital Raise: Closed a registered direct offering on September 10, 2026, for gross proceeds of approximately $15 million.
• Preferred Stock Redemption: Redeemed all 6,000 outstanding shares of Series A Convertible Preferred Stock for approximately $5.8 million in cash, eliminating potential dilution.
• Insider Purchases: Executive Chairman Amir F. Heshmatpour and Dr. Thomas C. Chen purchased a combined 160,016 shares for approximately $629,000 in open-market transactions following Phase 2a results.
• Board Appointments: Appointed Nasim Shomali (effective July 1, 2026) and Ali Alabedin (effective October 9, 2026) to the Board of Directors.
• Media Presence: Featured on Fox Business Network's "Health Uncensored" to discuss non-surgical approaches to brain tumors.