Radiopharm Exits Quarter With A$7.5M Cash and Only 0.70 Quarters of Runway
RADX sits 17% above its 52-week low of $0.9.
Summary
Radiopharm closed the September quarter with A$7.5M in cash against A$10.7M of quarterly operating burn, leaving 0.70 quarters of funding. The A$12.5M placement and A$3M SPP funded the quarter; RAD101 Phase 3 is targeted for 1Q27.
Key Events · Earnings and Guidance · RADX
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Cash Falls Short of Two Quarters
Closing cash stood at A$7.5M (A$7,462k) on 30 September 2026, up from A$4.1M at the prior quarter end, against a A$10.7M net operating cash outflow — an estimated 0.70 quarters of funding.
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Placement and SPP Funded the Quarter
A A$12.5M institutional placement and A$3M Share Purchase Plan generated A$14,920k of gross equity proceeds, net of A$798k in transaction costs.
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Going-Concern Funding Plan
To continue operations, management cites the US$18.9M ATM facility set up in December 2025, the $8M Rockford Capital RDTI-backed draw received after quarter end, and delayed discretionary spending.
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RAD101 Phase 3 Targeted for 1Q27
With the End-of-Phase 2 meeting with the FDA completed, the pivotal Phase 3 imaging trial in recurrent brain metastases is expected to initiate in the first quarter of 2027.
Analysis · RADX · Life Sciences
The quarterly cash report puts hard numbers on a balance sheet already flagged as a going concern. Cash rose to A$7.5M from A$4.1M solely because of the A$12.5M placement and A$3M SPP completed in the quarter, even as operations burned A$10.7M. That leaves 0.70 quarters of funding, which is why the Appendix 4C forces the company to explain how it will keep going. Management points to the US$18.9M ATM facility set up in December 2025, the $8M Rockford Capital draw received after quarter end, and delays to discretionary spending. Clinical news in the release — RAD101 Phase 3 expected to start in 1Q27, RAD301 Phase 1 data, RAD202 and RV-01 cohort advances — was already disclosed in August, September and October filings. What is new is the cash math: without further raises, the runway does not reach the RAD101 Phase 3 start.
How filings like this one have moved
In the 30 days to Oct 30, 2026, 30.6% of the 1568 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, RADX was trading at $1.05 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $13.2M. The 52-week trading range was $0.90 to $16.25. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.