RADX · Radiopharm Theranostics Limited

Radiopharm Theranostics' Q3 FY2026 Appendix 4C reveals accelerated cash burn of A$14.9 million in operating activities, primarily from A$11.8 million in R&D and A$2.4 million in staff costs, tied to key clinical milestones including RAD202 Phase 1 advancement to dose level 3, first patient dosings in RAD402 and RV-01 trials, and RAD101 Phase 2b enrollment completion with strong 90% MRI concordance data. Cash position declined to A$19.2 million from A$34.5 million, yielding 1.3 quarters of runway at current burn, prompting management to highlight non-recurring SG&A costs from dual-listing and ATM setup, with expected moderation in Q4. The company anticipates FY25 R&D tax incentive of ~A$5 million and access to US$18.9 million ATM facility for ADRs, alongside cash preservation via delayed discretionary spend. Pipeline progress underscores execution: RAD101 interim data supports Phase 3 planning with Siemens Healthineers supply deal; RAD202 showed tumor uptake and no DLTs; RAD204 Cohort 2 completed with stable disease signals; new FIH trials expand therapeutic footprint in prostate cancer and B7H3 targets via Radiopharm Ventures (87.5% owned). CEO Canevari emphasized momentum in diagnostics and therapeutics for unmet needs in brain metastases, HER2+, PD-L1, and prostate cancers, positioning for mid-2026 data readouts amid funding plans.