AGM Chair address and CEO presentation
Released
Released
Announcement PDF
ASX Announcement
AGM Chair address and CEO presentation
Melbourne, Australia; 14 November 2025: Starpharma (ASX: SPL, US OTC: SPHRY), an innovative
biotechnology company with two decades of experience in advancing dendrimer technology from the
lab to the patient, today provides a copy of the Chair’s address and CEO’s presentation, which will be
presented at the Annual General Meeting (AGM) of Starpharma Holdings Limited, starting at 2:00 pm
(Melbourne time) today.
About Starpharma
Starpharma ASX: SPL, US OTC: SPHRY) is an innovative biotechnology company with two decades of experience in advancing
dendrimer technology from the lab to the patient. Our mission is to help patients with significant illnesses, such as cancer, achieve
improved health outcomes and quality of life through the application of our unique dendrimer technology.
Dendrimers are precise, synthetically manufactured, nanoscale molecules. Their unique properties—including their size, structure,
high degree of branching, polyvalency, and water solubility—are advantageous in medical and pharmaceutical applications.
Starpharma’s portfolio of dendrimer-based products includes three clinical-stage DEP® (dendrimer enhanced product) assets,
preclinical radiopharmaceutical assets, research collaborations, and three commercially marketed over-the-counter (OTC) products.
For more information about Starpharma, visit www.starpharma.com or connect with Starpharma on LinkedIn.
Investor & Media Relations
Gabriella Hold
gaby@thecapitalnetwork.com.au
Starpharma Holdings Limited
Cheryl Maley, Chief Executive Officer
Justin Cahill, Chief Financial and Operations
Officer and Company Secretary
+61 3 8532 2704
investor.relations@starpharma.com
4-6 Southampton Crescent
Abbotsford VIC 3067
Disclosure
This ASX Announcement
was authorised for release
by the Chair, Mr Rob
Thomas.
Forward-Looking Statements
This document contains certain forward-looking statements, relating to Starpharma’s business, which can be identified by the use of forward-looking
terminology such as “promising”, “plans”, “anticipated”, “will”, “project”, “believe”, “forecast”, “expected”, “estimated”, “targeting”, “aiming”, “set to”,
“potential”, “seeking to”, “goal”, “could provide”, “intends”, “is being developed”, “could be”, “on track”, or similar expressions, or by express or implied
discussions regarding potential filings or marketing approvals, or potential future sales of product candidates. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance
or achievements expressed or implied by such statements. There can be no assurance that any existing or future regulatory filings will satisfy the FDA’s
and other authorities’ requirements regarding any one or more product candidates, nor can there be any assurance that such product candidates will be
approved by any authorities for sale in any market or that they will reach any particular level of sales. In particular, management’s expectations regarding
the approval and commercialization of the product candidates could be affected by, among other things, unexpected trial results, including additional
analysis of existing data, and new data; unexpected regulatory actions or delays, or government regulation generally; our ability to obtain or maintain
patent or other proprietary intellectual property protection; competition in general; government, industry, and general public pricing pressures; and
additional factors that involve significant risks and uncertainties about our products, product candidates, financial results and business prospects.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from
those described herein as anticipated, believed, estimated, or expected. Starpharma is providing this information as of the date of this document and
does not assume any obligation to update any forward-looking statements contained in this document as a result of new information, future events or
developments or otherwise. Clinical case studies and other clinical information given in this document are given for illustrative purposes only and are not
necessarily a guide to product performance and no representation or warranty is made by any person as to the likelihood of achievement or
reasonableness of future results. Nothing contained in this document, nor any information made available to you is, or shall be relied upon as, a promise,
representation, warranty or guarantee as to the past, present or the future performance of any Starpharma product.
2
Starpharma Holdings Limited
Annual General Meeting
14 November 2025
Chair’s address to shareholders
Good afternoon, fellow shareholders.
Welcome to Starpharma’s 2025 Annual General Meeting. On behalf of the Board of Directors, thank
you for joining us today and for your continued support of Starpharma.
This past year has been a turning point for the company. We leveraged the work of the past,
sharpened our strategic focus and delivered on key milestones that position Starpharma for long-
term growth and value creation.
These achievements demonstrate strong execution across our three key strategic pillars of
maximising the DEP® platform, accelerating innovation, and building long-term sustainability.
Our progress has been marked by disciplined execution, bold decisions, and a relentless drive to
unlock the full potential of Starpharma’s cutting-edge proprietary dendrimer technology.
Strategic partnerships: Driving validation and commercial expansion
The most significant development this year has been the momentum in our partnership efforts.
The execution of two major agreements - with Genentech, a member of the Roche Group, and
Radiopharm Theranostics - signal a new era for Starpharma. These partnerships are not simply
commercial transactions, they represent powerful external validations of our DEP® platform and
scientific expertise.
The Genentech agreement alone brought an upfront payment of USD $5.5 million, with potential
milestone payments of up to USD $564 million and tiered royalties on global net sales. The
Radiopharm Theranostics collaboration marks our first formal partnership in radiopharmaceuticals,
opening new avenues for innovation and revenue.
These achievements are the result of extensive groundwork, strategic reviews, and market
engagement. They demonstrate that leading global companies see the same potential in Starpharma
that we do, and they are willing to invest in our vision.
The Radiopharm Theranostics agreement also represents our first Star Navigator program to progress
into a formal research collaboration. Star Navigator, launched earlier this year, enables partners
across all stages of drug development to access and test Starpharma’s dendrimer technology for
hands-on innovation. This initiative has already generated strong interest in our DEP® platform and
supports our goal of forging more strategic partnerships that expand our reach and accelerate the
development of dendrimer-based therapies.
And it makes commercial sense for drug development organisations to consider our platform given
how many potential drugs fail because of toxicology or solubility issues, areas that we can address,
let alone allowing far greater penetration of the drug into tumours.
In addition to these key partnerships, we continue to actively explore and engage additional global
collaborative opportunities to extend the reach of our DEP® platform.
3
Operational excellence: Advancing innovation and clinical progress
This year also marked significant progress in advancing our pipeline of internal DEP® assets.
A key priority for Starpharma is expediting our radiotheranostics program into clinical development.
Having completed extensive pre-clinical work this year, our DEP® HER2 radiotheranostics program is
now progressing towards a first-in-human clinical trial. We aim to commence the trial in 2026,
enrolling patients with HER2-positive cancers, an area of significant unmet clinical need.
We have also continued to focus on maximising the value of Starpharma’s lead clinical-stage assets:
DEP® SN38 and DEP® cabazitaxel. We were proud to see the results for DEP® SN38 published in the
Journal of Clinical Oncology in August 2025 - a significant validation of both the program and the
underlying DEP® platform.
We have also continued to support Petalion Therapeutics and our global Viraleze™ and VivaGel® BV
partners, and have made additional investments in Starpharma’s internal drug discovery capabilities
to advance and strengthen our development pipeline.
Building shareholder value: The road ahead
Looking forward, our strategy is clear and focused on:
• Securing strategic partnerships
• Advancing DEP® radiopharmaceuticals into clinical trials
• Increasing revenues from licensing and product sales
• Operational excellence
We commenced FY26 with strong momentum, a robust balance sheet, and multiple opportunities for
value creation. Our leadership team, led by CEO Cheryl Maley, brings deep expertise and fosters a
high-performance culture that gives us great confidence in our ability to execute. Your board and
management team are collaborating effectively to achieve our strategic objectives.
To our valued shareholders: you are integral to Starpharma’s journey. We appreciate your trust and
patience. This has enabled us to pursue ambitious goals and navigate the complexities of biotech
innovation. We believe we are building something truly special - a company with unique technology,
the people, and the vision to deliver enduring value and global impact.
The journey ahead is filled with opportunity. With every partnership, clinical milestone, and strategic
decision, we are working to restore and grow shareholder value. Above all, our purpose remains
clear: to translate our innovative dendrimer technology into treatments that improve outcomes and
quality of life for patients worldwide.
On behalf of the Board, I sincerely thank you for your continued support as we pursue a future of
enduring impact, sustainable growth, and long-term success.
Thank you,
Rob Thomas, AO
Chair
Delivering meaningful patient
outcomes with advanced
dendrimer technology
Annual General Meeting | 14 November 2025
CEO, Cheryl Maley
ASX : SPL
US OTC : SPHRY
Disclaimer and forward-looking statements
This presentation contains forward-looking statements that involve risks and uncertainties. Although we believe that the
expectations reflected in the forward-looking statements are reasonable at this time, Starpharma can give no assurance
that these expectations will prove to be correct. Actual results could differ materially from those anticipated. Reasons may
include risks associated with drug development and manufacture, risks inherent in the regulatory processes, delays in
clinical trials, risks associated with patent protection, future capital needs or other general risks or factors.
2
Our year in review
Reflecting on a year of important progress
3
Ticker
ASX:SPL
US OTC: SPHRY
Share Price
~A$0.45
(~USD$0.29)
Market
Capitalisation
~A$186M
Total ordinary
shares on issue
418M
GICS classification
Pharmaceuticals,
Biotechnology & Life Sciences
52-week range $0.082 - $0.445
Average daily
volume
~980K
Cash Balance
(30 Sep 2025)
A$14.3M
(excludes the $8.5M payment from
Genentech received on 22 October 2025)
4
Share price
Allianz SE 11.8%
Robmar Investments Pty Ltd 7.1%
ICM Investment Management Ltd 6.4%
^Annual Report 2025
Substantial shareholders^
Market position
Driving value through innovation
Our strategy
Optimising shareholder returns through three key focus areas
5
Maximising DEP®
platform value
Demonstrating DEP® benefits
by developing novel, high-
value assets
01
Building strategic
partnerships
Creating licensing
opportunities for DEP® and
commercialisation
02
Building long-term
sustainability
Increasing revenue,
strengthening IP, and fostering
a high-performance culture
03
2025 Overview
Key achievements and key actions to advance SPL in 2026
6
GOALS ACHIEVED ONGOING
Maximise DEP®
platform value
Build long-term
sustainability
• License DEP® clinical asset/s
• Advance radio assets & build
comprehensive data set
• Identify new modalities &
novel assets for development
• Radiopharmaceutical collaboration
• GNE License Agreement
• Advanced Petalion
• Launched Star Navigator
• FDA advice, extensive
outreach, global support
• Optimised radio asset, pre-
clinical program almost
complete
• Progress existing partners –
Genentech, Petalion, and
MSD
• Convert new partnership
opportunities
• Sustainable income streams
• VivaGel® BV EU Licence &
webstore
• Strengthen IP position
• AI integration
• Deliver to partner plans
• Confirm next steps of existing
collaborations
• Engaging new collaborations
• Increased Viraleze online
sales, new VivaGel® BV partners
(ME & SEA)
• IP strategy review
• Launched AI project
• License DEP® clinical asset/s
• Partnering for Radio Assets
• New modality feasibility
• Increase Viraleze & VivaGel® BV
sales
• Maximise IP value
• Use AI to increase R&D efficiency
• High performance culture
Build strategic
partnerships
Our pipeline
Unlocking value through novel asset development, strategic partnerships, and
product sales
7
Internal DEP® Pipeline
Product
Target
indication
Research
Pre-
clinical
Phase I Phase II Phase III Strategy
DEP® SN38
Ovarian and
colorectal
License/co-
develop – ovarian,
colorectal
DEP® cabazitaxel
Prostate and
gastro-
oesophageal
License – prostate,
ovarian
DEP® docetaxel
Pancreatic
and other
cancers
DEP® HER2
radiodiagnostic
Diagnostic
Optimise and
accelerate to
clinical
DEP® HER2
radiotherapeutic
Solid cancers Advance to clinical
Early-stage
projects
Various
Clinical results reported
Clinical results reported
Partnered DEP®
Programs
SPL7013 Products on
Market
Clinical results reported
8
Steph
Associate Director,
Clinical Development
18 years at Starpharma
Suvir
Associate Director,
Business Development
8 years at Starpharma
Key feedback on DEP®
SN38 pathway for
platinum-resistant
ovarian cancer (PROC):
• PROC - significant
unmet need.
• “505(b)(2)” pathway
confirmed.
• Potential for Fast Track
designation and
accelerated approval.
Positive FDA
engagement
DEP® SN38 clinical study
results peer-reviewed and
published in the highly
regarded Journal of
Clinical Oncology.
Journal
publication
Significant internal and
external resources
dedicated to advance
licensing opportunities
with prospective
partners.
Leveraging key opinion
leaders and clinical
experts to strengthen
commercialisation.
External
expertise
Business development
team participation in key
industry conferences to
engage with prospective
partners and showcase
the value of Starpharma’s
DEP® platform.
Conference
participation
DEP® clinical assets
Maximising opportunities for potential out-licensing
9
10
Michael
Principal Research Scientist
25 years at Starpharma
11
48h ex vivo biodistribution
Molecular Weight (kDa)
10 25-75 150
Tumour Retention Low High
Tumour Uptake (time) Fast Slow
Blood Clearance Fast Slow
Kidney Accumulation High Low
1
0
5
10
15
%ID/g
G2 G3 G4 mAb
G5
mAb
fragment
Targeted dendrimers
0
1 0
2 0
3 0
4 0
%ID/g
G2 G3 G4 mAb
G5
mAb
fragment
Targeted dendrimers
Kidney Clearance
Tumour Targeting
HER2+ BT474 tumour
Blood
dendrimers
G2 G3 G4 G5
Ab
fragment mAb
Dendrimers
Strategic opportunity in radiopharmaceuticals
Optimising the DEP® platform to enhance radiotherapies
• Key driver in
aggressive breast &
gastric cancers
• Targeting & inhibiting
HER2 slows tumour
growth & improves
treatment outcomes
Why HER2
• Combined HER2+
breast & gastric cancer
market: ~USD $12.4B
in 2025, growing to
~USD $15.3B by 2035
• New treatments
expanding the market
to HER2-low patients
Market size • Progression,
resistance, and/or
toxicities from other
HER2 therapies (e.g.,
mAb, ADCs, TKIs)
Current
treatment
challenges
• To develop a novel
mode of action with
the potential to treat
tumours resistant or
refractory to current
HER2 therapies,
offering improved
patient outcomes
• Potential for DEP® to
provide significant
efficacy and toxicity
improvements
Opportunity DEP® HER2 radio
therapy that offers:
• Rapid tumour
accumulation
• Prolonged tumour
retention
• Rapid blood
clearance
• Avoids kidney
clearance and
accumulation
SPL’s target
product profile
DEP® HER2 radiotherapy program
Advancing from preclinical to clinical in 2026
Our strategy
Optimising shareholder returns through three key focus areas
13
Maximising DEP®
platform value
01
Building strategic
partnerships
02
Building long-term
sustainability
03
14
Amanda
Senior Director, Business
Development & Project Lead
for our New Seeds program
1.5 years at Starpharma
Tony
Vice President,
Business Development
12 years at Starpharma
Our strategic partnerships
Expanding opportunities for commercialisation
15
Exclusive License
Agreement
• Limited targets, multi-
product
• Deal value: up to USD
$564M plus royalties
Joint Venture
• Single asset focus
• USD $25M investment
by Medicxi
• SPL holds 22.5% equity
in Petalion
Research and
Option Agreement
• Single asset focus
• Deal value up to ~AUD
$91M plus royalties
Recent media coverage and commentary
Positioning DEP® as a next-gen oncology delivery platform beyond biologics
16
17
Sammi
Senior Research Scientist &
Project Manager for the
Genentech program
Nearly 14 years at Starpharma
Medicxi strategic partnership
Encouraging progress and feedback
18
“I am really pleased that the collaboration
between Petalion and SPL has been very positive, with both
teams working closely and constructively toward shared
goals. A great deal of work has already been done, thanks to
the strong commitment and energy from everyone involved.
The work at Petalion continues to progress in line with the plan
and timelines set out at the inception of the company in 2024.
The team remains focused and coordinated, ensuring that
activities and experiments stay on track to deliver the project
milestones. Further updates will be provided in due course as
the programme advances.”
– Mehdi Shahidi MD
CEO, Petalion Therapeutics
October 2025
Star Navigator
Expanding access to Starpharma’s proprietary dendrimers through
collaborative drug development and innovation
19
Star Navigator
Expanding access to Starpharma’s proprietary dendrimers through
collaborative drug development and innovation
20
• Launched early 2025
• Flexible partnership frameworks
• Designed to streamline access
• Experiment yourself or engage our experts
Our strategy
Optimising shareholder returns through three key focus areas
21
Maximising DEP®
platform value
01
Building strategic
partnerships
02
Building long-term
sustainability
03
22
Laura
Regulatory Affairs Manager
11 years at Starpharma
Launching UK
webstore in 2026
ITROM launch in
Middle East showing
encouraging uptake
so far
Supporting Aspen’s
growth in AU/NZ
Ongoing process for
securing new
partnerships
Viraleze and VivaGel® BV
Increasing revenues through distribution partnerships and online sales
Viraleze
• Registered in more than 35 jurisdictions*, including in
Europe, the UK, and Asia.
• Priority markets: UK, Germany, and Middle East (E&N).
VivaGel® BV
• Registered in 40+ jurisdictions, including in the UK,
Europe, Southeast Asia, Australia and New Zealand.
• Priority markets: Australia and New Zealand (Aspen),
Middle East and North Africa (ITROM), Europe and the
UK.
23
*Viraleze is not approved for use or supply in Australia.
Ongoing digital
marketing
campaigns
Increasing access
via multiple online
channels
FY26 online sales
(webstore & Amazon)
to date:
up nearly 60%
150+ customer
reviews
(4.9/5-star rating)
E&N launch in
Middle East showing
encouraging uptake
so far
24
Gareth
Analytical and Data Science
Manager & Project Lead for
Starpharma’s AI program
Nearly 5 years at Starpharma
Sammi
Senior Research Scientist
Nearly 14 years at Starpharma
AI at Starpharma
Leveraging our strengths and data to accelerate the discovery and
preclinical phase of drug development
25
Number of
compounds
5,000 – 20,000
250
5
1
Basic research
Drug discovery
Preclinical research
Clinical research
Approved drug
Combining nearly 30 years
of expertise in dendrimer
drug development with
sophisticated AI tools to
accelerate research, drug
discovery, and preclinical
development.
26
Our mission is to help patients with significant
illnesses, such as cancer, achieve improved health
outcomes and quality of life through the application of
our unique dendrimer technology.
Our DEP® strategy
Leveraging multiple pathways to maximise shareholder
returns
DEP Platform
Strategic
partnerships
Novel asset
development
27
Radiotheranostics, ADCs, combination therapies, non-
oncology molecules
(revenue from asset license & commercialisation)
Multinational, private equity, biotechnology
(revenue from platform license - development to
commercialisation, R&D services)
Our strategy & outlook
Focusing on strategic execution and revenue generation
28
1) Maximise DEP®
platform value
• Progressing radiotheranostic program to the clinic
• Securing license/collaboration for a DEP® asset to commercialise
• Converting early discovery to development program
2) Building strategic
partnerships
• Progressing and expanding current partner programs
• Securing new partnered programs
3) Building long-term
sustainability
• Securing new VivaGel® BV EU / ROW partner(s)
• Increasing revenue from licensing and product sales
Three focused strategic imperatives and anticipated catalysts
Financial position
Building long-term sustainability
29
Multiple revenue streams
Annual result FY25 FY24
Revenue $4.9M $1.7M^
Loss $10.0M $14.7M^
^excluding the one-time $6.6M Mundipharma
settlement payment
$14.3M cash at 30 September 2025
(excluding the $8.5M upfront licensing receipt from
Genentech on 22 October 2025)
Increasing revenues, with multiple revenue streams:
Licensing & milestone payments
Marketed product sales: VivaGel® BV & Viraleze
R&D income from services provided to partners
Leadership team
Driving innovation with global expertise
30
Cheryl
Maley
Chief
Executive
Officer &
Managing
Director
Justin
Cahill
Chief
Financial &
Operations
Officer &
Company
Secretary
Dr Jeremy
Paull
Chief
Scientific &
Regulatory
Officer
Dr Tony
Eglezos
VP, Business
Development
Dr Brian
Kelly
Director,
Manufacture
& Laboratory
Operations
Dr
Richard
Hufton
Director,
Discovery
Research
Graham
Heery
Director,
Translational
Science &
CMC
Miranda
Sowden
Director,
People &
Culture
Sindy
Smith
Commun-
ications &
Investor
Relations
Manager
Board of directors
Driving innovation with global expertise
31
Rob
Thomas
AO
Independent
non-
executive
director;
Chair, Board
Cheryl
Maley
Chief
Executive
Officer &
Managing
Director
David
McIntyre
Independent
Non-
executive
director;
Chair, Audit
& Risk
Committee
Lynda
Cheng
Independent
non-executive
director;
Chair,
Remuneration
& Nomination
Committee
Dr Jeff
Davies
Independent
non-
executive
director
Dr
Russell
Basser
Independent
non-
executive
director
Thank you.
Investor Relations
Investor.Relations@Starpharma.com
www.starpharma.com
Corporate Office
4 – 6 Southampton Crescent
Abbotsford, Victoria 3067
Australia
ASX : SPL
US OTC : SPHRY
Share your feedback
Discover