Alpha Tau Medical Ltd (DRTS)
🔔 Watch stock
symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
The light is yellow because the decisive operating question is open and hangs on a single event: whether the single-arm readout from 88 patients in ReSTART, expected around the end of 2026, is strong enough to carry a modular PMA through the FDA's most demanding approval route. Red is not supported by the evidence — there is no going-concern warning, the equity ratio is 72.3 percent, and $80.2 million covers roughly twelve quarters at the 2025 burn rate, far more than the four below which we assign red. Green is not supported either, because there is no business yet: ten years without a dollar of revenue, and evidence built on response rates with three, nine and 58 patients in the denominator. That the stock has run hard in 2026 and trades at some 16 times book value is a price argument and does not change this rating. The decision is yours.
symbol.quality_note
Alpha Tau implants tiny radioactive seeds into a tumor and lets them irradiate the cancer from the inside — a genuinely novel idea, approved in Israel and, since February 2026, in Japan. The market values the company at roughly $1.10 billion (data as of July 27, 2026). We read the annual report (20-F) for 2025 and every interim report (6-K) through July 21, 2026, and checked what carries that price: the company has never booked a dollar of revenue since it began operating in 2016, its one U.S. pivotal trial runs without a control group, and its newest headline rate describes nine evaluable patients out of eleven enrolled. Not investment advice — just a careful count of the denominators underneath the percentages.
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Stock Watch
This analysis is as of July 16, 2026. Stock Watch will tell you what's changed at DRTS since then.
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Appears in These Scanners
This stock currently matches 3 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
NeutralErneut geprüft am 28.07.2026 gegen den Geschäftsbericht (20-F) 2025 (eingereicht 09.03.2026), den 20-F 2024 (12.03.2025), den Regalprospekt F-3 vom 28.04.2026 und sämtliche Zwischenberichte (6-K) bis zum 21.07.2026 — darunter die Tolmar-Kooperation vom 03.06.2026 und die Kombinationsdaten vom 21.07.2026. Alpha Tau ist Foreign Private Issuer und reicht 20-F/6-K statt 10-K/10-Q ein; geprüft wurde daher die FPI-Entsprechung der letzten zwei Jahresberichte plus alle jüngeren 6-K. In den ausgewerteten SEC-Filings findet sich kein wesentlicher KI-Bezug: „artificial intelligence“ kommt im 20-F 2025 genau zweimal vor, beide Male als generische Cybersecurity-Floskel im Risk-Factors-Abschnitt („because the techniques and tools (including artificial intelligence) that are used to obtain unauthorized access to, or to sabotage systems change frequently…“ sowie „any integration of artificial intelligence in our or any third party’s operations, products or services is expected to pose new or unknown cybersecurity risks and challenges“). Nach Regel 3 des Kriterienkatalogs sind Boilerplate-Risk-Floskeln kein „bedroht“-Beleg — ein konkreter Bezug zum eigenen Geschäftsmodell fehlt vollständig. Weder KI-Umsatzquelle (das Produkt Alpha DaRT ist eine physikalische Radium-224-Strahlentherapie ohne Software-/KI-Komponente) noch dokumentierter operativer KI-Einsatz: „machine learning“, „deep learning“, „neural“ und „algorithm“ kommen in keinem der ausgewerteten Filings ein einziges Mal vor; auch die Tolmar-Kooperation ist ein reiner Vertriebs- und Liefervertrag ohne KI-Komponente. Damit bleibt es beim dokumentierten Negativ-Befund „neutral“.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 6-K 2026-07-21 · 6-K 2026-06-03 · F-3 2026-04-28 · 20-F 2026-03-09 · 20-F 2025-03-12 · 6-K 2026-07-15 · 6-K 2026-05-18 · 6-K 2026-05-11 · 6-K 2026-06-25
Rated on July 28, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -0.11 | 8.30 | 0 | – | – | – | – |
| 2024: Q3 | -0.10 | 60.00 | 0 | – | – | – | – |
| 2024: Q4 | -0.13 | -18.20 | 0 | – | – | – | – |
| 2025: Q1 | -0.12 | -9.10 | 0 | – | – | – | – |
| 2025: Q2 | -0.13 | -18.20 | 0 | – | – | – | – |
| 2025: Q3 | -0.14 | -40.00 | 0 | – | – | – | – |
| 2025: Q4 | -0.14 | -7.70 | 0 | – | – | -27 | -33 |
| 2026: Q1 | -0.26 | -116.70 | 0 | – | – | – | – |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
A genuinely novel mechanism rather than a me-too: Radium-224 seeds implanted in the tumor whose daughter atoms detach, recoil and diffuse a few millimeters, turning alpha radiation's sub-100-micrometer range from a fatal defect into a containment feature; developed at Tel Aviv University in 2003, 11 clinical studies ongoing worldwide (annual report 20-F for 2025, Item 4.B).
Datable, not promissory: marketing approval in Israel (August 2020), two FDA Breakthrough Device Designations (June and October 2021), Japan's shonin pre-market approval in February 2026 — the first approval in a major market — the pivotal ReSTART trial reaching completed enrollment with 88 patients in May 2026, the first modular PMA module submitted in January 2026, and the FDA's clearance of June 11, 2026 to complete REGAIN enrollment with two additional U.S. academic centers.
The pivotal trial is "prospective, multi-center, single-arm, open label" — no control group, no blinding, so it yields a response rate rather than a comparison. The quoted percentages rest on tiny denominators: a 100 percent objective response rate = nine evaluable of eleven enrolled patients, two of whom died before evaluation (July 21, 2026); 67 percent complete response = two of three (cutoff May 3, 2026); the largest published data set covers 58 patients (ASCO, June 1, 2026). The 19 percent benchmark comes from an unrelated trial — the company warns about that comparison itself.
No revenue in ten years, a net loss of $42.6 million and an accumulated deficit of $190.1 million (12/31/2025) — but, unusually for the sector, no going-concern warning: $80.2 million of cash and deposits (03/31/2026) against a 2025 operating burn of $26.7 million is roughly three years of air, with $35 million more from Tolmar at closing. Against that: R&D spending rose 53 percent year over year in Q1 2026, the weighted share count grew 27 percent in twelve months, and 18,984,561 warrants plus options on 15,985,500 shares and 597,700 RSUs equal roughly 39 percent of additional shares.
A market value of roughly $1.10 billion for which no P/S and no P/E can be computed; of that, about $80 million is money in the bank and, after deducting all liabilities, only $41.9 million of net current assets remains — 3.8 percent of the price. Price-to-book around 16, with the stock up 146.7 percent year to date (data as of July 27, 2026). Four analysts cover the stock at a consensus of 4.5 out of 5 — unanimity that is more echo than second opinion on a pre-revenue company whose pivotal data has not been published.
People, laboratories and manufacturing sit in Jerusalem, and the company runs the majority of its trials and preclinical work in-house rather than through CROs. The annual report states plainly that "our commercial insurance does not cover losses resulting from war or terrorist attacks" and that reservist mobilization may affect workforce availability; state compensation is possible but not assured (annual report 20-F for 2025, Item 3.D).
Alpha Tau is a rare thing: a clinical-stage company whose filings are more honest than its own headlines. The technology is genuinely novel, the regulatory ledger is real and datable — Israel 2020, two FDA Breakthrough Device Designations in 2021, Japan's approval in February 2026, the first large U.S. commercial partner in June 2026 — and there is no going-concern warning to explain away, with $80.2 million of cash covering roughly three years at the 2025 burn rate. But the market pays about $1.10 billion for a company that has never booked a dollar of revenue in ten years, whose one U.S. pivotal trial runs without a control group, and whose newest headline rate describes nine evaluable patients. Roughly $80 million of that valuation is money; the rest is a probability — and beside it sit roughly 39 percent of additional shares as warrants, options and RSUs. Not investment advice.
- DRTS reached our research list via the Reddit hype scanner (ApeWisdom, run of July 28, 2026; reference value 2 mentions in 24 hours on July 16, 2026) — the silence is itself a finding: this is a conviction rally, not a forum rally. We do carry metrics for DRTS, but our scanner lists are recomputed daily, and several of our yardsticks (P/S, P/E, Piotroski) cannot be formed meaningfully for a company without revenue; the Altman reading of 19.4 is an artifact of the same fact, not a clean bill of health.
- Alpha Tau is a Foreign Private Issuer and files a 20-F annual report plus 6-K interim reports instead of 10-K/10-Q; quarterly figures therefore arrive as a press-release exhibit to a 6-K. The most recent financial report used here is the 6-K of May 18, 2026 carrying the figures as of March 31, 2026; every filing after it through July 21, 2026 was reviewed. Identity verified on EDGAR (CIK 0001871321): no Form 15, no successor issuer — the living filer is the original entity from the March 2022 SPAC merger.
- Between June 3 and July 7, 2026, chief financial officer Raphi Levy reported sales of 112,270 shares in total at prices between $9.47 and $14.00 (Forms 4 and 144), halving his directly held stake from 180,180 to 90,180 shares. Measured against 90,176,067 shares outstanding that is 0.12 percent — below our materiality threshold, hence a note rather than a chapter. The annual general meeting of June 23, 2026 re-elected David Milch and Ruth Alon as directors through 2029, re-appointed Uzi Sofer as chairman with a compensation package, and re-appointed Kost Forer Gabbay & Kasierer (a member of Ernst & Young Global) as auditor for 2026.
- Amounts in Alpha Tau's filings are stated in thousands of U.S. dollars; we converted them to millions in the text. The functional and reporting currency is the U.S. dollar even though a substantial part of expenses — chiefly personnel — is incurred in New Israeli Shekels, so a currency exposure remains and the filing names it explicitly. Valuation figures are dated to July 27, 2026 (market value roughly $1.10 billion on about 90 million shares); analyses are evergreen, daily prices are not a buy argument.
About the Company
Alpha Tau Medical Ltd., a clinical-stage oncology therapeutics company, focuses on the research, development, and commercialization of diffusing alpha-emitters radiation therapy (Alpha DaRT) for the treatment of solid cancer. Its Alpha-DaRT technology is in clinical trials for various forms comprising skin, oral, pancreatic, prostate, lung, liver, and breast cancers; and preclinical clinical studies for mouse tumors and human-derived tumors. The company has a strategic collaboration agreement to develop and commercialize Alpha DaRT for the treatment of prostate cancer. The company is headquartered in Jerusalem, Israel.
| IPO Year | 2021 |
|---|
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.