Neurizon extends R&D financing facility to FY2027 and completes second drawdown
Neurizon Therapeutics (ASX: NUZ) has extended its R&D financing facility with the Dare Capital Loan Fund (the “Facility”) to cover its FY2027 R&D Tax Incentive claim (R&D Rebate), and has completed a second drawdown of approximately $3.7 million. The Facility is non-dilutive, meaning it is secured against an entitlement the company has already earned through R&D investment.
An initial drawdown of approximately $8.3 million against the FY2026 R&D Rebate was made in August 2026. Neurizon has now drawn approximately $12.0 million under the Facility, ahead of receiving any related refund from the Australian Taxation Office (ATO).
The earlier drawdown was covered in ASX announcements dated 31 July 2026 and 11 August 2026.
Dr Chris Bremer, Chief Executive Officer
“Extending the Facility to cover FY2027 and completing this second drawdown shows the value of this strategic R&D facility – Neurizon has accessed approximately $12 million of non-dilutive capital before receiving a related refund from the ATO.”
Dr Bremer also said the Facility gives the company control over when it receives the value of its R&D investment.
The headline figures are:
- $3.7 million: second drawdown, approximate
- $8.3 million: initial drawdown, approximate
- $12.0 million: total drawn under the Facility, approximate
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How the non-dilutive R&D Facility works
The R&D Tax Incentive refunds can only be received after the end of each financial year. The Facility allows Neurizon to draw funds as eligible expenditure is incurred instead of waiting for those refunds.
As a result of the Advance and Overseas Finding received in September 2025, eligible R&D spend includes, amongst other things, the pivotal Phase 2/3 HEALEY ALS Platform Trial. Because the funding is secured against the rebate entitlement, no new shares are issued to provide it.
The mechanics work in three steps:
- Neurizon incurs eligible R&D expenditure.
- Funds are drawn against the relevant R&D Rebate.
- The Facility is repaid once the rebate is received.
The terms of the Facility are otherwise unchanged. Interest accrues at 1.25% per month, capitalising monthly, with repayment triggered upon receipt of the relevant R&D Rebate.
That initial drawdown was struck within a wider facility sized at up to $17.5 million, with extension options built in for both the FY2027 and FY2028 R&D Tax Incentive claims.
| Drawdown | Rebate year secured against | Approximate amount | Timing |
|---|---|---|---|
| First drawdown | FY2026 R&D Rebate | $8.3 million | August 2026 |
| Second drawdown | Estimated FY2027 R&D Rebate | $3.7 million | Drawdown now complete |
| Total | n/a | $12.0 million | n/a |
A simplified funding structure ahead of HEALEY topline
Together with the recently completed placement, the Facility supported the redemption of all outstanding convertible notes held by Obsidian and the company’s transition to a simplified funding structure. The Facility also reduces Neurizon’s reliance on other sources of funding.
The redemption of the convertible notes was paid from the company’s own cash, leaving none on issue and removing conversion into new shares as a source of dilution for existing holders.
Its stated strategic purpose is to let Neurizon control the timing of cash earned through its R&D investment, to better match its commitments to the HEALEY ALS Platform Trial.
As Neurizon advances toward the HEALEY topline readout, it expects to make further drawdowns under the Facility. The aim is to retain a cash balance that will support funding flexibility and resilience.
Dr Bremer described the Facility as an important non-dilutive source of funding that puts Neurizon in a strong position heading into the HEALEY ALS Platform Trial topline results.
What happens next for Neurizon
- HEALEY ALS Platform Trial topline readout: expected in late Q2 CY2027.
- Further drawdowns under the Facility: expected as Neurizon advances toward the HEALEY topline readout.
- Repayment of the Facility: triggered upon receipt of the relevant R&D Rebate.
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