Radiopharm Reports $34.5M Cash and Multiple Clinical Milestones in H1 2026
Radiopharm Theranostics has reported promising interim results from its Phase 2b trial of RAD 101, showing high concordance with MRI in brain metastases patients, while progressing multiple other clinical programs and securing a strong cash position to fund operations into 2027.
- 92% MRI concordance in Phase 2b RAD 101 brain metastases imaging trial
- Dose escalation approved for RAD 202 and RAD 204 Phase 1 trials
- New Phase 1 trials initiated for RV-01 and RAD 402
- Cash reserves of $34.52 million provide runway into 2027
- Private placement raised approximately $35 million in late 2025
Strong Interim Data for RAD 101 Diagnostic Program
Radiopharm Theranostics, a clinical-stage biopharmaceutical company specialising in oncology radiopharmaceuticals, has delivered encouraging interim results from its Phase 2b clinical trial of RAD 101. This small molecule, designed to target fatty acid synthase and radiolabelled with Fluorine-18, is being evaluated for its diagnostic accuracy in patients with brain metastases. Interim data from the first twelve patients showed that 92% of evaluable participants met the primary endpoint of concordance with MRI imaging, a key benchmark for diagnostic reliability. This aligns with earlier Phase 2a findings and sets the stage for a planned Phase 3 registrational trial across multiple countries.
Progress Across Multiple Clinical Programs
Beyond RAD 101, Radiopharm is advancing several other promising candidates. The Phase 1 ‘HEAT’ trial for RAD 202, targeting HER2-positive advanced solid tumours, has received Data Safety Monitoring Committee approval to escalate dosing from 30mCi to 75mCi. Early data indicate significant tumour uptake and a favourable safety profile. Similarly, RAD 204, targeting PD-L1 in various cancers including lung and breast, has progressed to a third dosing cohort with encouraging signs of disease stability in metastatic non-small cell lung cancer patients.
New Phase 1 trials are set to commence in early 2026 for RV-01, a monoclonal antibody targeting the B7H3 immune checkpoint protein, and RAD 402, aimed at prostate cancer. Both candidates have received regulatory clearances and represent strategic expansions of Radiopharm’s pipeline into novel therapeutic areas.
Financial Position Supports Continued Development
Financially, Radiopharm Theranostics closed the half-year ended 31 December 2025 with $34.52 million in cash and equivalents, bolstered by a $35 million private placement completed in October 2025. This strong cash position is expected to fund ongoing clinical and regulatory activities well into 2027. Operating cash outflows for the period totalled $22.67 million, reflecting the company’s investment in research and development and clinical trial progression.
Looking Ahead
With multiple clinical milestones anticipated throughout 2026, including completion of RAD 101 enrolment and interim data from RAD 202 and RAD 204 dose escalation cohorts, Radiopharm is positioning itself to deliver meaningful advances in radiopharmaceutical oncology. The company’s focus on pipeline prioritisation and deliberate clinical development aims to expand treatment and diagnostic options for patients with solid tumours, while creating long-term value for shareholders.
Bottom Line?
Radiopharm’s promising clinical data and solid cash runway set the stage for pivotal trials and potential market impact in oncology imaging and therapy.
Questions in the middle?
- Will the full Phase 2b RAD 101 trial confirm interim MRI concordance results and trigger Phase 3 initiation?
- How will dose escalation data from RAD 202 and RAD 204 influence their clinical development timelines?
- What competitive advantages will Radiopharm’s new Phase 1 candidates RV-01 and RAD 402 bring to the radiopharmaceutical oncology market?
