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Starpharma Holdings Limited (SPL) AI Stock Analysis
Starpharma Holdings Limited
(ASX:SPL)
Starpharma scores at the low end of the range. The decisive factor is its financial profile: persistent losses, a widening operating loss, no positive operating cash flow in any year shown, and an equity base that has eroded almost 80% since FY2021 to A$13.8m — leaving a thin buffer if the recent revenue spike proves non-recurring. Partially offsetting this are genuine positives: a near debt-free balance sheet, an 86% gross margin on licensing revenue, a narrower net loss, and cash burn cut to A$3.2m. Technicals compound the caution, with the price well below all major moving averages and negative MACD momentum. Valuation offers no support given negative earnings and no dividend. This is a speculative, milestone-driven story where further burn reduction and durable partnering income would be needed to justify a higher score.
Starpharma Holdings Limited (SPL) vs. iShares MSCI Australia ETF (EWA)
- Market Cap
- AUD 158.31M
- Dividend Yield
- ―
- Average Volume (3M)
- 2.67M
- Price to Earnings (P/E)
- -26.0
- Beta (1Y)
- 1.66
- Revenue Growth
- 145.32%
- EPS Growth
- 25.75%
- Country
- Australia
- Employees
- 50
- Sector
- Healthcare
- Sector Strength
- 51
- Industry
- Biotechnology
Starpharma Holdings Limited Business Overview & Revenue Model
Company Description
Starpharma Holdings Limited is a biopharmaceutical enterprise focused on the research, development, and global commercialization of dendrimer-based products for the pharmaceutical, life sciences, and other industries. Its current offerings include Vi...
Starpharma Holdings Limited Financial Statement Overview
Summary
Starpharma remains a pre-profit, development-stage biotech. FY2026 showed real improvement — revenue rebounded roughly 145% to A$12.1m, gross margin expanded to about 86% on high-margin licensing income, net loss narrowed to A$7.5m, and operating cash burn more than halved to A$3.2m with minimal capex. However, the operating loss (EBIT) widened to -A$19.2m, implying the improved bottom line leaned on non-operating items rather than core earnings, and the company has never generated positive operating cash flow. The balance sheet is effectively debt-free (debt only ~5% of equity, equity funding ~72% of assets), which is a genuine strength, but it is shrinking fast: equity has fallen from A$62.3m in FY2021 to A$13.8m and total assets from A$73.2m to A$19.0m, with ROE around -54%. Revenue is lumpy and milestone-driven, leaving funding runway and revenue durability as the dominant risks.
Income Statement
29NegativeBalance Sheet
51NeutralCash Flow
34Negative| Breakdown | TTM | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 12.05M | 12.05M | 4.91M | 8.29M | 2.94M | 4.68M |
| Gross Profit | 10.39M | 10.39M | 3.69M | 7.66M | 1.22M | 1.91M |
| EBITDA | -18.32M | -18.32M | -10.93M | -9.63M | -22.08M | -22.34M |
| Net Income | -7.46M | -7.46M | -9.99M | -8.16M | -15.64M | -16.15M |
Balance Sheet | ||||||
| Total Assets | 19.02M | 19.02M | 25.42M | 36.81M | 52.09M | 66.17M |
| Cash, Cash Equivalents and Short-Term Investments | 11.02M | 11.02M | 15.41M | 23.36M | 35.18M | 49.92M |
| Total Debt | 707.00K | 707.00K | 2.40M | 3.53M | 8.27M | 8.19M |
| Total Liabilities | 5.24M | 5.24M | 6.42M | 8.70M | 17.27M | 17.78M |
| Stockholders Equity | 13.78M | 13.78M | 19.00M | 28.12M | 34.81M | 48.39M |
Cash Flow | ||||||
| Free Cash Flow | -3.50M | -3.50M | -6.80M | -7.07M | -14.15M | -14.00M |
| Operating Cash Flow | -3.21M | -3.21M | -6.76M | -6.98M | -13.53M | -13.16M |
| Investing Cash Flow | -259.00K | -259.00K | -42.00K | -89.00K | -610.00K | -836.00K |
| Financing Cash Flow | -876.00K | -876.00K | -1.13M | -4.75M | -695.00K | 3.23M |
Starpharma Holdings Limited Technical Analysis
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:SPL, the sentiment is Negative. The current price of 0.43 is below the 20-day moving average (MA) of 0.63, below the 50-day MA of 0.72, and below the 200-day MA of 0.63, indicating a bearish trend. The MACD of -0.10 indicates Positive momentum. The RSI at 22.88 is Positive, neither overbought nor oversold. The STOCH value of 7.38 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:SPL.
Starpharma Holdings Limited Peers Comparison
Overall Rating
AU:RCE46Neutral
AU:DXB44Neutral
AU:BOT41Neutral- AU:SPL38Underperform
AU:ADO38Underperform
AU:IMM38Underperform
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| Sector * | 51Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
| AU:RCE | 46Neutral | AUD 110.10M | -6.66 | 84.67% | ― | ― | 42.51% |
| AU:DXB | 44Neutral | AUD 126.08M | -4.12 | 362.74% | ― | -22.13% | -108.82% |
| AU:BOT | 41Neutral | AUD 27.63M | -0.28 | -118.74% | ― | 499.47% | 31.20% |
| AU:SPL | 38Underperform | AUD 217.31M | -26.02 | -42.35% | ― | 145.32% | 25.75% |
| AU:ADO | 38Underperform | AUD 52.24M | -11.43 | -77.75% | ― | -51.74% | 24.00% |
| AU:IMM | 38Underperform | AUD 33.90M | -0.39 | -98.86% | ― | ― | -27.73% |
* Healthcare Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| AU:SPL | Starpharma Holdings Limited | 0.43 | 0.11 | 33.44% | |
| AU:IMM | Immutep Ltd | 0.02 | -0.25 | -91.85% | |
| AU:DXB | Dimerix Limited | 0.21 | -0.28 | -57.14% | |
| AU:ADO | AnteoTech Ltd | 0.02 | 0.00 | 0.00% | |
| AU:BOT | Botanix Pharmaceuticals Limited | 0.01 | -0.12 | -92.31% | |
| AU:RCE | Recce Pharmaceuticals Ltd. | 0.35 | -0.05 | -12.35% |
Starpharma Holdings Limited Corporate Events
Starpharma relocates Melbourne headquarters as dendrimer portfolio advances
Starpharma Holdings Limited, an Australian biotechnology group listed on the ASX and U.S. OTC markets, develops dendrimer-based medical products aimed at improving outcomes for patients with serious illnesses such as cancer. Its operations span clini...
Starpharma Secures $3.5 Million R&D Tax Incentive to Support Oncology Pipeline
Starpharma has received $3.5 million under the Australian Federal Government’s Research and Development Tax Incentive program, providing non-dilutive funding to support its pipeline of dendrimer-based therapeutics. Management emphasised that th...
Starpharma Tightens Grip on Petalion as Majority Owner in FAP-Targeted Cancer Program
Starpharma has provided investors with a new presentation and webinar outlining recent changes to the ownership structure of Petalion Therapeutics, its UK-based partner focused on a FAP-targeted dendrimer-drug conjugate for cancer. The company confir...
Starpharma sets 2026 AGM and outlines board leadership transition
Starpharma has scheduled its 2026 Annual General Meeting for 6 November in Melbourne, where the CEO and outgoing Chair will review the company’s operational and financial performance for the year to 30 June 2026. The hybrid meeting format will...
Starpharma Director’s Performance Rights Lapse After Targets Missed
Starpharma Holdings Limited has disclosed a change in the interests of director Cheryl Maley, reporting the lapse of 702,768 performance rights after performance criteria were not met. Following this change, Maley continues to hold 141,667 ordinary s...
Starpharma Seeks ASX Quotation for 2.68 Million New Shares
Starpharma Holdings Limited has applied for quotation of 2,684,166 new ordinary fully paid shares on the ASX, with an issue date of 7 September 2026. The securities arise from the exercise of options or conversion of other convertible instruments, ex...
Starpharma Reports Lapse of 2.2 Million Performance Rights
Starpharma Holdings Limited has reported a change in its issued capital following the lapse of 2,215,046 performance rights, recorded under the ASX security code SPLAK. These conditional rights ceased on 30 September 2026 after the company confirmed...
Starpharma Reshapes Board Leadership to Back Oncology and Global Growth Push
Starpharma has announced a planned leadership transition, with long-serving chair Rob Thomas AO to retire as chair at the conclusion of the November 2026 AGM after 12 years in the role, while remaining on the board as a non-executive director subject...
UBS Group AG Withdraws as Substantial Shareholder in Starpharma
UBS Group AG and its related bodies corporate have notified Starpharma Holdings Limited that they ceased to be a substantial shareholder in the company as of 23 September 2026. The change in UBS’s relevant interest reduces the presence of a maj...
UBS exits substantial holder position in Starpharma
UBS Group AG and its related bodies corporate have notified Starpharma Holdings Limited that they have ceased to be a substantial shareholder in the company as of 11 September 2026. The change reflects a reduction in UBS’s relevant interest in...
Starpharma sets 2026 AGM date and flags board nomination deadline
Starpharma has set the date for its 2026 Annual General Meeting, confirming it will take place on Friday, 6 November 2026 in Melbourne, with formal details to follow in a Notice of Meeting in early October. The company will again release the chair...
S&P Dow Jones Indices Unveils September S&P/ASX Rebalance
S&P Dow Jones Indices has announced the September 2026 quarterly rebalance of the S&P/ASX indices, with changes effective before trading opens on September 21. The S&P/ASX 20 will remain unchanged, while the S&P/ASX 50, 100, 200, and...
UBS Group Ceases to Be Substantial Shareholder in Starpharma
UBS Group AG and its related bodies corporate have notified Starpharma Holdings that they ceased to be a substantial shareholder in the company as of 27 August 2026, following changes in their relevant interest in Starpharma’s voting securities...
Starpharma Highlights Patient-Focused Dendrimer Strategy in Annual Report
Starpharma’s latest annual report underscores its strategic focus on deploying dendrimer technology to deliver meaningful clinical benefits for patients with significant diseases such as cancer. The document highlights the company’s long-...
Starpharma Boosts Revenue on Genentech Deal While Deepening R&D Spend
Starpharma reported a sharp increase in revenue to $12.05 million for the year ended 30 June 2026, up 145% from the prior year, largely driven by an $8.34 million upfront payment from a collaboration and licence agreement with Genentech. Despite high...
UBS Group AG Drops Below Substantial Holding in Starpharma
UBS Group AG and its related bodies corporate have ceased to be a substantial shareholder in Starpharma Holdings Limited as of 17 August 2026, according to a regulatory notice. The change reflects a reduction in UBS’s voting interest below the...
Starpharma Director Increases Stake Through Entitlement Offer
Starpharma Holdings Limited has reported a change in the securities holdings of director Robert B. Thomas, in accordance with ASX disclosure rules. The filing outlines his direct and indirect interests in the company’s ordinary shares through p...
Starpharma Director Increases Indirect Shareholding via Entitlement Offer
Starpharma Holdings has disclosed a change in the interests of director Ms Lynda Cheng, who holds shares indirectly via Zula Pty Ltd as trustee for the Allen Family account. The filing details her participation in the company’s recent pro rata...
Starpharma Director Increases Indirect Shareholding via Entitlement Offer
Starpharma Holdings Limited has disclosed a change in the interests of director Dr Jeff Davies, indicating an increase in his indirect holding of company shares through Deroda Enterprises Pty Ltd as trustee for the DRD Family Trust. The transaction r...
Starpharma Director Increases Shareholding via Entitlement Offer
Starpharma Holdings Limited has disclosed a change in the interests of director Cheryl Maley, who increased her direct holding of ordinary shares through participation in the company’s pro rata renounceable entitlement offer. Maley acquired 16,...
Starpharma Seeks ASX Quotation for 56 Million New Shares
Starpharma Holdings Limited has applied for quotation on the ASX of 56,126,514 new ordinary fully paid shares under the code SPL, with an issue date of 11 August 2026. The new securities arise from previously announced transactions and will expand th...
Starpharma raises $32 million in heavily supported entitlement offer to fund oncology pipeline
Starpharma Holdings Limited has successfully completed a fully underwritten 1-for-7.5 renounceable pro rata entitlement offer, raising $32 million before costs. The offer received approximately 99% take-up from existing shareholders, with strong dema...
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.
Date of analysis: Oct 21, 2026