Radiopharm Theranostics reported a 44% increase in net loss to $27 million for the half-year ended December 2025, driven by expanded R&D spending. The company bolstered its cash reserves through a $35 million placement while progressing multiple clinical trials across its radiopharmaceutical pipeline.
- 44% increase in net loss to $27 million for H1 FY2026
- Completed $35 million institutional placement boosting cash to $34.5 million
- Positive interim Phase 2b data for RAD 101 brain metastases imaging
- Advancement of Phase 1 trials for HER2, PD-L1, B7-H3, and prostate cancer candidates
- Increased ownership in Radiopharm Ventures LLC to 87.5%
Financial Performance and Capital Strengthening
Radiopharm Theranostics Limited (ASX: RAD) has reported a significant widening in its net loss for the half-year ended 31 December 2025, with losses rising 44% to nearly $27 million. This increase primarily reflects intensified research and development expenditure as the company advances its diversified radiopharmaceutical pipeline.
Despite the higher losses, Radiopharm strengthened its financial position by completing a $35 million institutional placement during the period, lifting cash reserves to $34.5 million. This capital injection is intended to support ongoing clinical trials, drug manufacturing, and regulatory activities, extending the company’s funding runway well into 2027.
Clinical Pipeline Progress
On the clinical front, Radiopharm reported encouraging interim results from its Phase 2b trial of RAD 101, a Fluorine-18 labelled imaging agent targeting brain metastases. Interim data from the first 12 patients showed a 92% concordance with MRI scans, meeting the trial’s primary endpoint and reinforcing RAD 101’s potential to improve diagnostic accuracy in complex brain tumour cases.
Meanwhile, Phase 1 studies for therapeutic candidates RAD 202 (HER2-targeted) and RAD 204 (PD-L1-targeted) have advanced, with early data confirming tumour uptake and favourable safety profiles. Notably, RAD 204 showed signs of disease stabilization in late-stage lung cancer patients, a promising signal warranting further dose escalation.
New clinical milestones include the initiation of first-in-human trials for RV-01 (B7-H3-targeted monoclonal antibody) and RAD 402 (Terbium-161 labelled prostate cancer therapy), both expected to commence dosing in early 2026. These programs highlight Radiopharm’s expanding footprint in precision oncology radiotherapeutics.
Corporate Developments and Strategic Moves
Radiopharm also announced key governance changes with the appointment of Bruce Goodwin, a seasoned life sciences executive, to its board. This move aims to bolster strategic oversight as the company navigates clinical and commercial milestones.
Additionally, Radiopharm increased its stake in Radiopharm Ventures LLC, a joint venture with the MD Anderson Cancer Center, from 75% to 87.5%. This consolidation underscores management’s focus on high-value radiotherapeutic assets, particularly the B7-H3 program.
To further enhance capital flexibility, the company filed for an At-the-Market (ATM) equity facility in the US, enabling potential raisings of up to US$18.9 million via American Depositary Shares on Nasdaq. This facility complements the recent placement and share purchase plan, providing multiple avenues to fund ongoing development.
Outlook and Market Positioning
While Radiopharm continues to operate at a loss, the company’s expanding clinical data and strengthened balance sheet position it well for upcoming regulatory interactions and potential late-stage trials. The FDA Fast Track designation for RAD 101 and orphan drug status for RAD 301 in pancreatic cancer highlight the strategic value of its pipeline.
Investors will be watching closely as Radiopharm approaches key enrolment completions and data readouts in 2026, which could serve as catalysts for valuation reassessment. The company’s ability to manage cash burn while progressing multiple programs in parallel will be critical to sustaining momentum.
Bottom Line?
Radiopharm’s growing clinical momentum and capital base set the stage for pivotal milestones in 2026, but rising losses underscore the need for continued funding and execution.
Questions in the middle?
- Will upcoming Phase 2b and Phase 1 trial readouts translate into regulatory approvals or partnerships?
- How will the company balance cash burn with the need to advance multiple pipeline assets simultaneously?
- What impact will the increased ownership in Radiopharm Ventures have on future strategic direction and value creation?