NEW YORK, May 21, 2026, 10:11 EDT
- Radiopharm’s Nasdaq ADS closed at $4.52, off 1.3%. Just 325 shares changed hands.
- The last update from the company was a Zacks Small-Cap Research note on May 14. Since then, shares have mostly moved on expectations for trial results, with no recent announcements.
- Biotech shares opened weak. Lantheus and big biotech ETFs were also down.
Radiopharm Theranostics’ U.S. shares slipped a bit in light Nasdaq trading on Thursday. Investors are waiting for more updates on the Australian biotech’s top cancer-imaging project.
The American depositary shares closed at $4.52, off 6 cents. The last trade was at 9:33 a.m. EDT and showed just 325 shares. That’s thin volume compared with the 161,513-share average daily volume Zacks cited earlier this month.
Radiopharm hasn’t had any major news lately. The last update on its website was a May 14 Zacks post. Investors are watching for new top-line results from RAD101, the company’s lead asset.
RAD101 is an F-18 radioisotope imaging agent under study for brain metastases. Radiopharmaceuticals use radioactive isotopes to help diagnose or treat diseases; RAD101 is being developed for imaging, not as a treatment.
Radiopharm in its April business update said dosing wrapped up for the last patient in its U.S. Phase 2b imaging trial with RAD101. Interim results from March showed 90% of patients who could be evaluated matched MRI imaging on the primary endpoint. MRI scans are commonly used to look at tissue and tumors.
Chief Executive Riccardo Canevari said the company kept momentum as 2026 began and is still executing on its therapeutics and diagnostics pipeline. Canevari said the RAD101 interim results “further validate the potential” of the imaging platform. BioSpace
Zacks Small-Cap Research analyst John D. Vandermosten, CFA, said in a May 12 note that “topline is expected around the end of June” from the Phase 2 study, and Radiopharm plans to request an end-of-Phase 2 meeting with the U.S. Food and Drug Administration. Zacks reported it gets paid for research coverage. Q4 Capital
The cash balance is playing into the stock. Zacks said Radiopharm had A$19.2 million on hand as of March 31. The company spent A$14.9 million on operations in the fiscal third quarter. Zacks said more than A$8 million in tax rebates is expected over four months. Radiopharm also has an at-the-market facility with Leerink Partners for up to $50 million, which gives the company the option to sell shares over time.
Radiopharm’s ADSs started trading on Nasdaq with the ticker RADX in November 2024. Each ADS stands for 300 ordinary shares. The ordinary shares also trade in Australia under the ticker RAD.
Lantheus Holdings dropped 1.2% in early trading. The U.S. radiopharmaceuticals firm has worked with and put money into Radiopharm. The SPDR S&P Biotech ETF lost 0.4%. iShares Nasdaq Biotechnology ETF shed 0.2%. Sector and broader reads were mixed and didn’t help.
There’s a risk the next update won’t go smoothly. The full RAD101 numbers may not match what the interim data showed. The FDA might want a different or larger pivotal study. More funding from the ATM program could mean dilution for current shareholders. With trading volume this thin, even small trades can push the price around in a way that looks stronger than it is.
