NeOnc Reports Third Quarter 2026 Financial Results and Highlights Recent Corporate and Clinical Progress

Nine-month operating cash use remained $16.8 million despite a narrower net loss.

Rhea-AI Summary

NeOnc Technologies Holdings (NTHI) reported a third-quarter 2026 net loss of $4.4 million and highlighted progress in its brain-cancer programs. Net loss narrowed from $8.6 million a year earlier; loss attributable to common stockholders was $7.3 million, or $0.28 per share. Operating expenses fell to $5.8 million from $6.9 million.

NEO100 met its Phase 2a primary endpoint, with six-month progression-free survival of 48.9% versus a pre-specified 20% standard-of-care benchmark. Updated NEO100 and NEO212 data will be presented November 13, 2026. September financing raised approximately $15 million gross; approximately $5.8 million funded redemption of all Series A preferred shares, eliminating their potential dilution. Cash reached approximately $6.2 million at September 30, versus approximately $2.0 million at June 30. An October Abu Dhabi collaboration framework requires separate agreements and approvals for proposed activities.

14 points · 2 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

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Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 5 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major pointNEO100 Phase 2a met its primary endpoint: six-month progression-free survival of 48.9% versus a pre-specified 20% benchmark; p = 0.0047.
• Major pointSeptember 10 registered direct offering raised approximately $15 million gross and approximately $13.9 million net. 16% of market cap
• Moderate pointNEO100 median overall survival was 26.09 months; overall survival was 60.9% at 12 months and 54.1% at 24 months.
• Moderate pointSeries A redemption eliminated potential preferred-stock dilution without issuing common shares, at a discount to $6.0 million stated value.
• Moderate pointQ3 net loss narrowed 49% to $4.4 million from $8.6 million in Q3 2025.

9 minor points

• Minor pointNEO100 safety showed no major toxicities; adverse events were predominantly low grade.
• Minor pointCash and equivalents rose to approximately $6.2 million at September 30 from approximately $2.0 million at June 30, 2026.
• Minor pointQ3 common-stockholder loss narrowed to $7.3 million, or $0.28 per share, from $8.6 million, or $0.45 per share.
• Minor pointQ3 general and administrative expenses decreased to $0.6 million from $0.9 million in Q3 2025.
• Minor pointNine-month net loss narrowed to $27.5 million from $46.6 million in the corresponding 2025 period.
• Minor point$10.0 million related-party credit line remained undrawn; approximately $73.8 million remained available under the at-the-market offering program.
• Minor point. Forward-looking: it has not happened yet and may not happen.NEO212 development incorporates July FDA manufacturing feedback and a planned transition from capsules to tablets.
• Minor pointAbu Dhabi development includes June 2026 Investigational New Drug authorizations for NEO100 and NEO212.
• Minor pointInsider purchases totaled 160,016 common shares for approximately $629,000, using Heshmatpour’s and Chen’s personal funds.

Negative

• Moderate pointOperating cash use remained $16.8 million for the nine months ended September 30 in both 2026 and 2025.
• Moderate pointPreferred-stock redemption used approximately $5.8 million in cash to retire all 6,000 outstanding Series A shares. 6.4% of market cap
• Moderate pointAbu Dhabi memorandum is a framework; proposed clinical collaboration and a potential regional presence require separate agreements and approvals.
• Minor pointQ3 common-stockholder loss included $2.8 million of noncash deemed dividends from preferred redemption and a warrant down-round adjustment.
• Minor pointQ3 research and development expenses increased to $1.3 million from $0.7 million in Q3 2025.

News Explained

At the third-quarter operating-use rate, quarter-end cash equaled 111.5 days of use; that is a historical sizing, not a forecast.

At September 30, NeOnc reported $73.8 million available under its ATM program and an undrawn $10.0 million related-party credit line, subject to the facility’s terms; these are funding capacity, not cash received. The ATM permits gradual sales of new shares at prevailing prices; if shares are sold, the share count rises and existing holders’ percentage ownership falls.

At September 30, cash and equivalents equaled 111.5 days of third-quarter operating cash use at that quarter’s rate, a backward-looking sizing rather than a forecast.

Sources and calculations

• NeOnc third-quarter 2026 results release (2026-11-05)
• At-the-market program definition (definition)
• Dilution definition (definition)
• NeOnc 2026 third-quarter fundamentals (2026Q3)

• Available liquidity against the last reported quarterly operating outflow, in days at that rate $6,166,342 / ($5,089,860 / 92) = 111.5 days

Key Figures

Six-month progression-free survival: 48.9% vs. 20% P-value: p=0.0047 Median overall survival: 26.09 months +5 more

Six-month progression-free survival

48.9% vs. 20%

NEO100 Phase 2a; compared with the pre-specified standard-of-care benchmark

P-value

p=0.0047

NEO100 Phase 2a primary endpoint

Median overall survival

26.09 months

NEO100 Phase 2a

Overall survival at 12 months

60.9%

NEO100 Phase 2a

Overall survival at 24 months

54.1%

NEO100 Phase 2a

Funds raised

$15 million

September registered direct offering

Net loss

$4.4 million vs. $8.6 million

Q3 2026 vs. Q3 2025

Total operating expenses

$5.8 million vs. $6.9 million

Q3 2026 vs. Q3 2025

Key Terms

idh1-mutant, progression-free survival, overall survival, pharmacokinetic, +2 more

6 terms

idh1-mutant medical

"six-month progression-free survival of 48.9% versus a pre-specified 20% benchmark"

An IDH1‑mutant is a version of the cellular enzyme IDH1 that has a specific genetic change causing it to act differently than normal. Like a light switch stuck halfway, the altered enzyme creates abnormal chemicals that can drive certain cancers and serve as a clear disease fingerprint. Investors watch IDH1‑mutant status because it creates opportunities for targeted drugs, diagnostic tests, and companion therapies that can change treatment pathways and company value.

progression-free survival medical

"six-month progression-free survival of 48.9% versus a pre-specified 20% benchmark"

Progression-free survival is the length of time during and after a treatment that a patient's disease does not get worse, measured from the start of treatment until the disease shows measurable signs of progression or the patient dies. Investors care because longer progression-free survival in clinical trials often signals that a drug is effective, improving chances of regulatory approval, market adoption, and revenue potential—think of it as a stopwatch showing how long a therapy can keep the illness at bay.

overall survival medical

"Median overall survival was 26.09 months"

Overall survival is the average or median length of time patients remain alive after starting a treatment or entering a clinical study, measured regardless of cause of death. Investors care because it is a clear, hard measure of a therapy’s real-world benefit — like timing how long a new battery actually runs — and strong improvements in overall survival can drive regulatory approval, market adoption and revenue potential.

pharmacokinetic medical

"Phase 1 safety, pharmacokinetic and early activity data for oral NEO212"

Pharmacokinetic describes how a drug moves through and leaves the body — how it is absorbed, spread to tissues, broken down and excreted — like tracking a package from pickup to delivery and disposal. For investors, these properties determine effective dose, safety risks, how often a medicine must be taken, and how reliably it works, which in turn influence clinical trial success, regulatory approval chances, production complexity and a drug’s commercial value.

convertible preferred stock financial

"redeem all of our Series A Convertible Preferred Stock in cash"

Convertible preferred stock is a special class of company shares that pays priority, usually fixed, payments to holders and can be exchanged later for a set number of common shares. It matters to investors because it combines steady income and added protection with the chance to share in a company’s upside; think of it as a hybrid between a bond that pays regularly and an option to convert into growth-oriented stock, where the conversion rules influence both potential gains and how much common shareholders’ ownership may be reduced.

registered direct offering financial

"the Company closed a registered direct offering priced at-the-market under Nasdaq rules"

A registered direct offering is a way for a company to sell new shares of its stock directly to select investors with regulatory approval. This method allows the company to raise funds quickly and efficiently without needing a public auction, similar to offering exclusive access to a limited number of buyers. For investors, it often provides an opportunity to purchase shares at a favorable price, while giving the company immediate access to capital.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Updated NEO100 Phase 1/2a results and NEO212 Phase 1 data to be presented at the Society for Neuro-Oncology Annual Meeting on November 13

CALABASAS, Calif., Nov. 05, 2026 (GLOBE NEWSWIRE) -- NeOnc Technologies Holdings, Inc. (Nasdaq: NTHI) (“NeOnc” or the “Company”), a clinical-stage biopharmaceutical company developing therapies for central nervous system (CNS) cancers, today announced financial results for the third quarter ended September 30, 2026, and highlighted recent corporate and clinical progress, including the upcoming presentation of data from its NEO100 and NEO212 programs at the Society for Neuro-Oncology Annual Meeting.

Amir F. Heshmatpour, Executive Chairman, President and Chief Executive Officer, commented:

“The third quarter marked a period of meaningful progress for NeOnc, strengthening our clinical programs, our balance sheet and our international presence. In August, we were pleased to report positive topline Phase 2a results for intranasal NEO100 in recurrent IDH1-mutant high-grade glioma. The study met its primary endpoint, an important milestone that supports the potential of our intranasal approach to directly address delivery across the blood-brain barrier, one of the greatest challenges in treating brain cancer. Additionally, during the quarter, NEO212 continued to advance toward Phase 2 development, and we look forward to sharing data from both programs at the Society for Neuro-Oncology Annual Meeting on November 13.

“Alongside these clinical achievements, we strengthened the financial and strategic foundation that supports them. In September, we raised $15 million from new and existing healthcare-focused institutional investors and used a portion of the proceeds to redeem all of our Series A Convertible Preferred Stock in cash, eliminating its potential dilution for our shareholders. At the same time, our net loss for the quarter was $4.4 million, down from $8.6 million in the third quarter of 2025, and total operating expenses declined to $5.8 million from $6.9 million.

“In October, we were honored to enter into a memorandum of understanding (MoU) with the Department of Health – Abu Dhabi to advance research and clinical capability in CNS oncology in the Emirate of Abu Dhabi. The MoU creates a framework to bring NeOnc’s development expertise together with the Emirate’s healthcare capabilities, and we are proud to work alongside the Department of Health to address the needs of patients with complex and rare brain cancers, including children.

“Finally, we were delighted to welcome Nasim Shomali and Ali Alabedin to our Board of Directors, whose expertise in corporate planning, banking and international markets deepens the Board as NeOnc grows. We thank our patients, investigators, partners and shareholders for their support, and we are encouraged by the work ahead as we strive to bring new approaches to patients with brain cancer.”

Third Quarter and Recent Highlights

Society for Neuro-Oncology Annual Meeting

• NEO100 and NEO212 Data Presentations: Data from both of NeOnc’s clinical programs will be presented in two posters on Friday, November 13, 2026, at the 31st Annual Meeting and Education Day of the Society for Neuro-Oncology (SNO) at the Pennsylvania Convention Center in Philadelphia. Thomas C. Chen, MD, PhD, will present updated results from the Phase 1/2a study and compassionate use experience with intranasal NEO100 in recurrent WHO Grade III/IV IDH1-mutant astrocytoma (Abstract CTNI-26). Josh Neman, PhD, will present Phase 1 safety, pharmacokinetic and early activity data for oral NEO212 in TMZ-resistant recurrent glioblastoma and brain metastases (Abstract CTNI-27).

NEO100 Clinical Progress

• Positive Topline Phase 2a Results: In August, the Company reported positive topline results from the Phase 2a portion of NEO100-01, evaluating intranasal NEO100 in patients with recurrent IDH1-mutant high-grade glioma. The study met its primary endpoint, with six-month progression-free survival of 48.9% versus a pre-specified 20% benchmark for standard of care (p = 0.0047). Median overall survival was 26.09 months, with overall survival rates of 60.9% at 12 months and 54.1% at 24 months. No major toxicities were reported, and adverse events were predominantly low grade.
• Compassionate Use in Abu Dhabi: In October, the Company reported that, according to his treating physicians, a critically ill three-year-old boy with an aggressive brain tumor treated with investigational NEO100 under NeOnc’s Compassionate Care program in Abu Dhabi began breathing independently without ventilator support and moving his legs. These observations involve a single patient and do not establish that NEO100 caused the improvement.

NEO212 Development

• FDA Written Feedback on CMC Development: In July, the Company received written feedback from the FDA on the chemistry, manufacturing and controls program for NEO212 and the planned transition from a capsule to a tablet formulation, which NeOnc is incorporating into its NEO212 development plan.

Abu Dhabi

• Memorandum of Understanding with the Department of Health – Abu Dhabi: In October, NeOnc and the Department of Health – Abu Dhabi signed a memorandum of understanding to collaborate on CNS oncology research, clinical development methods, real-world evidence, and training and capacity-building, and to explore proposed clinical collaboration and a potential regional presence for NeOnc, subject to separate agreements and approvals. The MoU builds on the Investigational New Drug authorizations the Department of Health – Abu Dhabi granted for NEO100 and NEO212 in June 2026.
• Abu Dhabi Future Health Summit: Mr. Heshmatpour spoke on October 22 on “The Investment Lens: Banking on Prediction” panel at the Abu Dhabi Future Health Summit 2026, addressing the financing of clinical development, international collaboration and biomarker-informed drug development.

Corporate and Financial

• $15 Million Registered Direct Offering: On September 10, 2026, the Company closed a registered direct offering priced at-the-market under Nasdaq rules with new and existing healthcare-focused institutional investors for gross proceeds of approximately $15 million, before deducting placement agent fees and other offering expenses. Roth Capital Partners and A.G.P./Alliance Global Partners acted as co-placement agents.
• Redemption of Series A Convertible Preferred Stock: In September, the Company redeemed all 6,000 outstanding shares of its Series A Convertible Preferred Stock for approximately $5.8 million in cash, a discount to the aggregate stated value of $6.0 million, using a portion of the offering proceeds. No shares of common stock were issued in the redemption, eliminating the potential dilution associated with the preferred stock.
• Insider Purchases: Following the Phase 2a results, Mr. Heshmatpour and Dr. Chen purchased a combined 160,016 shares of NeOnc common stock for approximately $629,000 in open-market transactions using personal funds.
• Board Appointments: The Company appointed Nasim Shomali to its Board of Directors, effective July 1, 2026, following the resignation of Ming-Fu (Alan) Chiang, MD, PhD, MBA, in June 2026. The Company also appointed Ali Alabedin, Head of Islamic Banking Group at First Abu Dhabi Bank, to its Board of Directors, effective October 9, 2026. Mr. Alabedin succeeds Steven L. Giannotta, MD, who will continue to serve on NeOnc’s Scientific Advisory Board.
• National Television: Mr. Heshmatpour and Dr. Chen were featured on Health Uncensored with Dr. Drew on Fox Business Network, discussing NeOnc’s approach to reaching brain tumors without surgery or systemic chemotherapy.

Financial Results for Q3 2026

• Cash position: As of September 30, 2026, the Company had cash and cash equivalents of approximately $6.2 million, compared with approximately $2.0 million as of June 30, 2026. The increase primarily reflects net proceeds of approximately $13.9 million from the September registered direct offering, partially offset by the approximately $5.8 million cash redemption of the Series A Convertible Preferred Stock and cash used in operations. The Company also maintained an undrawn $10.0 million line of credit with HCWG, a related party, subject to the terms of the facility, and approximately $73.8 million remained available under its at-the-market offering program with BTIG, LLC and A.G.P./Alliance Global Partners.
• G&A expenses: General and administrative expenses decreased to $0.6 million from $0.9 million in Q3 2025, reflecting the reversal of previously accrued compensation, lower business development costs and lower travel expenses, partially offset by continued advertising, marketing and investor relations costs.
• R&D expenses: Research and development expenses were $1.3 million, compared with $0.7 million in Q3 2025. The increase reflects NeOnc’s continued investment in clinical execution, including the addition of clinical trial sites, drug-product manufacturing to support ongoing and planned clinical trials, the NEO100-03 pediatric trial, patient recruitment, data-lock and analysis activities for the NEO100 Phase 2a study, and design of the Phase 2a trial of NEO212, partially offset by the reversal of previously accrued laboratory fees.
• Net loss: Net loss was $4.4 million in Q3 2026, compared with $8.6 million in Q3 2025. The 49% decrease was driven primarily by lower non-cash stock-based compensation expense, lower operating expenses, lower interest expense on the convertible promissory notes repaid in January 2026, and a noncash gain on the change in fair value of the Series A derivative liability. Net loss attributable to common stockholders was $7.3 million, or $(0.28) per basic and diluted share, compared with $8.6 million, or $(0.45) per basic and diluted share, in Q3 2025. Net loss attributable to common stockholders in Q3 2026 included $2.8 million of noncash deemed dividends related to the redemption of the Series A Convertible Preferred Stock and a down-round adjustment of previously issued warrants. Total operating expenses were $5.8 million, compared with $6.9 million in Q3 2025, and included approximately $0.3 million of noncash stock-based compensation. Excluding this noncash expense, total operating expenses were approximately $5.6 million. A reconciliation of this non-GAAP measure is provided below.
• Nine-month results: Net loss for the nine months ended September 30, 2026, was $27.5 million, compared with $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, and 2025. The difference between cash used in operations and the net loss for the period primarily reflects non-cash charges, including $8,651,875 of stock-based compensation.

Reconciliation of GAAP Total Operating Expenses to Non-GAAP Total Operating Expenses Excluding Stock-Based Compensation (unaudited)

	Three Months Ended September 30, 2026
GAAP total operating expenses	$	5,834,350
Less: Non-cash stock-based compensation expense		(267,565	)
Non-GAAP total operating expenses excluding stock-based compensation	$	5,566,785

About NEO100

NEO100 is a highly purified form of perillyl alcohol administered intranasally. Its delivery approach is designed to provide a non-invasive route to the brain. NEO100 remains investigational, and its safety and efficacy have not been established.

About NEO212

NEO212 is an investigational oral conjugate of temozolomide and NEO100. It is being studied for CNS cancers, including recurrent glioblastoma. Preclinical studies support further evaluation of its potential activity and delivery characteristics; clinical efficacy and safety have not been established. NEO212 is being developed under an FDA investigational new drug application.

About NeOnc Technologies Holdings, Inc.

NeOnc Technologies Holdings, Inc. is a clinical-stage biopharmaceutical company developing therapies for central nervous system cancers. Its investigational programs include intranasal NEO100 and oral NEO212. NEO212 has completed Phase 1 dose escalation and is advancing toward Phase 2 development. NeOnc exclusively licenses a worldwide portfolio of issued patents and pending applications from the University of Southern California related to NEO100, NEO212 and other drug candidates and delivery approaches.

For more information, visit https://neonc.com.

Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding the Company’s clinical development programs and the clinical potential of NEO100. Forward-looking statements in this release also include statements regarding the clinical potential of NEO212 and the planned presentation of data at the Society for Neuro-Oncology Annual Meeting. Forward-looking statements in this release further include statements regarding the Company’s activities in Abu Dhabi, including under its memorandum of understanding with the Department of Health – Abu Dhabi, and the Company’s cash position, capital resources and ability to fund its operations. These statements reflect current expectations and involve risks and uncertainties. NEO100 is investigational and has not been approved by any regulatory authority; future studies may not demonstrate safety or efficacy; clinical development remains subject to applicable clinical, regulatory and institutional requirements; and no regulatory pathway or marketing approval is assured. NEO212 is also investigational and has not been approved by any regulatory authority. The NEO100 Phase 2a study was a single-arm, open-label study that was not powered as a confirmatory trial, and results from compassionate use involving individual patients may not be predictive of results in clinical trials. The memorandum of understanding with the Department of Health – Abu Dhabi is not binding, and any clinical collaboration or regional activities remain subject to separate agreements and approvals. The Company will require substantial additional capital to fund its operations, which may not be available on acceptable terms or at all. Actual results may differ materially. Readers should consider the risk factors described in the Company’s most recent filings with the Securities and Exchange Commission. These statements speak only as of the date of this release.

The Company undertakes no obligation to update forward-looking statements except as required by law.

“NEO100” and “NEO212” are registered trademarks of NeOnc Technologies Holdings, Inc.

Contacts

Company Contact:

info@neonc.com

Investor Contact:

Jon Nugent

Jon Nugent Communications

jon@jonnugent.com

205-566-3026

This press release was published by a CLEAR® Verified individual.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did NeOnc’s NEO100 Phase 2a trial show?

NEO100 met its primary endpoint with 48.9% six-month progression-free survival, versus a pre-specified 20% standard-of-care benchmark, with p = 0.0047. The study evaluated intranasal NEO100 in recurrent IDH1-mutant high-grade glioma. Median overall survival was 26.09 months, and no major toxicities were reported.

How much did NeOnc raise in its September 2026 offering?

NeOnc raised approximately $15 million in gross proceeds in a registered direct offering closed September 10, 2026. Net proceeds were approximately $13.9 million. The offering was priced at-the-market under Nasdaq rules and involved new and existing healthcare-focused institutional investors.

What does NeOnc’s Abu Dhabi compassionate-use case establish about NEO100?

The observations concern one patient and do not establish that NEO100 caused the improvement. Treating physicians reported that a critically ill three-year-old boy with an aggressive brain tumor began breathing independently without ventilator support and moving his legs after receiving investigational NEO100 under the Compassionate Care program.