Radiopharm Theranostics Limited — FY2026 Form 20-F
Reporting period: Year ended June 30, 2026. Financial statements are audited and prepared under IFRS in Australian dollars (A$). Radiopharm is an Australian clinical-stage radiopharmaceutical company; it has no approved products and no product-sales revenue. Its customer-contract revenue relates to clinical-development services, primarily for Lantheus.
Key financial results
| Metric | FY2026 | FY2025 |
|---|---|---|
| Customer-contract revenue | A$2.77m | A$3.63m |
| Cost of sales / gross profit | A$2.50m / A$0.26m | A$3.59m / A$0.04m |
| Other income, including R&D tax incentives | A$10.73m | A$10.26m |
| Research and development expense | A$49.96m | A$27.52m |
| General and administrative expense | A$16.22m | A$14.64m |
| Operating loss | A$56.78m | A$38.17m |
| Net loss / total comprehensive loss | A$56.95m / A$56.33m | A$38.34m / A$37.88m |
| Basic and diluted loss per share | 1.79 Australian cents | 1.76 Australian cents |
| Net cash used in operating activities | A$52.78m | A$36.65m |
Cash and cash equivalents fell to A$4.14m from A$29.12m. Current assets were A$21.93m and current liabilities A$18.90m; current assets included A$15.88m of accrued R&D tax-incentive receivables. Total liabilities were A$37.81m, including A$25.77m of other financial liabilities, principally contingent license-milestone consideration. The filing does not show conventional borrowings outstanding at year-end. Contractual payables and other financial liabilities totaled A$36.31m.
Material changes and unusual items
- Revenue declined about 24%, as Lantheus-related clinical-trial revenue decreased; cost of sales fell correspondingly. Revenue remains small relative to development spending.
- R&D expense rose about 82%, notably for NanoMab, Radiopharm Ventures, the PSA-antibody program and Pivalate. A$5.27m of impairment expense was recorded, including a full impairment of Pharma15; the NeoIndicate asset was returned to the university and derecognized.
- Operating cash outflow increased about 44%. Net financing cash inflow was A$33.37m, down from A$45.43m in FY2025, largely reflecting lower equity proceeds. Shares outstanding increased from 2.36bn to 3.54bn during FY2026. The filing reports 2.50bn options outstanding at year-end, a substantial potential dilution overhang.
- Other income included A$10.10m of Australian R&D tax-incentive income. Eligibility and timing depend on qualifying expenditure, including overseas-activity approvals. Proposed Australian program changes could affect future refunds.
Outlook, pipeline and risks
Management expects continued losses and cash outflows while it advances its clinical pipeline. It says current forecasts support operations and research programs for at least 12 months, and elsewhere anticipates existing cash funding operations through FY2027. These forecasts depend on additional funding and expense management. The auditor highlighted a material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern.
After year-end, the company announced an A$12.5m institutional offer and launched an A$6m Share Purchase Plan; the plan closed in September 2026 with A$3m raised. It also had an ATM facility, with up to US$9.3m available under a July 2026 prospectus supplement; the company said it had not used the facility as of the report date. These funding plans and proceeds are important to the stated runway.
- RAD101: In July 2026, the company reported that its Phase IIb diagnostic trial met its primary endpoint; it reported 93% concordance with MRI and interim sensitivity of 86% in 14 patients. A Phase III study was anticipated to start in Q4 2026.
- RAD202 and RAD204: Phase I therapeutic trials are ongoing. The filing describes early tolerability and uptake observations for RAD202 and a partial response in one RAD204 patient; these are early-stage findings, not evidence of established clinical benefit.
- Other programs include RAD301 diagnostic imaging, RAD402 prostate-cancer therapy and RV-01/B7-H3. Timelines and outcomes remain subject to trial enrollment, safety and efficacy results, regulatory review, manufacturing and isotope supply.
Principal risks include the funding shortfall and going-concern uncertainty; clinical, regulatory and patient-enrollment uncertainty; reliance on third-party manufacturers, suppliers and collaborators; intellectual-property and milestone-payment exposure; potential dilution; reimbursement and pricing uncertainty; and foreign-exchange exposure. No material legal proceedings were reported. Management stated that disclosure controls and internal control over financial reporting were effective; the auditor did not express an opinion on internal-control effectiveness.
Most important facts for investors to verify
- Whether the post-year-end financing was completed as planned, the net proceeds received, and the resulting cash runway and dilution.
- Collection and eligibility of the A$15.88m accrued R&D tax-incentive receivable, and the impact of proposed Australian program changes.
- Underlying RAD101 Phase IIb data, including the endpoint definition, analysis population and follow-up, and whether the anticipated Phase III trial began on schedule.
- Progress, safety and enrollment in RAD202, RAD204, RAD301, RAD402 and RV-01, including any changes to stated timelines or budgets.
- The timing, probability and cash-versus-share settlement terms of contingent license milestones, as well as the potential dilution from outstanding options and future equity funding.