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Alpha Tau Medical

DRTS Lead: Phase 2 18 Biotech Distilled articles ↓ 28 filings & releases ↓ Cash $12.2M (Dec 31, 2025) ↓ 17 verdicts ↓ 3 timing quotes ↓
Oncology Radioligand

Market cap $1.27B 92.5M shares (vendor count, Nov 7, 2026) × $13.72 close Nov 6, 2026 · share count from the market-data vendor, not the SEC cover page

Most recent annual filing: 2025-12-31

Catalyst timeline

4 trackedQuarter catalyst calendar →
  1. Head & Neck Cancer +2026Head & Neck Cancer +, 2026, routine
  2. Alpha DaRT SCC pivotal toplinelate 2026 or early 2027Alpha DaRT SCC pivotal topline, late 2026 or early 2027, thesis-defining
  3. IMPACT pancreas pilot corporate updateLate 2026 / early 2027IMPACT pancreas pilot corporate update, Late 2026 / early 2027, routine
  4. Pancreas IMPACT corporate updateearly 2027Pancreas IMPACT corporate update, early 2027, routine

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (6 active programs)

Technology platforms

Alpha DaRT

Alpha Diffusing Alpha-emitters Radiation Therapy — intratumoral Radium-224-embedded radioactive source technology delivering controlled release of alpha-emitting atoms throughout solid tumors; focus areas include squamous cell carcinoma, glioblastoma multiforme, pancreatic cancer, head and neck cancer, and other solid tumors

Capital (as filed)

Cash
$12.2M cash and cash equivalents · Dec 31, 2025 (20-F)
Short-term investments
$60.9M Dec 31, 2025
Operating cash flow
−$6.7M annual ÷ 4, year to Dec 31, 2025 (20-F)
As stated in coverage
$105M cash per the update of Aug 10, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (18)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (17 calls)

Every verdict Biotech Distilled has published on Alpha Tau Medical, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-01-03 Watch Alpha Tau Medical (DRTS): Scientific Deep Dive of Alpha DaRT The 100% CR in skin SCC is too strong a signal to ignore, but prudent to hold a small position (<2% of portfolio) until the ReSTART pivotal data reads out in H2 2026.
  2. 2026-01-07 Speculative buy speculative UPDATE: Alpha Tau Medical (DRTS) – Pancreatic Data Hits the "Safety" Bullseye; FDA Submission Adds Regulatory Momentum Pancreatic safety data removes a major tail risk and FDA PMA module submission confirms commercial execution is on track, improving the risk/reward profile.
  3. 2026-01-30 Speculative buy speculative UPDATE: Alpha Tau (DRTS) Doubles Down on the U.S. Five concurrent U.S. trials demonstrate supply chain resilience and the data waterfall starting in H2 2026 keeps the thesis intact.
  4. 2026-02-28 Speculative buy speculative UPDATE: Alpha Tau (DRTS) – The Japan Catalyst Hits Japan's Shonin marketing approval is a major regulatory validation that de-risks the FDA pathway and shrinks the regulatory risk discount.
  5. 2026-03-14 Speculative buy speculative UPDATE: Alpha Tau (DRTS) - FY25 Financials $76.9M cash provides a two-year runway through the primary catalysts, removing the dilution overhang ahead of the critical H2 2026 ReSTART readout.
  6. 2026-04-27 Speculative buy speculative UPDATE: Alpha Tau Medical (DRTS) — The Pancreas Franchise Goes Global, IMPACT Slips a Quarter Pancreas franchise is compounding across two continents with two SOC backbones; the IMPACT Q2-to-Q3 slip is acceptable for a 33% larger trial, and the ReSTART binary event is unchanged.
  7. 2026-04-29 Speculative buy speculative UPDATE: Alpha Tau Medical (DRTS) — The $300M Shelf Lands, ASCO Caps the Pancreas Run The $300M shelf and ATM are prudent pre-positioning for a commercial ramp rather than a panic raise; the 7.7% dip is a knee-jerk shelf reaction, not a thesis break, and the ASCO acceptance is a genuine commercial-development event.
  8. 2026-05-04 Speculative buy speculative UPDATE: Alpha Tau Medical (DRTS) — 100% Local Disease Control at the DDW Podium 100% local disease control across all 19 evaluable pancreatic cancer patients at DDW confirms the proof-of-physics translation from skin SCC into the pancreas, strengthening the secondary thesis.
  9. 2026-05-08 Speculative buy speculative UPDATE: Alpha Tau Medical (DRTS) — ReSTART Enrollment Done, GBM Safety Call Set, Italy Opens ReSTART enrollment completion mechanically locks the H2 2026 binary readout, the GBM safety call is imminent, and the pancreas franchise adds a fourth concurrent trial with a new delivery modality.
  10. 2026-05-12 Speculative buy speculative UPDATE: Alpha Tau Medical (DRTS) — The Unforgiving Organ Talks Back, And It Says Yes 100% local disease control and 67% CR in the first three GBM patients with zero radiation necrosis de-risks the brain leg of the platform; the safety throttle worked as designed.
  11. 2026-06-01 Speculative buy speculative UPDATE: Alpha Tau Medical (DRTS) — The Pancreas OS Number Lands, And It's Better Than the Benchmarks Pooled n=58 pancreas OS data beats historical benchmarks across 2L and 3L lines with a manageable safety profile, anchoring the IMPACT pivotal hypothesis and de-risking the pancreas leg.
  12. 2026-06-03 Speculative buy speculative UPDATE: Alpha Tau Medical (DRTS) — Tolmar Takes Prostate, And It Pays a Premium Tolmar's exclusive U.S. prostate commercialization deal with $35M committed cash at a 25% equity premium validates the platform and co-funds the manufacturing bear case, lighting the fourth leg of the free call option.
  13. 2026-06-12 Speculative buy speculative UPDATE: Alpha Tau Medical (DRTS) — FDA Greenlights REGAIN Expansion, Two New Sites Join FDA clearance to expand REGAIN to remaining seven patients across three academic centers operationally unlocks the GBM leg; the safety throttle paid off twice.
  14. 2026-07-21 Speculative buy speculative UPDATE: Alpha Tau Medical (DRTS) — The Abscopal Bet Cashes a Ticket 100% systemic ORR and 18.2-month mOS with Keytruda in elderly HNSCC validates the abscopal combination thesis, opening a materially larger commercial framing beyond local ablation.
  15. 2026-08-11 Speculative buy speculative UPDATE: Alpha Tau Medical (DRTS) — The Share Count Answer, And a $68.8M Loss That Isn't H1 financials show only 4.3M new shares issued (mostly strategic), $104.8M cash, and a $68.8M headline loss that is 61% non-cash warrant remeasurement, making the financing picture materially less threatening than feared.
  16. 2026-08-31 Speculative buy speculative UPDATE: Alpha Tau Medical (DRTS) — IMPACT Closes at 48 Patients, Four Times the Original Design IMPACT enrollment completed at 48 patients across 10 centers ahead of schedule, with management naming a planned pivotal study for the first time; data guided to early 2027.
  17. 2026-10-20 Speculative buy speculative UPDATE: Alpha Tau Medical (DRTS) — REGAIN Doubles, and "Market Submission" Enters the GBM Vocabulary FDA-approved IDE supplement doubles REGAIN to 20 patients with new endpoints and management's first use of 'market submission' language signals GBM could move from feasibility to a filing path.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (3 quotes from 3 filings)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (28)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. No press release captured yet; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

4 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)