How Starpharma’s Genentech Deal Sparked a $1.37 Million Profit Turnaround

Financial Turnaround Fueled by Strategic Partnership

Starpharma Holdings Limited (ASX, SPL) has delivered a striking turnaround in its half-year results for the period ending 31 December 2025. The company reported a profit of $1.37 million, a significant improvement from a $5.39 million loss in the same period last year. This shift was largely driven by an $8.34 million upfront payment from a collaboration and license agreement with global biotech giant Genentech.

The revenue leap to $10.8 million, up 474% year-on-year, underscores the growing commercial validation of Starpharma's proprietary dendrimer technology platform. While the Genentech deal provided a substantial one-off boost, ongoing product sales, royalties, and research income also contributed to the improved top line.

Advancing the DEP® HER2 Radiopharmaceutical Program

Beyond financials, Starpharma is making tangible progress in its clinical pipeline, particularly the DEP® HER2 radiopharmaceutical program. The company is on track to initiate its first-in-patient clinical trial in 2026, following the near completion of key preclinical studies and regulatory preparations. This program represents a promising application of dendrimer technology in targeted cancer therapy, aiming to enhance efficacy while minimising side effects.

Starpharma’s CEO Cheryl Maley highlighted the strategic importance of this milestone, noting the company’s focus on delivering value-defining progress across its portfolio. The DEP® platform’s versatility is further evidenced by the recently signed research and option agreement with Radiopharm Theranostics, which could unlock additional revenue streams through milestone payments and royalties.

Consumer Health Products Gain Momentum

Complementing its pharmaceutical ambitions, Starpharma’s consumer health products, Viraleze™ and VivaGel® BV, have experienced encouraging sales growth. Viraleze™ achieved its highest-ever online sales month in November 2025, supported by targeted digital marketing campaigns and expanded distribution channels, including Amazon UK. VivaGel® BV’s recent regulatory approval in the UK and entry into the Middle East market signal further geographic expansion opportunities.

This diversification into consumer health not only broadens Starpharma’s revenue base but also strengthens its long-term sustainability amid the inherently high-risk biotech development cycle.

Strong Cash Position and Operational Execution

Starpharma closed the half-year with a robust cash balance of $18.2 million, up from $15.4 million at the previous year-end. The company continues to invest heavily in research and development, with net R&D expenses of nearly $5 million, reflecting its commitment to advancing both proprietary and partnered programs.

Operationally, the company is managing increased commercial and regulatory expenses linked to new partnerships and marketing initiatives, which are expected to underpin future growth. The management’s disciplined approach to cash and strategic partnerships positions Starpharma well for the upcoming clinical and commercial milestones.