Historical setup
What HY26 said to watch
From Iperion's asset base fell to NZ$0.3m, the smallest on record
No forward targets, guidance, or forward-work disclosures are provided. The supplied shape context shows HY25 carried 82% of FY25's NPAT and 60.9% of FY25's operating cash outflow, so on that pattern alone the second half could imply a smaller incremental loss than the first. That extrapolation is fragile because revenue is zero, cost behaviour is largely discretionary, and the implied FY25 second-half NPAT of –NZ$0.1m was itself small in absolute terms.
What the release does not support is any view on when, or whether, the antimicrobial licence will begin generating royalty income at the disclosed minimum levels. Without that, the result tells the reader how much burn occurred this half, not what the run-rate becomes once the licence activates.