Options brief, Oct 7, 2026

Enrollment is complete in both lead US trials and results from both land inside this 471-day contract. The ReSTART registration study in recurrent cutaneous squamous cell carcinoma enrolled all 88 patients in May, and Alpha Tau has already begun its FDA pre-market approval application through modular submissions. The IMPACT pancreatic pilot finished enrollment on August 31. Interim data from the REGAIN recurrent glioblastoma trial, filed May 11, showed 100 percent local disease control and a 67 percent complete response rate in the first three patients, and the FDA cleared the trial in June to complete enrollment and add two US sites. Options carry almost no event premium at current pricing. IV rank is 2.5 and the IV percentile is 19.9, the low end of this name's one-year range. The company held about $105 million in cash and deposits at June 30, which it states funds roughly two years of operations. Its June collaboration with Tolmar grants Tolmar exclusive US commercial rights to Alpha DaRT in prostate cancer with milestone payments attached. The device is already approved in Japan for head and neck cancer, which gives the platform a commercial anchor while the US filings move forward. The main risk is cohort size. The glioblastoma interim covers three patients and the pancreatic studies are small single-arm pilots, so full-cohort results can miss the early signals and reprice the stock fast. Liquidity is thin, rated 2 of 5, so fills come slowly and spreads run wide. Beta is 1.45 and the next scheduled financial report lands November 19.