NeOnc Technologies Holdings, Inc.

What they do

NeOnc is developing treatments for intracranial malignancies, including primary brain cancers such as glioblastoma and secondary brain cancers that have metastasized from melanoma, breast or lung cancer. Its lead candidate NEO100 is administered intranasally and has completed a Phase 1 trial and a fully enrolled Phase 2a trial in recurrent malignant glioma. A second candidate, NEO212, an oral perillyl alcohol-temozolomide conjugate, completed a Phase 1 trial and received FDA CMC clearance to advance to Phase 2. The company has not generated revenue from product sales other than for humanitarian usage.

Revenue drivers

• Product sales — No products are approved for sale; the only reported revenue is humanitarian usage, which fell to $39,990 in 2025 from $83,000 in 2024 and was $0 in the quarter ended June 30, 2026.
• NEO100 — Intranasal lead candidate for recurrent IDH1-mutant high-grade glioma; Phase 2a topline data were presented August 12, 2026, and the company plans to discuss a potential Phase 3 design with the FDA. It is the most advanced program and the primary near-term value driver.
• NEO212 — Oral perillyl alcohol-temozolomide conjugate that completed Phase 1; FDA CMC clearance and accelerated-approval-pathway indications support a planned Phase 2 focused on recurrent IDH1 wildtype glioblastoma multiforme.
• NuroMena joint venture — A June 2025 letter of intent with Middle-East investor Quazar Investments contemplates formation of a subsidiary in which NeOnc would hold 10 million shares and contribute a technology license; the investor's $400,000 initial subscription had not occurred as of the latest 10-Q.

Recent performance

Total annual revenue declined to $39,990 in 2025 from $83,000 in 2024, and the quarter ended June 30, 2026 reported $0 revenue. Net loss widened to $62.1 million in 2025 from $11.9 million in 2024, with diluted EPS of -$3.20 versus -$0.69. Operating cash flow was -$20.4 million in 2025 versus -$4.2 million in 2024. At June 30, 2026, total assets were $5.2 million, total liabilities were $23.8 million, shareholders' equity was -$18.5 million and cash and equivalents were approximately $2.0 million. The company disclosed in the 10-Q that it has incurred significant operating losses since inception and addressed liquidity and going concern.

Strategy

NeOnc is directing spending toward clinical execution of NEO100 and NEO212, including adding trial sites, expanding drug-product manufacturing, patient recruitment and pediatric development. Management secured UAE IND approvals for both NEO100 and NEO212 in June 2026, extending development outside the United States. Following FDA written feedback in July 2026 on NEO212 manufacturing and a capsule-to-tablet transition, the company is incorporating that feedback into a proposed Phase 2 strategy. It paid $500,000 to McMaster University in October 2025 for a patent covering 3D bioprinting, artificial intelligence and quantum modeling for patient-derived brain tumor models. It also appointed Nasim Shomali to the Board effective July 1, 2026, and reported an undrawn $10.0 million line of credit with related party HCWG.

Risks

• Going concern and negative equity — Shareholders' equity was -$18.5 million at June 30, 2026, with only $2.0 million of cash against $23.8 million of liabilities, and the 10-Q includes a going concern discussion.
• No approved products — The company has never generated meaningful product revenue and depends entirely on clinical success and external financing to fund operations.
• Clinical and regulatory uncertainty — NEO100 and NEO212 remain investigational; Phase 2 outcomes, FDA feedback on NEO212 formulation and any eventual Phase 3 design could delay or prevent approval.
• Dependence on related-party financing and unfunded ventures — The disclosed $10.0 million line of credit is with HCWG, a related party, and the NuroMena joint venture's initial $400,000 subscription had not occurred as of the latest 10-Q.

Outlook

Management confirmed topline Phase 2a NEO100 results in recurrent IDH1-mutant high-grade glioma were presented on August 12, 2026, describing the readout as one of the most important clinical milestones in the company's history. Following the FDA's July 2026 written feedback, NeOnc expects official meeting minutes in August 2026 and is incorporating that feedback into its proposed NEO212 Phase 2 strategy. The company also plans to continue US and UAE development activities for NEO100 and NEO212.