Radiopharm Theranostics is a pre-revenue, clinical-stage Australian biotech developing radiopharmaceuticals for cancer diagnosis and treatment. The company focuses on theranostics — radiopharmaceutical compounds that first image a tumor, then treat it using the same targeting molecule paired with a therapeutic radioisotope. The core idea is that the targeting molecule (an antibody, nanobody, peptide, or small molecule) finds and binds to a cancer-specific receptor, delivering a radioactive payload directly to tumor cells while limiting damage to healthy tissue. Radiopharm has licensed six platform technologies and is building a pipeline across multiple solid tumor types, including brain metastases, HER2-positive breast and gastric cancer, non-small cell lung cancer, pancreatic cancer, prostate cancer, and glioblastoma. The most advanced asset is RAD101, an imaging agent for brain metastases in Phase IIb in the U.S. Radiopharm has no approved products and funds operations through equity issuance and partnerships — most notably with Lantheus, which is both an equity investor and a development partner that funds Australian clinical trial costs. Radiopharm's business model centers on licensing platform technologies from universities and research institutions, advancing those technologies through clinical trials, and ultimately monetizing via product sales, royalties, and milestone payments. The company relies entirely on third-party contract manufacturers for drug production. Radiopharm's strategy prioritizes therapeutic over diagnostic assets, runs early-phase trials in Australia before seeking U.S. FDA approval, and aims to expand the pipeline through continued in-licensing and M&A.