Starpharma Reports 165% Revenue Growth, $15.4M Cash, and New Asia Distribution Deals

Strategic Focus on Licensing and Partnerships

Starpharma has marked FY25 with significant strides in maximising the value of its dendrimer-enhanced product (DEP®) assets. The company’s primary objective has been to out-license its clinical-stage DEP® SN38 and DEP® cabazitaxel assets, a process that has taken longer than initially expected. This delay is attributed to shifting oncology treatment paradigms favoring targeted therapies and a complex geopolitical environment impacting the biotech sector globally. Nevertheless, Starpharma remains confident in the commercial and therapeutic potential of its DEP® technology, underpinned by encouraging clinical data.

Throughout the year, Starpharma engaged extensively with global pharmaceutical and biotechnology stakeholders, notably at the 2025 BIO International Convention in Boston. These interactions have been pivotal in showcasing the company’s dendrimer platform and fostering discussions around licensing and collaboration opportunities, not only for clinical assets but also for its marketed products VivaGel® BV and Viraleze™.

Advancing Radiotheranostics and Research Collaborations

Beyond licensing efforts, Starpharma is accelerating its internal pipeline development, particularly its DEP® radiotheranostics program. The company is progressing preclinical studies to inform clinical trial design planned for 2026. Engagement with key opinion leaders and potential clinical sites is ongoing, supported by insights gathered at the Society of Nuclear Medicine and Molecular Imaging Annual Meeting. This program represents a promising frontier in targeted cancer diagnostics and therapeutics, aligning with Starpharma’s mission to improve patient outcomes.

Additionally, Starpharma’s Star Navigator program has initiated preliminary research collaborations with two new partners, exploring novel therapeutic applications of dendrimer technology. This initiative broadens the company’s collaborative reach, potentially unlocking new avenues for platform licensing and co-development of innovative treatments.

Commercial Expansion and Financial Health

On the commercial front, Starpharma has expanded the distribution footprint of its marketed products. The launch of Viraleze™ in Saudi Arabia is underway through a phased strategy targeting pharmacies, e-pharmacies, and major retailers. Furthermore, a new distribution agreement with Taiwan-based Synmosa Pharmaceuticals will extend VivaGel® BV’s reach into the Philippines, Malaysia, and Singapore, leveraging Synmosa’s established presence in women’s health markets.

Financially, Starpharma closed the quarter with a robust cash balance of $15.4 million, providing approximately 7.7 quarters of funding. Customer receipts for the June quarter rose 51% to $2.0 million, driven by sales of Viraleze™ and VivaGel® BV. The company also anticipates a $3.5 million inflow from the Australian Government’s R&D Tax Incentive scheme in the first half of FY26. Cost management initiatives have reduced operating payments compared to the previous year, reflecting a disciplined approach to sustaining business operations.

Navigating Challenges and Looking Ahead

CEO Cheryl Maley acknowledged the challenges posed by the geopolitical landscape and evolving oncology market dynamics but emphasized Starpharma’s commitment to strategic execution and value creation. The company’s focus remains on securing partnerships for its DEP® assets, advancing its radiotheranostics program, and expanding commercial revenues. With a strengthened intellectual property portfolio and a diversified collaboration model, Starpharma is positioning itself for sustainable growth and enhanced shareholder value in FY26.