Radiopharm Theranostics (RAD) NWR Virtual Healthcare Conference summary

Key clinical updates

• RAD101 phase II-B trial interim analysis showed positive results in 18 of 20 patients with brain metastasis, enabling better treatment decisions where MRI was insufficient.

• Recruitment for RAD101 is nearly complete, with final data expected around May–June and plans to meet the FDA in June to discuss phase III trial design.

• Four therapeutic products are in clinical trials, including two nanobody-based therapies (RAD204, RAD202) and two monoclonal antibody programs targeting B7H3 and KLK3.

• RAD204 and RAD202 phase I trials are progressing well, with dose escalation ongoing and final phase I data expected by end of 2026.

• The B7H3-targeting BetaBart trial began dosing in February, and the KLK3-targeting prostate cancer trial is about to start dosing.

Competitive landscape and strategy

• The company maintains a first-mover advantage in several targets, including B7H3 and KLK3, and is the only one with a PD-L1 radiopharmaceutical in clinical development.

• There is strong momentum and interest in the radiopharmaceutical sector, with few clinical-stage companies globally.

• The pipeline is broad, but prioritization decisions will be made later in the year as more clinical data emerges.

• Main execution risk is patient recruitment due to competition with other oncology trials, not supply chain or isotope availability.

Financial and market positioning

• Dual listing on Nasdaq and ASX provides access to both Australian and U.S. investors, with Nasdaq shares trading at a premium.

• The company values exposure to both markets and expects price differences to stabilize over time.