Highlights

• Starpharma shares rose 3.52% during the morning session on 3 July 2026 following a collaboration update.

• The company achieved a key milestone under its agreement with Radiopharm Theranostics.

• The milestone triggers an AUD 0.5 million option fee payable to Starpharma.

• The collaboration has entered an option period during which Radiopharm may seek an exclusive licence to DEP technology.

• If the option is exercised, Starpharma could become eligible for up to AUD 91 million in upfront, milestone and royalty payments.

Starpharma Holdings Ltd (ASX:SPL) shares gained 3.52% to AUD 0.74 during the morning session on 3 July 2026 after the biotechnology company announced that it had reached a key milestone under its collaboration with Radiopharm Theranostics. The achievement triggers an AUD 0.5 million option fee payable to Starpharma and advances the program into the next stage of the partnership. The latest update comes as the stock remains up 716.67% over the past year, with investors responding to progress in the company's DEP technology collaboration.

Starpharma is an Australian biotechnology company focused on developing and commercialising dendrimer-based technologies across oncology and other therapeutic areas. The company's portfolio includes clinical-stage DEP (Dendrimer Enhanced Product) candidates, preclinical radiopharmaceutical programs, research collaborations and several commercially available over-the-counter products. Its proprietary dendrimer platform is designed to support the development of therapeutic products through collaborations and internal programs.

Collaboration Milestone Advances DEP Program

Starpharma announced that it has achieved a significant milestone under its collaboration agreement with Radiopharm Theranostics, resulting in an AUD 0.5 million option fee becoming payable to the company.

The milestone follows the completion of initial development and manufacturing activities undertaken as part of the research collaboration and marks the transition of the program into its next phase.

According to Starpharma, the achievement represents a commercial outcome under the collaboration while providing a defined pathway for the program to progress further through the licensing process.

The announcement centres on the continued development of a radiopharmaceutical asset incorporating Starpharma's proprietary DEP dendrimer technology.

Option Period Creates Potential Licensing Opportunity

With the milestone now completed, the collaboration has entered an option period during which Radiopharm Theranostics may elect to obtain an exclusive licence to Starpharma's DEP technology for the radiopharmaceutical program.

If Radiopharm decides to exercise the option, Starpharma said it could become eligible to receive payments of up to AUD 91 million.

This amount includes an upfront payment together with development, regulatory and commercial milestone payments that are linked to the progress of the program.

In addition to these potential payments, the agreement also provides for royalties on future net sales should the program ultimately reach commercialisation.

The company stated that the current milestone establishes a defined licensing pathway under the collaboration agreement while representing external validation of its DEP platform within radiopharmaceutical development.

Collaboration Builds on Earlier Agreement

The latest announcement builds on the research collaboration originally disclosed by Starpharma on 30 September 2025.

Under that agreement, Radiopharm engaged Starpharma to apply its proprietary DEP platform to develop and manufacture a dendrimer-drug conjugate incorporating one of Radiopharm's radiopharmaceutical molecules.

Starpharma's responsibilities under the research agreement included applying its technology platform during the initial development and manufacturing phase of the program.

Completion of these activities has now enabled the collaboration to progress into the option period outlined in the agreement.

The company described the latest milestone as the next stage in the ongoing partnership between the two organisations.

DEP Technology Remains Central to Strategy

Starpharma's proprietary DEP platform remains a key component of the company's broader commercial strategy.

The technology uses dendrimers—precisely engineered nanoscale molecules—to support the development of therapeutic products across multiple disease areas.

According to the company, dendrimers possess characteristics including defined structure, branching, water solubility and polyvalency that support pharmaceutical and medical applications.

The Radiopharm collaboration represents one example of how Starpharma's technology is being applied within partner-led development programs.

Management indicated that the milestone further demonstrates the use of the DEP platform in radiopharmaceutical drug development.

Radiopharmaceutical Development Continues to Progress

The collaboration focuses on applying DEP technology to a radiopharmaceutical asset being developed by Radiopharm Theranostics.

Radiopharmaceuticals combine radioactive materials with medicines to support targeted therapeutic approaches, particularly within oncology.

Starpharma stated that the collaboration demonstrates how its dendrimer technology can be incorporated into partner-led development programs aimed at creating differentiated therapeutic assets.

The company also noted that radiopharmaceuticals continue to attract attention across the global oncology sector, providing an area where its platform technology may be applied through future collaborations.

The current announcement did not include clinical results or regulatory approvals but instead focused on the successful completion of development activities required to achieve the contractual milestone.

Management Comments on the Milestone

Chief Executive Officer Cheryl Maley said the collaboration with Radiopharm Theranostics has progressed productively and described the latest milestone as an important step for the program.

Management stated that completion of the milestone moves the collaboration into the option period, during which Radiopharm will assess whether to obtain an exclusive licence to the DEP technology.

The company also highlighted that this process creates a defined pathway to potential upfront payments, development milestones, commercial milestones and royalty revenue under the existing agreement.

In addition, management noted that the collaboration provides further validation of Starpharma's dendrimer technology within radiopharmaceutical drug development.

Company Portfolio Continues to Expand

Beyond the Radiopharm collaboration, Starpharma continues to maintain a diversified portfolio of dendrimer-based technologies.

Its product portfolio includes clinical-stage DEP assets, preclinical radiopharmaceutical programs, research collaborations and three commercially marketed over-the-counter products.

The company has spent more than two decades advancing dendrimer technology across pharmaceutical applications with a focus on improving treatment outcomes through its proprietary platform.

Starpharma continues to pursue a combination of internal development programs and strategic collaborations that utilise its DEP technology across different therapeutic areas.

What Could Investors Watch Next?

Following the latest announcement, investors are likely to monitor developments during the option period, particularly whether Radiopharm Theranostics elects to exercise its exclusive licensing option for the DEP technology.

Market participants may also watch for further progress under the collaboration, including any future development, regulatory or commercial milestones contemplated under the agreement.

Additional updates relating to Starpharma's broader DEP portfolio, research collaborations and radiopharmaceutical programs may also remain areas of interest as the company continues advancing its biotechnology platform.