Radiopharm Theranostics Secures A$12.5 Million Institutional Funding Ahead of RAD101 Phase 3 Trial Launch

Institutional Placement Structure and Pricing Details

Radiopharm Theranostics has obtained firm commitments totaling approximately A$12.5 million through a dual-tranche institutional capital raise. The Australian placement raised about A$6.7 million by issuing approximately 448,839,531 fully paid ordinary shares at A$0.015 per share to Australian and international institutional and sophisticated investors. Simultaneously, a US Direct Registration Offering issued 1,281,646 American Depositary Shares (ADS) at US$3.16 per ADS, representing roughly 384,493,800 underlying ordinary shares, raising about US$4.1 million (A$5.8 million) at announcement.

The Australian Placement Offer Price of A$0.015 per share reflects a discount to recent trading prices: 21.1% below the ASX closing price of A$0.019 on 21 July 2026, 22.3% below the five-day volume-weighted average price (VWAP) of A$0.0193, and 23.1% below the fifteen-day VWAP of A$0.0195, all up to 21 July 2026. This pricing underscores institutional investor confidence in Radiopharm's clinical pipeline and development strategy.

Share Purchase Plan Launch and Shareholder Participation

Following the institutional placement, Radiopharm is initiating a Share Purchase Plan to raise up to A$6 million from existing eligible shareholders. The SPP permits eligible shareholders to subscribe for shares up to A$100,000 each. The SPP Offer Price will be the lower of A$0.015 (matching the Australian Placement price) or a 2.5% discount to the VWAP of shares traded on the ASX over the five trading days before the SPP closes, rounded to the nearest 0.1 cent.

Investor commitments have already been secured to cover up to A$3 million of any shortfall under the SPP, reflecting ongoing investor confidence. Shareholder approval for the SPP is expected to be sought at an extraordinary general meeting scheduled for on or about Friday, 11 September 2026. This structure offers existing shareholders an opportunity to participate at attractive pricing while mitigating risk through committed shortfall support.

Attaching Options and Warrants Overview

Participants in both the Australian Placement and SPP are anticipated to receive one free attaching listed option for every new share subscribed. These Attaching Options will have an exercise price of A$0.018 and expire on 31 July 2029. Subject to shareholder approval, these options are planned to be ASX-listed, offering shareholders potential upside from future share price increases.

US placement subscribers will receive one warrant per ADS subscribed under the US Direct Registration Offering. Each warrant carries an exercise price of US$3.79 and expires on 31 July 2029. These ADR Warrants require shareholder approval but will not be listed. Both the Attaching Options and ADR Warrants issuance depend on approval at the anticipated EGM on or around 11 September 2026, providing equivalent value to investors in both Australian and US offerings.

Tranche 1 Settlement and ASX Compliance

Tranche 1 of the Australian Placement involves issuing approximately 408,839,531 new shares using Radiopharm's existing placement capacity under ASX Listing Rules 7.1 and 7.1A. Settlement is expected around Monday, 3 August 2026, enabling rapid capital deployment toward clinical development goals without requiring shareholder approval.

Tranche 2 includes about 40,000,000 new shares plus associated Attaching Options and awaits shareholder approval at the EGM anticipated on or about 11 September 2026. This two-tranche approach ensures capital certainty while complying with ASX regulations and maintaining shareholder oversight. The interval between Tranche 1 settlement and the shareholder meeting allows capital utilization during finalization of the overall capital raise.

Capital Deployment Strategy and RAD101 Phase 3 Advancement

Funds raised will be strategically deployed across Radiopharm's clinical pipeline and corporate initiatives. The primary focus is on preparing and initiating the RAD101 registrational Phase 3 study, the company’s leading clinical program, which met its primary endpoint in the Phase IIb trial. Managing Director and CEO Riccardo Canevari highlighted that the Phase IIb success, alongside promising RAD 204 data, positions Radiopharm for a transformative phase advancing RAD101 into Phase 3.

Additional capital will support completion of RAD 204 dose escalation and advancement of RAD 202, RAD 402, and RV01 therapeutic programs. The raise also funds strategic partnering efforts aimed at collaborations with larger pharmaceutical companies to accelerate commercialization and market access for Radiopharm’s radiopharmaceutical candidates. This diversified allocation reflects a measured approach to developing multiple clinical-stage assets while maintaining strategic flexibility.

International Institutional Investor Backing and Market Context

The institutional placement and US Direct Registration Offering attracted strong participation from global institutional investors, including specialist healthcare funds, signaling confidence in Radiopharm’s science, clinical strategy, and therapeutic potential. Such investors typically conduct extensive due diligence on clinical-stage biopharmaceutical companies, focusing on clinical data robustness, management quality, and market opportunities. Their involvement indicates Radiopharm’s clinical and strategic positioning has met rigorous institutional standards.

Radiopharm’s dual listing on ASX and Nasdaq provides access to both Australian and US capital markets, enabling participation from diverse institutional investors. This geographic investor diversification reduces reliance on a single market and reflects the globalized nature of biopharmaceutical financing, particularly for companies with international clinical development programs.

Clinical Pipeline and Radiopharmaceutical Innovation Focus

Radiopharm Theranostics specializes in developing innovative oncology radiopharmaceuticals targeting areas with significant unmet medical needs. Its lead program, RAD101, achieved primary endpoint success in its Phase IIb trial, validating its therapeutic approach and supporting progression to a registrational Phase 3 trial. This milestone marks a pivotal point for the company, justifying substantial capital investment in Phase 3 readiness.

The broader pipeline, including RAD 202, RAD 402, and RV01, underscores Radiopharm’s commitment to multiple radiopharmaceutical candidates across varied oncology indications, providing clinical and commercial diversification. The focus on high unmet need oncology areas suggests potential for premium pricing and expedited regulatory pathways pending clinical efficacy. Headquartered in Carlton South, Victoria, Radiopharm benefits from Australian R&D resources and Nasdaq listing advantages for US investor and regulatory engagement.

Shareholder Meeting Schedule and Regulatory Compliance

The capital raise is structured in two tranches to balance rapid capital deployment with shareholder governance. Tranche 1, comprising approximately 408,839,531 shares, will settle on or about 3 August 2026 using existing placement capacity under ASX Listing Rules 7.1 and 7.1A, requiring no shareholder approval. This enables immediate capital use for RAD101 Phase 3 preparations post-institutional offer completion.

Tranche 2, involving about 40,000,000 shares plus Attaching Options, requires shareholder approval at an EGM expected on or around 11 September 2026. The SPP is also subject to approval at this meeting. The timing provides shareholders adequate notice and opportunity to assess the capital raise’s impact on share structure and ownership, while staged settlement ensures capital deployment is not delayed pending approvals. The approximately six-week gap between Tranche 1 settlement and the EGM allows progress on RAD101 preparations.

Competitive Landscape in Oncology Radiopharmaceuticals

Radiopharm’s focus on oncology radiopharmaceuticals places it within a specialized and rapidly growing segment of the biopharmaceutical market attracting significant investment. Radiopharmaceutical therapies combine targeted specificity with ionizing radiation’s cytotoxic effects, representing an emerging precision oncology frontier. RAD101’s Phase IIb success validates this approach and supports advancement to large-scale registrational trials. The robust institutional funding highlights confidence in the commercial potential of radiopharmaceutical oncology treatments.

The company’s pursuit of strategic partnerships indicates management’s recognition that collaboration with larger pharmaceutical firms can accelerate development, broaden clinical trial networks, and facilitate multi-jurisdictional regulatory submissions. The capital raise provides the financial foundation to achieve advanced clinical milestones, positioning Radiopharm attractively for potential partnerships with major pharmaceutical companies.