Radiopharm Theranostics (RAD) Q3 2026 TU earnings summary

Executive summary

• Completed enrolment in Phase 2b trial of RAD 101 for recurrent brain metastases, with interim data showing 90% concordance with MRI in 18/20 evaluable subjects.

• Presented initial Phase 0/1 data for RAD 202, demonstrating encouraging tumor uptake and favorable safety at AACR 2026.

• Initiated two First-In-Human clinical trials: RV-01 in various tumor types and RAD 402 in advanced prostate cancer.

• Signed a supply agreement with Siemens Healthineers for radiolabeling and distribution of RAD 101.

Financial highlights

• Closing cash at quarter end was $19.2 million, down from $34.5 million in the prior quarter.

• Net cash outflows from operating activities were $14.9 million, with R&D and staff costs accounting for 95% of spend.

• Receipts from customers totaled $443,000 for the quarter.

• Net cash used in investing activities was $5.3 million, primarily for license fee liabilities.

• Net cash from financing activities was negative $284,000 for the quarter.

Outlook and guidance

• Operating cash outflows are expected to moderate in Q4 FY2026 as milestone-driven R&D and non-recurring SG&A costs normalize.

• Board expects to continue operations and meet business objectives, with access to an $18.9 million At-The-Market Facility and anticipated $5 million R&D tax incentive.