Radiopharm Theranostics Limited · ASX:RAD
Radiopharm Theranostics — Investor Presentation (October 2025)
54 slides from Radiopharm Theranostics's investor presentation, Oct 20, 2025
Slide 1: Clinical Update and Capital Raising
For personal use only NASDAQ: RADX / ASX: RAD CLINICAL UPDATE AND CAPITAL RAISING OCTOBER 20th, 2025
Slide 2: Notice & Disclaimer
Notice & Disclaimer The information in this presentation does not constitute personal investment advice. The presentation is not intended to be comprehensive or provide all information required by investors to make an informed decision on any investment in Radiopharm Theranostics Ltd ACN 647 877 889
Slide 3: Clinical Data Update From Four Clinical Trials
Clinical Data Update From Four Clinical Trials (Oct 20th, 2025) PROGRAM TARGET & MOLECULE INDICATION ISOTOPE PRECLINICAL PHASE I PHASE 2A PHASE 2B NOTES For personal use only Short Chain Fatty Phase 2b enrolling, NCT06777433 RAD101 Acid Brain Mets F18 12 patients dosed / 30 patients total (small mol
Slide 4: Molecule: 18F-RAD101
For personal use only Molecule: 18F-RAD101 Targeting MoA: SHORT CHAIN FATTY ACIDS Imaging for: SUSPECTED RECURRENT BRAIN METASTASES 4
Slide 5: RAD101 Imaging for Brain Metastasis
RAD 101 DIAGNOSTIC Imaging for Brain Metastasis For personal use only RAD 101 (PIVALATE) SMALL MOLECULE Selectively targets fatty acid synthase: LINKER overexpressed in tumors but not normal brain cells CANCER CELL TARGETING RADIOACTIVE TARGET MOLECULE ISOTOPE Fatty acid oxidation pivalate 18F FATTY
Slide 6: Phase 2b Trial Design
RAD 101 DIAGNOSTIC Phase 2b Trial Design Phase 2b imaging study in participants with suspected recurrent brain metastases from solid tumors For personal use only Eligibility Endpoints • Known history of brain metastases 10mCi RAD101 • Concordance between 6 Months (lung, breast, colon, kidney, melano
Slide 7: RAD101 Clinical Development
RAD 101 DIAGNOSTIC: CLINICAL DEVELOPMENT ▪ Phase 2b imaging study currently recruiting (USA)* ▪ No competitor identified; RAD 101 is the only PET agent in clinical development for Brain Mets For personal use only ▪ Large total addressable market: 300,000 new subjects diagnosed every year (US only) P
Slide 8: Executive Summary - new clinical data
RAD 101 DIAGNOSTIC Executive Summary - new clinical data • RAD Phase 2b Study is currently ongoing and recruiting subjects For personal use only • Images from n=3 subjects in the ongoing study demonstrate the concept by showing increased metabolic activity in areas with equivocal MRI findings (suspe
Slide 9: Study Patient #1
RAD 101 DIAGNOSTIC Study Patient #1 MRI shows a suspected relapsed brain metastasis PET shows dark spot of metabolic activity in same location, For personal use only after SRS (see reticle) increasing the possibility of this being a relapse MRI PET Note: the PET of patient #1 and patient #2 have inv
Slide 10: Study Patient #2
RAD 101 DIAGNOSTIC Study Patient #2 MRI shows a suspected relapsed brain metastasis after PET shows high metabolic activity (white ring) surrounding a dark SRS (see reticle). It is unclear if this is active tumor or necrotic area (cavity) which is strongly indicative of a relapsed For personal use o
Slide 11: Study Patient #3
Study Patient #3 MRI with suspected relapsed brain metastasis PET scans showing high metabolic activity in a significantly larger area after SRS. It is unclear if this (or how much) is of the brain compared to the MRI, indicative of a relapsed brain active tumor or necrosis following SRS metastasis
Slide 12: RAD101 Commercial Potential
RAD101 COMMERCIAL POTENTIAL: USD$500m+ yearly sales (USA only) Third largest imaging molecule after Pilarify (Lantheus) & Illucix (Telix) RAD101 Estimated Sales Based on a number of assumptions outlined below, RAD 101 market share is projected to peak at 94.2% in Year 8 of commercialisation, For per
Slide 13: Molecule: 177Lu-RAD202
For personal use only Molecule: 177Lu-RAD202 Targeting MoA: HER2 Therapeutic for: HER2+ TUMORS 13
Slide 14: HER2 Nanobody Targeting Moiety
RAD 202 THERAPEUTIC RAD 202 Utilizes Anti-PD-L1 Nanobody as Targeting Moiety HER2 NANOBODY High specificity & affinity single-domain antibody For personal use only • HER2 pathway well validated • Overexpression in breast, and LINKER gastroesophageal cancers • Improved tumor penetration, accumulation
Slide 15: Phase 1 Trial Design (HEAT Trial)
RAD 202 THERAPEUTIC Phase 1 Trial Design ‘HEAT’ Trial (HER2 Antibody Therapy with Lutetium-177) in subjects with HER2+ advanced solid tumors Primary Objectives (Phase 1, Treatment): Dose Level Dose For personal use only o Safety and tolerability of 177Lu-RAD202 o Recommended ph2 dose of 177Lu-RAD202
Slide 16: Executive Summary | Current Study Status
RAD 202 THERAPEUTIC Executive Summary | Current Study Status • There are currently n=3 subjects in treatment in cohort #1 (30 mCi) with data available • DSMC on Sept 30th, approved the start of Cohort #2 at 75mCi For personal use only • Significant amount of drug uptake (absorbed radiation dose) is
Slide 17: Lesion Dosimetry | First Patients Show Very High Tumor Uptake
RAD 202 THERAPEUTIC Lesion Dosimetry | First 3 Patients Show Very High Tumor Uptake Absorbed Absorbed SUV 7 Absorbed PATIENT #1 Dose PATIENT #2 Dose PATIENT #3 Dose at 30 mCi at 30 mCi at 30 mCi For personal use only Lesion 6 Volume Dose (Gy), Dose (Gy), Volume Dose (Gy), Cycle Lesion Cycle Lesion V
Slide 18: Adverse Events Summary (interim data) | Dose Level 1
Adverse Events Summary (interim data) | Dose Level 1 Treatment Emergent and Treatment-Related Adverse Events For personal use only • 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
Slide 19: Molecule: 177Lu-RAD204
For personal use only Molecule: 177Lu-RAD204 Targeting MoA: PD-L1 Therapeutic for: PD-L1+ TUMORS 19
Slide 20: Anti-PD-L1 Nanobody Targeting Moiety
RAD 204 THERAPEUTIC RAD 204 Utilizes Anti-PD-L1 Nanobody as Targeting Moiety Anti-PD-L1 Nanobody For personal use only High affinity single domain monoclonal antibody PD-L1 Immune Checkpoint LINKER • Antigen expression mediates evasion of immune responses by cancer cells CANCER CELL TARGETING RADIOA
Slide 21: Phase 1 Trial Design
RAD 204 THERAPEUTIC Phase 1 Trial Design 177Lu-anti-PD-L1 single domain AB in metastatic solid tumors Primary Objectives Dose Level Dose o Safety and tolerability of 177Lu-RAD204 For personal use only o Recommended ph2 dose of 177Lu-RAD204tr Phase 0 (Imaging Period with Imaging dose 10 (0.37 GBq) St
Slide 22: Executive Summary – Current Study Status
RAD 204 THERAPEUTIC Executive Summary – Current Study status • Preliminary data are available from n=3 subjects in cohort #1 (30mCi) and n=3* subjects from cohort #2 (60mCi) For personal use only • DSMC meeting planned for mid of November to certify Cohort #2 completion and to approve start of Cohor
Slide 23: Lesion Dosimetry | 003-001 (NSCLC)
RAD 204 THERAPEUTIC Lesion Dosimetry | 003-001 (NSCLC) Selective uptake of 177Lu-RAD204 in primary and metastatic pulmonary lesions Absorbed dose at 30 mCi C1 SUV 7 RLL For personal use only Volume Dose (Gy), Cycle Lesion D1 SUVmax SUV T:BR* 6 (ml)2 with PVC1,2 Primary (left C1 111.87583 2.8 4.36 0.
Slide 24: Lesion Dosimetry | 003-002 (sqNSCLC)
RAD 204 THERAPEUTIC Lesion Dosimetry | 003-002 (sqNSCLC) Selective uptake of 177Lu-RAD204 in pulmonary lesions Absorbed dose SUV 7 at 30 mCi For personal use only Volume Dose (Gy), Cycle Lesion D1 SUVmax SUV T:BR* 6 (ml)2 with PVC1 Primary (Left C1 151.42864 4.54 6.16 0.16 5 lung perihilar) 4 C1 Pri
Slide 25: Lesion Dosimetry | 003-006 (NSCLC)
RAD 204 THERAPEUTIC Lesion Dosimetry | 003-006 (NSCLC) Selective uptake of 177Lu-RAD204 in primary and metastatic pulmonary lesions Absorbed dose at 30 mCi ImD – Primary (RUL) SUV 7 For personal use only Volume Dose (Gy), Cycle Lesion D1 SUVmax SUV T:BR* 6 (ml)2 with PVC1 Im Primary (RUL) 47.3216 2.
Slide 26: Cohort - 30mCi Dose Level
RAD 204 THERAPEUTIC Cohort 1 - 30mCi Dose Level Preliminary Clinical Activity (PFS of 5+ months) in 2/3 subjects (67%) exceeds historical controls For personal use only RAD204 – Swimmer Lane Plot 003-006_(DL1/30mCi/1.1GBq) Event Type Stable disease (SD) Participant Dose Disease Progression xNSCLC La
Slide 27: Lesion Dosimetry | Second Cohort
RAD 204 THERAPEUTIC Lesion Dosimetry | Second Cohort at 60 mCi Data from a single administration in all three patients. PATIENT #1 Absorbe d dose PATIENT #4 at 60 mCi Absorbed PATIENT #5 For personal use only Volume D1 SUV Dose (Gy), dose Cycle Lesion at 60 mCi (ml)2 SUVmax T:BR* with PVC1,2 Cycl Vo
Slide 28: Adverse Events Summary | Dose Levels 1 and 2
RAD 204 THERAPEUTIC Adverse Events Summary (interim data) | Dose Levels 1 and 2 Treatment-Emergent and Treatment-Related Adverse Events • Majority of TEAEs in Dose Levels 1 and 2 were CTC Grade 1 and 2 For personal use only • There were a total of four Grade 3 events, all of which were pre-existing
Slide 29: Molecule: 68Ga-RAD301
For personal use only Molecule: 68Ga-RAD301 Targeting MoA: αVβ6 INTEGRIN Imaging for: PANCREATIC CANCER 29
Slide 30: RAD301 Imaging for Pancreatic Cancer
RAD 301 DIAGNOSTIC Imaging for Pancreatic Cancer RAD 301 (Trivehexin) PEPTIDE For personal use only • RGD peptide (arginylglycylaspartic acid) • Integrin αvβ6 receptor antagonist • Design features include hydrophilicity to reduce non-specific uptake into undesired organs and LINKER increase clearanc
Slide 31: Subjects Imaged With 68Ga-RAD301 To Date
RAD 301 DIAGNOSTIC 80 Subjects Imaged With 68GA-RAD301 To Date Multi-indication Potential Beyond Pancreatic Cancer • 44 subjects: Pancreatic Ductal Adenocarcinoma (PDAC) 3rd PARTY IIR IN PDAC & HNSCC** + For personal use only imaged under 3rd party (Germany) compassionate use* COMPASSIONATE PHASE 1
Slide 32: Upcoming Milestones
UPCOMING MILESTONES ACHIEVED 2ND HALF 1ST HALF 2ND HALF TRIAL POPULATION PROGRAM Metastatic Pancreatic Cancer 2024 2025 2025 For personal use only - Adequate for proof of concept Last RAD301 Phase 1 Phase 1 patient - subjects with more extensive disease, more frail, Phase I ongoing ongoing dosed dif
Slide 33: Executive Summary
RAD 301 DIAGNOSTIC Executive Summary • Phase 1 company-sponsored study underway in healthy volunteers and pancreatic cancer subjects to characterize biodistribution, image quality and organ/tumor dosimetry For personal use only • Preliminary results from n=3 subjects in RADs ongoing study thus far s
Slide 34: PET/CT Scan | Patient
RAD 301 DIAGNOSTIC PET/CT Scan | Patient 1 Pancreatic Cancer patient with large pancreatic mass visible in PET Axial Coronal Slice 289/423 Slice 82/144 For personal use only AC, attenuation corrected; PET, positron emission tomography. 34
Slide 35: PET/CT Scan | Patient
RAD 301 DIAGNOSTIC PET/CT Scan | Patient 2 Pancreatic Cancer patient with multiple bilateral metastatic pulmonary nodules ranging in size from 1.3 to 2.2. cm Axial For personal use only cm, centimeter; CT, computed tomography; PET, positron emission tomography. 35
Slide 36: PET/CT Scan | Patient
RAD 301 DIAGNOSTIC PET/CT Scan | Patient 3 Pancreatic cancer patient with multiple metastatic lung nodules <1cm Axial For personal use only cm, centimeter; CT, computed tomography; PET, positron emission tomography. 36
Slide 37: Appendix
For personal use only Appendix www.radiopharmtheranostics.com 37
Slide 38: RAD at the Cutting Edge of Radiopharmaceuticals
RAD is at the Cutting Edge of Radiopharmaceuticals, a Transformative Modality Within Cancer TREATMENT 1 Differentiated Within Radiopharmaceuticals • Clinical-stage company with deep pipeline of radiotherapeutic assets pursuing novel targets – Targets include PD-L1, HER2 (nanobody platform); integrin
Slide 39: Company Pipeline – Molecules in Clinical Stage by December 2025
Company Pipeline – 6 Molecules in Clinical Stage by December 2025 PROGRAM TARGET & MOLECULE INDICATION ISOTOPE PRECLINICAL PHASE I PHASE IIA PHASE IIB NOTES For personal use only Short Chain Fatty Acid IMAGING TRIALS RAD101 Brain Mets F18 Phase 2b enrolling, NCT06777433 (small molecule) Expected to
Slide 40: Radiopharmaceuticals Deliver Radiation Directly to Cancer Cells
RADIOPHARMACEUTICALS DELIVER RADIATION DIRECTLY TO CANCER CELLS Building Blocks of Considerations Radiopharmaceuticals For personal use only Targeting Molecule Serum half-life, immunogenicity, tumor uptake (high affinity small and retention, plasma clearance (especially via molecule, peptide or rena
Slide 41: Secured & Redundant Radioisotope Supply Chains
SECURED & REDUNDANT RADIOISOTOPE SUPPLY CHAINS FOCUS ON CLINICALLY PROVEN RADIOISOTOPES FROM EXISTING GLOBAL SUPPLY CHAINS, ENABLING SAFE & RELIABLE DISTRIBUTION For personal use only 177-Lutetium 161-Terbium Beta Particles B e t a & Au g e r Particles Most used therapeutic isotope Innovative dual a
Slide 42: Growing Interest in Radiopharma Deal Space
G R O W I N G I N T E R E S T I N R A D I O P H A R M A D E A L S PA C E ( 2 0 1 8 T O P R E S E N T ) Selected Recent M&A Transactions Selected Recent Strategic Agreements • Y-mAbs Therapeutics acquired by SERB Pharmaceuticals - $412MM upfront (August ‘25) For personal use only • BMS/Philochem (‘25
Slide 43: Key Management Team
K E Y M A N A G E M E N T TEAM For personal use only Dr. Sherin Al-Safadi VP Medical & Corporate Vimal Patel Affairs V P CMC Riccardo Canevari Dr. Dimitris Voliotis Paul Hopper Chief Executive Officer Chief Medical Officer Executive Chairman • Radiopharm Theranostics CEO • Radiopharm Theranostics CM
Slide 44: Revolutionizing Oncology Treatment with Radiopharmaceuticals
Revolutionizing Oncology Treatment with Radiopharmaceuticals Fully funded to achieve multiple near-term catalysts with the potential for value creation Achievements Upcoming Milestones ✓ Initiated Phase I therapeutic study of RAD-204 For personal use only ▪ Q4 2025 (ongoing): Interim data ▪ H1 2026:
Slide 45: Capital Raising
For personal use only CAPITAL RAISING 45
Slide 46: Capital Raising Overview
CAPITAL RAISING OVERVIEW Company is raising approximately A$40 million via a two-tranche placement and SPP • 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”); Placement ‒ A$22
Slide 47: Capital Raising and Use of Funds
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 CAPITAL RAISE USE OF FUNDS A$M For personal use only Existing Cash Balance1 $19m Drug
Slide 48: Offer Timetable
OFFER TIMETABLE Indicative capital raising timetable1 Date (AEDT2) SPP record date 7:00pm, Friday 17 October 2025 For personal use only Capital raising announced, and trading halt lifted Monday, 20 October 2025 Settlement of Tranche 1 Placement Thursday, 23 October 2025 Allotment of Tranche 1 Placem
Slide 49: Key Risks
KEY RISKS Pipeline product in Radiopharm’s ability to achieve profitability is dependent on a number of factors, including its ability to complete successful clinical development and not trials, obtain regulatory approval for its products and successfully commercialise those products. There is no gu
Slide 50: Key Risks (cont.)
KEY RISKS (CONT.) Radiopharm may pursue collaborative arrangements with pharmaceutical and life science companies, academic institutions or other partners to complete the development and commercialisation of its products. There is no assurance that Radiopharm will attract and Arrangements with third
Slide 51: Foreign Offer Jurisdictions
FOREIGN OFFER JURISDICTIONS This document does not constitute an offer of new ordinary shares (“New Shares”) and free-attaching options (“Options”) of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares
Slide 52: Foreign Offer Jurisdictions (cont.)
FOREIGN OFFER JURISDICTIONS (CONT.) New Zealand (Cont.) The New Shares and Options are not being offered or sold in New Zealand (or allotted with a view to being offered for sale in New Zealand) other than to a person who: • For personal use only is an investment business within the meaning of claus
Slide 53: Foreign Offer Jurisdictions (cont.)
FOREIGN OFFER JURISDICTIONS (CONT.) United Kingdom (Cont.) The New Shares and Options may not be offered or sold in the United Kingdom by means of this document or any other document, except in circumstances that do not require the publication of a prospectus under section 86(1) of the FSMA. This do
Slide 54: Thank You
For personal use only Thank You www.radiopharmtheranostics.com 54
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