Starpharma (ASX:SPL) Lifts Cash to A$34.4 Million as DEP HER2-Lu Heads Toward Human Dosing

Sonal Goyal

22 October 2026 12:09 PM AEDT

Starpharma (ASX:SPL) Lifts Cash to A$34.4 Million as DEP HER2-Lu Heads Toward Human Dosing

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Key Highlights

Cash at 30 September 2026 was A$34.4 million, rising from A$11.0 million after a A$32 million fully underwritten entitlement offer.
Pro forma cash of A$37.9 million includes a A$3.5 million R&D tax incentive received on 22 October 2026.
Starpharma lifted its stake in Petalion Therapeutics from 22.5% to 66% after quarter end.
Net operating cash outflow for the quarter was A$5.9 million, including R&D payments of A$2.6 million and staff costs of A$3.3 million.

Starpharma Holdings Limited (ASX:SPL) closed the first quarter of FY27 with a cash balance of A$34.4 million at 30 September 2026, following completion in August of a fully underwritten A$32 million entitlement offer. Including a A$3.5 million R&D tax incentive received on 22 October 2026, the pro forma cash balance is A$37.9 million.

The quarterly activities report and Appendix 4C describe progress on the company's lead radiopharmaceutical program, a change in its stake in Petalion Therapeutics and continued work with two licensing partners.

Cash Flow and Funding Detail

Cash and cash equivalents rose from A$11.015 million at the start of the quarter to A$34.374 million at the end. Financing activities contributed A$29.383 million, built from A$31.992 million of equity proceeds less A$2.273 million of transaction costs, repayments of borrowings of A$156,000 and lease principal repayments of A$180,000. Operating activities used A$5.904 million and investing activities used A$115,000.

Customer receipts were A$1.0 million, comprising the A$0.5 million Radiopharm option fee together with product sales and R&D project income. Operating payments included A$2.6 million for research and development, which covers upfront clinical study costs for DEP HER2-Lu, and A$3.3 million for staff, of which A$517,000 related to payments to directors. Manufacturing and operating costs were A$627,000.

Starpharma said the proceeds of the raise extend its cash runway into FY28. Related party payments of A$517,000 included A$91,065 paid to Pure Solutions Australia Pty Ltd and the Centre for Biopharmaceutical Excellence, where non-executive director Dr Jeff Davies is also a director and shareholder; the company said these amounts are recovered from a customer under a pass-through arrangement.

DEP HER2-Lu Moves Toward First-in-Human Study

Following quarter end, Starpharma submitted a Clinical Trial Application through the European Union Clinical Trials Information System for a first-in-human Phase 1 study in the Netherlands. During the quarter it completed manufacture of the non-radiolabelled DEP HER2-Lu for the study and advanced development, optimisation and validation of the radiolabelling process. The study will run with University Medical Center Groningen, working with Professor Elisabeth de Vries and Dr Derk Jan de Groot.

The initial stage is designed to evaluate safety and tolerability and to characterise biodistribution, tumour uptake, pharmacokinetics and radiation dosimetry in patients with HER2-expressing cancers. First patient dosing remains subject to regulatory approval and completion of site start-up activities. The submission followed guidance from the US FDA on clinical development strategy and chemistry, manufacturing and controls expectations.

The company also filed a new patent application covering the use of its DEP dendrimer technology in radioligand therapy, based on preclinical data across HER2, PSMA and EGFR targets that showed sustained tumour uptake, low off-target accumulation and a consistent biodistribution profile.

Petalion, Genentech and Radiopharm Partnerships

After the quarter ended, Starpharma raised its holding in Petalion Therapeutics from 22.5% to 66%, giving it governance control and operational leadership of the FAP-targeted DEP oncology program. Medicxi keeps a 30% interest, Board representation and a strategic role. Starpharma will contribute up to A$5.0 million, made up of A$3.0 million in cash and up to A$2.0 million in R&D services, with the cash portion funded from the allocation for new R&D pipeline opportunities in its capital raise.

Research continued under the Genentech collaboration and licence agreement to develop dendrimer-drug conjugates incorporating Genentech medicines for selected oncology targets. Under the Radiopharm Theranostics agreement, a milestone triggered the A$0.5 million option fee, received in July 2026, and moved the program into an option period. Should Radiopharm exercise its option, Starpharma would be eligible for up to A$91 million in upfront and milestone payments plus royalties on net sales.

On governance, Rob Thomas AO will retire as Chair at the close of the November 2026 Annual General Meeting after 12 years, with Dr Russell Basser and David McIntyre to become Chair and Deputy Chair.

Where the Numbers Leave the Company

Starpharma ended the quarter with A$34.4 million in cash, up from A$11.0 million, after A$29.4 million of net financing inflows more than covered A$5.9 million of operating outflows. The pro forma balance stands at A$37.9 million, and the company has indicated that funding extends into FY28. Operationally, the clinical trial application for DEP HER2-Lu has been lodged, the Petalion stake has moved to 66%, and the Radiopharm option fee of A$0.5 million was received in July.

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