ASX healthcare share Starpharma Holdings Ltd (ASX: SPL) has rocketed 365% over the past 12 months.
Had you put $10,000 into this ASX small-cap share in March 2025, your holdings would be worth $36,500 today.
Starpharma is an Australian biotech that develops drug delivery systems using proprietary polymers called dendrimers.
These nanoscale molecules make medicines more effective in the body.
Starpharma licenses its drug delivery technology to large pharma, and also develops its own anti-infection products.
This ASX healthcare share is trading at 47 cents on Thursday, up 1.1%.
Image source: Getty Images
What's behind the dramatic 365% share price rise?
The bulk of Starpharma's rise over the past 12 months occurred between late September and February.
In September, the ASX healthcare share rose by more than 100% after the company announced two new partnerships.
Starpharma announced a new deal with drug company Genentech, which it has worked with for more than three years.
The companies will develop cancer treatments using Starpharma's proprietary DEP drug delivery technology.
Under the deal, Starpharma got an upfront payment of US$5.5 million.
It is also eligible to receive up to US$564 million in success-based payments over time.
Starpharma granted Genentech an exclusive global licence to commercialise any products developed via the collaboration.
Starpharma CEO Cheryl Maley said:
A key strategic priority for Starpharma is to build new, high-impact partnerships that unlock the full potential of our DEP platform.
By actively pursuing licensing opportunities and collaborating with leading organisations, we aim to expand market reach and enable our partners to deliver significantly improved therapies to patients worldwide.
The ASX healthcare share surged again when the company announced its first radiopharmaceutical partnership.
Starpharma signed a research and option agreement with Radiopharm Theranostics Ltd (ASX: RAD) that made it eligible to receive a $500,000 option fee, a $2 million upfront payment, and up to $89 million in success-based payments and royalties on net sales.
Maley called the deal a key milestone, and said radiopharmaceuticals was a strong area of focus for Starpharma.
In its 1H FY26 report in February, Starpharma reported a 474% increase in revenue to $10.8 million for the six months to 31 December.
The half-year profit was $1,367,000, up from a loss of $5,392,000 in 1H FY24.
Is it too late to buy this rising ASX healthcare share?
ASX biotech shares are notoriously risky and unsuitable for investors with a low risk tolerance.
PAC Partners gives this one a buy rating with a "high risk" 12-month price target of 80 cents to $1.
PAC Partners forecasts growth in partnerships as well as over-the-counter revenue over the next four years.
