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Significant Refundable R&D Offsets receipts reported to the ASX in recent months to January 2026

Over recent months, a number of companies have reported to the ASX receipt of substantial Refundable R&D Tax Offsets.

Notable receipts include:

• Recce Pharmaceuticals (ASX: RCE) received $5.34 M related to its anti-infective platform;
• Race Oncology (ASX:RAC) received $2.8M related to its cancer treatments;
• Ecograf (ASX: EGR) received $1.7M related to its EcoGraf HFfree proprietary purification technology;
• Chimeric Therapeutics (ASX: CHM)  received $4.5M related to its cancer treatments;
• Elixir Energy (ASX: EXR) received $3.8M related to its unconventional gas project activities;
• Australian Vanadium (ASX: AVL) received $2.5M related to its advanced vanadium projects;
• 4DMedical (ASX:  4DX) received $6M related to its respiratory care with advanced imaging and artificial intelligence;

The diversity of companies and projects receiving reviews evidences a key benefit of the R&D Tax Incentive being a broad based, market driven system.

Receipt of a tax offsets reduce the need for a company to raise additional capital to complete trials or further R&D, and could make pathway to commercialisation exponentially easier.

A subject of discussion over recent years has become the $20M group turnover threshold for accessing the Refundable R&D Tax Offset. Swanson Reed has highlighted in our recent updates (and in our submission to The Government’s review of Australia’s R&D System) that this threshold should be reviewed as we have anecdotally noticed many companies now slightly breach the $20 million threshold from growth and possibly the high inflation environment, rendering them no longer eligible for the Refundable R&D Tax Offset.

These thresholds were established at the outset of the R&DTI program in FY12, and many argue the thresholds are outdated due to inflation and growth as policy definitions of a “small business” in FY12, are extremely different to that in FY26.

Notably, the $20 million turnover threshold has not changed or increased since the R&D Tax Incentive was implemented, some 15 years ago.

Please get in touch with our office if you require assistance, would like to speak to someone about a potential claim, or check out our website for more information.