Key points
- Revenues from ordinary activities down 89.4% to $59,602
- Loss from ordinary activities after tax down 28.1% to $1,923,629
- Positive recommendation from DMB to continue Phase III insomnia trial
- Cash and cash equivalents at $6,609,515 as at 30 June 2026
Full summary
Avecho Biotechnology Ltd reported a significant decrease in revenues from ordinary activities by 89.4% to $59,602 for the half-year ended 30 June 2026, compared to $560,069 in the previous period. The loss from ordinary activities after tax attributable to the owners of the company was $1,923,629, a decrease of 28.1% from the previous period's loss of $2,675,960. The company is developing a proprietary cannabidiol (CBD) capsule for the treatment of insomnia, which is currently in Phase III clinical development. The Data Monitoring Board (DMB) recommended continuing the trial to its planned enrolment of 519 participants. The company held $6,609,515 in cash and cash equivalents as at 30 June 2026, with net assets increasing to $6,740,009.
Outlook
Avecho Biotechnology Ltd plans to recruit the remaining participants for the Phase III insomnia trial within approximately 12 months.