Why Are Starpharma Holdings Ltd (ASX:SPL) Shares Down Today?

Sonal Goyal

10 November 2026 07:04 PM AEDT

Why Are Starpharma Holdings Ltd (ASX:SPL) Shares Down Today?

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Key highlights

Starpharma shares were down 7.78% at $0.415 during the 10 November 2026 trading session.
Cash balance was $34.4 million at 30 September 2026, or $37.9 million on a pro forma basis.
The company increased its interest in Petalion Therapeutics from 22.5% to 66%.

Starpharma Holdings Ltd (ASX:SPL) fell 7.78% to $0.415 during the 10 November 2026 trading session. The S&P/ASX 200 was higher by 1.34%, or 121.20 points, at 9,150.90 over the same session. Starpharma is a biotechnology company developing dendrimer technology, with a focus on oncology and radiopharmaceuticals. Its latest update was its quarterly activities report and Appendix 4C for the quarter ended 30 September 2026, released on 22 October 2026.

Clinical program progress

Starpharma completed manufacture of the non-radiolabelled clinical material for its lead radiopharmaceutical, DEP HER2-Lu, and submitted a Clinical Trial Application in Europe. The company is preparing for a first-in-human Phase 1 study.

Following the quarter, Starpharma increased its Equity interest in Petalion Therapeutics from 22.5% to 66%, securing majority ownership of the FAP-targeted DEP oncology program.

Partnerships and funding

The company progressed partnerships with Genentech and Radiopharm Theranostics, and received an A$0.5 million licensing option fee under the Radiopharm collaboration.

A $32 million fully underwritten entitlement offer was completed. Cash stood at $34.4 million at 30 September 2026, rising to $37.9 million on a pro forma basis after an R&D tax incentive receipt of $3.5 million.

Sector context

Radiopharmaceutical and targeted oncology developers depend on partnerships and on the progress of early clinical studies. Investors in the sector watch for clinical milestones, regulatory filings and the terms of collaborations. At about 42 cents, Starpharma is priced above most stocks in the table, and the broader market was higher during the session.

Risks

The first-in-human study of DEP HER2-Lu depends on the approval of its European trial application and on the timing of recruitment. Delays would push back the program's next milestones.

Owning a majority of Petalion brings operational responsibility, and the costs and outcomes of that program will affect the group's results.

What to watch ahead

Investors will be looking for the outcome of the Clinical Trial Application, the start of the Phase 1 study and progress on the Petalion program under majority ownership.

Final Word

Starpharma's Trading session fall came after a Quarterly Report that covered clinical progress and a larger cash position. The next regulatory and clinical milestones will shape the company's direction.

FAQs

Q: What is DEP HER2-Lu?

A: DEP HER2-Lu is the lead radiopharmaceutical program that Starpharma is preparing to take into a first-in-human Phase 1 study.

Q: How much did Starpharma's equity interest in Petalion increase to?

A: Its interest increased from 22.5% to 66%.

Q: What was the pro forma cash balance?

A: The pro forma cash balance was $37.9 million, including a $3.5 million R&D tax incentive received on the day of the report.

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