Sparks - Starpharma

Starpharma reported FY26 revenue of A$12.0m, up 145% from A$4.9m in FY25, primarily reflecting the A$8.3m upfront payment from its Genentech collaboration, while the net loss narrowed 25% to A$7.5m, from A$10.0m in FY25, despite increased investment in the DEP pipeline. R&D expenditure rose to A$11.1m, from A$8.4m in FY25, as Starpharma advanced its lead DEP HER2-Lutetium (HER2-Lu) radiopharmaceutical and next-generation DEP candidates, with operating cash outflow improving to A$3.2m, from A$6.8m in FY25. Year-end cash was A$11.0m, but the subsequent A$30m net entitlement-offer proceeds materially strengthened the balance sheet, and, according to management, extended the funding runway into FY28.

The principal near-term clinical catalyst is DEP HER2-Lu, for which the preclinical package is complete, FDA feedback has been supportive and a first-in-human Phase I study in Europe is planned for H2 CY26. Commercial validation also strengthened through the Genentech deal, which carries up to US$564m of potential milestones plus royalties, and Radiopharm’s move into its licence-option period, although out-licensing of the Phase II DEP SN38 and cabazitaxel assets continues to progress more slowly than anticipated.