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Race Oncology Ltd.
(Sydney:RAC)
Race Oncology Ltd. (RAC) vs. iShares MSCI Australia ETF (EWA)
Race Oncology Ltd. Business Overview & Revenue Model
Race Oncology Ltd. Financial Statement Overview
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.04M | 6.04M | 4.00M | 3.13M | 707.81K | 387.38K |
| Gross Profit | 5.41M | 5.41M | 2.22M | -281.20K | 426.61K | 106.19K |
| EBITDA | -4.43M | -4.43M | -14.20M | -12.78M | -11.63M | -6.45M |
| Net Income | -4.79M | -4.79M | -13.82M | -9.92M | -11.20M | -6.34M |
Balance Sheet | ||||||
| Total Assets | 17.49M | 17.49M | 20.23M | 26.64M | 37.52M | 14.25M |
| Cash, Cash Equivalents and Short-Term Investments | 13.67M | 13.67M | 17.19M | 21.52M | 33.54M | 9.32M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 1.48M | 1.48M | 1.92M | 1.15M | 1.42M | 523.11K |
| Stockholders Equity | 16.01M | 16.01M | 18.31M | 25.49M | 36.11M | 13.72M |
Cash Flow | ||||||
| Free Cash Flow | -4.57M | -4.57M | -9.55M | -10.65M | -6.26M | -4.70M |
| Operating Cash Flow | -4.57M | -4.57M | -9.55M | -10.65M | -6.26M | -4.70M |
| Investing Cash Flow | 0.00 | 0.00 | 0.00 | 7.90M | 0.00 | 0.00 |
| Financing Cash Flow | 1.06M | 1.06M | 5.21M | -1.28M | 30.51M | 12.28M |
Race Oncology Ltd. Technical Analysis
Race Oncology Ltd. Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | AU$83.27M | 12.59 | 27.24% | 2.81% | 0.65% | -9.90% | |
52 Neutral | AU$161.94M | -6.22 | ― | ― | ― | 0.66% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | AU$73.61M | -7.69 | -49.72% | ― | ― | 10.78% | |
44 Neutral | AU$404.73M | -81.09 | -27.89% | ― | ― | 67.26% | |
44 Neutral | AU$103.30M | -12.65 | -47.98% | ― | 700.00% | 26.88% | |
41 Neutral | AU$76.13M | -5.26 | -42.68% | ― | ― | 63.46% |
Race Oncology Ltd. Corporate Events
Racura Oncology Ltd has applied to the ASX for quotation of 141,645 new fully paid ordinary shares, issued on 29 January 2026, following the exercise or conversion of existing options or other convertible securities. The additional quoted shares modestly increase the company’s free float and capital base, reflecting ongoing investor participation in Racura’s equity and potentially supporting its funding capacity for future oncology development activities.
The most recent analyst rating on (AU:RAC) stock is a Hold with a A$3.00 price target. To see the full list of analyst forecasts on Race Oncology Ltd. stock, see the AU:RAC Stock Forecast page.
Racura Oncology reported a strong quarter to 31 December 2025, with cash and equivalents of $20.94 million and more than 63% of expenditure directed to R&D and drug manufacturing, supported by $8.8 million in new funding from early option conversions and a premium-priced private placement. Operationally, the company secured composition-of-matter patent filings over the (E,E)-bisantrene isoform, unveiled a new primary mechanism of action showing the drug binds and stabilises G-quadruplex DNA and RNA structures linked to key cancer drivers such as MYC, expanded its clinical strategy with new RC220 programs in EGFR-mutant non-small cell lung cancer and acute myeloid leukaemia, obtained ethics approval for the HARNESS-1 Phase 1a/b lung cancer trial, and strengthened its scientific leadership with the appointment of G4-drug specialist Professor Laurence Hurley, positioning Racura to advance multiple pivotal and combination studies through 2027.
The most recent analyst rating on (AU:RAC) stock is a Hold with a A$3.00 price target. To see the full list of analyst forecasts on Race Oncology Ltd. stock, see the AU:RAC Stock Forecast page.
Race Oncology has disclosed a change in the holdings of director Daniel Tillett, who exercised 400,000 options at an exercise price of $1.25 each, investing $500,000 to convert them into fully paid ordinary shares. Following this transaction, Tillett’s direct interest increased to 18,472,378 ordinary shares, while his remaining options at the $1.25 strike decreased to 1,748,342, with no trades occurring during a closed period, signalling continued director alignment with shareholders through increased equity exposure.
The most recent analyst rating on (AU:RAC) stock is a Hold with a A$3.00 price target. To see the full list of analyst forecasts on Race Oncology Ltd. stock, see the AU:RAC Stock Forecast page.
Racura Oncology Ltd has applied for quotation on the ASX of 470,501 new fully paid ordinary shares, following the exercise or conversion of existing options or other convertible securities. The additional share quotation modestly increases the company’s listed capital base, potentially enhancing liquidity for shareholders and reflecting ongoing utilisation of equity-linked incentives or financing structures without signaling a major change in strategic direction.
The most recent analyst rating on (AU:RAC) stock is a Hold with a A$3.00 price target. To see the full list of analyst forecasts on Race Oncology Ltd. stock, see the AU:RAC Stock Forecast page.
Race Oncology Ltd has applied to the ASX for quotation of 27,762 new fully paid ordinary shares, following the exercise or conversion of existing options or other convertible securities. The modest new share issuance slightly expands the company’s listed capital base and reflects ongoing conversion of equity-linked instruments, with limited immediate impact on existing shareholders but incremental enhancement of the company’s tradable free float.
The most recent analyst rating on (AU:RAC) stock is a Hold with a A$3.00 price target. To see the full list of analyst forecasts on Race Oncology Ltd. stock, see the AU:RAC Stock Forecast page.
Racura Oncology has entered a collaboration with Emory University to study its lead candidate (E,E)-bisantrene (RC220) in osimertinib-resistant EGFR-mutated non-small cell lung cancer, leveraging Emory’s specialised cell and mouse models and the expertise of lung cancer resistance specialist Professor Shi-Yong Sun. Early preclinical data from the partnership show significant synergy between RC220 and AstraZeneca’s blockbuster drug Tagrisso (osimertinib), supporting Racura’s HARNESS-1 Phase 1a/b trial that aims to delay or prevent treatment resistance in EGFRm NSCLC patients, potentially strengthening Racura’s scientific platform and enhancing its positioning for engagement with clinicians, regulators and prospective pharma partners in a large and growing market for EGFR-targeted therapies.
The most recent analyst rating on (AU:RAC) stock is a Hold with a A$2.50 price target. To see the full list of analyst forecasts on Race Oncology Ltd. stock, see the AU:RAC Stock Forecast page.
Racura Oncology Ltd has applied for quotation on the ASX of 29,217 new ordinary fully paid shares, effective 8 January 2026, following the exercise or conversion of existing options or other convertible securities. The modest increase in quoted securities reflects ongoing capital management and may slightly broaden the company’s free float and shareholder base without materially altering its overall capital structure.
The most recent analyst rating on (AU:RAC) stock is a Hold with a A$2.50 price target. To see the full list of analyst forecasts on Race Oncology Ltd. stock, see the AU:RAC Stock Forecast page.
Racura Oncology Ltd has applied for quotation on the ASX of 5,469 new ordinary fully paid shares following the exercise or conversion of existing options or other convertible securities, with an issue date of 2 January 2026. The modest increase in quoted securities slightly expands the company’s share capital base and reflects ongoing capital management activity, but does not, on the information provided, indicate a material change to its operations or strategic position.
The most recent analyst rating on (AU:RAC) stock is a Hold with a A$2.50 price target. To see the full list of analyst forecasts on Race Oncology Ltd. stock, see the AU:RAC Stock Forecast page.
Racura Oncology has appointed Australian contract research organisation Beyond Drug Development to support its HARNESS-1 Phase 1a/b trial of RC220 in combination with osimertinib in patients with EGFR-mutated non-small cell lung cancer, with the study planned at five Australian sites and first patient recruitment targeted for the first quarter of calendar 2026, subject to governance approvals. The agreement, structured under a Master Service Agreement with an estimated value of $3.05 million based on enrolment of up to 80 patients, gives Racura access to Beyond’s flexible trial design and operational expertise, including advanced features such as circulating tumour DNA biomarkers, accelerated single-patient cohorts and a Bayesian Optimised Interval Design, marking a key operational milestone in bringing RC220 into the clinic and potentially strengthening Racura’s position in the competitive lung cancer treatment landscape.
Racura Oncology Ltd has applied to the ASX for quotation of 32,658 new fully paid ordinary shares, to be issued on 23 December 2025 following the exercise or conversion of existing options or other convertible securities. The modest increase in quoted capital reflects ongoing utilisation of equity-linked incentives or financing arrangements, marginally expanding the company’s shareholder base and providing additional capital flexibility to support its oncology drug development programs.
Racura Oncology announced that CEO Dr. Daniel Tillett has begun early conversion of $1.25 Piggyback Options and acquired shares to ensure funding for its HARNESS-1 lung cancer trial, reaffirming his confidence in the company’s clinical and commercial potential. This action, along with support from other stakeholders, highlights the company’s commitment to advancing its innovative drug pipeline and solidifying its position in the oncology market.
Race Oncology Ltd. announced the successful issuance of additional securities, totaling 311,838 ordinary fully paid shares, which will be quoted under the ASX code ‘RAC’. This move reflects the strategic growth initiatives of the company and may enhance its market position while offering potential value to stakeholders.
Racura Oncology Ltd announced the issuance of 1,139,027 new shares at $2.83 each as part of a capital raising effort. This move allows immediate trading of the shares, potentially enhancing liquidity and supporting the company’s ongoing clinical programs and strategic initiatives in the oncology sector.
Racura Oncology Ltd has officially changed its name from Race Oncology Limited following shareholder approval and registration with the Australian Securities and Investments Commission. The company’s ASX listing code remains unchanged. This rebranding aligns with Racura’s mission to enhance its positioning in the biopharmaceutical industry, focusing on innovative cancer treatments and strategic collaborations to expand its market reach.
Race Oncology Ltd has announced a proposed issue of 1,139,028 ordinary fully paid securities, with the issue date set for December 10, 2025. This move is part of a placement or other type of issue, which could potentially impact the company’s market positioning and stakeholder interests by increasing its capital base.
Race Oncology has secured $3.22 million through a private placement to fund its HARNESS-1 Phase 1a/b trial for non-small cell lung cancer, combining RC220 with Tagrisso®. The trial, expected to enroll its first patient by early Q1 2026, has received ethical approval, and the funding reflects strong shareholder support, positioning Race Oncology to advance its cancer treatment initiatives.
Race Oncology Ltd has announced the quotation of 497,031 ordinary fully paid securities on the Australian Securities Exchange (ASX) as of December 4, 2025. This move is part of the company’s strategic efforts to enhance its financial positioning and increase its market presence, potentially impacting stakeholders by providing more liquidity and investment opportunities.
Race Oncology Ltd has announced a change in the director’s interest, with Dr. Peter Smith acquiring 9,433 fully paid ordinary shares through an on-market purchase. This transaction reflects a strategic move by the director, potentially indicating confidence in the company’s future performance and aligning his interests with those of the shareholders.
Race Oncology Ltd. announced a change in the director’s interest, with Director Daniel Tillett acquiring an additional 22,000 fully paid ordinary shares through an on-market purchase. This transaction, valued at $58,744.03, increases his total holdings, reflecting a potential vote of confidence in the company’s future prospects and possibly impacting investor sentiment positively.
Race Oncology has received a $2.8 million R&D tax refund from the Australian Taxation Office for the financial year 2025, with an additional refund expected in early 2026. This refund is part of the Australian government’s R&D Tax Incentive, which supports research-intensive companies like Race Oncology in their innovation efforts. The funds will be used to accelerate the clinical development of RC220, targeting lung cancer, cardioprotection, and acute myeloid leukemia. This financial boost underscores the national interest in Race’s R&D activities and supports their mission to address significant unmet needs in cancer treatment.
Race Oncology Ltd has received human ethics approval to commence a Phase 1a/b clinical trial for their drug RC220, in combination with osimertinib, targeting non-small cell lung cancer patients with specific epidermal growth factor receptor mutations. This approval marks a significant step for Race Oncology, as it allows them to address unmet medical needs in patients who develop resistance to existing treatments, potentially enhancing their position in the oncology market.
Race Oncology Ltd. announced a change in the director’s interest, specifically involving Daniel Tillett. The change includes the acquisition of 470,545 fully paid ordinary shares and 432,680 options exercisable at $1.67, expiring on June 30, 2029. Additionally, 2,000,000 options exercisable at $2.65, expiring on November 29, 2025, were disposed of. This adjustment in securities was executed through a cashless exercise and was approved at the company’s Annual General Meeting on November 24, 2025. The impact of these changes reflects a strategic shift in the director’s investment, potentially influencing the company’s market positioning and stakeholder interests.
Race Oncology Ltd announced a change in the director’s interest, specifically regarding Dr. Sergio Scrofani’s securities. On November 25, 2025, Dr. Scrofani acquired 23,983 options exercisable at $4.69, expiring on November 24, 2029, following shareholder approval. This change reflects the company’s ongoing governance and shareholder engagement, potentially impacting its strategic direction and stakeholder confidence.
Race Oncology Ltd. announced a change in the director’s interest, with Megan Baldwin acquiring 45,470 options exercisable at $4.69, expiring on November 24, 2029. This issuance of options was approved at the annual general meeting, indicating a strategic move to align management interests with shareholder value, potentially impacting the company’s governance and stakeholder confidence.
Race Oncology Ltd. announced a change in the director’s interest, specifically involving Daniel Tillett. The change includes the cashless exercise of 2,000,000 options and the issuance of 432,680 new options, which were approved at the company’s recent AGM. This adjustment in securities reflects strategic financial maneuvers that could impact the company’s stock and stakeholder interests.
Race Oncology Ltd. has announced a change in the director’s interest, specifically involving Dr. Peter Smith, who has acquired additional options in the company. This change follows shareholder approval at the recent annual general meeting, reflecting strategic alignment and confidence in the company’s future prospects. The acquisition of options is expected to strengthen Dr. Smith’s stake in the company, potentially influencing its governance and strategic direction.
Race Oncology Ltd announced the issuance of unquoted equity securities, specifically options expiring in 2029, as part of an employee incentive scheme. This move could strengthen the company’s operational capabilities by aligning employee interests with long-term company performance, potentially enhancing its position in the competitive oncology market.
Race Oncology Ltd has issued 941,090 fully paid ordinary shares following the cashless exercise of 4,000,000 unlisted options. This issuance allows the new shares to be traded immediately under section 708A(5) of the Corporations Act, indicating compliance with relevant legal provisions. The company is also awaiting a response from the Human Research Ethics Committee for its RAC-020 lung cancer trial, which could impact its ongoing clinical programs.
Race Oncology Ltd has announced the quotation of 941,090 ordinary fully paid securities on the Australian Securities Exchange (ASX) as of November 25, 2025. This move is part of the company’s strategy to enhance its financial flexibility and support its ongoing development efforts in cancer therapeutics, potentially impacting its market positioning and providing opportunities for stakeholders.
Race Oncology Limited announced the approval of its replacement Constitution by shareholders during its Annual General Meeting. This move signifies a strategic step in the company’s governance, potentially impacting its operational framework and stakeholder relations. The adoption of the new Constitution may align with Race Oncology’s broader goals of advancing its clinical programs and exploring strategic partnerships.
Race Oncology Ltd announced that all resolutions at its Annual General Meeting were passed, reflecting strong shareholder support. This outcome may bolster the company’s strategic initiatives in advancing its clinical programs and exploring partnerships, potentially impacting its market position positively.
Race Oncology has achieved significant milestones with its lead oncology asset, RC220, including the initiation of a Phase 1a/b trial in combination with doxorubicin for advanced solid tumors. The company has filed patents for the single active isomer of bisantrene, potentially extending exclusivity to 2045, and is advancing a lung cancer trial to address drug resistance. These developments strengthen Race Oncology’s clinical capabilities and intellectual property portfolio, enhancing its commercial value and positioning in the oncology market.
Race Oncology Ltd has announced the quotation of 243,710 fully paid ordinary securities on the Australian Securities Exchange (ASX) as of November 20, 2025. This move is part of the company’s strategy to enhance its financial flexibility and support its ongoing cancer research and development initiatives, potentially strengthening its market position and offering new opportunities for stakeholders.
Race Oncology Ltd has announced the initiation of new clinical trials for their drug RC220 in treating Acute Myeloid Leukemia (AML) and Non-Small Cell Lung Cancer (NSCLC). The trials aim to leverage the unique molecular mechanism of action of (E,E)-bisantrene to address treatment resistance in NSCLC and establish a cost-effective pathway to regulatory approval for AML. These developments are expected to enhance Race Oncology’s market positioning by potentially providing new treatment options in significant cancer markets. The company is well-funded to support these initiatives, with existing resources expected to cover all trials and programs until mid-2027.
Race Oncology Ltd has announced the quotation of 233,524 ordinary fully paid securities on the Australian Securities Exchange (ASX) as of November 13, 2025. This move is part of the company’s strategic efforts to enhance its financial standing and operational capabilities, potentially impacting its market position and offering new opportunities for stakeholders.
Race Oncology Ltd has announced the quotation of 122,829 ordinary fully paid securities on the Australian Securities Exchange (ASX) as of November 6, 2025. This move is part of the company’s strategy to enhance its market presence and provide additional value to its stakeholders by leveraging its securities for potential growth and expansion in the oncology sector.
Race Oncology Ltd has announced a significant breakthrough in its intellectual property with the discovery and patent filing of three photoisomers of bisantrene, which have different biological and anticancer activities. This advancement is expected to provide 20 years of protection for the active pharmaceutical ingredient of RC220, potentially enhancing the company’s commercial prospects. Additionally, the company is progressing with its Phase 1 clinical trial of RC220, having safely treated two patients, and is expanding its trial sites in Hong Kong and South Korea. These developments, coupled with strong financial management and additional funding from shareholders, position Race Oncology favorably for future growth and innovation in cancer treatment.
Race Oncology Ltd has announced the application for quotation of 168,408 fully paid ordinary securities on the Australian Securities Exchange (ASX), effective October 30, 2025. This move indicates the company’s efforts to enhance its market presence and potentially raise capital, which could impact its operational capabilities and stakeholder interests positively.