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Highlights
- Radiopharm Theranostics has secured an At-the-Market (ATM) equity facility of up to USD 22.4 million with Leerink Partners LLC.
- The company retains full control over the ATM program, including the decision to use it, the number of ADSs sold, and the minimum sale price.
- The Form F-3 registration statement filed with the SEC could allow Radiopharm to raise up to USD 50 million in the U.S. over a three-year period once declared effective.
- Proceeds from any ADS sales will be used to fund the development of product candidates and for general corporate purposes.
Radiopharm Theranostics Limited (ASX:RAD) (Nasdaq:RADX), a clinical-stage biopharmaceutical company specialising in innovative oncology radiopharmaceuticals, is establishing an At-the-Market (ATM) equity program in the United States. The company has appointed Leerink Partners LLC as its sales agent for the program.
Through this program, the company aims to raise up to USD 22.4 million initially, with a total capacity of USD 50 million over three years, thereby enhancing its financial flexibility.Common in the United States, ATM programs are increasingly being adopted by Australian firms seeking flexible capital-raising options.
ATM Facility Details
The company has filed a Form F-3 registration statement with the U.S. Securities and Exchange Commission (SEC) to establish the ATM facility. The filing includes a base prospectus for potential offerings of American Depositary Shares (ADSs) and warrants, as well as a supplemental prospectus specifically for the ATM program. Securities cannot be offered or sold until the registration is declared effective by the SEC.
Once effective, the registration could allow the company to raise up to USD 50 million in the U.S. public markets over a three-year period, although the type of securities sold and the pricing are not guaranteed.
Under this facility, the company can sell ADSs, each representing 300 shares, on the Nasdaq. The company intends to use proceeds from any ADS sales to fund the development of its product candidates and for general corporate purposes.
Program Flexibility and Execution
Sales of ADSs under the ATM will be made entirely at Radiopharm’s discretion. The company may sell some, all, or none of the ADSs and can terminate the program at any time. Sales will be made at market prices prevailing at the time or at prices related to those market conditions, meaning actual sale prices may vary.
RAD shares traded at AUD 0.025 per share on 18 December 2025.
