Race Oncology Ltd. (AU:RAC)
ASX:RAC
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Race Oncology Ltd.
(Sydney:RAC)
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Rating:54Neutral
Price Target:
AU$2.50
â–¼(-7.41% Downside)
Action:Reiterated
Date:04/21/26
The score is held back primarily by ongoing unprofitability and persistent cash burn despite a debt-free balance sheet and improved FY2025 cost performance. Technicals are a key offset, with price trading above major moving averages and positive MACD, while valuation remains challenged due to the negative P/E and no dividend yield data.
Positive Factors
Debt-free balance sheet
Zero debt materially reduces refinancing and interest-rate risk for a clinical-stage biotech. This preserves financial flexibility to fund trials, pursue partnerships or milestone payments, and extend runway versus leveraged peers — a durable buffer while clinical programs advance.
Negative Factors
Persistent cash burn
Consistent negative operating and free cash flows mean the company must rely on external capital or partnerships to fund operations and trials. Even with improved burn in FY2025, ongoing cash needs pose dilution risk and constrain the pace of clinical development absent financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
Zero debt materially reduces refinancing and interest-rate risk for a clinical-stage biotech. This preserves financial flexibility to fund trials, pursue partnerships or milestone payments, and extend runway versus leveraged peers — a durable buffer while clinical programs advance.
Read all positive factors
Race Oncology Ltd. (RAC) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$470.57M
Dividend YieldN/A
Average Volume (3M)373.28K
Price to Earnings (P/E)―
Beta (1Y)0.38
Revenue GrowthN/A
EPS Growth-15.48%
CountryAU
EmployeesN/A
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.05
Shares Outstanding196,068,940
10 Day Avg. Volume310,625
30 Day Avg. Volume373,283
Financial Highlights & Ratios
PEG Ratio0.63
Price to Book (P/B)12.69
Price to Sales (P/S)33.63
P/FCF Ratio-44.42
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)-0.04
Revenue Forecast (FY)N/A
Race Oncology Ltd. Business Overview & Revenue Model
Company Description
Headquartered in Sydney, Australia, Race Oncology Limited is a precision oncology company focused on advancing its lead therapeutic, Zantrene. This potent small molecule compound acts as an inhibitor of the fatso/fat mass and obesity associated pr...
How the Company Makes Money
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Race Oncology Ltd. Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
62
Positive
Cash Flow
39
Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 788.42K | 6.04M | 4.00M | 3.13M | 707.81K | 387.38K |
| Gross Profit | 392.29K | 5.41M | 2.22M | -281.20K | 426.61K | 106.19K |
| EBITDA | -10.28M | -4.43M | -14.20M | -12.78M | -11.63M | -6.45M |
| Net Income | -9.39M | -4.79M | -13.82M | -9.92M | -11.20M | -6.34M |
Balance Sheet | ||||||
| Total Assets | 24.77M | 17.49M | 20.23M | 26.64M | 37.52M | 14.25M |
| Cash, Cash Equivalents and Short-Term Investments | 20.94M | 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 | 1.20M | 1.48M | 1.92M | 1.15M | 1.42M | 523.11K |
| Stockholders Equity | 23.57M | 16.01M | 18.31M | 25.49M | 36.11M | 13.72M |
Cash Flow | ||||||
| Free Cash Flow | -7.33M | -4.57M | -9.55M | -10.65M | -6.26M | -4.70M |
| Operating Cash Flow | -7.33M | -4.57M | -9.55M | -10.65M | -6.26M | -4.70M |
| Investing Cash Flow | 532.00 | 0.00 | 0.00 | 7.90M | 0.00 | 0.00 |
| Financing Cash Flow | 9.51M | 1.06M | 5.21M | -1.28M | 30.51M | 12.28M |
Race Oncology Ltd. Technical Analysis
Negative
2.70
Price Trends
2.65
Negative
2.52
Negative
2.77
Negative
Market Momentum
-0.06
Positive
44.50
Neutral
16.67
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:RAC, the sentiment is Negative. The current price of 2.7 is above the 20-day moving average (MA) of 2.50, above the 50-day MA of 2.65, and below the 200-day MA of 2.77, indicating a bearish trend. The MACD of -0.06 indicates Positive momentum. The RSI at 44.50 is Neutral, neither overbought nor oversold. The STOCH value of 16.67 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:RAC.
Race Oncology Ltd. Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | AU$23.76M | 8.22 | 10.35% | 2.81% | -18.17% | -70.18% | |
54 Neutral | AU$470.57M | -45.16 | -47.44% | ― | ― | -15.48% | |
52 Neutral | AU$71.50M | -7.81 | -62.49% | ― | ― | -13.64% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
44 Neutral | AU$87.03M | -10.86 | -40.65% | ― | -100.00% | -11.11% | |
41 Neutral | AU$138.81M | -4.64 | 279.21% | ― | ― | -37.23% | |
39 Underperform | AU$127.24M | -8.16 | -30.19% | ― | ― | 62.66% |
* Healthcare Sector Average
AU:RAC
Race Oncology Ltd.
2.40
1.05
77.78%
AU:ATH
Alterity Therapeutics
0.59
0.08
17.00%
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Prescient Therapeutics Limited
0.07
0.02
41.67%
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EZZ Life Science Holdings Ltd.
0.51
-1.79
-77.95%
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Recce Pharmaceuticals Ltd.
0.48
0.19
62.71%
AU:ALA
Arovella Therapeutics Limited
0.07
-0.02
-25.00%
Race Oncology Ltd. Corporate Events
Racura Oncology Sets Investor Briefings in Perth and Auckland
Jun 16, 2026
Racura Oncology has scheduled investor briefings in Perth on 26 June 2026 and Auckland on 5 August 2026, where senior executives will provide company updates and take questions from shareholders. The Perth session will be hosted by CEO Daniel Till...
Racura Oncology Raises $34.3m to Fully Fund RC220 Cancer Trials
Jun 16, 2026
Racura Oncology has secured a total of $34.3 million since June 2024 through option conversions, private placements and partial placement of underwritten options, all without broker or underwriter fees, to bolster its balance sheet. The capital ra...
Racura Oncology Issues New Shares Under Option Underwriting to Support Clinical Pipeline
Jun 16, 2026
Racura Oncology has issued and allotted 509,205 fully paid ordinary shares at $1.25 per share as part of a recently announced option exercise and shortfall share process under an underwriting agreement. The company confirmed the shares were issued...
Racura Oncology Seeks ASX Quotation for Over 500,000 New Shares
Jun 16, 2026
Racura Oncology has applied to the ASX for quotation of 509,205 new ordinary fully paid shares, with an issue date of 16 June 2026. The additional securities, lodged via an Appendix 2A, will modestly expand the company’s listed capital base ...
Racura Raises $24.4m as 97% of Piggyback Options Are Exercised
Jun 4, 2026
Racura Oncology has secured $24.38 million from the exercise of 97% of its $1.25 Piggyback Options, with 19,510,592 of 20,141,793 options converted before expiry. Combined with proceeds from an earlier bonus option offer, total funds raised reach ...
Racura Oncology Options Lapse, Trimming Potential Equity Dilution
Jun 4, 2026
Racura Oncology has announced the cessation of 631,201 listed options with the code RACAAA, which carried an exercise price of $1.25 and expired on 29 May 2026 without being exercised or converted. The expiry of these options reduces the company&#...
Racura Oncology Raises $31.2m as Specialist Investor Takes Strategic Stake
Jun 3, 2026
Racura Oncology has secured a binding commitment from a specialist institutional investor for a strategic private placement of 526,315 shares at $1.90, a discounted price that allows the investor to establish an initial equity stake. The placement...
Racura Oncology Seeks ASX Quotation for Additional Ordinary Shares
Jun 1, 2026
Racura Oncology has applied to the ASX for quotation of 38,064 new ordinary fully paid shares, following the exercise of options or conversion of other securities, expanding its issued capital base. The additional quoted shares marginally increase...
Racura Oncology Seeks ASX Quotation for Over 1.1 Million New Shares
May 29, 2026
Racura Oncology Ltd has applied to the ASX for quotation of 1,169,259 new fully paid ordinary shares under the ticker RAC, with an issue date of 29 May 2026. The additional securities, arising from the exercise or conversion of existing options or...
Racura Oncology Plans Share Placement to Fund Oncology Programs
May 28, 2026
Racura Oncology Ltd, an ASX-listed biotech company focused on cancer therapies, is leveraging public markets to support its operations and development pipeline. The company issues ordinary fully paid shares to raise capital for its oncology-focuse...
Racura Oncology underwrites expiring options to secure $25m for cancer trials
May 28, 2026
Racura Oncology has secured an underwriting agreement with investor Dr AJ Robinson to cover up to 1,838,524 unexercised $1.25 piggyback options, ensuring full conversion of its expiring options without paying any underwriting fees. This move follo...
Racura Oncology director boosts stake with $500,000 option exercise
May 28, 2026
Racura Oncology director Daniel Tillett has increased his direct equity stake in the company by exercising 400,000 options at an exercise price of $1.25, investing a total of $500,000. The move converts his options into fully paid ordinary shares ...
Racura Oncology Seeks ASX Quotation for 1.5 Million New Shares
May 28, 2026
Racura Oncology has applied to the ASX for quotation of 1,517,085 new fully paid ordinary shares, which were issued on 28 May 2026. The additional securities, arising from the exercise or conversion of existing instruments, will expand the company...
Racura Oncology Director Boosts Stake With $500,000 Option Exercise
May 26, 2026
Racura Oncology has reported a change in the holdings of director Daniel Tillett, who has exercised 400,000 options at an exercise price of $1.25 each, investing a total of $500,000. The exercise converted these options into fully paid ordinary sh...
Racura Oncology Seeks ASX Quotation for Nearly 1.9 Million New Shares
May 26, 2026
Racura Oncology Ltd has applied for quotation on the ASX of 1,896,779 new fully paid ordinary shares, following the exercise or conversion of existing options or other convertible securities. The new shares, issued on 26 May 2026, will expand the ...
Racura Oncology Director Increases Equity Stake Through Option Exercise
May 21, 2026
Racura Oncology Limited has disclosed a change in director Daniel Tillett’s holdings, as required under ASX listing rules, following the exercise of a portion of his share options. Tillett converted 248,342 options exercisable at $1.25 into ...
Racura Oncology Seeks ASX Quotation for 1.45 Million New Shares
May 21, 2026
Racura Oncology Ltd has applied to the ASX for quotation of 1,447,653 new ordinary fully paid shares, expanding its listed securities on the market. The newly issued shares, effective 21 May 2026, modestly increase the company’s equity base ...
Racura Oncology Urges Early Action as Discounted Piggyback Options Near 2026 Expiry
May 21, 2026
Racura Oncology has reminded holders of its RACOPT43 piggyback options that these securities will expire at 5:00pm AEST on 29 May 2026, with each option allowing subscription for one share at $1.25, a level the company notes is well below the curr...
Racura urges piggyback option holders to act as RC220 trial funding looms
May 8, 2026
Racura Oncology has reminded holders of its RACOPT43 piggyback options that these securities will expire on 29 May 2026, with each option allowing the purchase of one ordinary share at $1.25 before the deadline. The company is urging eligible inve...
Racura Oncology Director Increases Stake Through $250,000 Option Exercise
May 7, 2026
Racura Oncology Limited has disclosed a change in the holdings of director Daniel Tillett, who has increased his stake in the company through the exercise of share options. Tillett converted 200,000 options at an exercise price of $1.25 into fully...
Racura Oncology Seeks ASX Quotation for 1.4 Million New Shares
May 7, 2026
Racura Oncology Ltd, an ASX-listed oncology-focused biotechnology company, has expanded its equity base through the issuance of additional ordinary fully paid shares. The company continues to use its listed share capital structure to fund and supp...
Racura Oncology Lists 1.43 Million New Shares on ASX
May 4, 2026
Racura Oncology Ltd has applied for quotation on the ASX of 1,434,699 new fully paid ordinary shares under its ticker RAC. The new securities, issued on May 4, 2026, expand the company’s listed share capital and provide additional equity ins...
Racura Oncology Seeks ASX Quotation for Additional Ordinary Shares
Apr 30, 2026
Racura Oncology Ltd, an ASX-listed oncology-focused biotech, develops cancer therapies aimed at addressing unmet medical needs in oncology markets. The company’s activities center on advancing innovative treatments that can strengthen its cl...
Racura Oncology Advances RC220 Clinical Program on Solid Cash Footing
Apr 30, 2026
Racura Oncology reported a strong cash position of $19.38 million for the March 2026 quarter, with more than 81% of expenditure directed to RD and drug manufacturing, and additional funding from early option conversions extending its runway to sup...
Racura Wins NSW Grant to Advance BRCA-Targeted Cancer Therapy
Apr 29, 2026
Racura Oncology and the University of Wollongong have secured funding from the New South Wales Government’s TechVouchers program to investigate the efficacy of (E,E)-bisantrene in BRCA-mutated breast and ovarian cancer models. The collaborat...
Racura Oncology Options Lapse, Trimming Future Dilution Risk
Apr 24, 2026
Racura Oncology has announced the cessation of 500,880 options (ASX code RACAAD), which were due to expire on June 30, 2029, at an exercise price of $1.67. These options lapsed because the conditions attached to the rights were not met or could no...
Racura Oncology Seeks ASX Quotation for Over 1 Million New Shares
Apr 23, 2026
Racura Oncology Ltd has applied to the ASX for quotation of 1,067,816 new ordinary fully paid shares, with an issue date of 23 April 2026. The newly issued securities arise from the exercise or conversion of existing options or other convertible s...
Racura Oncology Unveils MYC-Silencing Mechanism for Lead Cancer Drug at AACR 2026
Apr 22, 2026
Racura Oncology has showcased new mechanism-of-action data on its lead drug (E,E)-bisantrene at the 2026 American Association of Cancer Research Annual Meeting in San Diego, underscoring its scientific credentials in the global oncology arena. The...
Racura Oncology Seeks ASX Quotation for 325,199 New Shares
Apr 16, 2026
Racura Oncology Ltd has applied for quotation of 325,199 new fully paid ordinary shares on the ASX, following the exercise or conversion of existing options or other convertible securities. The issuance modestly expands the company’s share c...
Racura Oncology targets Asian investors with Hong Kong and Singapore briefings
Apr 9, 2026
Racura Oncology will hold investor lunch briefings in Hong Kong and Singapore in April, giving shareholders and potential investors direct access to senior management to discuss the company’s strategic and clinical development plans. The Sin...
Racura Oncology Seeks ASX Quotation for Newly Issued Shares
Apr 9, 2026
Racura Oncology Ltd, an Australian oncology-focused biotech company listed on the ASX under ticker RAC, has issued a new tranche of 146,524 ordinary fully paid shares. The move marginally increases the company’s listed equity base and reflec...
Race Oncology Director Boosts Shareholding via $250,000 Option Exercise
Apr 2, 2026
Race Oncology director Daniel Tillett has increased his equity stake in the company by exercising 200,000 options at an exercise price of $1.25 per share, investing a total of $250,000. Following the transaction, Tillett now holds 18,821,009 fully...
Racura Oncology Seeks ASX Quotation for 270,471 New Shares
Apr 2, 2026
Racura Oncology has applied to the ASX for quotation of 270,471 new fully paid ordinary shares, following the exercise or conversion of existing options or other convertible securities. The additional shares modestly expand the company’s fre...
Racura Oncology Doses First Patient in Phase 1 Lung Cancer Trial of RC220 with Osimertinib
Mar 31, 2026
Racura Oncology has recruited the first patient into its Phase 1 HARNESS-1 trial assessing RC220 in combination with AstraZeneca’s osimertinib for patients with EGFR-mutant non-small cell lung cancer. The study, led initially by Monash Healt...
Racura Oncology posts inaugural R&D symposium video to bolster visibility of late-stage cancer pipeline
Mar 30, 2026
Racura Oncology has released a full video recording of its inaugural Research Development Symposium, held on 24 March 2026 in Sydney, providing investors and stakeholders with on-demand access to all scientific presentations and the audience QA. ...
Racura Oncology Seeks ASX Quotation for 163,122 New Shares
Mar 26, 2026
Racura Oncology Ltd has applied to the ASX for quotation of 163,122 new ordinary fully paid shares, to be issued on March 26, 2026. The additional securities arise from the exercise or conversion of existing options or other convertible instrument...
Racura taps Purdue expertise to decode MYC-silencing mechanism of (E,E)-bisantrene
Mar 25, 2026
Racura Oncology has entered a research collaboration with Purdue University to investigate how its lead compound (E,E)-bisantrene binds to G-quadruplex DNA structures in the MYC gene promoter to silence MYC transcription in cancer cells. The progr...
Racura showcases oncology pipeline at inaugural R&D investor symposium
Mar 24, 2026
Racura Oncology Limited, an ASX-listed Phase 3-stage clinical biopharmaceutical company, develops small-molecule cancer therapies led by (E,E)-bisantrene, which silences the MYC oncogene through G4-DNA and RNA binding and benefits from long-durati...
Racura Oncology Seeks ASX Quotation for Additional Ordinary Shares
Mar 19, 2026
Racura Oncology Ltd has applied to the ASX for quotation of 66,399 new ordinary fully paid shares under its existing ticker RAC, following the exercise or conversion of options or other convertible securities. The additional shares modestly increa...
Racura Completes First RC220 Dose Cohort in Global Solid Tumour Trial
Mar 18, 2026
Racura Oncology has safely dosed the first Hong Kong patient and third overall in its CPACS Phase 1 trial of RC220 in advanced solid tumours, completing recruitment of the initial dose cohort. No phlebitis, dose-limiting toxicities, or other adver...
Glossary
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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.