The Capital Brief | NOX, AL3, RHY and Stocks on Location

Reporting season is done and dusted. Breathe. 

This means investors can finally stop refreshing the ASX announcements page every five minutes and get back to worrying about the economy. 

Australia’s GDP growth remains subdued, while inflation and the interest-rate outlook continue to keep investors guessing. Offshore, markets are dealing with much the same mix of slower growth, sticky inflation and geopolitical noise. Australian property has gone through a profound structural change which has led to a major price adjustment and we're all feeling a little bit poorer. 

So this week, we’re keeping things closer to home with a look at three Australian small caps making progress against a fairly noisy backdrop.

Noxopharm (ASX:NOX)

Noxopharm Limited will be meeting with investors in Sydney and Melbourne next week. Noxopharm is advancing its proprietary Sofra™ platform across autoimmune disease and inflammation, mRNA vaccine enhancement and immuno-oncology, with its lead asset SOF-SKN™ progressing through clinical development.

Key investment drivers include:

• Clinical-stage lead asset: SOF-SKN™ has completed Phase I in healthy volunteers, with an Extension Study in CLE patients targeted to commence in Q1 2027

• Broad platform potential: Sofra supports therapeutic development across autoimmune disease and inflammation, mRNA vaccine enhancement and immuno-oncology

• External validation: Recent independent CSL data supports the potential of SOF-VAC in next-generation mRNA vaccines

• Relevant industry momentum: Recent Moderna/Merck INTerpath-001 Phase 3 data strengthens the relevance of Noxopharm’s mRNA vaccine enhancement and immuno-oncology approaches

• Near-term catalysts: Multiple clinical, non-clinical, regulatory, manufacturing, scientific and partnering milestones are expected over the next 12 months

Sydney: Available Wednesday 9 September, Thursday 10 September & Friday 11 September

Melbourne: Available Monday 14 September & Tuesday 15 September

To arrange a meeting, please contact Gaby Hold at: gaby@thecapitalnetwork.com.au

AML3D (ASX: AL3)

AML3D closed out FY26 with a record year and entered FY27 with plenty of momentum. 

Sean, Hamish, Trish and the team have absolutely crushed it.

Highlights include:

• Record revenue of $12.5 million, up 70% year-on-year

• Positive EBITDA of $608,000 in the second half

• A record $29 million peak order book

• $16.8 million of contracted work rolling into FY27, up from $9 million a year earlier

• A record estimated global sales pipeline of $78 million

• $26.7 million cash at bank to support continued expansion 

The year also saw AML3D broaden its growth beyond its core US Defence business, with expansion into the UK Defence market and new high-value industrial manufacturing opportunities in the US.

AML3D enters FY27 with substantial contracted work, a record sales pipeline and the balance sheet strength to continue investing in global growth.

Rhythm Biosciences (ASX: RHY)

Rhythm Biosciences is an Australian cancer diagnostics company focused on blood-based testing and personalised cancer risk assessment. Its flagship product, ColoSTAT®, is a blood-based test for colorectal cancer in symptomatic patients, while its geneType™ platform combines genetic, clinical and lifestyle information to assess an individual’s risk of developing certain cancers and chronic diseases.

Recent milestones include:

• continued commercial rollout of ColoSTAT in Australia, including expansion of the 4Cyte Pathology collection network.

• growing clinician participation in the ColoSTAT Access Program.

• a multi-year commercial manufacturing agreement with Quansys Biosciences to support ColoSTAT  scale-up.

• commercial launch of an enhanced geneType colorectal cancer risk assessment test.

  
  

Rhythm is increasingly focused on commercial execution, expanding access to its tests and building adoption across its ColoSTAT and geneType platforms.

Investor Day Invitation - Stocks on Location: On Wineries

📍 Port Phillip Estate Winery, Greater Melbourne, Victoria 

📅 Thursday 8 October 2026 

🕚 9:45am to 5:00pm

I would like to invite you to an exclusive winery-based investor showcase at Port Phillip Estate Winery. This flagship event will bring together ASX-listed and emerging growth companies with a high-calibre audience of institutional investors, family offices, brokers, and HNW investors.

Featuring live ASX and IPO company presentations, curated networking, wine tasting, premium dining, and return CBD transport, this is a unique opportunity to engage directly with active investors in a relaxed, high-quality setting.

One CEO presentation slot and one sponsorship opportunity remains. RSVP to this email to snap them up. If you want to attend as a guest, ping me.