Radiopharm Theranostics (ASX:RAD) Raises AUD 12.5 Million to Advance Phase 3 Cancer Therapy Program

Highlights

• Radiopharm has secured firm commitments for an AUD 12.5 million institutional capital raising and launched a SPP targeting up to AUD 6 million.
• The proceeds will support the Phase 3 registrational study for RAD101, ongoing clinical development across multiple therapeutic programs, and strategic partnering initiatives.
• Investors have also committed up to AUD 3 million to cover any shortfall under the SPP, subject to shareholder approval.

Radiopharm Theranostics (ASX:RAD) (Nasdaq:RADX) has secured firm commitments for an AUD 12.5 million institutional capital raising while launching a Share Purchase Plan (SPP) to raise up to an additional AUD 6 million from eligible shareholders.

The capital raising comprises an AUD 6.7 million Australian institutional placement and a concurrent USD 4.1 million ( AUD 5.8 million) US Direct Registration Offering, with the company stating that the funds will be directed towards advancing its oncology radiopharmaceutical development programs.

Capital raising combines Australian and US offerings

The institutional placement includes the issue of 448.8 million shares at AUD 0.015 per share to domestic and international institutional and sophisticated investors.

Alongside this, the company completed a US Direct Registration Offering of 1.28 million American Depositary Shares (ADSs), priced at USD 3.16 per ADS, with each ADS representing 300 ordinary shares.

The combined placement generated AUD 12.5 million in commitments, with participation from international institutional investors, including specialist healthcare funds.

The Australian placement price represents a 21.1% discount to RADs last closing price of AUD 0.019 on 21 July 2026, while also reflecting discounts of 22.3% and 23.1% to the company's five-day and fifteen-day volume-weighted average prices, respectively.

Share Purchase Plan targets additional AUD 6 million

A SPP has been launched, allowing eligible shareholders in Australia and New Zealand to apply for up to AUD 100,000 worth of new shares without brokerage or transaction costs.

The company is targeting up to AUD 6 million through the SPP, with the offer price set at the lower of:

• AUD 0.015 per share, matching the placement price; or
• A 2.5% discount to the five-day VWAP before the SPP closes.

The company noted that investors have already committed up to AUD 3 million to subscribe for any shortfall under the SPP.

Funds earmarked for clinical development

The proceeds from the capital raising will be used to prepare for the registrational Phase 3 study of RAD101, following the program's Phase IIb trial achieving its primary endpoint.

Funding will also support the completion of dose escalation for RAD204, continued development of the RAD202, RAD402 and RV01 therapeutic programs, and ongoing strategic partnering initiatives.

Options and shareholder approvals

Subscribers to the Australian placement and eligible shareholders participating in the SPP are expected to receive one listed attaching option for every share subscribed, subject to shareholder approval.

Each attaching option will have an exercise price of AUD 0.018 and will expire on 31 July 2029.

Participants in the US offering will instead receive ADR warrants, with an exercise price of USD 3.79 per ADS and the same expiry date.

Several components of the capital raising, including the second tranche of the Australian placement, the SPP shares, attaching options and ADR warrants, remain subject to shareholder approval at an Extraordinary General Meeting expected on 11 September 2026.

Next steps

The company expects Tranche 1 shares under the Australian placement to be allotted on 3 August 2026, while the SPP is scheduled to open on 7 August and close on 10 September 2026.

Settlement and allotment of securities under the second tranche and the SPP are scheduled for mid-September, following shareholder approval.

RAD shares traded at AUD 0.019 per share on 21 July 2026.