Natalie Raynor (N): Welcome to Listed at ASX. Today we are joined by Will Knox, CEO of Tetratherix, ASX code TTX. TTX is a biotech company with a market cap of A$250 million. Thank you for joining us today, Will.

Will Knox (W): Pleasure to be here.

N: Tetratherix recently listed on the ASX in June 2025. For those who haven't come across your business, can you tell us what Tetratherix does and how you're contributing to regenerative medicine?

W: Sure, so Tetratherix has built a synthetic polymer platform, which is a novel material that's been designed right here in Australia at Sydney University. And the material itself can be adapted for different applications within regenerative medicine, as well as now drug delivery as well.

And so there are some very unique properties of the material itself. So, it's synthetic, so it's easy and cheap to make. It's also highly biocompatible, which means that it's really safe for the body.

And so that obviously leads to a whole range of different clinical applications. But importantly, it's also a very unique physical characteristic where the product turns from a liquid into a more of a chewing gum-like consistency at body temperature. So you can imagine that then opens up a whole range of different minimally invasive applications where the product can be delivered into the body to then help repair either soft or hard tissue or in the case of drug delivery, to release and deliver cargo into the body safely, but easily through things like nasal applications.

N: The business talks about Tetramatrix platform technology and for investors to think of you as a modular flywheel business. Can you provide us some further insights into that?
 

N: And I guess almost a year into listed life, what have been some of the highlights and milestones since the IPO?

W: Yeah, look, it's been a very busy 10 or so months since listing. We've got to keep reminding ourselves it hasn't been a year yet, but thankfully because of the platform opportunity that we're bringing to market, we've been able to materialise advancements and inflection points around clinical, commercial, and importantly in the technical aspects of the business.

And so soon after listing in June last year, we announced several key partnerships, both with Henry Schein in our dental application for our bone regeneration franchise, as well as with BioOptics, which is our joint venture partner in Opthalmix.

So that's on the commercial side, but then importantly on the clinical side, we have two active clinical trials that we're pursuing validation work both in scar prevention for Tetraderm, which is our tissue healing product, as well as in prostate spacing with our Tutelix technology, where we're using the material to create and maintain space in the body around the prostate for radiation therapy. 
 
And so those two clinical trials have progressed really well through their first phases. We've now finished the pilot study enrolment in our Tutelix clinical trial and moving into the last cohort for our Tetraderm study. So, moving really well through that clinical validation process.

But then more recently, importantly, we announced a fourth franchise or group of indications that we're going after on the platform, which is called Precision Medicine, which is where we're using again, that same underlying polymer material to deliver compounds, drugs, such as GLP1s and peptides in the US market with a partnership with Superpower Health, which we're really excited about expanding again, the impact that we can have for patients around the world, particularly in areas such as metabolic disease, which is such a big area that we're hoping that we can really differentiate ourselves in drug delivery.

N: And that partnership with the US consumer health group, Superpower, can you tell us a bit about that partnership and more about what it enables you to do?

W: Yeah, so drug delivery for us is a really exciting expansion of the platform. And so, it's, although been recently announced, it's actually built on five or six years of very deep R&D, particularly around mRNA vaccines and other areas of drug delivery where we've proven the material out.

And so, we got to the point in the preclinical validation process where the next logical step for us is to partner in some way to gain clinical data and clinical validation in the real world. And there are a few ways that we can do that. We can either partner with a big pharma or a big multinational pharma business, which certainly has its pros and its advantages.

However, the pace at which the metabolic disease market is going is such that we want to make sure that we're ahead of the curve and that we're not waiting too long to generate this real-world evidence in the clinical setting. And so, partnering with Superpower Health really allows us to utilise the compounding pathway in the US market to generate real world evidence in a faster fashion.

And so not only that access to the clinical world is the benefit of Superpower Health, but importantly, they also have what's called a health engine, which is a data collection part of their business and part of their process of dealing with their customers across the platform, which enables us to collect that data regularly and allow us to then iterate either the design and the R&D process around drug delivery, or importantly, collect real world evidence that can help us fast track into the clinical pathway for FDA or other market approvals as well.

So, it really is an exciting pathway for us to go after what is becoming the biggest healthcare trend of our generation in GLP-1s and metabolic disease, but it really opens up a whole other validation pathway for more compounds and additional applications in drug delivery as well.

N: How has being public on the ASX enabled TTX to achieve its goals and objectives?

W: It's been critical for our pathway, and we move at a particular speed or cadence in the business that typically here in Australia, there really isn't many options for a business like us to go through private venture funding in this particular sector. And so, what we found was going through the listing process, although there was some work to get listed, now that we are listed, that cadence that we're developing products and commercialising is then fostered and really supported by being a listed business.

But I think importantly, what we're finding is from a business here in Australia that's doing global business and exporting product to multiple geographies around the world, dealing with big global partners, being listed on the ASX has helped us go through that validation process far easier and far quicker.

And so a really good example is in one of our franchises in negotiating a deal with global exclusivity with one of the larger players in our sector, they said to us that we've cut down around about 40% of the due diligence process, purely by having data compliance and disclosure obligations met that means that they can actually go through our finances.

We're a well-funded business and we have hygiene around just the general business and the company itself that allows us to go through that process faster. So definitely the right decision for us to be listed. And certainly, we will go through additional funding processes to help more effectively bring the products to market in the type of cadence that we like to.

N: That sounds exciting. So, what are the growth plans for the business, and I guess heading into FY27?

W: Yeah, so look for us as a business, we're a bit unique in the med tech and the biotech space where we're already revenue generating. So, one of the key achievements, if you like, or the inflection points for our superpower health agreement that we announced is that we are now revenue generating on licensing fees.

So, we're rapidly transitioning from an R&D business that we were at the time of listing in June last year into a fully-fledged commercial entity. And so that's a really exciting inflection point for us as a business and a big milestone.

And so FY27 for us is gonna further validate not only the pathway to commercial market, but then also the financial pathway that we have to not only generating revenue, but an eventual path to profit and free cashflow.

And so, for us as a business, that's really exciting inflection point that we're gonna start materialising throughout FY27 and beyond and so yeah, really exciting future for us.

N: So, what do investors have to look forward to?

W: Yeah, so look, we've got a really exciting few years ahead of us. As we've just touched on there, the platform nature of the material means that we have technical, clinical and commercial updates across all those different products. So, when you start to overlay the news flow that we have in the years ahead of us, we're really excited to bring multiple new partnerships to market, updates on clinical trials and importantly new products that we're adding into the pipeline. So, a really exciting few years ahead.

N: Thank you for sharing the story with us today and the company's progress since the listing. We really appreciate your time today and look forward to following TTX's continued growth and development on the ASX. Thank you to everyone for joining us at Listed at ASX.