olivLaw · US equity research
Radiopharm Theranostics Limited RADX
Pharmaceutical Preparations · SIC 2834 · Vertical: Pharmaceutical Preparations (SIC 2834)
Radiopharm Theranostics develops radiopharmaceutical platforms for diagnosis and treatment in precision oncology, at preclinical and clinical stages. The company has no approved products yet, and its total comprehensive loss for fiscal 2026 was A$56.33 million, which makes ongoing funding a central question.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Radiopharm Theranostics Limited (RADX) stock was 0.87 USD (−2.36% on the day), with market capitalisation 3.1 bn USD, beta 0.46, 52-week range 0.87–10.63 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 32.5
- weak (30–45)
- Bollinger (20, 2)
- 0.85 – 1.20
- in the lower half of the band · %B 0.07 · band width 34.8%
- SMA 50 / 200
- 1.49 / 3.63
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.16 / -0.19
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −31.6% | −1.1% | −30.5 pp | — |
| 3 months | −68.7% | −0.5% | −68.3 pp | — |
| 6 months | −79.6% | +4.4% | −83.9 pp | — |
| Year to date | −83.4% | +12.3% | −95.7 pp | — |
| 1 year | −82.4% | +13.5% | −96.0 pp | +19.6% |
| 3 years | unavailable | +76.4% | unavailable | +33.9% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 292.4 k | 299.2 k | 3.6 m |
| Revenue YoY | unavailable | +2.3% | +1,114.3% |
| Net income | -34.6 m | -47.9 m | -38.3 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -11.32 | -12.41 | -1.76 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -11,838.6% | -16,024.3% | -1,055.3% |
| Free cash flow | -23.2 m | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Jun 2025
- Cash
- 29.1 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 42.9 m USD
- Total assets
- 86.5 m USD
- Debt / equity
- unavailable
- Current ratio
- 2.67x
- ROE
- -109.2%
- ROA
- -48.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 292.4 k | 299.2 k | 3.6 m | SEC (XBRL)· 18 Sept 2025verified |
| Cost of revenue | — | — | 3.6 m | SEC (XBRL)· 18 Sept 2025verified |
| Gross profit | 292.4 k | 299.2 k | 39.3 k | SEC (XBRL)· 18 Sept 2025verified |
| Research & development | 22.6 m | 23.1 m | 27.5 m | SEC (XBRL)· 18 Sept 2025verified |
| Operating income | -34.5 m | -47.2 m | -38.2 m | SEC (XBRL)· 18 Sept 2025verified |
| Interest expense | 86.1 k | 642.9 k | 65.3 k | SEC (XBRL)· 18 Sept 2025verified |
| Pre-tax income | -34.6 m | -47.9 m | -38.2 m | SEC (XBRL)· 18 Sept 2025verified |
| Income tax | 38.0 k | 96.4 k | 103.3 k | SEC (XBRL)· 18 Sept 2025verified |
| Net income | -34.6 m | -47.9 m | -38.3 m | SEC (XBRL)· 18 Sept 2025verified |
| Diluted EPS | -11.32 | -12.41 | -1.76 | SEC (XBRL)· 18 Sept 2025verified |
| Weighted average diluted shares | 305.8 m | 386.5 m | 2.1 bn | SEC (XBRL)· 18 Sept 2025verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 11.7 m | 18.6 m | 29.1 m | SEC (XBRL)· 18 Sept 2025verified |
| Receivables | 4.5 m | 987.4 k | 10.4 m | SEC (XBRL)· 18 Sept 2025verified |
| Current assets | — | 22.8 m | 39.9 m | SEC (XBRL)· 18 Sept 2025verified |
| Property, plant & equipment, net | — | 60.8 k | 53.5 k | SEC (XBRL)· 18 Sept 2025verified |
| Intangibles (excl. goodwill) | 58.5 m | 49.1 m | 46.6 m | SEC (XBRL)· 18 Sept 2025verified |
| Total assets | — | 72.0 m | 86.5 m | SEC (XBRL)· 18 Sept 2025verified |
| Accounts payable | 5.1 m | 10.9 m | 9.3 m | SEC (XBRL)· 18 Sept 2025verified |
| Current liabilities | — | 17.6 m | 14.9 m | SEC (XBRL)· 18 Sept 2025verified |
| Total liabilities | — | 44.7 m | 43.6 m | SEC (XBRL)· 18 Sept 2025verified |
| Equity | 45.6 m | 27.4 m | 42.9 m | SEC (XBRL)· 18 Sept 2025verified |
| Shares outstanding at year end | — | — | 2.4 bn | SEC (XBRL)· 18 Sept 2025verified |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -23.2 m | -23.0 m | -36.6 m | SEC (XBRL)· 18 Sept 2025verified |
| Capex | 45.3 k | — | — | SEC (XBRL)· 18 Sept 2025verified |
| Free cash flow | -23.2 m ≈ | — | — | SEC (XBRL)· 18 Sept 2025derived |
| Investing cash flow | -1.5 m | -320.0 k | 1.8 m | SEC (XBRL)· 18 Sept 2025verified |
| Financing cash flow | 9.2 m | 30.2 m | 45.4 m | SEC (XBRL)· 18 Sept 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.1 bn USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
17% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -1,055.3% | 12 (vs peers) | 38% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -584.6x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 2.7x | 100 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial12/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Radiopharm Theranostics Limited (RADX). Latest full fiscal year: 2025; data up to 2025-06-30.
Figures computed from the financial statements: revenue 3.6 m USD in 2025; YoY growth 1,114.3%; net margin -1,055.3%; ROE -109.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.7x
What contradicts it
- Net margin: -1,055.3%
- Interest coverage: -584.6x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Pharmaceutical Preparations (SIC 2834) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LLYEli Lilly And Company | 1,334.0 bn | 46.0 | 86.1% | 31.9% | +44.7% | +32% / +140% |
| JNJJohnson & Johnson | 665.2 bn | 41.9 | 20.0% | 16.2% | +6.0% | +34% / +79% |
| ONCBeone Medicines Ltd. | 558.4 bn | 869.9 | 14.7% | 10.7% | +40.2% | +11% / +102% |
| ABBVAbbVie Inc. | 521.1 bn | 50.7 | — | 15.7% | +8.6% | +29% / +107% |
| MRKMerck & Co., Inc. | 370.7 bn | 154.7 | 5.1% | 3.6% | +1.3% | +43% / +47% |
| ABTAbbott Laboratories | 200.1 bn | 43.0 | 9.2% | 9.7% | +5.7% | −10% / +11% |
| PFEPfizer Inc | 175.5 bn | 43.9 | 4.4% | 6.3% | −1.6% | +20% / +1% |
| VRTXVertex Pharmaceuticals Inc | 139.2 bn | 35.3 | 20.8% | 30.7% | +8.9% | +27% / +55% |
| BMYBristol-Myers Squibb Company | 131.2 bn | 14.2 | 44.1% | 18.5% | −0.2% | +30% / +30% |
| TEVATeva Pharmaceutical Industries Limited | 48.8 bn | 97.4 | 6.6% | 3.6% | +4.3% | +56% / +326% |
| ZTSZoetis Inc. | 36.9 bn | 14.7 | 64.4% | 27.5% | +2.3% | −30% / −50% |
| ROIVRoivant Sciences Ltd. | 27.6 bn | — | -6.2% | -3,535.0% | −71.6% | +84% / +300% |
| RPRXRoyalty Pharma plc | 26.2 bn | 47.7 | 6.9% | 25.7% | +5.1% | +69% / +150% |
| UTHRUnited Therapeutics Corporation | 25.9 bn | 23.0 | 19.1% | 38.6% | +10.6% | +25% / +154% |
| INSMInsmed Inc | 24.1 bn | — | -72.5% | -39.9% | +66.7% | −47% / +340% |
| VTRSViatris Inc. | 22.1 bn | — | -23.6% | -23.9% | −3.0% | +80% / +109% |
| ALNYAlnylam Pharmaceuticals, Inc. | 21.6 bn | 8.1 | 126.6% | 52.8% | +65.2% | −64% / −4% |
| TGTXTg Therapeutics, Inc. | 9.4 bn | 22.5 | 100.3% | 55.2% | +87.3% | +85% / +381% |
| BLRXBioLineRx Ltd | 4.9 bn | — | -12.8% | -171.7% | −95.9% | −46% / −97% |
| RADXRadiopharm Theranostics Limited | 3.1 bn | — | -109.2% | -1,055.3% | +1,114.3% | −82% / unavailable |
| AGIOAgios Pharmaceuticals, Inc. | 1.9 bn | — | -34.3% | -418.2% | +48.0% | +7% / +41% |
| SLSSELLAS Life Sciences Group, Inc. | 1.8 bn | — | -39.6% | — | −100.0% | +464% / +779% |
| SVRASavara Inc | 957.4 m | — | -105.5% | — | unavailable | −26% / +21% |
| PBYIPuma Biotechnology, Inc. | 551.8 m | 20.5 | 22.0% | 11.6% | −0.9% | +112% / +174% |
| STTKShattuck Labs, Inc. | 516.9 m | — | -39.2% | -5,256.8% | −82.5% | +145% / +163% |
1- and 3-year price returns: for RADX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Sept 2026; since then the company filed 6-K (04 Nov 2026), 6-K (30 Oct 2026), 6-K (27 Oct 2026), 6-K (26 Oct 2026), 6-K (20 Oct 2026), 6-K (05 Oct 2026).
In brief
Radiopharm Theranostics develops radiopharmaceutical platforms for diagnosis and treatment in precision oncology, at preclinical and clinical stages. The company has no approved products yet, and its total comprehensive loss for fiscal 2026 was A$56.33 million 1, which makes ongoing funding a central question.
SWOT
Strengths
- A portfolio of exclusive licences over several platform technologies and a partnership with a leading cancer research centre 1.
- Support from industry partners who invest capital and take on clinical costs in certain programmes 1.
- Access to Australian research incentives that partly reduce operating costs 1.
Weaknesses
Opportunities
- A large market for targeted radiation therapies, where successful clinical studies could open access to several indications 1.
- Additional development and licensing partnerships could accelerate programmes and ease financial pressure 1.
- Growing demand for medical radioisotopes could support expansion of studies and the supply chain 1.
Threats
Risks
- Recurring losseshigh
The company has a history of losses and does not expect to become profitable in the near term, which could mean investments are never recovered 1.
- Need for additional fundinghigh
Continuity depends on access to new funds, and if financing is unavailable on acceptable terms, clinical programmes could be curtailed 1.
- No product revenuemedium
No drug candidate is approved for sale, and product revenue may not arrive for many years, if ever 1.
- Clinical study risksmedium
Preclinical results do not guarantee clinical success, and safety and efficacy could prove insufficient for approval 1.
- Intellectual property protectionmedium
Patent protection depends on administrative compliance and the outcome of disputes, and loss of rights could affect the value of assets 1.
Investment thesis
What would need to be true (bull case)
- If clinical studies confirm safety and efficacy, the licensed platforms could open access to a large market, and partnerships with industry players could ease financial pressure 1.
- Support from Lantheus and a recognised cancer research centre could accelerate development and attract new partners for promising programmes 1.
- Australian tax incentives and flexible financing tools could extend financial runway, giving time for clinical results 1.
What would break the thesis
- If clinical studies fail to show sufficient efficacy, programmes could be dropped and past investment could be lost 1.
- Repeated reliance on equity raises could dilute existing shareholders and pressure the balance sheet 1.
- Competition from companies with more advanced products could limit commercial opportunities even if the platforms prove technically sound 1.
What to watch
- Progress of clinical studies and regulatory filings2027
- New financing transactions, including use of the ATM programmeNext 10-K
- Development of research and development expenses versus fiscal 2026Q1 2027
- New partnerships or licences for existing platforms and assets2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Sept 2026; since then the company filed 6-K (04 Nov 2026), 6-K (30 Oct 2026), 6-K (27 Oct 2026), 6-K (26 Oct 2026), 6-K (20 Oct 2026), 6-K (05 Oct 2026).
The business
Radiopharm Theranostics Limited, incorporated in Australia and listed on the ASX under RAD, operates as a research and development company pursuing radiopharmaceutical platforms for therapeutic and diagnostic applications in precision oncology 1. Its ordinary shares have also traded on Nasdaq as ADSs under RADX since November 2024 1. The company describes itself as a clinical-stage radiotherapeutics company holding exclusive licences over five platform technologies, including anti-HER-2 and anti-TROP-2 antibodies licensed from NanoMab and Ga-Trivehexin licensed from TRIMT 1.
Financially, the company has no commercial product revenue yet. Revenue from contracts with customers was A$2.77 million in fiscal 2026, mainly from work on the DUNP19 trial conducted for Lantheus, and a significant part of the loss is offset by Australian research and development tax incentives 1. The company relies on equity financing, including an ATM facility with Leerink Partners of up to US$9.3 million 1.
Segments
Clinical development and pipeline
The pipeline includes five licensed platform technologies targeting radiosensitive solid tumours, plus the Pivalate and Trivehexin assets, both small molecules that may penetrate tumour mass more readily 1. Research and development expenses rose to A$49.96 million in fiscal 2026, driven mainly by the NanoMab and R&D Ventures programmes 1.
Partnerships and asset transactions
The company transferred the TROP2 and DUNP19 assets to Lantheus in 2024, handed the PTPµ asset back to the university in January 2026, and entered a master service agreement with AtomVie for manufacturing 177Lu-BetaBart 1. These transactions reshape the portfolio and reduce direct exposure to certain programmes.
Market context
The company estimates that the combined annual global market for the indications it targets exceeds US$6 billion, a figure reflecting total addressable market rather than expected revenue 1. Nuclear medicine performs over 40 million procedures a year, and demand for medical radioisotopes grows by around 5% annually 1. External beam radiation is used in approximately 50% of cancer patients, pointing to a large market for more selective treatments 1.
However, the company has no products approved for sale and states that it cannot determine what share of the total addressable market it will be able to target until approvals are obtained 1. Market size therefore depends on clinical results and regulatory timing, both of which are uncertain.
Trends
- Rising demand for radioisotopestailwind
Demand for medical radioisotopes keeps growing each year, which could support the company's access to isotope supply for clinical trials if the supply chain remains stable 1.
- Shift toward targeted radiation therapiestailwind
Advances in antibody and small-molecule design have increased interest in theranostic radiopharmaceuticals, which could open opportunities for the company's platform 1.
- Rising research costsheadwind
As clinical studies expand, development costs increase and the need for further funding grows, which could limit the company's ability to sustain its programmes 1.
- Reliance on tax incentives and partnersmixed
Australian tax incentives and the Lantheus contracts contribute significantly to results, but if this support shrinks or partnerships change, balance sheet pressure could increase 1.
Competitive position
The sources note competition from entities developing treatments for the same indications, including companies using similar modalities and technology platforms 1. Competition is therefore both therapeutic and technological, on each targeted indication.
Competitive position depends on progress in clinical studies, the ability to secure partners and the protection of intellectual property. The company acknowledges that patent rights can be challenged, and exclusive licences do not remove the risk of competing products emerging 1.
- Lantheus HoldingsLNTH
A radiopharmaceutical company that is both an investor and clinical development partner of Radiopharm, but could also compete in the same fields 1.
- AtomVie Global Radiopharma
Provider of development and manufacturing services for 177Lu-BetaBart, more a partner than a direct competitor 1.
- Leerink Partners
Sales agent for the ATM programme, relevant for financing rather than product competition 1.
- Developers of competing radiopharmaceutical therapies
Companies developing treatments for the same solid tumours with similar technologies, referred to generically in the company's risk factors 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)04 Nov 2026
- Current report (foreign issuer)30 Oct 2026
- Current report (foreign issuer)27 Oct 2026
- Current report (foreign issuer)26 Oct 2026
- Current report (foreign issuer)20 Oct 2026
- Current report (foreign issuer)05 Oct 2026
- Current report (foreign issuer)01 Oct 2026
- Annual report (foreign issuer)30 Sept 2026
- Current report (foreign issuer)30 Sept 2026
- Current report (foreign issuer)22 Sept 2026
Sources
- [1] Form 20-F, fiscal year ended 2026-06-30 · SEC / Radiopharm Theranostics Limited · 30 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.