WASHINGTON, July 11, 2024 (GLOBE NEWSWIRE) -- ASP Isotopes Inc. NASDAQ: ASPI ("ASP Isotopes” or the “Company”) today announced that it has commenced an underwritten public offering of shares of its common stock. ASP Isotopes intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the number of shares of its common stock sold in the offering. All of the shares in the offering are to be sold by ASP Isotopes. The offering is subject to market and other conditions, and there can ...

WASHINGTON, July 11, 2024 (GLOBE NEWSWIRE) -- ASP Isotopes Inc. NASDAQ: ASPI ("ASP Isotopes" or the "Company") today announced that it has commenced an underwritten public offering of shares of its common stock. ASP Isotopes intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the number of shares of its common stock sold in the offering. All of the shares in the offering are to be sold by ASP Isotopes. The offering is subject to market and other conditions, and there can ...

onimate/iStock via Getty Images Why You Should Keep ASP Isotopes On Your Watchlist ASP Isotopes Inc. (NASDAQ:ASPI) with a life history of fewer than three years, is a specialty materials company, that is seeking to build clout in the terrain of Isotopes, where the supply chain is inherently quite fragile, and provides budding players, the opportunity to make a mark. For the uninitiated, Isotopes are atoms of the same chemical elements that have the same number of protons but different number of neutrons; fo ...

WASHINGTON, June 13, 2024 (GLOBE NEWSWIRE) -- ASP Isotopes Inc. NASDAQ: ASPI ("ASP Isotopes” or the “Company”), an advanced materials company dedicated to the development of technology and processes for the production of isotopes for use in multiple industries, today announced the appointment of Heather Kiessling as its chief financial officer (CFO), effective as of July 1, 2024 (or such earlier date as may be mutually agreed), to support the Company’s next pivotal phase of growth. Robert Ainscow, who curre ...

 - Purchase order covers supply of highly enriched silicon-28, which is expected to be supplied in 2024. - This purchase order is the second order for the supply of enriched electronic gases in 2024. - The Company is in discussions with multiple potential customers regarding the supply of highly enriched isotopically pure electronic gases for next-generation semiconductors, anticipated to enable technologies such as quantum computing and artificial intelligence. WASHINGTON, June 03, 2024 (GLOBE NEWSWIRE) -- ...

Financial Performance - The company recognized revenue of $840,354 for the three months ended March 31, 2024, compared to $0 for the same period in 2023[192]. - Cost of goods sold for the three months ended March 31, 2024, was $561,484, resulting in a gross margin of $278,870[194]. - Research and development expenses increased to $215,134 for the three months ended March 31, 2024, from $207,334 in the same period of 2023[198]. - Selling, general and administrative expenses rose significantly to $5,878,546 for the three months ended March 31, 2024, compared to $3,517,490 in 2023[200]. - The company incurred a net loss of $7,012,463 for the three months ended March 31, 2024, compared to a net loss of $3,615,078 for the same period in 2023[195]. - The company reported a net cash used in operating activities of $2,970,469 for the three months ended March 31, 2024, compared to $1,444,965 for the same period in 2023, indicating an increase in operational losses[212][213]. - The company’s net loss for the three months ended March 31, 2024, was $6,964,844, which was adjusted for various non-cash expenses[212]. Funding and Capital Structure - In March 2024, the company's subsidiary Quantum Leap Energy raised $20.55 million through the issuance of Convertible Promissory Notes, maturing on March 7, 2029[166]. - The company completed an IPO in November 2022, raising net proceeds of $3.8 million from the sale of 1,250,000 shares at $4.00 per share[163]. - In October 2023, the company entered into agreements to issue 9,952,510 shares for total cash consideration of approximately $9.13 million, with share prices ranging from $0.9105 to $0.96[165]. - Future funding requirements indicate that existing cash will not be sufficient to cover operating expenses and capital expenditures for at least the next 12 months[205]. - The company expects to finance its cash needs through public or private equity or debt financings, but may face challenges due to adverse global economic conditions and market volatility[210]. - The company may require substantial additional financing to support the development and commercialization of future isotopes and nuclear medical doses for PET scanning[208][209]. - The company is facing potential dilution of stockholder ownership if additional capital is raised through equity or convertible debt securities[210]. Operations and Acquisitions - The company is focused on the production and commercialization of enriched isotopes, including Carbon-14, Molybdenum-100, and Silicon-28, with a multi-isotope enrichment plant expected to be operational by mid-2024[162]. - The company has developed Quantum Enrichment technology for producing isotopes like Uranium-235, which may be used in next-generation nuclear reactors[163]. - The company acquired 51% of PET Labs Pharmaceuticals for $2 million, with the first installment of $500,000 paid in November 2023[167]. - The company acquired assets from Molybdos for approximately $734,000 and a dormant Silicon-28 plant for about $364,000[169][170]. - The company has entered into a lease for a Molybdenum processing plant that will expire on December 31, 2030[178]. - The company is planning additional isotope enrichment plants beyond the one in Pretoria, South Africa[162]. - The company has entered into a lease for additional laboratory space in Pretoria, South Africa, to support its research and development activities[179]. - The company has begun recognizing revenue from the sale of nuclear medical doses for PET scanning following the acquisition of 51% of PET Labs Pharmaceuticals on October 31, 2023[204]. Cash Flow and Expenses - The company has incurred cash issuance costs of $506,390 related to the March 2023 stock issuance[164]. - Financing activities generated net cash of $20,263,995 for the three months ended March 31, 2024, primarily from the issuance of convertible notes payable, a significant increase from $4,493,610 in the same period of 2023[215][216]. - Net cash used in investing activities was $1,245,825 for the three months ended March 31, 2024, compared to $362,056 in the same period of 2023, reflecting increased investment in machinery and equipment[214]. - The company has ongoing lease obligations totaling approximately $28,000 per month for its main facility in Pretoria, South Africa, with terms expiring in 2026[218]. Future Outlook - The company anticipates that future isotopes will not be commercially available in substantial quantities until at least the second half of 2024, with U-235 availability being highly uncertain and potentially taking several years[207]. - The company expects substantial increases in research and development expenses as it continues to develop future isotopes[184]. - The company has no off-balance sheet arrangements as defined by SEC regulations during the periods presented[219].

Core Insights - ASP Isotopes (ASPI) is positioned as an undervalued company with proprietary technologies that could disrupt significant markets, particularly in isotope production [2] - The company is on the verge of generating its first commercial revenue, with a growth trajectory expected to accelerate [2] - ASPI's proprietary technologies include the Aerodynamic Separation Process (ASP) and Quantum Laser Enrichment (QLE), targeting critical markets in nuclear medicine and energy [3][4] Company Overview - ASPI operates in a constrained isotope market primarily dominated by Rosatom and a few state-controlled enrichers, highlighting the strategic importance of its operations [3] - The company has acquired isotope facilities from Klydon, leveraging expertise in isotope separation technology [3] - ASPI aims to expand operations internationally, with plans for facilities in Iceland and a focus on nuclear non-proliferation advantages from its South African ties [3] Technology and Production - The Aerodynamic Separation Process (ASP) allows for efficient isotope separation based on mass differences, crucial for various industrial and medical applications [4][7] - Quantum Laser Enrichment (QLE) focuses on producing High-Assay Low-Enriched Uranium (HALEU) for Small Modular Reactors (SMRs) and other nuclear applications [9][17] - ASPI's facilities are expected to address shortages in the western isotope supply chain, with contracts already secured for significant isotope production [4][5] Market Demand and Opportunities - The global isotopes market is experiencing increased demand, particularly in nuclear medicine and advanced computing, with ASPI positioned to capitalize on this growth [10][11] - The company anticipates significant revenue from contracts, including a commitment to supply $2.5 million worth of Carbon-14 and $9 million for other isotopes [4] - The demand for HALEU is projected to exceed 600 metric tons by 2035, presenting a substantial market opportunity for ASPI [19][22] Competitive Landscape - ASPI faces limited competition in both the medical and nuclear sectors, with key competitors including Lantheus, Centrus Energy, and Silex [29] - The QLE technology offers advantages over traditional methods, including lower costs and energy efficiency, positioning ASPI favorably against competitors [29][35] - The company plans to spin off its QLE division to enhance focus and capitalize on distinct regulatory environments for nuclear fuel production [33] Financial Outlook - ASPI's market cap is currently under $175 million, with potential valuation estimates suggesting it could reach $800 million based on its QLE JV alone [35] - The anticipated inclusion in the Russell 2000 index could drive significant passive buying, further supporting the share price [34] - The company is expected to generate approximately $12 million in revenue this year, with positive EBITDA projected for the entire business [35]

Company Overview - ASP Isotopes Inc. is focused on developing technology and processes for producing isotopes used in various industries, including healthcare and technology [22] - The company employs proprietary technology known as the Aerodynamic Separation Process (ASP technology) for isotope production, distribution, and marketing [22] Financial Performance - The 2023 Annual Report was filed, showing results largely in line with expectations, with a current cash balance of $7.9 million [2][3] - Operating free cash flow for 2023 was $(4.7) million, slightly better than the targeted $(5) million [3] - Recent capital raises included over $20 million from a convertible note offering and approximately $5.5 million from warrant exercises, strengthening the balance sheet [3] Production and Contracts - The first commercial isotopes plant is processing raw materials for enriched isotopes, with production expected to begin mid-year [2] - A purchase agreement was signed for highly enriched silicon-28, aimed at next-generation semiconductors for quantum computing and AI [2][6] - A multi-year carbon-14 contract was established with a minimum revenue commitment of $2.5 million per annum, with first revenues expected in mid-2024 [5] Strategic Partnerships - Contracts with U.S.-based Small Modular Reactor (SMR) companies were executed for the production of High Assay Low Enriched Uranium (HALEU), with an aggregate payment potential of $2 million based on milestones [8][9] - The company is in discussions with multiple SMR companies, indicating a demand of approximately $30 billion for HALEU at current fuel prices [11] Market Demand and Growth - The beta-emitting radiopharmaceutical market is projected to exceed $15 billion annually in the next decade, with significant growth expected for Lutetium-177, a key component in cancer treatment [15] - PET Labs, in which the company acquired a 51% stake, demonstrated 32% year-on-year growth in FDG production in 2023, with expectations for continued growth [16] Future Developments - Construction of the first quantum enrichment facility for Ytterbium-176 is underway, with plans to start commercial production by 2025 [14][15] - The company aims to enrich uranium and lithium using a proprietary Quantum Enrichment Process, potentially offering a cost-effective method for producing HALEU [12] Industry Context - The isotopes market is experiencing a supply chain crisis, primarily controlled by a few entities, which has led to increased interest from companies and governments in ASP Isotopes' capabilities [19] - The U.S. Nuclear Energy Institute predicts a global shortage of 3,000 metric tons of HALEU by 2035, highlighting the critical need for domestic production [11]

Financial Performance - The company reported a net loss of $16.3 million for the year ended December 31, 2023, compared to a net loss of $4.9 million for 2022, resulting in an accumulated deficit of approximately $23.8 million[137]. - The company expects to continue incurring significant losses as it invests in research and development, seeks regulatory approvals, and builds its internal resources[137]. - The company's independent registered public accounting firm's report expresses substantial doubt about its ability to continue as a "going concern" due to its financial position[145]. - The company has incurred recurring operating losses and negative cash flows, raising substantial doubt about its ability to continue as a going concern[352]. - The net loss attributable to ASP Isotopes Inc. shareholders was $16.29 million in 2023, compared to a loss of $4.95 million in 2022, reflecting a deterioration of 228%[358]. - The net loss per share attributable to ASP Isotopes Inc. shareholders was $0.49 in 2023, compared to $0.18 in 2022[358]. - The accumulated deficit increased to $(23.84) billion in 2023 from $(7.55) billion in 2022[357]. - The company reported a foreign currency translation loss of $1.18 million in 2023, compared to a gain of $236,307 in 2022[358]. - The company reported total current assets of $10,510,256 as of December 31, 2023, compared to $3,302,145 in 2022, representing an increase of approximately 218%[356]. - Cash increased significantly to $7,908,181 in 2023 from $2,389,140 in 2022, marking a growth of about 231%[356]. Revenue Generation and Sales - The company has not generated any revenue from enriched isotopes to date and anticipates relying on a limited number of large customers for future sales[145]. - The company has no sales attributable to isotopes and expects limited commercial activity in the U.S. over the next two to three years, with initial revenues anticipated from Asia and EMEA[138]. - The company anticipates that sales of isotopes produced using ASP technology will generate substantially all of its revenues for the foreseeable future[180]. - The company recognizes revenue in accordance with ASC Topic 606, primarily from transactions with radiopharmacy companies for nuclear medical doses[384]. - The company reported a deferred revenue increase of $882,000 in 2023, indicating potential future revenue[361]. Research and Development - The company is still in preliminary stages of developing and commercializing isotopes, facing numerous risks and uncertainties in the process[138]. - The company is awaiting necessary approvals for research and development of isotopes like Uranium-235, which may take significant time[131]. - The company plans to focus on the production and commercialization of enriched Carbon-14, Molybdenum-100, and Silicon-28 using proprietary ASP technology[366]. - The company plans to research uranium enrichment using quantum enrichment, which has not been commercially validated and faces significant regulatory hurdles[156]. - The company is exploring the use of ASP technology for the production of enriched Uranium-235 and other isotopes for healthcare and nuclear energy markets[367]. Acquisitions and Investments - The company entered into a Share Purchase Agreement to acquire 51% of Pet Labs Pharmaceuticals for a total of $2,000,000, with the first installment of $500,000 paid in November 2023[142]. - The company acquired assets of Molybdos for approximately $734,000 and a dormant Silicon-28 processing plant from Klydon for approximately $364,000, but has not yet produced commercial quantities of isotopes[135][141]. - The company completed the acquisition of PET Labs, which contributed $1,821,021 to noncontrolling interests[360]. Competition and Market Risks - The company faces substantial competition in the nuclear industry, which may impact its ability to capture market share and achieve profitability[173]. - The company faces significant competition in the development and commercialization of radioisotopes and enriched isotopes from established biotechnology and nuclear medicine companies[174]. - Competitors may complete the development of isotopes before the company, potentially limiting its ability to commercialize future products[176]. - The company currently lacks a marketing and sales organization for its future isotopes, which may hinder its ability to generate product revenue[181]. Regulatory and Compliance Challenges - Regulatory approval for the production and distribution of isotopes may involve lengthy and expensive processes, with uncertain outcomes that could delay commercialization efforts[164]. - The company is subject to extensive and evolving laws and regulations, which could materially affect its business operations[188]. - The company may face product liability exposure, which could result in substantial liabilities and limit the commercialization of its isotopes[187]. - Obtaining regulatory licenses for Mo-100 production may be a costly and time-consuming process, impacting commercialization efforts[184]. Intellectual Property and Legal Risks - The company has not yet protected its intellectual property through patents, relying instead on trade secrets and non-disclosure agreements[194]. - The company faces a competitive disadvantage due to its lack of patent protection compared to competitors with extensive patent portfolios in the medical isotope industry[196]. - Future claims of intellectual property infringement could lead to costly arbitration or litigation, potentially diverting resources and impacting financial conditions[199]. - The company may incur substantial damages if found liable for willful infringement of third-party patents[219]. Operational and Management Challenges - The company employs 76 full-time staff as of December 31, 2023, with 69 located in South Africa[233]. - The company is highly dependent on its senior management team, and the loss of any key members could impede research and development objectives[229]. - The company must attract and retain qualified personnel to sustain operations and growth, facing intense competition in the biotechnology sector[231]. - The company’s future performance depends on effectively managing growth and expanding its organization[233]. Capital and Financing Needs - The company anticipates needing to raise additional capital through equity and/or debt financing to fund operations and complete construction of its first enrichment facility[369]. - The company expects to need significant additional capital for future operations, which may involve selling Common Stock and could lead to dilution for existing shareholders[255]. - The company anticipates that the net proceeds from its IPO and various financing activities will not be sufficient to fund operations for at least the next 12 months, indicating a potential need for additional capital[147]. Stock and Shareholder Matters - The company has 48,923,276 shares of Common Stock outstanding as of April 1, 2024[252]. - Approximately 43.3% of the Common Stock is beneficially owned by executive officers, current directors, and greater than 5% holders, allowing them significant control over shareholder matters[251]. - The company does not intend to pay dividends on its Common Stock, limiting returns to stock appreciation[250]. - The stock price of the company is volatile and could be influenced by various factors, including regulatory decisions and market conditions[247]. Internal Controls and Compliance - The company has identified a material weakness in its internal control over financial reporting, which could adversely affect investor confidence and the value of its Common Stock[275]. - Management plans to enhance formal documentation and hire additional personnel with public company experience to address identified material weaknesses[279]. - The company may face increased legal, accounting, and compliance costs as a result of operating as a public company, which may impact its financial condition[271].

Core Points - ASP Isotopes Inc. has entered into an agreement with an institutional investor to exercise existing warrants for a maximum of 3,164,557 shares at an exercise price of $1.75 per share, generating approximately $5.5 million in gross proceeds [1][2] - The investor will receive new warrants to purchase up to 1,225,000 shares in a private placement, with the new warrants exercisable at $3.90 per share after six months and expiring five years from the initial exercise date [2][3] - The company aims to minimize fees, costs, and dilution through this transaction compared to other capital-raising methods [2] Company Overview - ASP Isotopes Inc. is focused on developing technology and processes for producing enriched isotopes for various industries, particularly healthcare and technology [5] - The company utilizes proprietary Aerodynamic Separation Process (ASP technology) and is also developing Quantum Enrichment technology for the nuclear energy sector [5][6] - The company has facilities in Pretoria, South Africa, dedicated to enriching isotopes of elements with low atomic mass [5] Market Demand - There is an increasing demand for isotopes such as Silicon-28 for quantum computing and various isotopes for emerging healthcare applications and green energy [6] - The ASP technology is particularly suited for enriching both low and heavy atomic mass molecules, positioning the company favorably in the market [6]