# NeOnc Technologies Holdings
NeOnc Technologies Holdings, Inc. (Nasdaq: NTHI) is a [Calabasas, California](https://www.edgepedia.org/calabasas-california) clinical-stage biopharmaceutical company developing intranasal nose-to-brain therapies that bypass the blood-brain barrier for central nervous system cancers, operated through a Delaware holding company incorporated on January 5, 2023 that merged a California predecessor dating to 2005.[1](https://www.sec.gov/Archives/edgar/data/1979414/000182912626008512/neonctechnologies_10q.htm) The company describes its core asset as a proprietary, patented platform designed to transport therapeutics directly to the brain, overcoming the limitations of the blood-brain barrier (BBB).[2](https://neonc.com/) As of mid-2026 it was still operating and filing with the SEC, but its June 30, 2026 [Form 10-Q](https://www.edgepedia.org/form-10-q) disclosed substantial doubt about its ability to continue as a going concern.[1](https://www.sec.gov/Archives/edgar/data/1979414/000182912626008512/neonctechnologies_10q.htm)
| Fact | Detail |
|---|---|
| Legal structure | NeOnc Technologies, Inc. (California, April 13, 2005; formerly NAS-ONC, Inc.) merged into NeOnc Technologies Holdings, Inc. (Delaware, January 5, 2023) on April 7, 2023[1](https://www.sec.gov/Archives/edgar/data/1979414/000182912626008512/neonctechnologies_10q.htm) |
| Headquarters | 23975 Park Sorrento, Suite 205, Calabasas, CA 91302[3](https://www.opencapital.sh/filings/0001829126-26-002860) |
| Founder and science leadership | Dr. Thomas Chen, founder, Chief Medical Officer, and Chief Scientific Officer; tenured Professor of Neurosurgery and Pathology and Director of Surgical Neuro-Oncology at USC[1](https://www.sec.gov/Archives/edgar/data/1979414/000182912626008512/neonctechnologies_10q.htm) |
| Chief Financial Officer | Keithly C. Garnett, CFO since April 2023; director January 2023 to March 2025[4](https://neonc.com/wp-content/uploads/2026/07/NeOnc-Presentation-July-2026.pdf) |
| Public listing | Nasdaq Global Market under NTHI, March 26, 2025, after an escrowed offering raised $11,644,000 at $16.00 per share[1](https://www.sec.gov/Archives/edgar/data/1979414/000182912626008512/neonctechnologies_10q.htm) |
| Lead programs | NEO100 (intranasal purified perillyl alcohol) and NEO212 (oral perillyl alcohol-temozolomide conjugate), both in Phase 2 trials under FDA Fast-Track and IND status[5](https://www.sec.gov/Archives/edgar/data/1979414/000182912626008654/neonctechnologies_ex99-1.htm) |
| Financial condition (June 30, 2026) | Cash of $1,973,420; accumulated deficit of $135,814,631; going-concern doubt disclosed[1](https://www.sec.gov/Archives/edgar/data/1979414/000182912626008512/neonctechnologies_10q.htm) |
## History and founding
The operating business predates the holding company by nearly two decades. According to its [Form 10-K](https://www.edgepedia.org/form-10-k), the company was formed in 2008 as NAS-ONC, Inc., devoted to developing new drugs with new delivery modes, and was later renamed NeOnc Technologies, Inc.; the 10-Q gives its California incorporation date as April 13, 2005.[1](https://www.sec.gov/Archives/edgar/data/1979414/000182912626008512/neonctechnologies_10q.htm) • [3](https://www.opencapital.sh/filings/0001829126-26-002860) On January 5, 2023, the Delaware holding company NeOnc Technologies Holdings, Inc. was incorporated, and on April 7, 2023 the California entity merged into it.[1](https://www.sec.gov/Archives/edgar/data/1979414/000182912626008512/neonctechnologies_10q.htm) The company's own investor presentation describes NTHI as "Founded in 2023," which reflects the holding-company reorganization rather than the start of operations.[4](https://neonc.com/wp-content/uploads/2026/07/NeOnc-Presentation-July-2026.pdf)
The scientific founder is Dr. Thomas Chen, a tenured Professor of Neurosurgery and [Pathology](https://www.edgepedia.org/pathology) and Director of Surgical Neuro-Oncology at the [University of Southern California](https://www.edgepedia.org/university-of-southern-california), who serves as Chief Medical Officer and Chief Scientific Officer.[1](https://www.sec.gov/Archives/edgar/data/1979414/000182912626008512/neonctechnologies_10q.htm) The company has exclusively licensed an extensive worldwide patent portfolio from USC.[5](https://www.sec.gov/Archives/edgar/data/1979414/000182912626008654/neonctechnologies_ex99-1.htm) Keithly C. Garnett has served as Chief Financial Officer since April 2023 and was a director from January 2023 to March 2025.[4](https://neonc.com/wp-content/uploads/2026/07/NeOnc-Presentation-July-2026.pdf)
## Technology and pipeline
**NEO100** is an ultra-pure, pharmaceutical-grade formulation of perillyl alcohol (POH), a small molecule delivered intranasally through a nasal mask and nebulizer. It is designed to travel along the olfactory and trigeminal nerves directly from the nasal cavity to the brain, bypassing the blood-brain barrier, avoiding first-pass metabolism, and limiting systemic toxicity; preclinical data suggest it may also transiently and reversibly open the BBB.[5](https://www.sec.gov/Archives/edgar/data/1979414/000182912626008654/neonctechnologies_ex99-1.htm) • [3](https://www.opencapital.sh/filings/0001829126-26-002860) The nose-to-brain transport principle was observed in animal models and in a Phase I glioblastoma trial published in 2021-2022.[3](https://www.opencapital.sh/filings/0001829126-26-002860) A related preclinical approach, intra-arterial NEO100 to open the BBB, was characterized in mouse models (Wang W et al., Neuro-Oncology 23(1):63, 2021).[3](https://www.opencapital.sh/filings/0001829126-26-002860)
**NEO212** is an oral covalent conjugate of NEO100 and temozolomide, the standard chemotherapy for glioblastoma. Its Investigational New Drug (IND) application received FDA authorization to proceed in June 2023.[12](https://www.globenewswire.com/en/news-release/2023/06/27/2695541/0/en/NeOnc-Technologies-Holdings-Receives-FDA-Authorization-to-Proceed-with-Phase-1-2-Trials-of-NEO212-for-Primary-Brain-Tumors-and-for-Brain-Metastasis-in-Combination-with-Standard-of-.html) • [3](https://www.opencapital.sh/filings/0001829126-26-002860) In company-reported preclinical work, NEO212 showed up to 10 times greater efficacy than temozolomide, including in MGMT-positive (temozolomide-resistant) tumors, and about 3 times higher BBB penetration measured as a brain-to-serum ratio.[4](https://neonc.com/wp-content/uploads/2026/07/NeOnc-Presentation-July-2026.pdf)
The intellectual property position rests on the USC license. The company says its platform is protected by a global portfolio of 179 patents, with NEO100 issued patents expiring in 2031 in the US, Canada, UK, EU, and China and conjugate patents extending to 2036-2038; its 2026 press release cites patent protections extending to 2038.[4](https://neonc.com/wp-content/uploads/2026/07/NeOnc-Presentation-July-2026.pdf) • [5](https://www.sec.gov/Archives/edgar/data/1979414/000182912626008654/neonctechnologies_ex99-1.htm) In 2025 the company also acquired an IP portfolio of AI-driven drug discovery tools, rapid magnetic 3D bioprinting, and quantum molecular modeling, including U.S. Patent No. 11,788,057 B2, for approximately $3.5 million ($500,000 in cash plus $3.0 million in stock valued at $25.00 per share).[3](https://www.opencapital.sh/filings/0001829126-26-002860)
## Funding history
Documented rounds from the filings and press releases:
- **Escrowed direct listing offering (2024-2025):** an offering at $16.00 per share raised $10,000,000 (625,000 shares) through December 31, 2024 plus $1,644,000 (102,750 shares) from January 1 to March 10, 2025; the $11,644,000 in escrow was released when the registration statement was declared effective on March 10, 2025.[1](https://www.sec.gov/Archives/edgar/data/1979414/000182912626008512/neonctechnologies_10q.htm)
- **January 2026 PIPE:** Securities Purchase Agreements for up to 2,222,222 shares plus five-year warrants exercisable at $9.00, at a combined purchase price of $7.20, for gross proceeds of up to approximately $16 million; by June 30, 2026 the company had closed on 2,093,305 shares for approximately $15.1 million.[1](https://www.sec.gov/Archives/edgar/data/1979414/000182912626008512/neonctechnologies_10q.htm) The PIPE was led by a $10 million investment from Cinctive Capital Management LP, a multi-strategy investment firm focused on biotechnology and therapeutics, with co-founder and co-CIO Rich Schimel cited in the announcement.[6](https://www.nasdaq.com/press-release/neonc-technologies-secures-strategic-pipe-investment-led-10-million-investment)
- **June 2026 preferred:** a Securities Purchase Agreement for up to $5,000,000 of Series A Convertible Preferred Stock at $833.34 per share (up to 6,000 shares).[1](https://www.sec.gov/Archives/edgar/data/1979414/000182912626008512/neonctechnologies_10q.htm)
- **Non-dilutive support:** in August 2025 the company reported $2.5 million in NIH STTR grants supporting NEO212 development, including glioma and acute myeloid leukemia feasibility work.[7](https://stonegateinc.com/wp-content/uploads/2026/08/NTHI-Report-26Q2-v3.pdf)
## Clinical traction and regulatory milestones
NEO100 has FDA Orphan Drug and Fast Track designations for glioblastoma, and NEO212 has received FDA authorization to proceed with Phase 2a/2b trials.[1](https://www.sec.gov/Archives/edgar/data/1979414/000182912626008512/neonctechnologies_10q.htm) In the NEO212-01 Phase 1 dose-escalation, the maximum tolerated dose was reached at Cohort 5 (810 mg on Days 1-5 of a 28-day cycle), with a recommended Phase 2 dose of 610 mg (Cohort 4).[3](https://www.opencapital.sh/filings/0001829126-26-002860) In June 2026 the company announced UAE IND approval for NEO212 following completion of Phase 1, advancing toward global Phase 2 development.[8](https://www.globenewswire.com/news-release/2026/06/16/3312654/0/en/NeOnc-Technologies-Secures-UAE-IND-Approval-for-NEO212-Following-Successful-Phase-1-Completion-Advancing-Toward-Global-Phase-2-Development.html) A UAE IND approval for NEO100 followed the same month, which the company said covers all three NEO100 programs across adult Phase 1 through Phase 2 as well as pediatric studies.[9](https://last10k.com/sec-filings/nthi/0001829126-26-008512.htm) As of July 2026 the company reported four active trials: two Phase 2 (NEO100-01, NEO100-02) and two Phase 1 (NEO100-03, NEO212).[4](https://neonc.com/wp-content/uploads/2026/07/NeOnc-Presentation-July-2026.pdf)
**Phase 2a topline results (August 2026).** On August 12, 2026 the company announced positive topline results from the Phase 2a portion of NEO100-01, an open-label study of intranasal NEO100 in patients with recurrent or progressive Grade III and Grade IV IDH1-mutant glioma.[5](https://www.sec.gov/Archives/edgar/data/1979414/000182912626008654/neonctechnologies_ex99-1.htm) The study met its primary endpoint, with six-month progression-free survival of 48.9% by RANO 2.0 Kaplan-Meier estimation against a pre-specified 20% benchmark (p=0.0047); median overall survival reached 26.09 months, and six-, 12- and 24-month survival rates were 86.7%, 60.9%, and 54.1% among 24 enrolled patients, with no major toxicities reported.[7](https://stonegateinc.com/wp-content/uploads/2026/08/NTHI-Report-26Q2-v3.pdf) Five of 24 patients remained on treatment, and adverse events were predominantly low-grade.[10](https://www.biopharmawatch.com/news/NTHI/neonc-clinical-results-neon100-brain-cancer)
These results carry an important qualification: the study was single-arm, enrolling 24 of a planned 28 patients, so there was no randomized control group. Management cites 6-9 months as current salvage-therapy survival in recurrent brain cancer, the comparison baseline against which the 26.09-month median survival was read, but confirmation in a randomized study and FDA feedback on a registrational pathway remain the next determinants.[7](https://stonegateinc.com/wp-content/uploads/2026/08/NTHI-Report-26Q2-v3.pdf) The company plans to request a Type B FDA meeting to align on a potential registrational pathway for NEO100 in recurrent IDH1-mutant glioma, where it says no approved targeted therapy exists.[10](https://www.biopharmawatch.com/news/NTHI/neonc-clinical-results-neon100-brain-cancer) Earlier, the Phase I NEO100 trial (12 patients, intranasal 384-1,152 mg/day four times daily) reported six-month PFS of roughly 30-33%, 12-month survival of about 55%, median survival of 15 months, and no dose-limiting toxicities; all long-term survivors were IDH1-mutant, which supported the biomarker-enriched Phase 2 design (company-reported figures).[4](https://neonc.com/wp-content/uploads/2026/07/NeOnc-Presentation-July-2026.pdf)
## Business, structure and financial condition
The company listed on the Nasdaq Global Market on March 26, 2025 under the ticker NTHI, following the release of the $11,644,000 escrow from its $16.00-per-share offering.[1](https://www.sec.gov/Archives/edgar/data/1979414/000182912626008512/neonctechnologies_10q.htm) In 2025 it also expanded internationally and by acquisition: on August 6, 2025 it incorporated NuroMENA Holdings Ltd., a wholly-owned UAE subsidiary for [Middle East and North Africa](https://www.edgepedia.org/middle-east-and-north-africa) operations (inactive through June 30, 2026), and on August 18, 2025 it executed a Share Exchange Agreement acquiring 100% of the membership interests of JandB from Dr. Ishwar K. Puri and Beth R. Levinson.[1](https://www.sec.gov/Archives/edgar/data/1979414/000182912626008512/neonctechnologies_10q.htm)
The financial picture is strained. At June 30, 2026 the company held cash of $1,973,420 against a net loss of $14,240,044 for the quarter and $23,059,976 for the first half, and an accumulated deficit of $135,814,631; research and development expense rose to $2.6 million in Q2 2026 from $0.7 million a year earlier.[1](https://www.sec.gov/Archives/edgar/data/1979414/000182912626008512/neonctechnologies_10q.htm) • [7](https://stonegateinc.com/wp-content/uploads/2026/08/NTHI-Report-26Q2-v3.pdf) At March 31, 2026, cash was only $138,601, which the company said, together with PIPE proceeds and an undrawn line of credit, was expected to fund planned operations into September 2026.[11](https://neonc.com/neonc-provides-business-update-and-reports-q1-2026-financial-results/) The backstop is an undrawn $10.0 million line of credit with HCWG, a related party.[9](https://last10k.com/sec-filings/nthi/0001829126-26-008512.htm) The June 30, 2026 10-Q states that these factors raise substantial doubt about the company's ability to continue as a going concern one year from the issuance date.[1](https://www.sec.gov/Archives/edgar/data/1979414/000182912626008512/neonctechnologies_10q.htm)
## References
1. NeOnc Technologies Holdings Form 10-Q for the quarter ended June 30, 2026 (SEC EDGAR, CIK 0001979414). https://www.sec.gov/Archives/edgar/data/1979414/000182912626008512/neonctechnologies_10q.htm
2. NeOnc Technologies corporate website. https://neonc.com/
3. NeOnc Technologies Holdings (NTHI) Form 10-K, FY2025 (SEC filing reprint). https://www.opencapital.sh/filings/0001829126-26-002860
4. NeOnc Technologies Holdings Investor Presentation, July 2026 (company material). https://neonc.com/wp-content/uploads/2026/07/NeOnc-Presentation-July-2026.pdf
5. NeOnc 8-K Exhibit 99-1: Positive topline Phase 2a results for NEO100-01 (SEC EDGAR, August 12, 2026). https://www.sec.gov/Archives/edgar/data/1979414/000182912626008654/neonctechnologies_ex99-1.htm
6. NeOnc Technologies Secures Strategic PIPE Investment led by $10 Million Investment from Cinctive Capital Management (press release via Nasdaq, January 30, 2026). https://www.nasdaq.com/press-release/neonc-technologies-secures-strategic-pipe-investment-led-10-million-investment
7. Stonegate Capital Markets Initiation Report on NTHI, 2Q26. https://stonegateinc.com/wp-content/uploads/2026/08/NTHI-Report-26Q2-v3.pdf
8. NeOnc Technologies Secures UAE IND Approval for NEO212 Following Successful Phase 1 Completion (press release via GlobeNewswire, June 16, 2026). https://www.globenewswire.com/news-release/2026/06/16/3312654/0/en/NeOnc-Technologies-Secures-UAE-IND-Approval-for-NEO212-Following-Successful-Phase-1-Completion-Advancing-Toward-Global-Phase-2-Development.html
9. NeOnc Technologies Holdings (NTHI) 10-Q Quarterly Report August 2026 (Last10K summary). https://last10k.com/sec-filings/nthi/0001829126-26-008512.htm
10. NeOnc Reports Positive Phase 2a Results for NEO100 - NTHI (BioPharmaWatch, August 26, 2026). https://www.biopharmawatch.com/news/NTHI/neonc-clinical-results-neon100-brain-cancer
11. NeOnc Provides Business Update and Reports Q1 2026 Financial Results (company press release, May 18, 2026). https://neonc.com/neonc-provides-business-update-and-reports-q1-2026-financial-results/
12. NeOnc Technologies Holdings Receives FDA Authorization to Proceed with Phase 1 2 Trials of NEO212 for Primary Brain Tumors and for Brain Metastasis in Combination with Standard of (globenewswire.com). https://www.globenewswire.com/en/news-release/2023/06/27/2695541/0/en/NeOnc-Technologies-Holdings-Receives-FDA-Authorization-to-Proceed-with-Phase-1-2-Trials-of-NEO212-for-Primary-Brain-Tumors-and-for-Brain-Metastasis-in-Combination-with-Standard-of-.html
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