Radiopharm Theranostics Ltd 6-K, filed Oct 20, 2025
Radiopharm Theranostics Ltd (RADX)
About this 6-K
Radiopharm Theranostics Ltd filed this 6-K on October 20, 2025.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the Month of October 2025
Commission File Number: 001-41621
RADIOPHARM THERANOSTICS LIMITED
(Name of Registrant)
Level 3, 62 Lygon Street, Carlton South, Victoria, 3053, Australia
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ☐ No ☒
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-
RADIOPHARM THERANOSTICS LIMITED
EXPLANATORY NOTE
Radiopharm Theranostics Limited (the “Company”) published three announcements (the “Public Notice”) to the Australian Securities Exchange on October 20, 2025 titled:
“RAD completes A$35 M Placement and launches A$5 M SPP”
“RAD Provides Positive Clinical Updates Across Four Programs”
“Investor Presentation - Clinical Update and Capital Raising”
A copy of the Public Notice is attached as an exhibit to this report on Form 6-K.
This report on Form 6-K (including the exhibit hereto) shall not be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
1
EXHIBITS
| Exhibit
Number |
Description | |
| 99.1 | RAD completes A$35 M Placement and launches A$5 M SPP | |
| 99.2 | RAD Provides Positive Clinical Updates Across Four Programs | |
| 99.3 | Investor Presentation - Clinical Update and Capital Raising |
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| RADIOPHARM THERANOSTICS LIMITED | ||
| Date: October 20, 2025 | By: | /s/ Phillip Hains |
| Phillip Hains | ||
| Company Secretary | ||
3
Exhibit 99.1
Radiopharm
Theranostics completes A$35 million Placement and
launches a A$5 million Share Purchase Plan
| ● | RAD has received firm commitments for a A$35 million capital raising via an institutional private placement to new Australian and international institutional and sophisticated investors at A$0.03 per ordinary share | |
| ● | Lantheus continues support as strategic investor with A$7.6 million investment in the placement, increasing its shareholding to 14.5% | |
| ● | Share Purchase Plan for existing eligible shareholders in Australia and New Zealand to raise a further A$5 million (approx.) at A$0.03 per share | |
| ● | Participants in the Placement and the Share Purchase Plan will receive one (1) free attaching option for every one (1) new share subscribed for under the offer, with an exercise price of A$0.039 and expiration of 31 October 2027 | |
| ● | The proceeds of the capital raising will primarily be used to fund drug manufacturing, clinical trials and working capital, extending the funding runway into 2027 and past a number of key milestones |
Sydney, Australia – Monday, 20 October 2025 – Radiopharm Theranostics Limited (ASX:RAD; Nasdaq:RADX), a developer of a world-class platform of radiopharmaceutical products for both diagnostic and therapeutic uses, is pleased to announce it has received firm commitments from international and Australian institutional and industry investors (Placement Subscribers), including Lantheus Holdings, Inc. (Lantheus), to raise approximately A$35.0 million (before costs) by way of a private placement (Placement) of 1,167 million new fully paid ordinary shares (approx.) (Placement Shares) in the Company at a price of A$0.03 per share (Placement Price).
Under the Placement, Placement Subscribers are anticipated to receive one (1) free attaching option for every one (1) Placement Share subscribed for under the Placement (Attaching Options). The Attaching Options will have an exercise price of A$0.039 per option with an expiration of 31 October 2027 and will be subject to shareholder approval. It is intended that the Attaching Options will be quoted on the ASX. The full details of the rights and liabilities attaching to the Attaching Options are annexed to this announcement.
The Placement is being followed by a Share Purchase Plan (SPP), to raise up to A$5 million, for existing eligible shareholders with registered addresses in Australia or New Zealand (Eligible Shareholders), with applications up to a maximum of A$30,000. The SPP will be made to Eligible Shareholders on the same terms as the Placement and the Attaching Options issued under the SPP will be subject to shareholder approval.
The funds raised from the Placement and SPP (together, the Offer), together with the company’s existing cash balance1 will be used for:
| ● | Drug Manufacturing – A$6m; | |
| ● | Clinical Trials – A$34m; and | |
| ● | Administration, working capital, corporate costs and offer costs – A$19m |
| 1 | Existing cash balance A$19 million as at September 30, 2025 (unaudited) |
Radiopharm
Theranostics Limited
Suite 1, Level 3, 62 Lygon Street, Carlton South VIC 3053 Australia
ABN: 57 647 877 889
Riccardo Cannevari, Chief Executive Officer & Managing Director, said “We are very pleased to have successfully completed this A$35 million placement, which strengthens our financial position and provides funding to advance our six clinical programs through a number of important upcoming milestones. We are particularly grateful for the continued support of Lantheus, whose ongoing strategic investment represents a strong endorsement of Radiopharm’s strategy, technology, and potential to make a meaningful impact in the field of radiopharmaceuticals.”
Placement details
RAD has received firm commitments from institutional and sophisticated investors for a A$35 million Placement of approximately 1,167 million Placement Shares in the Company to Placement Subscribers for the Placement Price. The Placement Price represents a discount of:
| ● | 18.9% to the last close of A$0.037 on 15 October 2025; and | |
| ● | 17.6% to the 5-day VWAP of A$0.036 up to and including 15 October 2025. | |
| ● | 11.8% to the 15-day VWAP of A$0.034 up to and including 15 October 2025. |
Lantheus continues support as strategic investor with A$7.6 million (US$5.0 million) investment in the Placement.
A$12.5 million (~415.7 million Placement Shares) will be issued on Friday, 24 October 2025 (Tranche 1 Placement), using RAD’s existing placement capacity with ~326.6 million Placement Shares to be issued under Listing Rule 7.1 and ~89.1 million Placement Shares to be issued Listing Rule 7.1A. The remaining A$22.5 million (~751.0 million Placement Shares) will be issued subject to shareholder approval at an upcoming Extraordinary General Meeting (EGM) (Tranche 2 Placement).
Subject to shareholder approval at an upcoming EGM, Placement Subscribers will also receive one (1) Attaching Option for every one (1) Placement Share issued, with an exercise price of A$0.039 and an expiry date of 31 October 2027, a total of ~1,167 million Attaching Options.
The Placement Shares to be issued will rank equally with existing RAD fully paid ordinary shares.
An EGM to approve the Tranche 2 Placement and the Attaching Options is anticipated to be held in early December 2025.
Radiopharm
Theranostics Limited
Suite 1, Level 3, 62 Lygon Street, Carlton South VIC 3053 Australia
ABN: 57 647 877 889
2
For more information:
Riccardo
Canevari
CEO & Managing Director
P: +1 862 309 0293
E: rc@radiopharmtheranostics.com
Paul
Hopper
Executive Chairman
E: paulhopper@lifescienceportfolio.com
Matt
Wright
NWR Communications
P: +61 451 896 420
E: matt@nwrcommunications.com.au
Follow Radiopharm Theranostics:
Website
– https://radiopharmtheranostics.com/
Twitter – https://twitter.com/TeamRadiopharm
Linked In – https://www.linkedin.com/company/radiopharm-theranostics/
Not an offer of securities
This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions registered under the US Securities Act or in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws.
Forward-looking statements
This announcement contains certain ‘forward-looking statements’ within the meaning of the securities laws of applicable jurisdictions. Forward-looking statements can generally be identified by the use of forward-looking words such as ‘may,’ ’should,’ ‘expect,’ ‘anticipate,’ ‘estimate,’ ’scheduled’ or ‘continue’ or the negative version of them or comparable terminology. Any forecasts or other forward-looking statements contained in this announcement are subject to known and unknown risks and uncertainties and may involve significant elements of subjective judgment and assumptions as to future events which may or may not be correct. There are usually differences between forecast and actual results because events and actual circumstances frequently do not occur as forecast and these differences may be material. Radiopharm does not give any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this announcement will actually occur and you are cautioned not to place undue reliance on forward-looking statements.
Radiopharm
Theranostics Limited
Suite 1, Level 3, 62 Lygon Street, Carlton South VIC 3053 Australia
ABN: 57 647 877 889
3
Attaching Options terms
| Eligibility | Attaching Options to be issued to Placement Subscribers and Eligible Shareholders who take up Placement Shares and SPP Shares (New Shares) under the Offer. |
| Grant
of Attaching Options |
To be issued on the basis of one (1) Attaching Option for every one (1) New Share issued to Placement Subscribers and Eligible Shareholders under the Offer, as the case may be. |
| Quotation
of Attaching Options |
The Company will apply to ASX for official quotation of any of the Attaching Options. If quotation is not approved, the Options will be issued without quotation (unlisted options). |
| Exercise
of Attaching Options |
Each Attaching Option is exercisable immediately on issue. The Attaching Options may be exercised at any time before their expiry date, wholly or in part, by delivering a duly completed form of notice of exercise together with a cheque for the exercise price. RAD will issue one new share for each Attaching Option exercised.
Holders of Attaching Options may only exercise a minimum of A$500 of Attaching Options on any particular occasion, unless the Holder has, in total, less than A$500 of Attaching Options, in which case they must exercise all their Attaching Options at the same time.
The exercise of each Attaching Option is subject to compliance with the Corporations Act 2001 (Cth) (Corporations Act) (in particular, the requirements of Chapter 6 of the Corporations Act). |
| Terms
of Shares issued |
Any Shares issued as a result of exercising an option will be issued on the same terms and rank in all respects on equal terms, with Existing Shares. |
| Transfer and security interests | Placement Subscribers and Eligible Shareholders may only:
(a) create a security interest in; or
(b) transfer, assign, dispose or otherwise deal with,
Attaching Options, or any interest in Attaching Options, with the prior written consent of the Board. |
| Quotation
of Shares issued |
Application for official quotation of Shares allotted and issued as a result of the exercise of the Attaching Options will be made within three Business Days from the date of issue of the Shares. |
| Expiration
of Attaching Options |
Each Attaching Option will have an expiration date that is the 31 October 2027. |
| Issue
price of Attaching Options |
No issue price is payable for the Attaching Options as they are issued together with any application by a Placement Subscriber or an Eligible Shareholder for New Shares. |
| Exercise
price of Attaching Options |
A$0.039 upon exercise to acquire each Share. |
| Option register | Attaching Options will be registered in the name of a Shareholder in an option register maintained by the Share Registry. The Share Registry will issue holding statements that evidence the number of Attaching Options held by the Placement Subscriber or Eligible Shareholder. No option certificates will be issued. |
Radiopharm
Theranostics Limited
Suite 1, Level 3, 62 Lygon Street, Carlton South VIC 3053 Australia
ABN: 57 647 877 889
4
ASX
ANNOUNCEMENT
20 October 2025
| Reconstruction
of capital |
If there is a reconstruction (including consolidation, sub-division, reduction or return) of the issued capital of RAD: |
| (a) | the number of Attaching Options or the exercise price of the Attaching Options or both will be adjusted as specified in Listing Rule 7.22 as it applies at the time of the reorganisation; and | |
| (b) | in all other respects the terms for the exercise of the Attaching Options will remain unchanged. |
| Adjustment where pro rata issue of Shares, bonus shares or stock dividends | If there is a pro rata issue of Shares, the exercise price of the Attaching Options will be adjusted as specified in Listing Rule 6.22.2. If there is a bonus or cash issue of Shares, the number of Shares issued upon exercise of the Attaching Options will be adjusted as specified in Listing Rule 6.22.3.
There will be no adjustment to the terms of the Attaching Options if there is a pro rata issue of shares. |
| New issues of Shares | The Attaching Options do not confer a right to participate in new issues of Shares unless the Attaching Options have been exercised on or before the record date for determining entitlements to the issue. |
| Notice of adjustments | RAD will give written notice to the Attaching Option holder of any adjustment of the exercise price of the Attaching Options and any increase or decrease in the number of Attaching Options. |
| Dividend rights | While they remain unexercised, the Attaching Options will not give a holder an entitlement to receive any dividends declared and paid by RAD for Shares. |
| Applicable law | Each Attaching Option is issued subject to:
(a) the Corporations Act;
(b) the Listing Rules; and
(c) the Company’s constitution. |
| US securities law restriction | The Attaching Options may not be exercised by or on behalf of a person in the United States unless the Attaching Options and the underlying shares have been registered under the US Securities Act of 1933 and applicable US state securities laws, or exemptions from such registration requirements are available. |
Radiopharm Theranostics Limited
Suite 1, Level 3, 62 Lygon Street, Carlton South VIC 3053 Australia
ABN: 57 647 877 889
5
Exhibit 99.2
|
 |
Radiopharm Theranostics Provides Positive Clinical Updates Across Four Programs
| ● | Preliminary data from first three patients in Phase 2b imaging clinical trial of RAD 101 show uptake in brain metastases from solid tumors, confirming proof-of-concept with Phase 2 topline results expected by H1 2026 |
| ● | First cohort of patients in Phase 1 clinical trial of RAD 202 (HER2) shows higher than expected tumour uptake; Anticipates second cohort of patients to be fully enrolled with data available by year-end 2025 |
| ● | Data from first six patients in Phase 1 clinical trial of RAD 204 (PDL-1) show promising tumor uptake, stable disease at the first dose level in two out of three patients |
| ● | Data from Phase 1 study with RAD 301 supports decision to advance to Phase 2 imaging trial in patients with loco-regional pancreatic cancer |
Sydney, Australia – 20 October 2025 – Radiopharm Theranostics (ASX: RAD, Nasdaq: RADX, “Radiopharm” or the “Company”), a clinical-stage biopharmaceutical company focused on developing innovative oncology radiopharmaceuticals for areas of high unmet medical need, today announced an update on its pipeline of clinical programs and outlined expected milestones through the end of 2025 and into 2026.
“We are highly encouraged by the consistent and positive data emerging from our four lead clinical programs, which continue to validate the potential of our differentiated radiopharmaceutical pipeline,” said Riccardo Canevari, CEO and Managing Director of Radiopharm Theranostics. “Our strategic execution remains strong, and we anticipate a steady stream of topline data readouts across multiple trials in the near term. As we advance these programs toward their next stages of development, we are proud of the meaningful progress being made. On behalf of our entire team, I express our gratitude to the investigators, patients, and families participating in our clinical trials—their trust and commitment are the foundation of our work.”
“Looking ahead, we are excited to initiate Phase 1 trials for RV01 and RAD402, our promising preclinical monoclonal antibody assets, by year-end. With this expansion, our clinical portfolio will include four therapeutic candidates and two imaging agents by December 2025, underscoring our commitment to transforming cancer care through potentially first-in class and best-in-class radiopharmaceuticals,” Canevari concluded.
Recent Clinical Achievements and Upcoming Milestones (additional data available in the accompanying PowerPoint presentation)
18F-RAD101 – Small molecule targeting fatty acid synthase radiolabelled with Fluorine-18
The Company continues to evaluate RAD 101 in a single-arm U.S. Phase 2b clinical trial evaluating the diagnostic performance of the molecule in 30 individuals with suspected recurrent brain metastases from solid tumors of different origin. RAD 101 has received U.S. Food and Drug Administration (FDA) Fast Track Designation to expedite the review process and help bring the novel imaging small molecule to the more than 300,000 patients diagnosed annually in the U.S. with cerebral metastases. The study has currently enrolled 12 patients and the Company anticipates to complete enrollment in the first quarter of 2026.
| ● | Data from the first three patients show significant and selective tumor uptake in brain metastases. Images confirm metabolic activity in brain metastases compared to equivocal MRI findings. |
| ● | These promising early results are in line with the previously published Phase 2a results and, if confirmed, will trigger the preparation of a multi-center, global Phase 3 registrational trial. |
Radiopharm Theranostics Limited
Suite 1, Level 3, 62 Lygon Street, Carlton South VIC 3053 Australia
ABN: 57 647 877 889
|
|
177Lu-RAD202 – Nanobody targeting HER2 radiolabelled with Lutetium 177
The Company continues to evaluate RAD 202 in the Phase 1 ‘HEAT’ clinical trial in patients with Human Epidermal Growth Factor Receptor 2 (HER2)-positive advanced solid tumors. HER2 is overexpressed or amplified in breast cancer and several other solid tumors and represents a validated target in oncology. RAD 202 has demonstrated clinical proof-of-concept with favourable safety and biodistribution and was recently recommended by the Data Safety and Monitoring Committee (DSMC) to progress to the next dose level of 75mCi in the ‘HEAT’ trial.
| ● | Dosing at the 30mCi dose level of RAD202 has been completed and the study is advancing to the next dose level of 75mCi following recommendation from the DSMC. |
| ● | Data available from the first three patients in the first cohort of the study show very significant tumor uptake in HER2 positive tumors. |
| ● | The safety profile of RAD202 has been favourable with no drug-related adverse events reported. |
| ● | The Company expects to complete enrollment in the higher dose Cohort 2 and to have data from both the first and second cohorts available by year-end 2025. |
177Lu-RAD204 – Nanobody targeting PD-L1 radiolabelled with Lutetium 177
The Company continues to evaluate RAD 204 in its Phase 1 study in PD-L1-positive cancers, including Non-Small Cell Lung Cancer (NSCLC), Small-Cell Lung Cancer (SCLC), Triple-negative Breast Cancer (TNBC), Cutaneous Melanoma, head and neck squamous cell carcinoma (HNSCC) and Endometrial Cancer. Previous Phase 1 imaging data of 16 NSCLC patients treated with RAD 204 demonstrated that the diagnostic compound is safe and is associated with acceptable dosimetry. The Company recently completed dosing in its first cohort of patients at 30mCi.
| ● | Two out of three patients in the 30mCi cohort exhibited stable disease for 5.5 months in last-line metastatic NSCLC, compared to historical data of 3.5 months PFS with standard of care (SOC). |
| ● | Dosing is completed at the second cohort dose level of 60mCi. Meeting with the DSMC is scheduled to approve further dose escalation to the third dose level. |
| ● | Initial data from the first six patients across the first two cohorts show tumor uptake in the PD-L1-positive lesions, in line with published results of the previously conducted imaging study. |
| ● | The safety profile of RAD204 has been favourable and there have been no dose limiting toxicities reported. |
Ga68-RAD301 – Peptide targeting αvβ6-integrin radiolabelled with Gallium 68
RAD 301 is being evaluated in a Phase 1 imaging trial in patients with Pancreatic Ductal Adenocarcinoma (PDAC). The αvβ6-integrin is a cellular marker for tumor invasion and metastatic growth, which correlates with decreased survival in several carcinomas, particularly pancreatic. RAD 301 has previously received Orphan Drug Designation (ODD) from the FDA and data from the Phase 1 trial are supportive of the Company’s decision to move to a Phase 2 imaging trial in patients with loco-regional pancreatic cancer.
| ● | Enrollment in the Phase 1 imaging trial in metastatic pancreatic cancer is continuing with six subjects dosed out of nine subjects in total. |
| ● | Initial data from the first six subjects confirmed safety and significant uptake in αvβ6 positive lesions. |
| ● | The unmet medical need in the earlier stages of disease and the large disease prevalence have influenced the decision to plan a Phase 2 imaging trial to evaluate RAD 301 in the preoperative setting of loco-regional pancreatic cancer. |
Radiopharm Theranostics Limited
Suite 1, Level 3, 62 Lygon Street, Carlton South VIC 3053 Australia
ABN: 57 647 877 889
2
|
|
About Radiopharm Theranostics
Radiopharm Theranostics is a clinical stage radiotherapeutics company developing a world-class platform of innovative radiopharmaceutical products for diagnostic and therapeutic applications in areas of high unmet medical need. Radiopharm is listed on ASX (RAD) and on NASDAQ (RADX). The company has a pipeline of distinct and highly differentiated platform technologies spanning peptides, small molecules and monoclonal antibodies for use in cancer. The clinical program includes one Phase 2 and three Phase 1 trials in a variety of solid tumor cancers including lung, breast, and brain metastases. Learn more at radiopharmtheranostics.com.
Authorized on behalf of the Radiopharm Theranostics Board of Directors by Executive Chairman Paul Hopper.
For more information:
Investors:
Riccardo Canevari
CEO & Managing Director
P: +1 862 309 0293
E: rc@radiopharmtheranostics.com
Anne Marie Fields
Precision AQ (formerly Stern IR)
E: annemarie.fields@precisionaq.com
Media:
Matt Wright
NWR Communications
P: +61 451 896 420
E: matt@nwrcommunications.com.au
Follow Radiopharm Theranostics:
Website – https://radiopharmtheranostics.com/
X – https://x.com/TeamRadiopharm
LinkedIn – https://www.linkedin.com/company/radiopharm-theranostics/
InvestorHub – https://investorhub.radiopharmtheranostics.com/
Radiopharm Theranostics Limited
Suite 1, Level 3, 62 Lygon Street, Carlton South VIC 3053 Australia
ABN: 57 647 877 889
3
Exhibit 99.3
OCTOBER 20 th , 2025 NASDAQ: RADX / ASX: RAD DECK ACCOMPANYING PRESS RELEASE
Notice & Disclaimer The information in this presentation does not constitute personal investment advice. The presentation is not intended to be c omp rehensive or provide all information required by investors to make an informed decision on any investment in Radiopharm Theranostics Ltd ACN 647 877 889 (Company). In preparing this presentation, the Comp any did not take into account the investment objectives, financial situation and particular needs of any particular investor. Further advice should be obtained from a professional investment adviser bef ore taking any action on any information dealt with in the presentation. Those acting upon any information without advice do so entirely at their own risk. Whilst this presentation is based on information from sources which are considered reliable, no representation or warranty, e xpr ess or implied, is made or given by or on behalf of the Company, any of its directors, or any other person about the accuracy, completeness or fairness of the information or opinions contained in this pre sentation. No responsibility or liability is accepted by any of them for that information or those opinions or for any errors, omissions, misstatements (negligent or otherwise) or for any communication w rit ten or otherwise, contained or referred to in this presentation. Neither the Company nor any of its directors, officers, employees, advisers, associated persons or subsidiaries are liable for any direct , i ndirect or consequential loss or damage suffered by any person as a result of relying upon any statement in this presentation or any document supplied with this presentation, or by any future communications in c onn ection with those documents and all of those losses and damages are expressly disclaimed. Certain statements contained in this presentation, including, without limitation, statements containing the words “believes,” “p lans,” “expects,” “anticipates,” and words of similar import, constitute “forward - looking statements.” Such forward - looking statements involve known and unknown risks, uncertainties and other factors that may c ause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward - looking statement s. Such factors include, among others, the following: the risk that our clinical trials will be delayed and not completed on a timely basis; the risk that the results from the clinical trials are not as fav our able as we anticipate; the risk that our clinical trials will be more costly than anticipated; and the risk that applicable regulatory authorities may ask for additional data, information or studies to be completed or pr ovi ded prior to their approval of our products. Given these uncertainties, undue reliance should not be placed on such forward - looking statements. The Company disclaims any obligation to update any such factors or to p ublicly announce the results of any revisions to any of the forward - looking statements contained herein to reflect future events or developments except as required by law. This presentation is not a prospectus or other disclosure document under the Corporations Act 2001 (Cth) and will not be lodged with the Australian Securities and Investments Commission. This presentation is for information purposes only and is not an invitation or offer of securities for subscription, purchase or sale in any juris dic tion. The distribution of this presentation (including electronically) outside Australia may be restricted by law. If you come into possession of this presentation, you should observe such restrictions as any non - compli ance with these restrictions could contravene applicable securities laws (see the section captioned ‘International offer restrictions’). In particular, this document does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States. The New Shares have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States exc ept in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws. Any opinions expressed reflect the Company’s position at the date of this presentation and are subject to change. 2
PROGRAM TARGET & MOLECULE INDICATION ISOTOPE PRECLINICAL PHASE I PHASE 2A PHASE 2B NOTES RAD101 Short Chain Fatty Acid (small molecule) Brain Mets F18 Phase 2b enrolling, NCT06777433 12 patients dosed / 30 patients total Expect to complete enrollment 1Q26 RAD202 HER2 (nanobody) HER2+ solid tumors Lu177 Phase 1 enrolling, NCT06824155 DL 1 at 30mCi completed DL 2 at 75mCi recruiting RAD204 PD - L1 (nanobody) PD - L1+ solid tumors Lu177 Phase 1 enrolling, NCT06305962 DL1 at 30mCi completed DL2 at 60mCi completed DL3 at xxmCi (DSMC decision in mid November) RAD301 Integrin [avB6] (peptide) Integrin αvβ6+ Pancreatic cancer Ga68 Phase 1 imaging trial enrolling, NCT05799274 6 patients dosed / 9 patients total Clinical Data Update From Four Clinical Trials (Oct 20 th , 2025) 3
Molecule: 18F - RAD101 Targeting MoA: SHORT CHAIN FATTY ACIDS Imaging for: SUSPECTED RECURRENT BRAIN METASTASES 4
RAD 101 (PIVALATE) SMALL MOLECULE Selectively targets fatty acid synthase: overexpressed in tumors but not normal brain cells Imaging for Brain Metastasis CANCER CELL TARGET Fatty acid oxidation TARGETING MOLECULE pivalate LINKER RADIOACTIVE ISOTOPE 18 F FATTY ACID SYNTHASE IS A VIABLE TARGET ✚ Upregulation of de novo fatty acid synthesis via Fatty Acid Synthase (FASN) enables cancer cells to grow in lipid - deprived brain microenvironment. ✚ Disruption of FASN activity can impair growth of brain metastases, representing a viable therapeutic target. IMAGING ✚ First - in - class Phase 2b imaging study currently recruiting (US).* ✚ High unmet need to detect early relapse after Stereotactic Radio Surgery in brain metastases from solid tumors of different origin ✚ ~300,000 new subjects diagnosed every year (US only) RAD 101 DIAGNOSTIC *NCT06777433 18F, fluorine - 18; IIb, phase 2b; PET, positron emission tomography; US, United States. 5
Phase 2b Trial Design Phase 2b imaging study in participants with suspected recurrent brain metastases from solid tumors IV, intravenous; MBq, megabecquerel; mCi, millicurie; MRI, magnetic resonance imaging; PET, positron emission tomography; SRS , s tereotactic radiosurgery. 6 • Study Design: Single dose RAD101, max 370 MBq (10 mCi), administered IV followed by whole brain PET/MRI scan at 60 ± 10 min post - dose. Four - week screening period, 3 - day imaging and safety follow - up, longitudinal imaging and data collection up to 6 months. Study size: n=30. RAD 101 DIAGNOSTIC Eligibility • Known history of brain metastases (lung, breast, colon, kidney, melanoma) • Suspected relapse or progression following stereotactic radiosurgery (SRS) 10mCi RAD101 Whole Brain PET (N=30) Endpoints • Concordance between PET and MRI lesions 6 Months Longitudinal Follow - up
Phase 2b imaging study currently recruiting (USA)* No competitor identified; RAD 101 is the only PET agent in clinical development for Brain Mets Large total addressable market: 300,000 new subjects diagnosed every year (US only) RAD 101 DIAGNOSTIC: CLINICAL DEVELOPMENT * NCT06777433 PRECLINICAL PHASE I PHASE2a PHASE2b PHASE3 UK UK 24 pts 22 pts 30 pts 150 pts 7 US UK UK UK
• RAD Phase 2b Study is currently ongoing and recruiting subjects • Images from n=3 subjects in the ongoing study demonstrate the concept by showing increased metabolic activity in areas with equivocal MRI findings (suspected relapse) • N=12 subjects dosed as of 10/20/2025; expected n=20 subjects by December; N=30/30 pts by Feb 2026 • Phase 2b readout in the first half of 2026 Executive Summary - new clinical data RAD 101 DIAGNOSTIC 1 S. Islam et. Al., EJNMMI; 07 February 2025; https://doi.org/10.1007/s00259 - 025 - 07118 - 0 MRI, magnetic resonance imaging; SOC, standard of care; SUV, standardized uptake value. 8
Study Patient #1 Note: the PET of patient #1 and patient #2 have inverted gray scales. In patient #1, PET metabolic activity is black. In patient #2, activity is white MRI, magnetic resonance imaging; PET, positron emission tomography; SRS, stereotactic radiosurgery. 9 RAD 101 DIAGNOSTIC MRI shows a suspected relapsed brain metastasis after SRS (see reticle) PET shows dark spot of metabolic activity in same location, increasing the possibility of this being a relapse MRI PET
Study Patient #2 Note: the PET of patient #1 and patient #2 have inverted gray scales. In patient #1, PET metabolic activity is black. In patient #2, activity is white MRI, magnetic resonance imaging; PET, positron emission tomography; SRS, stereotactic radiosurgery. 10 RAD 101 DIAGNOSTIC MRI shows a suspected relapsed brain metastasis after SRS (see reticle). It is unclear if this is active tumor or necrosis following SRS (appearance of a cavity) MRI PET PET shows high metabolic activity (white ring) surrounding a dark necrotic area (cavity) which is strongly indicative of a relapsed brain metastasis surrounding a necrotic area
Study Patient #3 MRI with suspected relapsed brain metastasis after SRS. It is unclear if this (or how much) is active tumor or necrosis following SRS PET scans showing high metabolic activity in a significantly larger area of the brain compared to the MRI, indicative of a relapsed brain metastasis beyond the area in question from MRI MRI PET PET 11
Molecule: 177Lu - RAD202 Targeting MoA: HER2 Therapeutic for: HER2+ TUMORS 12
RAD 202 Utilizes Anti - PD - L1 Nanobody as Targeting Moiety CANCER CELL TARGET HER2 TARGETING MOLECULE Sd mAb LINKER RADIOACTIVE ISOTOPE 177 Lu HER2+ THERAPY FOR subjects REFRACTORY TO TRASTUZUMAB DERUXTECAN (Enhertu ® ) Post - Enhertu ® Market Increasingly Attractive ✚ Enhertu ® moving up treatment lines (DESTINY - BREAST trials) ✚ Eligible patient numbers increasing (HER2 - low/very low identification and approval) ✚ No established therapy following Enhertu ® (total addressable market ~ USD 8 - 9 $B) HER2 NANOBODY High specificity & affinity single - domain antibody • HER2 pathway well validated • Overexpression in breast, and gastroesophageal cancers • Improved tumor penetration, accumulation and rapid blood clearance (small size) RAD 202 THERAPEUTIC HER2, human epidermal growth factor receptor 2; kDa, kilodalton; mAb, monoclonal antibody; nm, nanometer; Sd, single domain; USD , United States dollar. 13
Primary Objectives (Phase 1, Treatment): o Safety and tolerability of 177 Lu - RAD202 o Recommended ph2 dose of 177 Lu - RAD202 Population : Her2+ (IHC, ISH) a/m solid tumors Phase 0 Imaging: Biodistribution, PK and radiation dosimetry of 177 Lu - RAD202 im in organs of interest and tumor lesions Phase I Therapeutic : 177 Lu - RAD202 tr dose escalation Phase 1 Trial Design ‘HEAT’ Trial (HER2 Antibody Therapy with Lutetium - 177) in subjects with HER2+ advanced solid tumors a/m, advanced or metastatic; DL, dose level; GBq, gigabecquerel; HER2, human epidermal growth factor receptor 2; IHC, immunoh ist ochemistry; ISH, in situ hybridization; Lu177, lutetium - 177; mCi, millicurie; PK, pharmacokinetics; TBD, to be determined. 14 RAD 202 THERAPEUTIC Dose Level Dose Phase 0 (Imaging Period with 177 Lu - RAD202 im ) Imaging dose 10 mCi Phase I (Treatment Period with 177 Lu - RAD202 tr ) Therapeutic DL1 30 mCi (1.1 GBq) DL2 75 mCi (2.7 GBq) DL3+ TBD PROGRAM TARGET & MOLECULE INDICATION Dx/Tx ISOTOPE 1ST HALF 2024 2ND HALF 2024 1ST HALF 2025 2ND HALF 2025 1ST HALF 2026 2ND HALF 2026 RAD 202 HER2 (Nanobody) HER2+ Solid Tumors Therapy Lu177 Preclinical Studies Completed Ethics Approval (Dec 2024) First Patient dosed 2 Cohorts Completed 2 Cohorts Data Release Phase 1 Last Patient Dosed
• There are currently n=3 subjects in treatment in cohort #1 (30 mCi) with data available • DSMC on Sept 30 th , approved the start of Cohort #2 at 75mCi • Significant amount of drug uptake (absorbed radiation dose) is observed in tumor lesions (cohort #1) • The safety profile has been very favorable, with few low - grade adverse events and no SAEs observed thus far Executive Summary | Current Study Status 1 Zhao et al, Br Canc Res (2024); Zhao et al, Mol Pharmaceut (2021) 99mTc, technetium - 99m; 177Lu, lutetium - 177; mCi, millicurie; NSCLC, non - small cell lung cancer; PD - 1, programmed death - 1; PD - L1, programmed death ligand - 1; PFS, progression - free survival. 15 RAD 202 THERAPEUTIC
Lesion Dosimetry | First 3 Patients Show Very High Tumor Uptake PATIENT #1 Absorbed Dose at 30 mCi Cycle Lesion Volume (ml) 2 Dose (Gy), with PVC 1,2 C1 ROI - 2 2.26025 3.57 C1 ROI - 3 3.634 2.07 C1 ROI - 4 10.36125 2.02 C1 ROI - 5 16.20966667 0.39 1 Partial Volume Correction applied. 2 Density of lesion: soft tissue = 1.0 g/mL. Bone = 1.3 g/mL 3 Lesions were contours based on thresholding (40%) method and volume was averaged over all timepoints *BR = background – shoulder and proximal thigh. T:BR = lesion SUVmax:BR SUVmean GBq, gigabecquerel; Gy, gray; ml, milliliter; PVC, partial volume correction; ROI, region of interest; SUV, standardized upta ke value; SUVmax, maximum standardized uptake value; SUVmean, mean standardized uptake value; TBR, target - to - background ratio. 16 RAD 202 THERAPEUTIC NM1 – SEC 2 5TP Baseline PET D0 ACSCRR [BQML 9.85] NM2a – SEC 3 5TP 2 nd follow up PET C1D2 ACSCRR [BQML 9.85] NM4 – SEC 5 Current PET C1D8 ACSCRR [BQML 9.85] SUV 6 5 4 3 2 1 0 7 Absorbed Dose at 30 mCi Cycle Lesion Volume (ml) Dose (Gy), with PVC 1,2 C1 ROI - 3 5.821 2.732 C1 ROI - 6 23.02025 1.581 C1 ROI - 7 43.224 1.831 C1 ROI - 8 145.1585 1.286 C1 ROI - 9 16.796 2.084 C1 ROI - 10 20.9355 2.092 C1 ROI - 11 20.31075 2.959 C1 ROI - 12 20.31075 1.558 C1 ROI - 13 30.34125 0.854 PATIENT #2 Absorbed Dose at 30 mCi Cycle Lesion (refer to Viedoc for lesion’s location for each ROI) Volume (ml) Dose (Gy), with PVC 1,2 C1 ROI - 2 48.7975 0.848 C1 ROI - 3 60.502 0.661 C1 ROI - 4 25.8 0.793 C1 ROI - 6 26.85 0.964 C1 ROI - 11 17.256 1.235 PATIENT #3
Treatment Emergent and Treatment - Related Adverse Events • All TEAEs in Dose Levels 1 were CTC Grade 1 and 2 • Only two AEs (both in the same patient) were considered ‘related’ by the treating physician: Grade 1 dysgeusia and Grade 1 pleural effusion Serious Adverse Events • There were no SAEs reported in Dose Level 1 Adverse Events Summary (interim data) | Dose Level 1
Molecule: 177Lu - RAD204 Targeting MoA: PD - L1 Therapeutic for: PD - L1+ TUMORS 18
RAD 204 Utilizes Anti - PD - L1 Nanobody as Targeting Moiety RAD 204 THERAPEUTIC CANCER CELL TARGET PD - L1 TARGETING MOLECULE Sd mAb LINKER RADIOACTIVE ISOTOPE 177 Lu BENEFITS OF NANOBODIES ✚ Specificity and affinity of a full - size antibody; binds to different epitopes than approved full - sized antibodies ✚ Improved tumor penetration and accumulation (small size) ✚ Rapid blood clearance Anti - PD - L1 Nanobody High affinity single domain monoclonal antibody PD - L1 Immune Checkpoint • Antigen expression mediates evasion of immune responses by cancer cells • Inhibition leads to antitumor activity THERAPEUTIC APPLICATION ✚ First - in - class PD - L1 radiotherapeutic in development ✚ High unmet need in subjects refractory to Checkpoint Inhibitors ✚ Very large total addressable market in 2 nd line metastatic, post Checkpoint Inhibitors+ chemotherapy 19
Dose Level Dose Phase 0 (Imaging Period with 177 Lu - RAD204 im ) Imaging dose 10 (0.37 GBq) Phase I (Treatment Period with 177 Lu - RAD204 tr ) Therapeutic DL1 30 mCi (1.1. GBq) DL2 60 mCi (2.2 GBq) DL3+ TBD Phase 1 Trial Design 177 Lu - anti - PD - L1 single domain AB in metastatic solid tumors 20 Primary Objectives o Safety and tolerability of 177 Lu - RAD204 o Recommended ph2 dose of 177 Lu - RAD204 tr Study Design BOIN for escalation / de - escalation. Population: History of PD - L1 positive (> 1%) metastatic tumors Imaging Phase 0 Biodistribution, dosimetry and PK with low dose 177 Lu - RAD204 im in organs of interest and tumor Therapeutic Phase 1 177 Lu - RAD204 tr dose escalation RAD 204 THERAPEUTIC BOIN, Bayesian optimal interval; DL, dose level; GBq, gigabecquerel; mCi, millicurie; PD - L1, programmed death ligand - 1; PK, phar macokinetics; TBD, to be determined. PROGRAM TARGET & MOLECULE INDICATION Dx/Tx ISOTOPE 1ST HALF 2024 2ND HALF 2024 1ST HALF 2025 2ND HALF 2025 1ST HALF 2026 RAD 204 NCT06305962 PD - L1 (Nanobody) PD - L1+ Solid Tumors Therapy Lu177 Ethics Approval Received • First Patient Treated • Approval for Trial Expansion in 6 Tumor Types 1 Cohort Completed 2 Cohorts Completed Phase 1 dose escalation completed
Executive Summary – Current Study status *One patient (Patient 003 - 009) is not DLT - evaluable (consent withdrawal due to personal reasons) NSCLC, non - small cell lung cancer; PD - 1, programmed death - 1; PDL - 1, programmed death ligand - 1; PFS, progression - free survival. • Preliminary data are available from n=3 subjects in cohort #1 (30mCi) and n=3* subjects from cohort #2 (60mCi) • DSMC meeting planned for mid of November to certify Cohort #2 completion and to approve start of Cohort #3 • The clinical activity is under evaluation. Thus far, 2/3 subjects (67%) at the lowest (30mCi) dose level have shown disease stabilization and treatment duration of 5+ months, which exceeds the typical PFS of approximately 3.5 months reported in such a last line patient population of NSCLC • The safety profile has been very favorable, with few adverse events and no related SAEs observed thus far RAD 204 THERAPEUTIC 21
RAD 204 THERAPEUTIC Absorbed dose at 30 mCi Cycle Lesion Volume (ml) 2 D1 SUV max SUV T:BR* Dose (Gy), with PVC 1,2 C1 Primary (left lung apex) 111.8758 3 2.8 4.36 0.18 C1 Primary - core 11.48 0.46 C1 RLL met 32.3506 3 2.95 4.57 0.23 C1 RLL met - CT 5.97 4 0.59 C1 RML met 25.6196 3 4.2 6.09 0.52 C1 RML met – core 11.44 0.78 1 Partial Volume Correction applied. 2 Density of lesion: soft tissue = 1.0 g/mL. Bone = 1.3 g/mL 3 Lesions were contours based on thresholding (40%) method and volume was averaged over all timepoints 4 CT - based contouring is smaller than 11.5 mL.So the “core” contouring was not performed. * BR = background – shoulder and proximal thigh. T:BR = lesion SUV max :BR SUV mean 22 SUV 6 5 4 3 2 1 0 7 C1 RML C1 RLL Location of sampling PD - L1 expression IHC (%) Right lung 10 Lesion Dosimetry | 003 - 001 (NSCLC) Selective uptake of 177 Lu - RAD204 in primary and metastatic pulmonary lesions
Lesion Dosimetry | 003 - 002 (sqNSCLC) Selective uptake of 177 Lu - RAD204 in pulmonary lesions RAD 204 THERAPEUTIC Absorbed dose at 30 mCi Cycle Lesion Volume (ml) 2 D1 SUV max SUV T:BR* Dose (Gy), with PVC 1 C1 Primary (Left lung perihilar) 151.4286 4 4.54 6.16 0.16 C1 Primary – core 11.47 0.74 C2 3 Primary 201.22 4 0.15 C2 3 Primary - core 11.288 0.77 1 Partial Volume Correction applied 2 Density of lesion: soft tissue = 1.0 g/mL. Bone = 1.3 g/mL 3 C2 dosimetry is based on STD approach. 4 Lesions were contours based on thresholding (40%) method and volume was averaged over all timepoints. *BR = background – shoulder and proximal thigh. T:BR = lesion SUVmax:BR SUVmean 23 SUV 6 5 4 3 2 1 0 7 C2D1 C1D1 C3 C1D2 C4 C1D3 Location of sampling PD - L1 expression IHC (%) Left lung 95
Lesion Dosimetry | 003 - 006 (NSCLC) Selective uptake of 177 Lu - RAD204 in primary and metastatic pulmonary lesions RAD 204 THERAPEUTIC Absorbed dose at 30 mCi Cycle Lesion Volume (ml) 2 D1 SUV max SUV T:BR* Dose (Gy), with PVC 1 Im Primary (RUL) 47.3216 2.7 3.4 0.18 Im T2 43.797 3.5 4.4 0.15 C1 Primary (RUL) 103.7125 1.7 3.0 0.14 C1 T2 49.9054 2.78 4.78 0.21 C1 L Liver 71.7364 5 8.6 0.42 C2* Primary (RUL) 97.159 0.11 C2* T2 81.58 0.13 C2* L Liver 82.346 0.24 1 Partial Volume Correction applied 2 Lesions were contours based on thresholding (40%) method and volume was averaged over all timepoints. 3 Density of lesion: soft tissue = 1.0 g/mL. Bone = 1.3 g/mL * BR = background – shoulder and proximal thigh. T:BR = lesion SUV max :BR SUV mean 24 IMD2 IMD2 SUV 6 5 4 3 2 1 0 7 ImD – T2 ImD – Primary (RUL) IMD3 IMD3 IMD4 IMD4 Location of sampling PD - L1 expression IHC (%) Right lung 30
x Cohort 1 - 30mCi Dose Level Preliminary Clinical Activity (PFS of 5+ months) in 2/3 subjects (67%) exceeds historical controls 25 RAD 204 THERAPEUTIC 1 subjects without actionable mutations. Soon YY, et al. Clinical Trial and Real - World Outcomes of subjects With Metastatic NSCLC in the Post - Platinum - Based Chemotherapy Failure Setting. JTO Clin Res Rep. 2023;4(11):100579. Published 2023 Sep 28. doi:10.1016/j.jtocrr.2023.100579. 0 1 2 3 4 5 6 Participant Dose RAD204 – Swimmer Lane Plot 003 - 006_(DL1/30mCi/1.1GBq) 003 - 002_(DL1/30mCi/1.1GBq) 003 - 001_(DL1/30mCi/1.1GBq) NSCLC Last Line Historical Progression Free Survival ≅ 3.5 months 1 Event Type Stable disease (SD) Disease Progression 177Lu - RAD204 Dose administered Months from Cycle 1
Lesion Dosimetry | Second Cohort at 60 mCi Data from a single administration in all three patients. RAD 204 THERAPEUTIC PATIENT #1 PATIENT #4 Absorbe d dose at 60 mCi Cycle Lesion Volume (ml) 2 D1 SUV max SUV T:BR* Dose (Gy), with PVC 1,2 C1 Primary 113 2.1 5.1 0.33 C1 Lymph node axillary left (ROI - 3) 27 2.7 6.6 0.61 C1 Lymph node supraclavicular left (ROI - 4) 27 3 7.3 0.7 C1 Lymph node supraclavicular right (Level V) (ROI - 6) 37 1.8 4.3 0.35 C1 Liver Segment VI (ROI - 9) 47 6.3 15.4 3.0 # Patient 003 - 009 is not DLT - evaluable (consent withdrawal due to personal reasons) 1 Partial Volume Correction applied. 2 Density of lesion: soft tissue = 1.0 g/mL. Bone = 1.3 g/mL 3 Lesions were contours based on thresholding (40%) method and volume was averaged over all timepoints * BR = background – shoulder and proximal thigh. T:BR = lesion SUV max :BR SUV mean 26 Absorbed dose at 60 mCi Cycl e Lesion Volume (ml) 2 D1 SUV max SUV T:BR* Dose (Gy), with PVC 1,2 C1 ROI - 4 8.3 2.5 4.7 0.5 Absorbed dose at 60 mCi Cycle Lesion Volume (ml) 2 D1 SUV max SUV T:BR* Dose (Gy) IM with PVC 1,2 Dose (Gy) C1 with PVC 1,2 IM ROI - 7 (Spleen) 16.28 15.2 20.7 1.0 2.8 PATIENT #5 PATIENT #6
Treatment - Emergent and Treatment - Related Adverse Events • Majority of TEAEs in Dose Levels 1 and 2 were CTC Grade 1 and 2 • There were a total of four Grade 3 events, all of which were pre - existing at study entry • Only one of the Grade 3 events was considered ‘related’ by the treating physician, despite it being pre - existing at study entry: increased lipase (isolated, asymptomatic) Serious Adverse Events • There were n=2 SAEs in Dose Levels 1 and 2. None were related to study drug • N=2 subjects experienced SAEs (resulting in hospitalization) which were due to 1) subject with worsening of previous underlying non - cancerous condition (lung infection) and 2) n=1 subject with worsening of underlying cancerous condition (progression of disease) • Neither of these two subjects received a therapeutic dose of the study drug. One subject only underwent screening, the other subject only received one imaging dose of 10mCi Adverse Events Summary (interim data) | Dose Levels 1 and 2 RAD 204 THERAPEUTIC
Molecule: 68Ga - RAD301 Targeting MoA: αVβ6 INTEGRIN Imaging for: PANCREATIC CANCER 28
RAD 301 (Trivehexin) PEPTIDE • RGD peptide (arginylglycylaspartic acid) • Integrin αvβ6 receptor antagonist • Design features include hydrophilicity to reduce non - specific uptake into undesired organs and increase clearance in plasma, trimerization to increase affinity, cyclicity for better selectivity, uptake and tumor retention Imaging for Pancreatic Cancer 68Ga, gallium - 68; αvβ6, alpha - v beta - 6; ADC, antibody drug conjugate; IIa, phase 2a; n, number of subjects; NSCLC, non - small cel l lung cancer; RGD, arginylglycylaspartic acid; TGFβ, transforming growth factor beta; Tx, treatment. 29 CANCER CELL TARGET integrin αvβ6 TARGETING MOLECULE trivehexin LINKER RADIOACTIVE ISOTOPE 68 Ga INTEGRIN αvβ6 ✚ Upregulated target often referred to as “cancer integrin” given its role in activation of TGFβ; expression correlates with decreased survival in numerous carcinomas. ✚ Pfizer αvβ6 integrin ADC Phase III in NSCLC. αvβ6 INTEGRIN EXPRESSING TUMORS ✚ Pancreatic cancer is first targeted indication (~60% expression). ✚ Approx. n=80 subjects already dosed in IIS and under German compassionate use program. ✚ Strong peer reviewed presence in several journals and congresses. RAD 301 DIAGNOSTIC
• 44 subjects : Pancreatic Ductal Adenocarcinoma (PDAC) imaged under 3rd party (Germany) compassionate use* • 32 subjects: 12 PDAC, 20 Head & Neck Squamous Cell Carcinoma(HNSCC) imaged in Investigator Initiated Research (IIR)** • 4 subjects: single case publications in Non - Small Cell Lung Cancer (NSCLC), Triple Negative Breast Cancer (TNBC), Ovarian, Thyroid Cancer • Ongoing Phase 1 imaging study in Pancreatic Cancer ongoing at Montefiore, NY and United Theranostic, NJ*** • Phase 1 is used to confirm Proof - Of Concept in subjects with metastatic pancreatic cancer • Phase 2 in preparation in subjects with loco - regional disease (pre - metastatic) 80 Subjects Imaged With 68GA - RAD301 To Date Multi - indication Potential Beyond Pancreatic Cancer 3 rd PARTY COMPASSIONATE USE (Germany)* IIR IN PDAC & HNSCC** + 4 Single Case Publications PHASE 1 (USA)*** Phase 2 (USA) 44 pts 32 pts + 4 pts = 36 pts 9 pts 30 pts Ongoing In Preparation *Rehm J, et al. Front. Nucl. Med. 4:1487602. doi: 10.3389/fnume.2024.1487602, **Das, S. et al,. Clin Nucl Med 49, 733 – 740. doi.org/10.1097/RLU.0000000000005278 *** NCT05799274. HNSCC, head and neck squamous cell carcinoma; IIR, investigator - initiated research; NSCLC, non - small cell lung cancer; PDAC, pancreatic ductal adenocarcinoma; TNBC, triple negative breast cancer. 30 RAD 301 DIAGNOSTIC
UPCOMING MILESTONES PROGRAM 2NDHALF 2024 1STHALF 2025 2NDHALF 2025 RAD301 Phase I Phase 1 ongoing Phase 1 ongoing Last patient dosed ACHIEVED PROGRAM 1ST HALF 2026 2ND HALF 2026 1ST HALF 2027 2NDHALF 2027 RAD301 Phase 2 CLINICAL SITES EXPANSION TRIAL START ENROLLING TRIAL COMPLETED TRIAL POPULATION Metastatic Pancreatic Cancer - Adequate for proof of concept - subjects with more extensive disease, more frail, difficult to recruit - Limited patient benefit TRIAL POPULATION Loco - Regional Pancreatic Cancer High risk of metastatic disease - Higher unmet need - Higher patient benefit - Healthier patient population - Easier to recruit - More willing to participate in trials - Larger prevalence 31
Executive Summary 32 RAD 301 DIAGNOSTIC αVβ6, alpha - v beta - 6 integrin; cm, centimeter; GYN, gynecologic; n, number of subjects; RAD301, radiolabeled αVβ6 - targeted diagn ostic agent. • Phase 1 company - sponsored study underway in healthy volunteers and pancreatic cancer subjects to characterize biodistribution, image quality and organ/tumor dosimetry • Preliminary results from n=3 subjects in RADs ongoing study thus far suggest high sensitivity for detection and monitoring of primary tumors and metastatic lesions as small as <1cm • 6 subjects dosed as 10/20/2025; expected 9/9 subjects by Dec 2025
PET/CT Scan | Patient 1 Pancreatic Cancer patient with large pancreatic mass visible in PET RAD 301 DIAGNOSTIC Axial Slice 289/423 Coronal Slice 82/144 AC, attenuation corrected; PET, positron emission tomography. 33
PET/CT Scan | Patient 2 Pancreatic Cancer patient with multiple bilateral metastatic pulmonary nodules ranging in size from 1.3 to 2.2. cm RAD 301 DIAGNOSTIC Axial cm, centimeter; CT, computed tomography; PET, positron emission tomography. 34
PET/CT Scan | Patient 3 Pancreatic cancer patient with multiple metastatic lung nodules <1cm RAD 301 DIAGNOSTIC Axial cm, centimeter; CT, computed tomography; PET, positron emission tomography. 35
Appendix www.radiopharmtheranostics.com 36
PROGRAM TARGET & MOLECULE INDICATION ISOTOPE PRECLINICAL PHASE I PHASE IIA PHASE IIB NOTES IMAGING TRIALS RAD101 Short Chain Fatty Acid (small molecule) Brain Mets F18 Phase 2b enrolling, NCT06777433 Expected to be fully enrolled in Q1 2026 RAD301 Integrin [avB6] (peptide) Integrin αvβ6+ Pancreatic cancer Ga68 Phase 1 enrolling, NCT05799274 Expected to be fully enrolled by Q4 2025 THERAPEUTIC TRIALS RAD204 PD - L1 (nanobody) PD - L1+ solid tumors Lu177 Phase 1 enrolling, NCT06305962 Dose 1 (30mCi) completed; Dose 2 (60mCi) ongoing; Dose 3 to start in Q4 2025 RAD202 HER2 (nanobody) HER2+ solid tumors Lu177 Phase 1 enrolling NCT06824155 Dose 1 (30mCi) completed; Dose 2 (75mCi) to start in October 2025 RV01 B7 - H3 (mAb) B7 - H3+ solid tumors Lu177 IND approval 07/2025 NCT07189871 FPFV expected Q4 2025 RAD402 KLK3 (mAb) Advanced prostate cancer Tb161 Ethics submission in 9/2025 FPFV expected Q4 2025 Company Pipeline – 6 Molecules in Clinical Stage by December 2025 37 B7 - H3, B7 homolog 3; F18, fluorine - 18; Ga68, gallium - 68; HER2, human epidermal growth factor receptor 2; KLK3, kallikrein - related peptidase 3; Lu177, lutetium - 177; mAb, monoclonal antibody; PD - L1, programmed death ligand - 1; Tb161, terbium - 161.
SECURED & REDUNDANT RADIOISOTOPE SUPPLY CHAINS FOCUS ON CLINICALLY PROVEN RADIOISOTOPES FROM EXISTING GLOBAL SUPPLY CHAINS, ENABLING SAFE & RELIABLE DISTRIBUTION Beta Particles Most used therapeutic isotope Well proven therapeutic index FDA approved for solid tumors Long half - life allows for global distribution Beta & Auger Particles Innovative dual atomic particle functionality combining the benefits of Beta cross - fire effect and Auger short - distance high - energy (similar to alpha emission) Potential efficacy in both solid tumors & micrometastases Long half - life allows for global distribution 177 - Lutetium 161 - Terbium 38
Revolutionizing Oncology Treatment with Radiopharmaceuticals Fully funded to achieve multiple near - term catalysts with the potential for value creation ✓ Initiated Phase I therapeutic study of RAD - 204 (PDL1) in solid tumor cancers ✓ Initiated Phase 2b imaging study of RAD - 101(Brain Mets) ✓ Initiated Phase I clinical study of RAD - 202 (HER2) in solid tumor cancers ✓ Successful IND approval for B7H3 - mAb Phase I Therapeutic trial ✓ Listed ADRs on Nasdaq Achievements Q4 2025 (ongoing) : Interim data released for Phase 2b imaging study of RAD - 101 (Brain Mets) – Positive data from first 3 patients now available Q4 2025 (ongoing) : Early cohort data from Phase 1 study of RAD - 204 (PDL1) in solid tumor cancers – Favorable preliminary safety data from first 3 patients in cohort #1 and cohort #2 now available Q4 2025 (ongoing) : Early cohort data from Phase 1 study of RAD - 202 (HER2) in solid tumor cancers – Favorable preliminary safety data from first 3 patients in cohort #1 now available Q4 2025 (ongoing): Interim data released from Phase 1 study with RAD 301 (AvB6) – Positive data from first 3 patients now available . Upcoming Milestones 39 H1 2026 : Primary outcome Phase 2b imaging study of RAD - 101 (Brain Mets) H1 2026 : Phase 1 dose escalation data of RAD - 204 (PDL1) in solid tumor cancer H2 2026 : Phase 1 dose escalation data of RAD - 202 (HER2) in solid tumor cancer H2 2026 : Phase 3 start for imaging study of RAD - 101 (Brain Mets) H1 2027 : Phase 1 dose escalation data of RV01 (B7H3) in solid tumor cancer
CAPITAL RAISING 40
CAPITAL RAISING OVERVIEW Company is raising approximately A$40 million via a two - tranche placement and SPP Placement • A$35 million two - tranche placement comprising: ‒ A$12.5 million placement under the Company’s available placement capacity under ASX Listing Rules 7.1 and 7.1A (“ Tranche 1 ”); ‒ A$22.5 million subject to the Company obtaining shareholder approval pursuant to ASX Listing Rule 7.1 (“ Tranche 2 ”) (together the “ Offer ” or “ Placement ”) • Approximately 1,166.7 million new fully paid ordinary shares in RAD (“ New Shares ”) to be issued under the Offer Offer Price • Shares under the Offer will be issued at a price of A$0.03 per New Share, representing an 18.9% discount to the last close on 15 October 2025 and a 17.0% discount to the 10 - day VWAP up to and including 15 October 2025 Attaching Options • Each 1 New Share under the Placement and SPP will receive 1 attaching option ( Attaching Options ). Attaching options will be exercisable at 30% premium to the offer price and have an expiry date of 31 October 2027. It is intended that Attaching Options will be list ed, subject to ASX spread requirements . • Attaching Options are subject to shareholder approval at an extraordinary general meeting of the Company held in early Decemb er 2025 ( EGM ) Strategic Investment • Subject to shareholder approval, Lantheus Holdings, Inc. through its wholly owned subsidiary Lantheus Omega, LLC, will be par tic ipating for US$5 million (A$7.6 million) under the Offer, subject to shareholder approval at an EGM Share Purchase Plan • The Company will offer eligible shareholders the opportunity to participate in a Share Purchase Plan (SPP) and apply for up t o A $30,000 of New Shares, to raise an additional A$5 million at the Offer Price • Record date for determining eligibility for the SPP is 7:00pm (AEDT), Friday 17 October 2025 • Further details in relation to the SPP, including the scale - back policy, will be provided to eligible shareholders in an offer b ooklet • The Company reserves the right to accept over subscriptions under the SPP subject to ASX Listing Rules and Corporations Act 2 001 (Cth) Ranking • All new shares issued under the Offer will rank equally with existing RAD shares from the date of issue Lead Manager and US Placement Agent • Bell Potter Securities Limited (“ Bell Potter ”) are acting as Lead Manager to the Offer • Leerink Partners LLC (“ Leerink ”) and B. Riley Securities, Inc. (“ B Riley ”) are acting as US Placement Agent to the Offer 41
CAPITAL RAISING AND USE OF FUNDS Company is raising approximately A$40 million , which it expects will fully fund its current clinical programs through multiple near - term catalysts and into 2027 SOURCE OF FUNDS A$M Existing Cash Balance 1 $19m Capital Raising 2 $40m TOTAL $59m 1 As of September 30, 2025 2 Assumes SPP is fully subscribed CAPITAL RAISE USE OF FUNDS A$M Drug Manufacturing CMC GMP production for RAD 204 & RAD 202(new batches for Phase II); CMC GMP production for RAD 302; RAD 402; RV01 (first batches to start Phase I) $6m Clinical Trials Phase 1 RAD 204, RAD 202, RAD 302, RV01, RAD 402 Phase 2b for RAD 101, Phase 2 RAD 301 $34m Administration, Working Capital and Offer Costs General working capital, corporate costs, and offer costs $19m TOTAL $59m 42
Thank You www.radiopharmtheranostics.com 43