Race Oncology (RAC.AX)

Executive Summary

Race Oncology (RAC.AX) is an Australian clinical-stage biopharmaceutical company advancing bisantrene, a novel small molecule that silences the MYC oncogene while providing cardioprotection. The company's lead asset, RC220, is a reformulated bisantrene with extended patent protection (20 years), currently in a Phase 1 trial (NCT06815575) combining RC220 with doxorubicin in advanced solid tumors, recruiting since April 2025. Race also has a completed Phase 2 trial (NCT03820908) of bisantrene in acute myeloid leukemia (AML) and a withdrawn Phase 1 (NCT05456269). The company's valuation is approximately A$487 million, with ~184 million shares outstanding. Key differentiators include MYC inhibition (a challenging target) and potential cardioprotection, which could reduce doxorubicin-induced cardiotoxicity. Near-term catalysts include initial safety/efficacy data from the Phase 1 RC220 trial, potential advancement of bisantrene into Phase 3 AML trials, and possible partnership or licensing discussions for RC220. However, as a public micro-cap biotech, risk includes limited cash runway and early-stage data uncertainty.

Upcoming Catalysts (preview)

• Q2 2027Phase 1 RC220 + Doxorubicin interim safety and early efficacy data70% success
• Q4 2026Initiation of a Phase 3 trial for bisantrene in acute myeloid leukemia50% success
• Q1 2027Strategic partnership or licensing deal for RC220 or bisantrene40% success