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Race Oncology, appears to be on a one-way path after it announced advancing its RC220 program. The new international trial milestones is backed by a strong cash position and a clear roadmap for growth.
Race Oncology Limited (ASX: RAC)
had a solid September with few key updates. On 2 September the company said its first Hong Kong trial site at Queen Mary Hospital is now active for the Phase 1 RC220 solid tumour study and another site at Prince of Wales Hospital will be opened soon. On 16 September 2025 Race announced about new scientific findings on bisantrene and because of that it submitted a new composition of matter patent. If it gets granted this will protect the chemical structure of the active (E,E)-bisantrene isomer and along with that two more patent applications were filed covering manufacturing, formulation. On 24 September 2025 the company said that the Ministry of Food and Drug Safety in Korea (MFDS) approved the Investigational New Drug application. This approval lets Race test RC220 with doxorubicin in solid tumour patients.
Race showed careful cash handling while also moving forward with its main program. In FY2025, revenue dropped by 5.3% to about A$788,418. The net loss after tax was cut down by 65% to A$4.8 million compared to a much higher A$13.8 million in FY2024. Operating cash outflow for the year came at A$4.6 million and around A$3.1 million in Q4 was mainly spent on R&D. At the end of the year Race had A$13.67 million in cash and equivalents giving it a funding runway till CY2026.
Going forward the company is pushing faster on its RC220 clinical program with patient enrollment happening in Australia, Hong Kong and South Korea. Interim data from the Phase 1 trial will help find the best dosage and give early signs on effectiveness and heart protection which is expected in 2026. The company is also working on other pipeline areas like the m6A RNA pathway project where with Monash University they found 39 new FTO-binding molecules and this added more to Race’s Intellectual property portfolio. They are also looking into partnerships and licensing to grow reach globally. With a good amount of cash in hand along with growing trial presence worldwide and a plan to reduce risk by sharing data in stages, Race Oncology looks set to hit important clinical and business milestones in the upcoming quarters.
(Source: Company Announcements)
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