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Starpharma Holdings Limited
(Sydney:SPL)
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Rating:49Neutral
Price Target:
AU$0.72
ā²(4.49% Upside)
Action:Reiterated
Date:08/27/26
The score is primarily weighed down by weak financial performanceācontinued operating losses and negative free cash flow despite improved 2026 cash burn, plus meaningful equity erosion over time. Technicals provide partial support with a generally improving longer-term trend and neutral momentum, while valuation remains challenging due to negative earnings (negative P/E) and no dividend yield data.
Positive Factors
Revenue growth
The 145.3% reported revenue-growth figure and A$12.1m 2026 revenue indicate stronger commercial receipts. If sustained, a larger revenue base can improve operating leverage and support monetisation of the companyās platform and product portfolio.
Negative Factors
Persistent operating losses
Ongoing EBIT, EBITDA and net losses show that gross profit has not yet translated into a sustainable operating model. Without meaningful cost leverage or higher-margin commercial income, profitability may remain dependent on future partnering or funding.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth
The 145.3% reported revenue-growth figure and A$12.1m 2026 revenue indicate stronger commercial receipts. If sustained, a larger revenue base can improve operating leverage and support monetisation of the companyās platform and product portfolio.
Read all positive factors
Starpharma Holdings Limited (SPL) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$345.86M
Dividend YieldN/A
Average Volume (3M)724.95K
Price to Earnings (P/E)ā
Beta (1Y)1.67
Revenue Growth145.32%
EPS Growth25.75%
CountryAU
Employees40
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.02
Shares Outstanding477,054,960
10 Day Avg. Volume366,126
30 Day Avg. Volume724,950
Financial Highlights & Ratios
PEG Ratio1.43
Price to Book (P/B)21.33
Price to Sales (P/S)24.38
P/FCF Ratio-84.01
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)<0.01
Revenue Forecast (FY)AU$24.00M
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...
How the Company Makes Money
Starpharma makes money primarily through (1) licensing and partnering revenue linked to its DEPĀ® drug delivery platform and (2) sales and commercial arrangements related to products that use its dendrimer technology (including VivaGelĀ®/Astodrimer ...
Starpharma Holdings Limited Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
62
Positive
Cash Flow
28
Negative
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 12.05M | 4.91M | 8.29M | 2.94M | 4.68M |
| Gross Profit | 10.39M | 3.69M | 7.66M | 1.22M | 1.91M |
| EBITDA | -18.32M | -10.93M | -9.63M | -22.08M | -22.34M |
| Net Income | -7.46M | -9.99M | -8.16M | -15.64M | -16.15M |
Balance Sheet | |||||
| Total Assets | 19.02M | 25.42M | 36.81M | 52.09M | 66.17M |
| Cash, Cash Equivalents and Short-Term Investments | 11.02M | 15.41M | 23.36M | 35.18M | 49.92M |
| Total Debt | 707.00K | 2.40M | 3.53M | 8.27M | 8.19M |
| Total Liabilities | 5.24M | 6.42M | 8.70M | 17.27M | 17.78M |
| Stockholders Equity | 13.78M | 19.00M | 28.12M | 34.81M | 48.39M |
Cash Flow | |||||
| Free Cash Flow | -3.50M | -6.80M | -7.07M | -14.15M | -14.00M |
| Operating Cash Flow | -3.21M | -6.76M | -6.98M | -13.53M | -13.16M |
| Investing Cash Flow | -259.00K | -42.00K | -89.00K | -610.00K | -836.00K |
| Financing Cash Flow | -876.00K | -1.13M | -4.75M | -695.00K | 3.23M |
Starpharma Holdings Limited Technical Analysis
Neutral
0.69
Price Trends
0.72
Negative
0.69
Positive
0.54
Positive
Market Momentum
<0.01
Positive
46.65
Neutral
36.27
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:SPL, the sentiment is Neutral. The current price of 0.69 is below the 20-day moving average (MA) of 0.74, below the 50-day MA of 0.72, and above the 200-day MA of 0.54, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 46.65 is Neutral, neither overbought nor oversold. The STOCH value of 36.27 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:SPL.
Starpharma Holdings Limited Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | AU$345.86M | -42.11 | -15.96% | ā | 145.32% | 25.75% | |
47 Neutral | AU$174.12M | -10.48 | -278.87% | ā | -22.13% | -108.82% | |
47 Neutral | AU$57.47M | -0.65 | -131.13% | ā | 499.47% | 31.20% | |
45 Neutral | AU$76.63M | -0.87 | -69.20% | ā | ā | -73.11% | |
43 Neutral | AU$58.68M | -23.75 | -142.30% | ā | -45.25% | 40.54% | |
38 Underperform | AU$116.19M | -3.31 | 279.21% | ā | ā | -37.23% |
* Healthcare Sector Average
AU:SPL
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Starpharma Holdings Limited Corporate Events
Starpharma Highlights Patient-Focused Dendrimer Strategy in Annual Report
Aug 26, 2026
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 lo...
Starpharma Boosts Revenue on Genentech Deal While Deepening R&D Spend
Aug 26, 2026
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 h...
UBS Group AG Drops Below Substantial Holding in Starpharma
Aug 19, 2026
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 t...
Starpharma Director Increases Stake Through Entitlement Offer
Aug 13, 2026
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 throug...
Starpharma Director Increases Indirect Shareholding via Entitlement Offer
Aug 13, 2026
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 ra...
Starpharma Director Increases Indirect Shareholding via Entitlement Offer
Aug 13, 2026
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 transactio...
Starpharma Director Increases Shareholding via Entitlement Offer
Aug 13, 2026
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 ...
Starpharma Seeks ASX Quotation for 56 Million New Shares
Aug 11, 2026
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...
Starpharma raises $32 million in heavily supported entitlement offer to fund oncology pipeline
Aug 11, 2026
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 d...
Starpharma launches $32m entitlement offer to fund oncology pipeline
Jul 23, 2026
Starpharma Holdings has launched a fully underwritten 1-for-7.5 pro-rata renounceable entitlement offer to raise about $32 million through new shares priced at $0.57. The funds will support completion of first-in-human and dose-escalation stages o...
Starpharma launches $32m entitlement offer to fund oncology pipeline
Jul 23, 2026
Starpharma Holdings Limited has launched a fully underwritten 1-for-7.5 renounceable pro-rata entitlement offer at $0.57 per new share to raise approximately $32 million from existing shareholders. The offer, managed and underwritten by Canaccord ...
Starpharma outlines underwritten entitlement offer to shareholders
Jul 14, 2026
Starpharma Holdings Limited has released an investor presentation outlining plans for an underwritten renounceable pro-rata entitlement offer of new fully paid ordinary shares to existing shareholders. The offer will be conducted under section 708...
Starpharma launches $32m entitlement offer to fund dendrimer oncology pipeline
Jul 14, 2026
Starpharma Holdings Limited has launched a fully underwritten, renounceable pro rata entitlement offer to raise about $32 million through the issuance of roughly 56 million new shares at $0.57 each. The offer, underwritten by Canaccord Genuity, is...
Starpharma Advances DEP Radiopharmaceuticals and Strengthens Oncology Partnerships
Jul 14, 2026
Starpharma reported further progress in its dendrimer-based oncology pipeline, completing the preclinical data package and GMP manufacture for its lead radiopharmaceutical candidate DEP HER2-Lu, with Phase 1 first-in-human trials targeted for the ...
Starpharma Showcases DEP HER2 Cancer Program in Investor Webinar
Jul 7, 2026
Starpharma has highlighted its DEP® HER2 program in an investor webinar, showcasing a preclinical data package and outlining its planned clinical development pathway for the candidate. The event underscores the company’s efforts to tran...
Starpharma Hits DEPĀ® Milestone, Opens Licensing Path With Radiopharm
Jul 2, 2026
Starpharma has reached a key milestone in its collaboration with Radiopharm Theranostics, triggering a AUD $0.5 million option fee linked to its proprietary DEP® dendrimer technology. The milestone follows completion of initial development an...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.