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Radiopharm Theranostics Limited is developing drugs that combine medical radioisotopes with molecules such as antibodies for diagnosing and treating cancer. Its candidates are in preclinical development or clinical trials; none is approved for commercial sale.
Current customer revenue comes from Lantheus, which pays Radiopharm to conduct the DUNP19 trial on its behalf. Payments reimburse trial costs and reward achieved milestones, so this income depends on that relationship and trial progress—not sales of Radiopharm’s own drugs.
Radiopharm mainly funds operations by issuing equity and also relies on Australian government research and development tax refunds. It needs additional capital to advance its candidates, contractors to manufacture and test them, and a continuing supply of therapeutic isotopes. Future product sales depend on successful trials and regulatory approval.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Radiopharm also faces competition from Clarity Pharmaceuticals, a copper-isotope radiopharmaceutical developer missing from this list.
Lantheus Holdings, Inc pays Radiopharm to run its DUNP19 trial, but also competes in cancer radiopharmaceuticals and diagnostics sold to hospitals and imaging centers. Watch DUNP19 cost reimbursements and trial milestones: lower payments from Lantheus were the main reason Radiopharm’s customer revenue fell in fiscal 2026 from fiscal 2025.
Telix Pharmaceuticals Limited already sells cancer-imaging drugs and is developing radioactive treatments that compete with Radiopharm’s diagnostic and treatment candidates. Watch sales of its prostate-cancer imaging agents Illuccix and Gozellix through commercial and hospital radiopharmacies to gauge this rival’s commercial foothold.
Perspective Therapeutics, Inc. develops peptide-based radioactive cancer treatments, making its trial progress and access to funding relevant to Radiopharm’s own development prospects. Its alpha therapies remained in clinical development with no product-sales revenue in 2025 or 2024; its grant revenue came from work for the National Institutes of Health.
Monopar Therapeutics Inc. is developing antibody-based radioactive imaging and treatment drugs for advanced solid tumors, overlapping Radiopharm’s intended cancer markets. Watch MNPR-101-Zr imaging and MNPR-101-Lu treatment trials, which were enrolling patients in Australia as of December 31, 2025, rather than treating these candidates as products already sold.
Aktis Oncology, Inc. offers a comparison for Radiopharm’s partner-funded development: it develops radioactive drugs with Lilly, while Radiopharm runs clinical development for Lantheus. Watch Aktis’s Lilly collaboration revenue rather than product sales—it conducts research through initial human imaging studies before Lilly takes over clinical development, and substantially all its 2025 and 2024 revenue came from that collaboration.
Novartis AG is an established seller of prescription medicines that develops and sells peptide-based radioactive cancer therapies, which Radiopharm explicitly identifies as competition for its oncology programs.
Molecular Partners AG develops targeted radioactive cancer drugs with pharmaceutical partners, so its clinical progress and partner investment offer a comparison for Radiopharm. Watch the source and timing of collaboration revenue: all its 2023 and 2024 revenue came from its Novartis radioligand-therapy collaboration, whose revenue recognition ended in the third quarter of 2024, not from commercial product sales.
Bicycle Therapeutics plc develops peptide-based radioactive imaging and treatment molecules, making progress in its platform relevant to Radiopharm’s targeted cancer-drug development. Watch its human imaging studies, which may help choose targets and cancer indications for later treatment; its revenue comes mainly from collaboration payments, not product sales.
Actinium Pharmaceuticals, Inc shares Radiopharm’s need to prove targeted radioactive cancer treatments work, although their drugs address different biological targets rather than competing directly on those targets. Watch development of Iomab-B, whose commercialization rights Actinium licensed to Immedica in the European Economic Area, Middle East and North Africa in exchange for an upfront payment and potential milestones and royalties.
Cellectar Biosciences INC NEW develops molecules designed to carry radioactive isotopes to cancer cells, sharing Radiopharm’s dependence on successful trials and access to therapeutic isotopes. Watch its iodine-based CLR 125 and iopofosine I 131 programs and actinium-based CLR 225 program for progress in this approach to cancer treatment.
Cerenome, Inc. develops rhenium-based radioactive cancer drugs, making its clinical progress relevant to Radiopharm even though it focuses more heavily on central nervous system cancers. Watch its lead candidate rhenium (186Re) obisbemeda for recurrent glioblastoma, leptomeningeal metastases and pediatric brain cancers, separately from its commercial CNSide diagnostic testing business.
Novartis AG earningsNVS
Novartis’s report offers a benchmark for how its peptide-based radioactive cancer therapies are performing against Radiopharm’s programs.
Look for Novartis’s comments on use or sales of its peptide-based radioactive cancer therapies; if the report does not separate them, overall results cannot stand in for this business. Growth in the relevant business would show commercial demand for therapies already being sold, while also pointing to a more established competitor for Radiopharm. Weak performance would mean less evidence of current commercial traction, not proof that Radiopharm’s candidates will succeed.
Bicycle Therapeutics plc earningsBCYC
Bicycle Therapeutics’s report can show whether its human imaging studies offer clues for Radiopharm’s choice of targets and cancer indications for later treatments.
Watch the progress of Bicycle Therapeutics’s human imaging studies and whether they clarify which targets its radioactive molecules reach and which cancers may warrant further study. Clearer evidence could give Radiopharm another reference when choosing targets and indications for later treatments; limited or inconclusive findings would offer less guidance. Imaging evidence is not a substitute for clinical results from Radiopharm’s own candidates.
Lantheus Holdings, Inc earningsLNTH
Lantheus’s report can show whether its DUNP19 trial payments continue to support Radiopharm’s customer revenue.
Read Lantheus’s DUNP19 cost reimbursements and milestone payments alongside Radiopharm’s customer-contract revenue. Higher payments mean more revenue from this Lantheus-funded trial work; lower payments could mean fewer costs to reimburse or fewer milestones achieved, shrinking that revenue source. The payment change alone does not establish whether the trial succeeded: it shows how much this collaboration is supporting Radiopharm’s development work.
Aktis Oncology, Inc. earningsAKTS
Aktis Oncology’s report can show whether Lilly collaboration revenue continues to fund its radioactive-drug research, a comparison for Radiopharm’s partner-backed development.
Read Aktis Oncology’s collaboration revenue alongside its research progress: Lilly supports its research, which is intended to advance through initial human imaging studies. Sustained revenue with continued progress would show a pharmaceutical partner funding early radioactive-drug development; declining revenue or little progress would offer weaker evidence for that model. Radiopharm’s arrangement with Lantheus has different terms, so this comparison cannot establish how much Radiopharm will receive.
