Estrella Immunopharma, Inc.

What they do

Estrella is developing T-cell therapies, with lead candidates EB103 and EB104. Its operations are concentrated on the STARLIGHT-1 Phase I/II clinical trial for EB103, which has completed Phase I dosing. The company has no approved products and has not generated revenue from product sales, relying on funding from equity offerings and partner payments.

Revenue drivers

• EB103 (STARLIGHT-1) — Lead product candidate in Phase I/II trial; no revenue yet, but progress drives milestone payments under SOW with Eureka (up to $33.5 million total).
• EB104 — Preclinical-stage candidate; no revenue, potential future value depends on clinical advancement.
• Milestone and service payments from Eureka — Received $10.9 million in milestone fees under SOW #001 and $11.2 million under License and Services Agreements; non-revenue but key cash inflows.

Recent performance

For fiscal 2025, net loss was $13.1 million with diluted EPS of -$0.35, improving from a 2024 net loss of $7.3 million. As of June 30, 2026, cash was $100,000, total assets $1.8 million, and shareholder equity was -$7.4 million. The company accrued $8.3 million in related-party liabilities for milestone payments to Eureka. Eleven patients have been dosed in STARLIGHT-1 as of June 30, 2026, including two Phase II patients in 2026.

Strategy

Estrella is focused on advancing STARLIGHT-1 and its preclinical programs, with plans to seek regulatory approval for successful candidates. The company is scaling clinical and regulatory capabilities and maintaining its IP portfolio. It is funding operations through equity offerings, including a $7.2 million net RDO in January 2026. Management anticipates expenses will increase as the pipeline progresses.

Risks

• Cash runway and going concern — With only $100,000 cash at June 30, 2026 and negative equity, the company faces imminent liquidity risk unless additional funding is secured.
• Dependence on related party Eureka — Eureka is both a major service provider and related party; the company owes $8.3 million in accrued milestone payments, and further progress depends on continued collaboration.
• Clinical and regulatory uncertainty — EB103 is still in Phase I/II; no product has been approved, and clinical trials may fail or be delayed, which could impair the company's viability.
• Nasdaq listing compliance — The company received delisting notices in August 2025 and January 2026, indicating potential failure to meet listing requirements, which could affect share liquidity.

Outlook

Management expects expenses to rise as it advances STARLIGHT-1, seeks regulatory approvals, and scales operations. The company will need additional capital, as current cash is insufficient to meet near-term obligations. It continues to enroll patients and plans to complete the Phase II portion of the trial.