The firm's liquidity position is constrained by a $29M cash balance, which appears insufficient to support the broad, multi-asset clinical pipeline without further dilutive equity financing.
| Metric | Jun'25 | Jun'24 | Jun'23 | Jun'22 |
|---|
| Total Current Assets | 39.85M | 22.85M | 16.3M | 27.26M |
| Cash & Short-Term Investments | 29.12M | 18.58M | 11.7M | 26.98M |
| Cash Only | 29.12M | 18.58M | 11.7M | 26.98M |
| Short-Term Investments | 0 | 0 | 0 | 0 |
| Accounts Receivable | 10.4M | 987.41K | 4.47M | 56.48K |
| Days Sales Outstanding | 1.04K | 1.2K | 5.58K | 2.33K |
| Inventory | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - |
| Other Current Assets | 337.09K | 3.29M | 133.13K | 228.82K |
| Total Non-Current Assets | 46.63M | 49.19M | 58.65M | 56.12M |
| Property, Plant & Equipment | 53.47K | 60.8K | 68.33K | 1.58K |
| Fixed Asset Turnover | 67.96x | 4.92x | 4.28x | 5.60x |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | 46.57M | 49.09M | 58.54M | 56.08M |
| Long-Term Investments | 0 | 40K | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 40K | 40K |
| Total Assets | 86.48M | 72.04M | 74.95M | 83.38M |
| Asset Turnover | 0.04x | 0.00x | 0.00x | 0.00x |
| Asset Growth % | 20.05% | -3.89% | -10.11% | - |
| Total Current Liabilities | 14.93M | 17.58M | 13.23M | 7.88M |
| Accounts Payable | 6.35M | 6.43M | 2.96M | 1.19M |
| Days Payables Outstanding | 644.6 | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 1.72M | 0 | 0 | 0 |
| Other Current Liabilities | 3.87M | 6.72M | 8.11M | 5.73M |
| Current Ratio | 2.67x | 1.30x | 1.23x | 3.46x |
| Quick Ratio | 2.67x | 1.30x | 1.23x | 3.46x |
| Cash Conversion Cycle | - | - | - | - |
| Total Non-Current Liabilities | 28.68M | 27.11M | 16.14M | 12.54M |
| Long-Term Debt | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 28.68M | 27.11M | 16.14M | 12.54M |
| Total Liabilities | 43.61M | 44.68M | 29.37M | 20.42M |
| Total Debt | 0 | 0 | 0 | 0 |
| Net Debt | -29.12M | -18.58M | -11.7M | -26.98M |
| Debt / Equity | - | - | - | - |
| Debt / EBITDA | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - |
| Interest Coverage | -584.59x | -56.96x | -400.83x | -2.13x |
| Total Equity | 42.87M | 27.35M | 45.58M | 62.96M |
| Equity Growth % | 56.73% | -39.99% | -27.61% | - |
| Book Value per Share | 6.18 | 21.23 | 44.71 | 61.76 |
| Total Shareholders' Equity | 44.79M | 28.12M | 44.38M | 62.96M |
| Common Stock | 176.56M | 100.68M | 97.23M | 86.76M |
| Retained Earnings | -145.73M | -111.34M | -65.35M | -30.82M |
| Treasury Stock | 0 | 0 | 0 | 0 |
| Accumulated OCI | 13.12M | 37.93M | 10.36M | 7.03M |
| Minority Interest | -1.92M | -769.28K | 1.19M | 0 |
Clinical trial funding dependency
As reported in financial disclosures, RADX maintains a cash position of approximately $29M, which appears insufficient to sustain its broad, multi-asset clinical pipeline without further external capital injections, given the high burn rate associated with ongoing Phase II trials and specialized isotope procurement requirements for its theranostic platform.
The current liquidity buffer suggests that management faces a narrow window to achieve meaningful clinical milestones before needing to return to capital markets. Investors should monitor the company's ability to secure non-dilutive funding through partnerships, as reliance on equity raises in a high-rate environment may lead to significant shareholder dilution.
Based on the company's financial profile, the balance sheet trajectory remains heavily skewed toward asset accumulation through licensing rather than operational self-sufficiency, with the firm's net equity position likely eroding as clinical development costs continue to outpace the lumpy, non-recurring revenue streams recognized from strategic milestone payments.
The lack of a stable, recurring revenue base implies that the balance sheet is currently a vehicle for funding R&D rather than a reflection of commercial health. This trajectory warrants caution, as the firm's long-term viability is contingent upon successful clinical readouts rather than the strength of its existing asset base.
According to available financial data, the company's equity quality is currently pressured by the necessity of funding a diverse portfolio of early-stage assets, which may necessitate ongoing share issuance that could dilute existing shareholders as management attempts to advance multiple programs simultaneously toward clinical validation.
The strategy of maintaining a broad 'shots on goal' portfolio appears to be a double-edged sword that requires constant capital replenishment. Analysts should evaluate whether the potential for future licensing deals can offset the persistent dilution risk inherent in the company's current capital allocation strategy.
As indicated by the company's business model, the balance sheet likely carries significant intangible assets related to intellectual property and licensing agreements, which may be subject to impairment risk if clinical trial results for lead candidates like RAD 301 fail to meet primary endpoints.
The reliance on proprietary ligands and isotope-chelator technology means that the company's book value is highly sensitive to clinical outcomes. Investors should be aware that the headline equity value may not accurately reflect the realizable value of these assets in a distressed or failed clinical scenario.
Quick answers to the most common questions about buying RADX stock.
As of 2024, Radiopharm Theranostics Limited (RADX) had total assets of $86.5M including $39.9M in current assets.
Radiopharm Theranostics Limited (RADX) carries total debt of $0.0M, offset by $29.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Radiopharm Theranostics Limited (RADX) has total shareholders' equity (book value) of $44.8M ($6.18 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Radiopharm Theranostics Limited (RADX) reported a current ratio of 2.67x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.