Key Highlights

  • Starpharma shares have gained 95.95% year to date in 2026, making the company one of the stronger-performing ASX biotechnology stocks this year.
  • The company recently achieved a key DEP® technology milestone under its collaboration with Radiopharm Theranostics, triggering a AUD 0.5 million option fee.
  • Investors are monitoring whether the collaboration progresses to an exclusive licensing agreement that could unlock future milestone payments and royalties.

Starpharma Holdings Ltd (ASX: SPL) has attracted significant investor attention in 2026 after its shares almost doubled since the beginning of the year. As of 13 July, the biotechnology company's stock had delivered a year-to-date return of 95.95%, reflecting growing market interest in its proprietary DEP® dendrimer technology and recent commercial progress.

The latest catalyst came from a collaboration update with Radiopharm Theranostics, where Starpharma announced the achievement of a key development milestone that triggered an option fee and advanced the partnership to its next stage. While biotechnology stocks often experience periods of volatility, investors are increasingly focusing on commercial opportunities that could emerge from the company's technology platform.

Share Performance Reflects Improving Market Sentiment

Starpharma shares traded around AUD 0.72 on 13 July after reaching an intraday high of AUD 0.73. The stock has traded within a 52-week range of AUD 0.094 to AUD 0.79, illustrating the substantial recovery recorded over the past year.

With a market capitalisation of approximately AUD 309 million, Starpharma remains a relatively small biotechnology company compared with larger healthcare businesses listed on the ASX. Nevertheless, its performance in 2026 has placed it among the stronger-performing biotechnology stocks on the Australian market.

Although the shares remain below their 52-week high, the significant year-to-date gain suggests investors have responded positively to the company's recent commercial developments and partnership announcements.

DEP® Milestone Triggers Option Fee

The company's latest announcement centred on its collaboration with Radiopharm Theranostics, a biotechnology company focused on radiopharmaceutical therapies.

Starpharma confirmed it had achieved a key milestone under the collaboration agreement, triggering an AUD 0.5 million option fee payable by Radiopharm. The milestone follows the completion of the initial development and manufacturing activities under the research agreement announced in September 2025.

The achievement also moves the collaboration into an option period during which Radiopharm may decide whether to obtain an exclusive licence to Starpharma's proprietary DEP® dendrimer technology for a radiopharmaceutical asset currently under development.

For investors, the announcement represents more than the immediate option payment, as it establishes a defined pathway for potential future commercial agreements.

Potential Licensing Opportunity

If Radiopharm elects to exercise its exclusive licence option, Starpharma could become eligible to receive payments of up to AUD 91 million.

According to the company, these potential payments would include an upfront licence payment together with development, regulatory and commercial milestone payments. The agreement also provides for royalties on future net sales if commercialisation proceeds.

It is important to note that these payments are contingent on Radiopharm exercising the option and the achievement of future development and commercial milestones. They are not guaranteed payments and remain subject to the progress of the collaboration.

Nevertheless, the latest milestone provides external validation of Starpharma's DEP® technology platform and demonstrates continued commercial interest from development partners.

DEP® Technology Remains Central to Growth Strategy

Starpharma has spent more than two decades developing its proprietary dendrimer-based technology platform, known as DEP® (Dendrimer Enhanced Product).

The technology is designed to improve the delivery of therapeutic compounds by enhancing characteristics such as solubility, stability and targeting. The company is applying the platform across oncology programs, radiopharmaceutical development and research collaborations, while also maintaining several commercially marketed over-the-counter products.

Radiopharmaceuticals have become an increasingly active area of research within oncology, creating opportunities for companies developing technologies that may improve drug delivery and treatment performance.

The latest collaboration milestone highlights how Starpharma's technology is being incorporated into partner-led development programs rather than relying solely on internally developed products.

What Investors Are Watching

Following the sharp share price appreciation in 2026, investors are expected to focus on the next stage of the Radiopharm collaboration.

The key event will be whether Radiopharm exercises its exclusive licensing option during the option period. Beyond that, investors are also likely to monitor further commercial partnerships, clinical development updates and additional licensing opportunities involving the DEP® platform.

As with many biotechnology companies, commercial outcomes depend on development progress, regulatory pathways and partner decisions, making milestone announcements an important indicator of future progress.

Conclusion

Starpharma has emerged as one of the stronger-performing ASX biotechnology stocks in 2026, with its shares rising 95.95% year to date as of 13 July. The recent DEP® milestone achieved with Radiopharm Theranostics has strengthened the commercial pathway for the collaboration by triggering an AUD 0.5 million option fee and opening the possibility of a future licensing agreement. While future payments remain conditional on the exercise of the option and subsequent development milestones, investors are likely to continue monitoring the collaboration alongside the broader commercial progress of Starpharma's proprietary dendrimer technology platform.