Executive Summary

NeOnc reported Q3 2025 net loss of $8.6M ($0.45/share) versus $2.2M ($0.12/share) in Q3 2024, driven primarily by higher G&A and stock-based compensation, while R&D moderated year over year .
The quarter’s narrative skewed positive on clinical and strategic fronts: Phase 2a NEO100 data showed a 21% response rate and improved six‑month PFS versus historical benchmarks; FDA authorized NEO212 to proceed to Phase II; and the company advanced a $50M strategic partnership in the Middle East via NuroMENA .
Management highlighted strengthened leadership (CEO appointment), SAB expansion, and media/index visibility as positioning the company for the “next stage of execution” with multiple near-term catalysts (NEO212 Phase I final cohort completion in Q4 2025; NEO100 top-line data in May 2026) .
Street consensus (S&P Global) for revenue/EPS was unavailable; no beat/miss framing versus estimates can be provided. We attempted to retrieve EPS and revenue consensus for Q2–Q4 2025, but no estimates were returned (Values intended from S&P Global; unavailable).*

What Went Well and What Went Wrong

What Went Well

NEO100 Phase 2a signal: 21% response rate vs. <8% historical; 44% six‑month PFS vs. 21–31% historically; 33% ≥18‑month survival; no significant toxicity. Dr. Henry Friedman: “The results from NEO100 signify a potential paradigm shift…” .
Regulatory and pipeline momentum: FDA authorization to proceed with Phase II for NEO212; NEO100-3 pediatric trial recruiting; NEO212 Phase I final cohort on track for 2025 completion .
Strategic footprint and funding optionality: NuroMENA progress (Executive Chairman appointment, MSA with M42’s IROS, ADGM incorporation), and advancement of a $50M Quazar Investment partnership; leadership and SAB enhancements .

What Went Wrong

Operating leverage not yet evident: G&A rose to $903k from $244k YoY, reflecting marketing, rent, travel, and Middle East partnership costs; net loss widened to $8.6M vs. $2.2M YoY, partly from stock‑based comp .
Limited financial disclosure depth in the press release (no revenue line or cash positions provided), constraining standard margin/segment analyses .
Governance churn: Board seat changes and related-party disclosures (e.g., HCWG bridge financing history, warrants, and prior affiliated license matters) underscore complexity and potential investor diligence items .

Financial Results

Note: The Q3 2025 press release disclosed operating expense lines and bottom-line results; revenue and gross margin were not provided in the release .

Metric (USD)	Q3 2024	Q2 2025	Q3 2025
G&A Expense	$244k	$984k	$903k
R&D Expense	$957k	$677k	$715k
Net Loss	$2.2M	$5.68M	$8.6M
Diluted EPS	$(0.12)	$(0.30)	$(0.45)

KPIs (Clinical efficacy signals disclosed in Q3 2025 PR):

KPI	Q3 2025
NEO100 Phase 2a Response Rate	21%
Six‑Month PFS	44%
≥18‑Month Survival	33%
Notable Safety	No significant toxicity

Segment breakdown: Not disclosed in the press release .

Guidance Changes

While no formal quantitative financial guidance was issued, management provided milestone timelines/catalysts.

Metric/Item	Period	Previous Guidance	Current Guidance	Change
NEO212 Phase I – final cohort dosing	2025	“2025” (Q2 PR)	“Q4 2025 completion of final cohort dosing” (stated as Q4 2025 completion of Phase I final cohort dosing)	Refined timing
NEO100‑01 Top‑Line Data	Early 2026 (Q2 PR)	Early 2026	May 2026	More specific (refined month)
Quazar Investment ($50M)	Near‑term (Q2 PR)	Near‑term closing/funding	Near‑term closing/funding	Maintained
NEO100‑01 Enrollment	By Sept 2025 (Q2 PR)	Full Phase 2a enrollment expected by Sept 2025	Full Phase 2a enrollment completed	Achieved

Earnings Call Themes & Trends

Note: A transcript was not located via our document search; replay link provided by the company. We used Q2 and Q3 company press releases to track themes . Call replay link: https://www.webcaster5.com/Webcast/Page/3151/53234 .

Topic	Previous Mentions (Q2 2025)	Current Period (Q3 2025)	Trend
Clinical efficacy (NEO100)	Phase 2a enrollment expected by Sept 2025; early 2026 top‑line	21% response, 44% 6‑mo PFS, 33% ≥18‑mo survival; enrollment completed; May 2026 top‑line	Positive momentum; specificity improved
Regulatory progress (NEO212)	Phase I final cohort dosing in 2025	FDA authorized Phase II; Phase I final cohort completion targeted Q4 2025	Advancement (regulatory de‑risking)
Middle East strategy (NuroMENA)	$50M Quazar partnership contingencies met; ADGM incorporation	Executive Chairman appointed; MSA signed; continued advancement of $50M partnership	Execution progressing
Technology/AI expansion	Agreement to acquire AI/3D bioprinting/quantum modeling IP	Executed agreement to acquire Advanced AI and 3D Bioprinting IP	Execution progressing
Visibility/Index	Media campaign; Russell Microcap® inclusion	Continued media visibility; index inclusion reiterated	Sustained

Management Commentary

CEO commentary (strategic tone): “Q3 2025 was a defining quarter… We delivered exceptional clinical progress… secured meaningful support from the NIH and finalized a landmark $50 million commitment through our NuroMENA subsidiary… With a fortified leadership team… NeOnc enters the next stage of execution with confidence.” — Amir Heshmatpour, CEO .
Clinical perspective: “The results from NEO100 signify a potential paradigm shift in the treatment of recurrent IDH1‑mutant gliomas.” — Dr. Henry S. Friedman (Duke) .

Q&A Highlights

Full transcript was not available via our document search; the company provided a webcast replay link (no transcript). Replay: https://www.webcaster5.com/Webcast/Page/3151/53234 .
No further Q&A details can be confirmed without a transcript.

Estimates Context

S&P Global (Capital IQ) consensus for EPS and revenue for Q2–Q4 2025 was unavailable for NTHI at the time of retrieval; thus, no beat/miss assessment versus Street estimates can be made (Values intended from S&P Global; unavailable).*

Metric	Q2 2025	Q3 2025	Q4 2025
Revenue Consensus Mean	N/A*	N/A*	N/A*
Primary EPS Consensus Mean	N/A*	N/A*	N/A*
Revenue – # of Estimates	N/A*	N/A*	N/A*
Primary EPS – # of Estimates	N/A*	N/A*	N/A*

Prior Quarters Reviewed (for trend analysis)

Q2 2025 earnings press release: G&A $984k, R&D $677k, net loss $5.68M ($0.30/share); catalysts and strategic updates detailed (Quazar, AI/3D bioprinting IP, index inclusion) .
We searched for a Q1 2025 earnings press release in the specified sources but did not locate one in our document index; no additional press release was found via our targeted document search window. We did identify relevant company press communications pages via internet search for context .

Other Relevant Q3 2025 Press/Investor Communications

Q3 results and operational update (company website mirror of the GlobeNewswire release; includes call link) .
Investor call announcement & replay link (Nov 8/12, 2025) .

Key Takeaways for Investors

Clinical momentum is the primary driver: NEO100 Phase 2a efficacy signals and safety profile, combined with NEO212 Phase II authorization, improve the medium‑term probability of value‑creating readouts (top‑line NEO100 data in May 2026) .
Strategic optionality via NuroMENA/Quazar partnership could support clinical execution without immediate dilutive equity issuance if closed as planned; monitor funding close/timing .
Operating expenses are scaling ahead of revenue with expanded initiatives; net loss widened sequentially and YoY—watch cost discipline and cash runway disclosures in formal filings .
Leadership/SAB additions and media/index visibility may broaden investor reach and clinical network depth, potentially aiding enrollment and partnerships .
With Street estimates unavailable, trading may hinge on clinical/regulatory headlines and financing milestones rather than conventional beat/miss dynamics.*
Near‑term trading catalysts: NEO212 Phase I final cohort completion (Q4 2025), updates on Quazar funding close, incremental NEO100 data presentations/reviews .

Footnotes:

All financial and clinical data points are cited to company 8‑K press releases and exhibits as indicated. Where S&P Global consensus estimates would typically be used, consensus was unavailable at query time (Values intended from S&P Global; unavailable).*

Sources: Q3 2025 8‑K and Exhibit 99.1 ; Q2 2025 8‑K and Exhibit 99.1 ; Company press pages and call replay link .

NEONC TECHNOLOGIES HOLDINGS, INC. (NTHI)·Q3 2025 Earnings Summary