Starpharma Holdings Limited (SPL) AI Stock Analysis

• Market Cap: AU$165.87M
• Dividend Yield: N/A
• Average Volume (3M): 724.95K
• Price to Earnings (P/E): 27.6
• Beta (1Y): 1.40
• Revenue Growth: -40.74%
• EPS Growth: -21.21%
• Country: AU
• 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): >-0.01
• Revenue Forecast (FY): AU$15.80M

• Rating: 45 Neutral
• Price Target: AU$0.36 ▼(-5.00% Downside)
• Action: Reiterated Date: 03/05/26
• Date: Action: Reiterated 03/05/26

The score is primarily held back by weak profitability and cash flow despite revenue growth and conservative leverage. Technical indicators also reflect weak momentum with the stock trading below key moving averages, while valuation (P/E 27.58) is not compelling given current fundamentals and no dividend support.

Positive Factors

Revenue Growth Momentum

Sustained revenue growth of ~18% demonstrates expanding commercial traction for Starpharma’s dendrimer platform and/or product sales. Over a 2–6 month horizon this provides a firmer foundation for licensing milestones, supports partner confidence, and helps finance ongoing R&D as programs mature.

Conservative Leverage / Healthy Capital Structure

Low debt and a healthy equity ratio give Starpharma financial flexibility typical biotech needs: funding development timelines, absorbing setbacks, and negotiating partner deals without immediate solvency pressure. This conservatism reduces refinancing risk across the medium term.

Relatively Strong Gross Profit Margin

A relatively strong gross margin indicates the underlying dendrimer materials and platform services are scalable and can generate positive gross cash on incremental sales. If fixed R&D and SG&A can be optimized, this margin profile supports durable margin expansion as licensing and product volumes grow.

Negative Factors

Negative Operating and Free Cash Flow

Persistent negative operating and free cash flow drains balance sheet resources and forces reliance on external funding or milestone receipts. Over months this constrains capital available for trials, manufacturing scale-up, or commercial investment and raises dilution or financing risk if milestones lag.

Negative EBIT and Net Margins

Sustained negative EBIT and net margins show operations are not yet self-sustaining despite revenue gains. This structural profitability gap implies the business will remain dependent on partner funding or capital markets until higher-margin licensing or commercial sales scale materially.

Negative Return on Equity

A negative ROE signals the company is not converting invested shareholder capital into profits. Over a medium-term horizon this undermines shareholder value creation and may elevate the cost or challenge of raising new equity unless commercial milestones or margin improvements restore positive returns.

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

Revenue growth is positive (18.13%), but profitability remains weak with negative EBIT and net margins. Balance sheet leverage is conservative, yet negative ROE and weak operating/free cash flow reduce overall financial quality.

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	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

• Technical Analysis Sentiment: Neutral
• Last Price: 0.38
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 below the 20-day moving average (MA) of 0.45, below the 50-day MA of 0.40, and above the 200-day MA of 0.25, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 43.99 is Neutral, neither overbought nor oversold. The STOCH value of 8.42 is Positive, 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
CYP	56 Neutral	AU$84.30M	-7.57	-138.54%	―	―	16.61%
AVE	53 Neutral	AU$44.08M	-6.66	-143.71%	―	306.88%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
PTX	50 Neutral	AU$63.09M	-5.28	-49.72%	―	―	10.78%
SPL	45 Neutral	AU$165.87M	27.58	-41.51%	―	-40.74%	-21.21%
ILA	43 Neutral	AU$122.33M	-5.66	-90.37%	―	―	26.38%
NOX	43 Neutral	AU$19.97M	-3.69	-157.93%	―	―	-36.89%

Starpharma Holdings Limited Corporate Events

Starpharma Ramps Up DEP® Partnerships and Radiopharma Pipeline as Viraleze™ Sales Surge

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-in-patient trials this year. The company highlighted strong industry interest in its DEP® and Star Navigator partnering platform following high-profile meetings at major biotech conferences, continued pursuit of out-licensing deals for DEP® SN38 and DEP® cabazitaxel, record online monthly sales for Viraleze™ in November with year-to-date online sales up 70% on the prior period, and a cash balance of $18.2 million boosted by a US$5.5 million upfront payment from Genentech, collectively underscoring improving commercial momentum and funding for its growth strategy.

The most recent analyst rating on (AU:SPL) stock is a Hold with a A$0.35 price target. To see the full list of analyst forecasts on Starpharma Holdings Limited stock, see the AU:SPL Stock Forecast page.

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.