Investment Notes: Coherence Neuro

We are pleased to continue backing Coherence Neuro - a team at the intersection of oncology and neural engineering.

Coherence (formerly Opto Biosystems) is developing one of the smallest and most precise implantable neural interfaces in the world. The device, SOMA-1, is being designed to both monitor tumour progression and deliver targeted electrical stimulation, with the ultimate goal of changing the neural environment around tumours. This approach sits within an emerging scientific field: cancer neuroscience.

What has happened since we first invested

Across the last phase of development, Coherence has:

• delivered a complete MVP implant device (just 14mm diameter), wirelessly powered, fully packaged and implantable
  
• demonstrated in-mouse monitoring that can distinguish healthy from tumour-bearing brains
  
• shown that targeted stimulation can suppress neural activity around tumours in mice
  
• successfully completed large-animal studies demonstrating safe implant and explant procedures to a human standard
  
• extended their technology into pancreatic cancer models, widening potential application
  

Coherence has also formalised key institutional collaborations, including with Stanford and Monash, and is co-developing a patient-ready processing chip with IMEC.

What comes next

The company is now advancing toward first-in-human studies, leveraging Australia’s regulatory environment to initiate a clinical trial at Royal Melbourne. The aim: record and stimulate tumour lesions in glioblastoma patients - a world first.

Ahead of that, Coherence will undertake chronic survival studies in mice with glioblastoma or pancreatic cancer, establishing the final pre-clinical evidence required for translation.

Coherence has also strengthened its leadership and translation capability, including new senior hires across UK operations and clinical translation, as well as advisory support from leaders in surgical robotics and medical devices.

Why we remain committed

Coherence is operating with clarity: disciplined capital use, high technical velocity, and a strong translation pathway. The team is pioneering an approach that, if validated clinically, could create an entirely new modality for treating highly aggressive cancers.

We are proud to continue supporting Coherence as they progress toward clinical proof points, and remain disciplined in position sizing as the company moves from research into the clinic.

— Michael Tolo and Tris Edwards

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