Starpharma Holdings Limited (SPL) AI Stock Analysis

• Market Cap: AU$146.97M
• Dividend Yield: N/A
• Average Volume (3M): 724.95K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.03
• Revenue Growth: -40.74%
• EPS Growth: -21.21%
• Country: US
• Employees: 40
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.01
• Shares Outstanding: 419,915,680
• 10 Day Avg. Volume: 366,126
• 30 Day Avg. Volume: 724,950
• PEG Ratio: -0.19
• Price to Book (P/B): 1.93
• Price to Sales (P/S): 7.47
• P/FCF Ratio: -5.40
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 51 Neutral
• Price Target: AU$0.35 ▼(-7.37% Downside)

Starpharma Holdings Limited's stock score is primarily influenced by its challenging financial performance, characterized by profitability and cash flow issues. Despite strong technical indicators suggesting bullish momentum, the overbought status could lead to a pullback. The negative P/E ratio and lack of dividend yield further weigh down the valuation score.

Positive Factors

Diversified licensing, milestone and services revenue model

A multi-stream commercial model (licenses, milestones, royalties, and services) creates durable revenue optionality. Licensing and royalty upside link revenue to partner success, while services/material sales provide nearer-term cash, reducing dependence on any single program over months.

Proprietary dendrimer platform with partner supply capability

Owning a proprietary dendrimer platform is a structural competitive advantage: it enables scalable licensing across multiple partners, supports repeat commercial relationships, and allows the company to capture technology-enabled value (milestones/royalties) as partners advance products toward market.

Conservative leverage and relatively healthy equity ratio

Low leverage and a solid equity ratio reduce refinancing and solvency risk during extended R&D cycles. This capital structure gives management flexibility to fund development or partner commitments, preserving optionality while pursuing commercialization over the medium term.

Negative Factors

Negative operating and free cash flows

Persistent negative operating and free cash flows indicate structural cash burn that limits self-funding capacity. Over 2–6 months this reduces flexibility to advance programs, increases reliance on external financing, and raises dilution or covenant risks if trends persist.

Ongoing negative EBIT and net profit margins

Despite decent gross margins, sustained negative EBIT and net margins point to operating inefficiencies or high R&D and G&A relative to revenue. Without margin improvement or revenue scale, profitability will remain elusive, pressuring cash needs and long-term viability.

Negative return on equity

A negative ROE signals the business is not creating shareholder value from invested capital. Over months this undermines investor confidence and makes it harder to attract partner investment or capital unless the company demonstrates a clear path to profitable, ROE-positive growth.

Starpharma Holdings Limited Business Overview & Revenue Model

Company Description

Starpharma Holdings Limited (SPL) is an Australian biotechnology company focused on the development of innovative drug delivery systems and new therapeutic products. The company specializes in dendrimer technology, which allows for enhanced delivery of drugs and provides unique solutions in various sectors, including pharmaceuticals and personal care. SPL's core products include its proprietary VivaGel, a dendrimer-based gel for the treatment of bacterial vaginosis and prevention of sexually transmitted infections, as well as collaborations in the development of oncology drugs.

How the Company Makes Money

Starpharma generates revenue primarily through the commercialization of its proprietary products and technology. Key revenue streams include licensing agreements with pharmaceutical companies, royalties from product sales, and development funding from partners for ongoing research and development. The company has established significant partnerships with various global pharmaceutical firms, which provide additional funding and resources for product development. Furthermore, SPL benefits from milestones and royalty payments tied to the successful commercialization of its products, enhancing its earnings potential in the biotech sector.

Starpharma Holdings Limited Financial Statement Overview

Summary

Starpharma Holdings Limited is navigating a challenging financial landscape. While revenue growth is a positive indicator, the company struggles with profitability and cash flow generation. The balance sheet reflects a conservative leverage approach, but negative returns on equity and cash flow inefficiencies pose significant risks. Continued focus on improving operational efficiency and cash flow management will be crucial for future financial health.

Income Statement

Starpharma Holdings Limited has shown a mixed performance in its income statement. The company experienced a revenue growth rate of 18.13% in the latest period, indicating positive momentum. However, the company is still facing significant challenges with profitability, as evidenced by negative net profit margins and EBIT margins. The gross profit margin remains relatively strong, but the persistent negative EBIT and net income highlight ongoing operational inefficiencies.

Balance Sheet

The balance sheet of Starpharma Holdings Limited shows a moderate level of financial stability. The debt-to-equity ratio is low, suggesting conservative leverage, which is a positive sign. However, the return on equity is negative, indicating that the company is not generating sufficient returns on its equity base. The equity ratio is relatively healthy, reflecting a solid capital structure, but the negative ROE is a concern for long-term profitability.

Cash Flow

Cash flow analysis reveals challenges for Starpharma Holdings Limited. The company has negative operating and free cash flows, with a declining free cash flow growth rate. The operating cash flow to net income ratio is negative, indicating inefficiencies in converting income into cash. The free cash flow to net income ratio is slightly positive, suggesting some ability to cover net losses, but overall cash flow performance remains weak.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	5.85M	4.91M	8.29M	2.94M	4.68M	1.80M
Gross Profit	-3.73M	3.69M	7.66M	1.22M	1.91M	539.50K
EBITDA	-9.72M	-10.93M	-9.63M	-22.08M	-22.34M	-26.05M
Net Income	-9.99M	-9.99M	-8.16M	-15.64M	-16.15M	-19.73M
Balance Sheet
Total Assets	25.42M	25.42M	36.81M	52.09M	66.17M	73.24M
Cash, Cash Equivalents and Short-Term Investments	15.41M	15.41M	23.36M	35.18M	49.92M	60.50M
Total Debt	2.40M	2.40M	3.53M	8.27M	8.19M	1.17M
Total Liabilities	6.42M	6.42M	8.70M	17.27M	17.78M	10.94M
Stockholders Equity	19.00M	19.00M	28.12M	34.81M	48.39M	62.30M
Cash Flow
Free Cash Flow	-6.80M	-6.80M	-7.07M	-14.15M	-14.00M	-15.05M
Operating Cash Flow	-6.76M	-6.76M	-6.98M	-13.53M	-13.16M	-14.81M
Investing Cash Flow	-42.00K	-42.00K	-89.00K	-610.00K	-836.00K	-246.00K
Financing Cash Flow	-1.13M	-1.13M	-4.75M	-695.00K	3.23M	46.30M

Starpharma Holdings Limited Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.38
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: 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 0.38 is above the 20-day moving average (MA) of 0.36, above the 50-day MA of 0.38, and above the 200-day MA of 0.21, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 46.43 is Neutral, neither overbought nor oversold. The STOCH value of 35.44 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SPL	51 Neutral	AU$146.97M	-14.58	-41.51%	―	-40.74%	-21.21%
PTX	50 Neutral	AU$88.33M	-9.23	-49.72%	―	―	10.78%
CYP	47 Neutral	AU$74.80M	-6.97	-138.54%	―	―	16.61%
AVE	44 Neutral	AU$36.73M	-9.09	-143.71%	―	306.88%	―
ILA	43 Neutral	AU$115.69M	-19.03	-90.37%	―	―	26.38%
NOX	42 Neutral	AU$23.67M	-4.85	-157.93%	―	―	-36.89%

Starpharma Holdings Limited Corporate Events

Starpharma Seeks ASX Quotation for 1.69 Million New Ordinary Shares

Starpharma Holdings Limited has applied to the ASX for quotation of 1,690,907 fully paid ordinary shares under its existing ticker SPL. The new shares, which result from the exercise or conversion of options or other convertible securities and are dated 20 October 2025, modestly increase the company’s quoted capital base and may slightly enhance trading liquidity for existing and new investors.

The most recent analyst rating on (AU:SPL) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on Starpharma Holdings Limited stock, see the AU:SPL Stock Forecast page.

Starpharma Announces Lapse of 381,810 Performance Rights

Starpharma Holdings Limited has notified the market that 381,810 performance rights (ASX code: SPLAK) lapsed on 31 December 2025 after the conditions attached to those rights were not met or became incapable of being satisfied. The cessation of these conditional securities slightly reduces the company’s potential future share dilution and reflects the non-fulfilment of specified performance hurdles, but does not directly affect the number of ordinary shares currently on issue.

The most recent analyst rating on (AU:SPL) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on Starpharma Holdings Limited stock, see the AU:SPL Stock Forecast page.

Starpharma CEO Receives New Performance Rights

Starpharma Holdings Limited announced a change in the director’s interest, specifically the issuance of 6,525,939 Performance Rights to CEO Cheryl Maley under the SPL Performance Rights Plan. This move, approved by shareholders at the 2024 AGM, increases Maley’s total Performance Rights to 13,487,573, reflecting the company’s commitment to aligning executive incentives with shareholder interests.

The most recent analyst rating on (AU:SPL) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on Starpharma Holdings Limited stock, see the AU:SPL Stock Forecast page.

Starpharma Issues Unquoted Securities to Boost Employee Incentives

Starpharma Holdings Limited has announced the issuance of 16,156,437 unquoted securities under an employee incentive scheme. This move is part of the company’s strategy to motivate and retain key personnel, potentially impacting its operational effectiveness and competitive positioning in the pharmaceutical industry.

The most recent analyst rating on (AU:SPL) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on Starpharma Holdings Limited stock, see the AU:SPL Stock Forecast page.

Starpharma Announces Successful 2025 AGM Results

Starpharma Holdings Limited announced the results of its 2025 Annual General Meeting, where all proposed resolutions were carried with significant majorities. The successful resolutions, including the re-election of a board director and approval of performance rights, reflect strong shareholder support and are expected to positively impact the company’s strategic direction and stakeholder confidence.

The most recent analyst rating on (AU:SPL) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on Starpharma Holdings Limited stock, see the AU:SPL Stock Forecast page.

Starpharma Announces Strategic Partnerships and Growth at AGM

Starpharma Holdings Limited announced significant progress at its Annual General Meeting, highlighting strategic partnerships with Genentech and Radiopharm Theranostics. These partnerships validate Starpharma’s DEP® platform and open new avenues for innovation and revenue, with the Genentech deal alone potentially bringing in up to USD $564 million in milestone payments. The company is focused on maximizing its DEP® platform, accelerating innovation, and building long-term sustainability, with strategic partnerships playing a crucial role in its growth and market expansion.

The most recent analyst rating on (AU:SPL) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on Starpharma Holdings Limited stock, see the AU:SPL Stock Forecast page.

Starpharma Secures Key Partnerships and Advances Strategic Initiatives in Q1 FY26

Starpharma Holdings Limited has announced significant progress in its strategic initiatives during the first quarter of FY26, highlighted by two major partnership agreements. The company signed a collaboration and license agreement with Genentech, a member of the Roche Group, for the development of DEP® cancer therapies, securing an upfront payment of USD $5.5 million and potential milestone payments up to USD $564 million. Additionally, a research and option agreement with Radiopharm Theranostics was established to develop a novel radiotherapy asset, marking Starpharma’s first radiopharmaceutical partnership. These agreements reflect growing industry validation of Starpharma’s DEP® platform, enhancing its commercial traction and positioning within the biotechnology sector. The company also received a $3.7 million R&D tax incentive refund and reported a cash balance of $14.3 million at the end of September 2025. Starpharma remains focused on advancing its DEP® HER2 radiopharmaceuticals program, expanding partnerships, and driving revenue growth through licensing and product sales.

The most recent analyst rating on (AU:SPL) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on Starpharma Holdings Limited stock, see the AU:SPL Stock Forecast page.