DALLAS, TX -- March 11, 2026 -- NeOnc Technologies Holdings, Inc. (NASDAQ: NTHI). Stonegate Capital Partners Updates Coverage on NeOnc Technologies Holdings, Inc. (NASDAQ: NTHI). NeOnc Technologies is a clinical-stage CNS oncology company developing therapies designed to overcome the blood-brain barrier (BBB) and improve drug delivery to the brain. The Company’s lead program, NEO212, is a next-generation version of temozolomide (TMZ), the standard-of-care chemotherapy used in most brain cancer patients. It is designed to address key limitations of current treatment including BBB penetration and MGMT-driven resistance. Its platform includes NEO100 and NEO212, discussed in further detail below. Beyond its lead programs, NeOnc’s platform approach combines intranasal and oral drug delivery technologies designed to improve CNS drug penetration, supporting additional opportunities across multiple brain tumor indications. Lastly, NTHI recently led a successful PIPE offering, adding a gross $16.0M to the Company’s balance sheet.
NEO100-01: NEO100-01 is an intranasal therapy that has seen continued favorable tolerability with no significant toxicity observed even with prolonged chronic dosing in early testing. NeOnc has disclosed an expanded dataset (25 patients) showing a 24% radiographic response rate (6/25), 44% PFS-6, and 36% ≥18-month survival following initiation of intranasal NEO100, versus historical salvage benchmarks cited by the Company. Phase 2a enrollment is complete, with a top-line readout expected in 2026.
NEO212: TMZ use represents a multi-billion-dollar global market and remains the backbone chemotherapy used in the majority of glioblastoma patients, yet treatment failure occurs in a significant percentage of cases due to MGMTmediated resistance and limited drug penetration across the BBB. The Phase 1 dose escalation portion of the study has recently completed, establishing a Recommended Phase 2 Dose (RP2D) of 610 mg and positioning the program to advance into Phase 2 efficacy evaluation. Early safety observations have not indicated clinically meaningful myelosuppression, which, if confirmed in larger studies, could represent an important differentiation relative to conventional TMZ therapy while maintaining the practicality of an oral chemotherapy backbone familiar to oncologists. The program is initially being developed as a potential second-line therapy for patients whose disease progresses after standard TMZ treatment, representing a large population with limited effective treatment options.
Upcoming Catalyst: Key near-term milestones include: (1) initiation of Phase 2 clinical evaluation for NEO212 following completion of Phase 1 dose escalation, (2) NEO100-01 Phase 2a top-line readout in 2026 (company communications have referenced May 2026), and (3) potential closing/funding of the proposed Quazar strategic partnership, which is a $50 million strategic partnership with Quazar Investment aimed at strengthening Abu Dhabi–U.S. collaboration. Collectively, these events represent the primary catalysts that could drive a step-change in clinical and strategic visibility.
Valuation: We use a probability-adjusted Discounted Cash Flow Model when valuing NTHI. Our valuation model returns a valuation range of $19.11 to $28.10 with a midpoint of $23.04 based on a discount rate range of 17.50% to 22.50%. Further details on our model can be found on page 10 of this report. We note that this model is highly levered to the out years due to the long term nature of NTHI's industry, leading to the potential for dramatic re-ratings as new information becomes available.
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