aibioRadiopharm Theranostics sets $9,300,000 ATM limit, prices $4,050,001.36 ADS sale
Tickers RAD
Radiopharm amended its at-the-market program to $9,300,000 on July 23, 2026. The next day it announced a $4.1 million registered direct offering at $3.16 per ADS, below the $4.29 last sale price on July 21.
Key facts
- Company
- Radiopharm Theranostics Limited (ASX: RAD)
- News type
- Financings
- Primary source
- Radiopharm Theranostics Limited 424B5 (2026-07-23)
The amended at-the-market program
Radiopharm Theranostics Limited filed Amendment No. 1 to its December 23, 2025 prospectus supplement on July 23, 2026. The amendment sets the program at an aggregate offering price of up to $9,300,000 of American depositary shares. Each ADS represents 300 ordinary shares.
The program runs under a sales agreement dated December 16, 2025 with Leerink Partners LLC, which may act as sales agent or principal. Leerink is not required to sell any specific amount, will use commercially reasonable efforts, and earns a commission of 3.0% of the gross sales price of each ADS sold. The filing states there are no minimum sales and no escrow arrangement for investor funds.
The ADSs trade on Nasdaq under RADX. Their last reported sale price was $4.29 on July 21, 2026, above the $3.16 direct offering price.
The amendment gives the company's public float as approximately US$40,165,592 as of July 7, 2026. The company says it cannot sell more than one-third of its public float in a public primary offering in any 12-month period while the float stays below $75.0 million.
The registered direct offering
The company's July 24, 2026 announcement, filed on Form 6-K, describes a concurrent US$4.1 million registered direct offering and an additional Australian placement and share purchase plan of up to A$12.7 (US$8.9) million. The prospectus supplement for the direct offering covers 1,281,646 ADSs, representing 384,493,800 ordinary shares, at $3.16 per ADS. The total is $4,050,001.36.
H.C. Wainwright & Co., LLC is the company's exclusive placement agent. The company pays it a cash fee of 7.0% of the aggregate gross proceeds, or $283,500.10 in total, leaving proceeds before expenses of $3,766,501.26. It also pays $35,000 for non-accountable expenses and agreed to issue the agent warrants for up to 64,082 ADSs at $3.95 per ADS. Haynes and Boone, LLP represents H.C. Wainwright. McCullough Robertson is Australian counsel to the company and Rimôn handles U.S. law.
Buyers also receive, in a concurrent private placement, warrants for up to 1,281,646 ADSs at no added cost. The warrants carry an exercise price of $3.79 per ADS, become exercisable after shareholder approval, and expire on July 31, 2029. The warrants are unregistered and will not be listed.
The supplement also describes an Australian placement with firm commitments to raise A$6.7 million, of which 40.0 million shares, or A$0.6 million, need shareholder approval, plus a share purchase plan for up to A$6 million. Subscribers are expected to receive one option per new share, at A$0.018 and expiring July 31, 2029, subject to approval at a meeting on or about September 11, 2026. The placement sells 448,839,531 ordinary shares at A$0.015 each, and 3,928,709,960 ordinary shares would be outstanding after the ADS offering.
The finances
Radiopharm's annual report for the year ended June 30, 2025 gives revenue of $3.6 million for fiscal 2025. Research and development expense rose to $27.5 million from $23.1 million. The net loss narrowed to $38.3 million from $47.9 million, while cash used in operations rose to $36.6 million from $23.0 million.
The prospectus capitalization table, in Australian dollars, shows cash and cash equivalents of A$34,515,397 at December 31, 2025 and A$45,822,446 as adjusted for the ADS sale and the Australian placement. It puts net tangible book value at approximately US$0.61 per ADS, or US$0.77 per ADS after both sales. The company says the proceeds go to preparing the RAD101 registrational Phase 3 study, finishing RAD 204 dose escalation, other programs and general corporate purposes. The direct offering's $3,766,501.26 before expenses compares with the $36.6 million used in operations in fiscal 2025.
What comes next
Delivery of the direct offering ADSs was expected on or about July 28, 2026. The warrants cannot be exercised until shareholders approve them. Sales under the at-the-market program remain subject to the one-third limit, and no filing sets a timetable for them.