Companies / RAD

RADIOPHARM THERANOSTICS LIMITED

ASX:RADPharmaceuticals, Biotechnology & Life Sciences
4.34B shares on issueASX (delayed) · snapshot 11 Sept 20266.02B fully diluted+38.8% if every option and right converts$0.009price · delayed$39.0Mmarket cap · indicative

Today’s holders own 72.0% of what they think they own, once every option and right converts.

Very high
Dilution risk

Runway under 2 quarters; share count grew 109% in 24 months; 3 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway0.6 quarters of funding
Share-count growth (24m)108.6%
Raise cadence (24m)3 cash raises
Options & rights overhang38.8% of shares
In-the-money supplyno data — an exercise price is on record for a minority of the supply
Pending proposed issuesopen proposed issue (Appendix 3B)

RADIOPHARM THERANOSTICS LIMITED's ordinary share count increased 108.6% between August 2024 and August 2026, reaching 4.34B shares. In the past 24 months, the company completed three capital raises totalling A$61.9M, with the latest being a A$18.5M placement in July 2026. Options and rights outstanding represent a potential dilution of 1.68B new shares, or 38.8% of the current count, with the nearest expiry date in November 2026. As of June 2026, the company had A$9.6M in available cash, which would cover approximately 0.6 quarters of operations. Three proposed securities issues are pending, with the nearest expected in September 2026.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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38.8%
Options & rights overhang
—
In-the-money supply · most strikes not on record
2
Raises · last 12 months
0.6 qtrs
Cash cover · under 2 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 4.34B per ASX (delayed) (snapshot 11 Sept 2026).
2B3B4BDec 24Oct 25Sept 26Cash raise · 24 July 2026Cash raise · 15 Oct 2025Cash raise · 9 Jan 20254.34B

Cash runway

0.6 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
The latest quarterly report funded operations to about Aug 2026 — that date has passed, and no later report is on record.
$9.4M cash after burn from the quarter ended 30 June 2026 · Runway is computed from Appendix 4C/5B filings and announced raise proceeds. Filed with the quarterly report: $4.1M cash at quarter end (item 4.6), 0.3 qtrs of funding on the company’s own estimate. Our figure above carries the filed quarter-end balance forward at the reported spend rate and adds announced raise proceeds.
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14 quarters on record — Cash runway history
Quarterly cash, net spend and cover trend from every Appendix 4C/5B on record up to 30 June 2026.
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Issuance timeline

Latest 5 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)

DateFormSecurityOn issue, per this filingSource
3 Aug 20262A · quoted issueRAD : ORDINARY FULLY PAID4.34BAppendix 2A
28 July 20262A · quoted issueRAD : ORDINARY FULLY PAID3.93BAppendix 2A
30 June 20263H · cancellationRAD : ORDINARY FULLY PAID3.54BAppendix 3H
30 June 20263G · unquotedORDINARY FULLY PAID3.54BAppendix 3G
3 June 20263H · cancellationRAD : ORDINARY FULLY PAID3.54BAppendix 3H
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42 filings on record — Full issuance history
Every quoted and unquoted issue and cancellation on record, plus unquoted securities (Appendix 4.2).
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Capital raises

3 cash raises in the last 24 months · 2 in the last 12 months

every 9.2 monthsaverage gap between raises
1.6 monthssince the most recent
9 Jan 2025 – 24 July 2026first to most recent in this window
$18.5M
Placement
24 July 2026 ACTIVE
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5 raises on record — Full raise history
Issue price, shares issued, brokers and stated purpose for every raise on record.
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Forward supply

Every dated event on record that could add securities to the register — option expiries to their stated dates and proposed issues over the next 18 months, on one timeline.

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11 dated events on record — Forward supply calendar
Option expiries and proposed issues on one forward timeline, with the securities each could add.
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Placement capacity

How much stock a company can place without asking holders. Listing Rule 7.1 allows 15% of ordinary securities in any 12 months, and every Appendix 3B states how much of it an issue uses.

No estimate — the filings already exceed 15% of the share count we can measure, which means securities were added to the base during the year that we cannot see. The company has also placed under the additional 10% (Listing Rule 7.1A), which is not counted in this figure.
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Placement capacity — LR 7.1 / 7.1A
The filings behind the figure: every Appendix 3B in the window with what it says was issued under 7.1 and 7.1A, each row linked to its filing, and how many shares are left.
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Pending proposed issues

3 proposed issues pending — Appendix 3B lodged, securities not yet issued. New shares from these issues are not in the counts above until quoted.
Paid plan
3 pending issues on record — Pending issue detail
Size, price, fees, broker and placement-capacity usage for each pending issue.
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Options & convertible securities

38.8%
Options & rights overhang · of current shares
—
In-the-money supply · most strikes not on record
1.68B
Potential new shares
Nov 2026
Nearest expiry
What a price move would switch on
841.7M1.68B$0.009 now0.25× today ($0.002) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.004) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.007) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.009) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.011) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.013) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.018) — 0 of the priced supply in the money, 0.0% of shares on issue3× today ($0.027) — 0 of the priced supply in the money, 0.0% of shares on issue5× today ($0.045) — 0 of the priced supply in the money, 0.0% of shares on issue10× today ($0.090) — 0 of the priced supply in the money, 0.0% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

An exercise price is on record for only 1.7% of this supply, so what is in the money today is not a measurement — the tile above reads “—” for that reason. Of the priced supply, 0 is in the money at $0.009 today. No price up to ten times today’s switches on any more priced supply.

  • Priced supply in the money at the price on the axis — the curve, and the only thing on it. Ten prices, sampled: between two of them the true figure lies between the two.
  • 1.65B (98.3% of the supply above) states no exercise price at all. It cannot be called in or out of the money at any price, which is why it is hatched rather than plotted.
  • 28.9M more carries an exercise price above ten times today’s — off the right of this axis, and in every total on this page.
CodeSecurityTypeExercise priceExpiryOn issueSource
RADAFOptionsPrice-triggered—25 Nov 20268.7MFiling
RADAGOptionsPrice-triggered$0.6025 Nov 20265.1MFiling
RADOOptionsPrice-triggered—30 Nov 202679.4MFiling
RADAIOptionsPrice-triggered$0.6027 May 2027740kFiling
RADAKOptionsPrice-triggered$0.601 June 20271.7MFiling
RADAJOptionsPrice-triggered$0.171 July 202712.4MFiling
RADOBOptionsPrice-triggered—31 Oct 20271.18BFiling
RADAPOptionsPrice-triggered$0.09024 Apr 20289.0MFiling
RADANOptionsPrice-triggered——387.2MFiling

“Nil” is a stated nil exercise price: nothing is paid to convert. An em dash means the filing names no exercise price at all. Security is read from the filing’s own class description; an em dash there means the description is not one this table labels. One row is one security class, at the number stated in the most recent quotation application that restated it — linked, and dated, in the last column.

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9 option lines on record — In-the-money value & price ladder
What each line is worth in the money today, the price ladder to the next tranche that converts, and the filing description behind every code.
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Director dealings

DateDirectorTypeSharesOptionsOtherValueSource
24 Aug 2026Hester LarkinSell—275k——3Y notice
24 Aug 2026Ian TurnerSell—1.9M——3Y notice
24 Aug 2026Paul HopperSell—27.5M——3Y notice
24 Aug 2026Riccardo CanevariSell—1.9M——3Y notice
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12 notices on record — Full dealing history
Every change-of-director's-interest notice on record, with direction and consideration.
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Ownership

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Top-20 holders & substantial holder notices
Top-20 register snapshot and substantial-holder movements, each linked to its source notice.
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Latest announcements

11 Sept 2026Results of Meeting
8 Sept 2026RAD Announces Positive Data from RAD301 P1 Imaging Trial
28 Aug 2026$PAppendix 4E and Preliminary Final Report
27 Aug 2026Change of Director's Interest Notices x 4
25 Aug 2026$PRAD Doses First Patient in Second Cohort of BetaBart (RV-01)
24 Aug 2026Ceasing to be a substantial holder
19 Aug 2026$PRAD advances to Cohort 4 in 177Lu-RAD202 Phase 1 HEAT Trial
17 Aug 2026Change in substantial holding
16 Aug 2026$PRAD to meet with US FDA to align on RAD 101 Phase 3 Trial
12 Aug 2026Notice of Extraordinary General Meeting and Proxy Form
6 Aug 2026Share Purchase Plan - Now Open
5 Aug 2026Update - Proposed issue of securities - RAD
3 Aug 2026Application for quotation of securities - RAD
31 July 2026$PQuarterly Activities/Appendix 4C Cash Flow Report
30 July 2026Change in substantial holding
30 July 2026Target market determination (TMD)
30 July 2026Prospectus
28 July 2026Notice Under Section 708A
28 July 2026Application for quotation of securities - RAD
24 July 2026$PReinstatement to Quotation

Headlines link to the source PDFs on the ASX announcements platform. Data as of 12 Sept 2026.