Starpharma Holdings Limited (AU:SPL)
ASX:SPL
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Starpharma Holdings Limited
(Sydney:SPL)
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Rating:50Neutral
Price Target:
AU$0.47
▲(22.37% Upside)
Action:ReiteratedDate:03/17/26
The score is primarily weighed down by weak financial performance (ongoing losses, negative ROE, and negative operating/free cash flow) despite solid revenue growth and conservative leverage. Technicals provide some support with price strength above major moving averages, but momentum indicators are mixed. Valuation is only moderate given a 27.58 P/E without dividend yield support.
Positive Factors
Proprietary dendrimer platform & licensing model
Starpharma’s proprietary dendrimer platform and multi-channel revenue model (licensing, milestones, royalties, materials) create durable, partner-driven income potential. Platform licensing lets partners fund development, spreading R&D risk and providing recurring partner-related revenues that support operations over months.
Negative Factors
Negative operating and free cash flow
Persistent negative operating and free cash flow signal cash burn and limited internal funding for programs. This creates reliance on external capital or partner payments to fund operations and milestones, increasing dilution or financing risk over the next several months if cash generation does not improve.
Read all positive and negative factors
Positive Factors
Negative Factors
Proprietary dendrimer platform & licensing model
Starpharma’s proprietary dendrimer platform and multi-channel revenue model (licensing, milestones, royalties, materials) create durable, partner-driven income potential. Platform licensing lets partners fund development, spreading R&D risk and providing recurring partner-related revenues that support operations over months.
Read all positive factors
Starpharma Holdings Limited (SPL) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$212.57M
Dividend YieldN/A
Average Volume (3M)724.95K
Price to Earnings (P/E)27.6
Beta (1Y)1.42
Revenue Growth-40.74%
EPS Growth-21.21%
CountryAU
Employees40
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)<0.01
Shares Outstanding420,928,440
10 Day Avg. Volume366,126
30 Day Avg. Volume724,950
Financial Highlights & Ratios
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 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)N/A
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 delive...
How the Company Makes Money
Starpharma makes money primarily through (1) licensing and collaboration agreements that allow pharmaceutical/biotech partners to use its dendrimer platform (including for drug delivery and reformulation), (2) associated milestone payments and roy...
Starpharma Holdings Limited Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
50
Neutral
Cash Flow
40
Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 14.26M | 4.91M | 8.29M | 2.94M | 4.68M | 1.80M |
| Gross Profit | 8.57M | 3.69M | 7.66M | 1.22M | 1.91M | 539.50K |
| EBITDA | -8.00M | -10.93M | -9.63M | -22.08M | -22.34M | -26.05M |
| Net Income | -3.23M | -9.99M | -8.16M | -15.64M | -16.15M | -19.73M |
Balance Sheet | ||||||
| Total Assets | 26.17M | 25.42M | 36.81M | 52.09M | 66.17M | 73.24M |
| Cash, Cash Equivalents and Short-Term Investments | 18.25M | 15.41M | 23.36M | 35.18M | 49.92M | 60.50M |
| Total Debt | 790.00K | 2.40M | 3.53M | 8.27M | 8.19M | 1.17M |
| Total Liabilities | 4.69M | 6.42M | 8.70M | 17.27M | 17.78M | 10.94M |
| Stockholders Equity | 21.48M | 19.00M | 28.12M | 34.81M | 48.39M | 62.30M |
Cash Flow | ||||||
| Free Cash Flow | -1.10M | -6.80M | -7.07M | -14.15M | -14.00M | -15.05M |
| Operating Cash Flow | -852.00K | -6.76M | -6.98M | -13.53M | -13.16M | -14.81M |
| Investing Cash Flow | -248.00K | -42.00K | -89.00K | -610.00K | -836.00K | -246.00K |
| Financing Cash Flow | -870.00K | -1.13M | -4.75M | -695.00K | 3.23M | 46.30M |
Starpharma Holdings Limited Technical Analysis
Positive
0.38
Price Trends
0.44
Positive
0.41
Positive
0.29
Positive
Market Momentum
0.02
Negative
64.05
Neutral
86.29
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:SPL, the sentiment is Positive. The current price of 0.38 is below the 20-day moving average (MA) of 0.46, below the 50-day MA of 0.44, and above the 200-day MA of 0.29, indicating a bullish trend. The MACD of 0.02 indicates Negative momentum. The RSI at 64.05 is Neutral, neither overbought nor oversold. The STOCH value of 86.29 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
56 Neutral | AU$67.67M | -7.57 | -179.37% | ― | ― | 16.61% | |
53 Neutral | AU$33.06M | -6.66 | -370.40% | ― | 306.88% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | AU$212.57M | 27.58 | -15.96% | ― | -40.74% | -21.21% | |
43 Neutral | AU$109.37M | -5.66 | -100.58% | ― | ― | 26.38% | |
43 Neutral | AU$17.82M | -3.69 | 2509.60% | ― | ― | -36.89% | |
42 Neutral | AU$58.88M | -5.28 | -62.49% | ― | ― | 10.78% |
* Healthcare Sector Average
AU:SPL
Starpharma Holdings Limited
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Starpharma Holdings Limited Corporate Events
UBS Group Ceases to Be Substantial Shareholder in Starpharma
Mar 12, 2026
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 10 March 2026. The change in UBS’s relevant interest in Starpharma’s vot...
Starpharma Ramps Up DEP® Partnerships and Radiopharma Pipeline as Viraleze™ Sales Surge
Jan 29, 2026
Starpharma reported a highly active second quarter of FY26, centred on executing strategic partnerships with Genentech, Radiopharm Theranostics, Medicxi and others, while advancing its internal DEP® radiopharmaceutical pipeline toward first-i...
Starpharma Seeks ASX Quotation for 1.69 Million New Ordinary Shares
Jan 7, 2026
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...
Starpharma Announces Lapse of 381,810 Performance Rights
Jan 7, 2026
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 th...
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.