SEATTLE, March 04, 2024 (GLOBE NEWSWIRE) -- Perspective Therapeutics, Inc. ("Perspective" or "the Company") (NYSE:CATX), a radiopharmaceutical company that is pioneering advanced treatment applications for cancers throughout the body, today announced that it has entered into an investment agreement with a select group of institutional accredited investors, to sell securities in a private placement for aggregate gross proceeds of approximately $87.4 million, before deducting placement agent fees and other of ...

SEATTLE, Feb. 26, 2024 (GLOBE NEWSWIRE) -- Perspective Therapeutics, Inc. ("Perspective" or "the Company") (NYSE:CATX), a radiopharmaceutical company that is pioneering advanced treatment applications for cancers throughout the body, today announced that management will participate at upcoming discussions and investor conferences in February and March, 2024. Fireside Chat with JonesResearch – February 28, virtualTime: 11 a.m. ETParticipant: Michael K. Schultz, Ph.D., Chief Science OfficerPlease RSVP to your ...

Signs a World-Wide Exclusive License with Stony Brook University for a Novel Platform that can Enhance Radionuclide TargetingReceives up to $2.4M NIH Grant to Develop Differentiated Antibody-based Radiopharmaceutical Approach SEATTLE, Feb. 01, 2024 (GLOBE NEWSWIRE) --  -- Perspective Therapeutics, Inc.  ("Perspective" or "the Company") (NYSE:CATX), a radiopharmaceutical company that is pioneering advanced treatment applications for cancers throughout the body, today announced that it has executed an exclusi ...

SEATTLE, Jan. 22, 2024 (GLOBE NEWSWIRE) -- Perspective Therapeutics, Inc. ("Perspective" or the "Company") (NYSE:CATX), a radiopharmaceutical company that is pioneering advanced treatment applications for cancers throughout the body, today announced the closing of its previously announced underwritten public offering of (i) 156,399,542 shares of its common stock at the public offering price of $0.37 per share, including the exercise in full by the underwriters of their option to purchase up to an additional ...

SEATTLE, Jan. 18, 2024 (GLOBE NEWSWIRE) --  Perspective Therapeutics, Inc. ("Perspective" or the "Company") (NYSE:CATX), a radiopharmaceutical company that is pioneering advanced treatment applications for cancers throughout the body, today announced the pricing of an underwritten public offering of 132,075,218 shares of its common stock at a public offering price of $0.37 per share and, to certain investors in lieu of common stock, pre-funded warrants to purchase 30,086,944 shares of its common stock at a ...

SEATTLE, Jan. 17, 2024 (GLOBE NEWSWIRE) -- Perspective Therapeutics, Inc. (NYSE:CATX), today announced that it began patient recruitment for the second dosing cohorts (Cohort 2) in clinical studies for both of its lead product candidates, [212Pb]VMT-α-NET and [212Pb]VMT01, after the safety monitoring committees for each study unanimously recommended moving forward. In addition, the first patient in cohort 2 of the [212Pb]VMT01 study was already dosed. [212Pb]VMT-α-NET is a targeted alpha particle therapy (T ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to ____________ PERSPECTIVE THERAPEUTICS, INC. Delaware 41-1458152 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer I ...

30 Table of Contents Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☒ Emerging growth company ☐ FORM 10-Q Commission File No. 001-33407 (Exact name of registrant as specified in its charter) 350 Hills St., Suite 106, Richland, Washington 99354 (Address of principal executive offices) (Zip Code) Title of each class Trading Symbol(s)Name of each exchange on which registered Common Stock, $0.001 par value CATX NYSE American Indicate by check mark whether the reg ...

PART I - FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Perspective Therapeutics, Inc. for the quarter ended March 31, 2023, reflecting the significant impact of the Viewpoint Molecular Targeting, Inc. acquisition on assets, liabilities, and operating results [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$127.6 million** from **$58.1 million** at year-end 2022, primarily due to **$50.0 million** in intangible assets and **$27.3 million** in goodwill from the Viewpoint merger Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | **$40,266** | **$53,215** | | Cash and cash equivalents | $36,452 | $20,993 | | Intangible assets | $50,000 | $0 | | Goodwill | $27,319 | $0 | | **Total Assets** | **$127,645** | **$58,091** | | **Total Liabilities** | **$9,617** | **$3,449** | | **Total Stockholders' Equity** | **$118,028** | **$54,642** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company reported a net loss of **$0.37 million** for Q1 2023, an improvement from **$1.35 million** in Q1 2022, primarily due to a **$10.5 million** deferred income tax benefit, despite a widened operating loss of **$11.2 million** Statement of Operations Summary (in thousands) | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Total Revenue | $2,063 | $2,910 | | Gross Profit | $487 | $1,441 | | Total Operating Expenses | $11,714 | $2,817 | | **Operating Loss** | **($11,227)** | **($1,376)** | | Deferred income tax benefit | $10,500 | $0 | | **Net Loss** | **($371)** | **($1,347)** | | Basic and Diluted Loss Per Share | ($0.00) | ($0.01) | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used by operating activities increased to **$9.7 million** in Q1 2023, while investing activities provided **$25.3 million**, resulting in a **$15.5 million** increase in cash and cash equivalents Cash Flow Summary (in thousands) | Activity | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Net cash used by operating activities | ($9,723) | ($1,424) | | Net cash provided (used) by investing activities | $25,262 | ($26) | | Net cash used by financing activities | ($80) | $0 | | **Net increase (decrease) in cash** | **$15,459** | **($1,450)** | [Notes to the Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) The notes detail significant accounting policies, the Viewpoint merger's impact, segment performance, revenue concentration, and commitments, including provisional purchase price allocation and revenue breakdown - The company operates two reportable business segments: **Brachytherapy** (Cesium-131 seeds) and **Drug Operations** (R&D related to Lead-203/Lead-212 from the Viewpoint acquisition)[74](index=74&type=chunk)[93](index=93&type=chunk) - Grant revenue from government agencies is recognized under **ASC 958** as qualified expenses are incurred, as grants are conditional, nonreciprocal contributions[13](index=13&type=chunk)[88](index=88&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition and results, highlighting the transformative Viewpoint merger, challenges from declining brachytherapy sales and increased operating expenses, and the need for future capital raises despite sufficient cash through 2023 [Overview](index=27&type=section&id=Overview) The company operates through **Isoray Medical, Inc.** (Cesium-131 brachytherapy seeds) and **Viewpoint Molecular Targeting, Inc.** (clinical-stage alpha-therapies), with the February 2023 merger aiming to enter the alpha-emitter market - The company consists of two subsidiaries: **Isoray Medical, Inc.** (brachytherapy device manufacturer) and **Viewpoint Molecular Targeting, Inc.** (precision oncology R&D)[127](index=127&type=chunk) - **Viewpoint** is developing **VMT-α-NET** for neuroendocrine tumors and **VMT01** for metastatic melanoma, utilizing **Lead-203** for imaging and **Lead-212** for therapy[89](index=89&type=chunk)[109](index=109&type=chunk)[128](index=128&type=chunk) - The merger with **Viewpoint** was completed on **February 3, 2023**, involving the issuance of **136,545,075** shares of common stock to Viewpoint stockholders[131](index=131&type=chunk) [Results of Operations](index=28&type=section&id=Results%20of%20Operations) Total revenue decreased **29%** to **$2.1 million** in Q1 2023 due to a **56%** drop in prostate brachytherapy sales, while operating expenses surged **316%** to **$11.7 million** from merger-related costs and increased R&D Comparison of Operations (in thousands) | Metric | Q1 2023 | Q1 2022 | % Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | **$2,063** | **$2,910** | **(29)%** | | Sales, net | $1,830 | $2,910 | (37)% | | Grant revenue | $233 | $0 | 100% | | **Gross Profit** | **$487** | **$1,441** | **(66)%** | | **Total Operating Expenses** | **$11,714** | **$2,817** | **316%** | | Research & development | $3,857 | $549 | 603% | | General & administrative | $7,023 | $1,581 | 344% | | **Operating Loss** | **($11,227)** | **($1,376)** | **716%** | - The **56% decrease** in prostate sales resulted from the loss of the company's historically largest customer, who ceased placing orders after a late 2022 supply disruption[118](index=118&type=chunk)[135](index=135&type=chunk) - The significant increase in **R&D costs** is a direct result of incorporating **Viewpoint's** development-stage operations[141](index=141&type=chunk)[162](index=162&type=chunk) - The increase in **G&A expenses** was primarily due to approximately **$4.6 million** in legal, investment banking, and other merger-related costs, alongside ongoing G&A from **Viewpoint's** operations[97](index=97&type=chunk)[166](index=166&type=chunk) [Liquidity and Capital Resources](index=33&type=section&id=Liquidity%20and%20Capital%20Resources) Working capital decreased to **$33.1 million** in Q1 2023, with **$9.7 million** net cash used in operations, and while current cash is sufficient through 2023, the company anticipates needing to raise additional capital for long-term operations Liquidity Metrics (in thousands) | Metric | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Working Capital | $33,072 | $50,539 | | Current Ratio | 5.60 | 19.89 | - Management forecasts that current cash and equivalents will be sufficient to meet projected operating needs through **December 31, 2023**[171](index=171&type=chunk) - The company anticipates a significant increase in expenses, particularly **R&D** for **Viewpoint's** operations, and does not expect to achieve cashflow break-even for **three to four years**, necessitating future capital raises[171](index=171&type=chunk)[188](index=188&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable for the reporting period - The company has indicated no applicable quantitative and qualitative disclosures about market risk for this period[193](index=193&type=chunk) [Item 4. Controls and Procedures](index=37&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were deemed effective as of **March 31, 2023**, with no material changes in internal control over financial reporting during the quarter - Management concluded that the company's disclosure controls and procedures were effective as of **March 31, 2023**[181](index=181&type=chunk) - No changes occurred during the most recent fiscal quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[194](index=194&type=chunk) PART II - OTHER INFORMATION [Item 1. Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) The company is only involved in ordinary, routine litigation incidental to its business - The Company is only involved in ordinary routine litigation incidental to its business[195](index=195&type=chunk) [Item 1A. Risk Factors](index=38&type=page&id=Item%201A.%20Risk%20Factors) The company faces significant risk due to heavy reliance on a small number of customers, with **45%** of Q1 2023 revenue from three customers, and the loss of its largest customer already materially impacting revenues - For **Q1 2023**, approximately **45%** of the Company's revenues were dependent on three customers, with one customer generating **24%** of revenue[183](index=183&type=chunk) - The company's historically largest customer has not placed any orders since **September 2022**, materially impacting revenues[183](index=183&type=chunk)[196](index=196&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=39&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities or specific uses of proceeds to report for the period - None reported[202](index=202&type=chunk) [Item 6. Exhibits](index=40&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the quarterly report, including the **Agreement and Plan of Merger** with **Viewpoint**, officer certifications, and **XBRL** data files - A list of exhibits filed with the **Form 10-Q** is provided, referencing key corporate and transactional documents[185](index=185&type=chunk)[198](index=198&type=chunk)

[PART I FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=Item%201%20Financial%20Statements) Isoray reported a net loss of **$4.07 million** for Q1 FY2023, a significant increase from **$2.24 million** in Q1 FY2022, driven by a **33%** decline in net sales to **$1.72 million** due to supply disruptions Consolidated Balance Sheet Highlights (Unaudited) | Account | Sep 30, 2022 (in thousands) | Jun 30, 2022 (in thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $18,989 | $55,890 | | Short-term investments | $35,123 | $0 | | Total current assets | $57,540 | $59,329 | | Total assets | $62,538 | $64,439 | | Total current liabilities | $4,001 | $2,266 | | Total liabilities | $4,836 | $3,162 | | Total stockholders' equity | $57,702 | $61,277 | Consolidated Statements of Operations Highlights (Unaudited) | Account | Three months ended Sep 30, 2022 (in thousands) | Three months ended Sep 30, 2021 (in thousands) | | :--- | :--- | :--- | | Sales, net | $1,717 | $2,564 | | Gross profit | $414 | $1,029 | | Total operating expenses | $4,622 | $3,303 | | Operating loss | $(4,208) | $(2,274) | | Net loss | $(4,068) | $(2,243) | | Basic and diluted loss per share | $(0.03) | $(0.02) | Consolidated Statements of Cash Flows Highlights (Unaudited) | Activity | Three months ended Sep 30, 2022 (in thousands) | Three months ended Sep 30, 2021 (in thousands) | | :--- | :--- | :--- | | Net cash used by operating activities | $(1,763) | $(2,084) | | Net cash used by investing activities | $(35,166) | $(54) | | Net cash provided by financing activities | $28 | $0 | | Net (decrease) in cash | $(36,901) | $(2,138) | [Notes to the Consolidated Financial Statements (Unaudited)](index=7&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements%20(Unaudited)) Key notes detail the pending merger with Viewpoint Molecular Targeting, significant non-current inventory of enriched barium, and high customer concentration with **68%** of revenue from prostate brachytherapy - On September 27, 2022, Isoray entered into a merger agreement with Viewpoint Molecular Targeting, Inc. Post-merger, Viewpoint will become a wholly-owned subsidiary, and its former stockholders will own approximately **49%** of the combined company's fully-diluted capital stock. The transaction involves an all-stock consideration with an exchange ratio of **3.3212** Isoray shares per Viewpoint share[20](index=20&type=chunk) - The company has multiple consignment and service agreements with MedikorPharma-Ural LLC to process its enriched barium carbonate inventory, which is essential for the manufacture of Cesium-131. A significant portion of this inventory is classified as non-current as it will be consumed over more than one operating cycle[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) - For the three months ended September 30, 2022, prostate brachytherapy comprised **68%** of revenue, down from **77%** in the prior-year period. Other applications, including brain, lung, and GYN treatments, made up the remaining **32%**. All revenue during this period was domestic[47](index=47&type=chunk) Top Customer Revenue Concentration | Customer/Facility | Q1 FY2023 (% of total revenue) | Q1 FY2022 (% of total revenue) | | :--- | :--- | :--- | | GT Medical Technologies | 22.6% | 15.0% | | El Camino, Los Gatos, & other facilities (former medical director) | 16.3% | 28.5% | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Item%202%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the **33%** revenue decline to isotope supply disruptions and a major customer's halt in orders, with operating expenses rising **40%** due to merger-related costs, likely necessitating future capital raises - A key Russian reactor had an unplanned service disruption at the end of July 2022, and a second reactor was down for planned maintenance. This left the company unable to supply customers from mid-August to early September 2022, causing a significant drop in sales[60](index=60&type=chunk)[73](index=73&type=chunk) - The company entered into a merger agreement with Viewpoint Molecular Targeting, an alpha-particle radiopharmaceutical company. Post-merger, Isoray's current CEO, Lori Woods, will become chairperson, and Viewpoint's CEO, Thijs Spoor, will be appointed CEO of the combined company[66](index=66&type=chunk)[67](index=67&type=chunk) - General and administrative expenses increased by **69%** YoY, primarily due to legal, due diligence consulting, and investment banking expenses related to the pending merger with Viewpoint[71](index=71&type=chunk)[91](index=91&type=chunk) - The company plans to loan Viewpoint **$6 million** in the second quarter of fiscal 2023. Post-merger, Isoray's cash reserves will need to fund both its own operations and Viewpoint's R&D and clinical trials, making future capital raises likely[109](index=109&type=chunk)[110](index=110&type=chunk) [Results of Operations](index=20&type=section&id=Results%20of%20Operations) Net sales fell **33%** to **$1.72 million** due to supply disruptions and customer order halts, leading to a **60%** gross profit decline and an **85%** wider operating loss of **$4.21 million** due to increased merger-related expenses Sales Breakdown (in thousands) | Sales Category | Q1 FY2023 Amount | Q1 FY2022 Amount | % Change | | :--- | :--- | :--- | :--- | | Prostate brachytherapy | $1,167 | $1,973 | (41)% | | Other sales | $550 | $591 | (7)% | | **Total Sales, net** | **$1,717** | **$2,564** | **(33)%** | - The primary reason for the **41%** decrease in prostate sales was the unplanned reactor service disruption. Additionally, the company's former medical director and historically largest customer has not placed any orders since the isotope supply resumed in September[77](index=77&type=chunk) - Gross profit declined **60%** due to lower sales volume against fixed overhead costs, exacerbated by the unplanned service disruption[85](index=85&type=chunk) - Sales to GT Med Tech for its GammaTile™ product constituted approximately **23%** of total sales for the quarter, a significant increase in percentage terms due to the overall decrease in prostate sales and a contractual supply obligation[82](index=82&type=chunk) [Liquidity and Capital Resources](index=25&type=section&id=Liquidity%20and%20Capital%20Resources) Working capital decreased to **$53.5 million** as cash and equivalents fell to **$19.0 million** due to short-term investments, with future capital raises likely needed post-merger with Viewpoint Key Liquidity Metrics (in thousands) | Metric | Sep 30, 2022 | Jun 30, 2022 | | :--- | :--- | :--- | | Working capital | $53,539 | $57,063 | | Current ratio | 14.38 | 26.18 | - The armed conflict in Ukraine has required adjustments to the transportation of medical isotopes from Russia, but to date, the company has not experienced any missed shipments due to the conflict. Banking relationships were adjusted to ensure wire transfers to Russian suppliers could continue[95](index=95&type=chunk) - Management projects that if the merger with Viewpoint closes, Isoray's cash reserves of approximately **$50 million** will need to fund both entities' operations and R&D, making it likely that additional capital will need to be raised in the near future[110](index=110&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=28&type=section&id=Item%203%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable for the reporting period - Not Applicable[116](index=116&type=chunk) [Controls and Procedures](index=28&type=section&id=Item%204%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2022, with no material changes to internal control over financial reporting - Management, including the CEO and co-CFOs, evaluated disclosure controls and procedures as of September 30, 2022, and concluded they were effective[117](index=117&type=chunk) - No changes in internal control over financial reporting occurred during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, internal controls[118](index=118&type=chunk) [PART II OTHER INFORMATION](index=30&type=section&id=PART%20II%20OTHER%20INFORMATION) [Legal Proceedings](index=30&type=section&id=Item%201%20Legal%20Proceedings) No legal proceedings were reported for the period - Nothing to disclose[120](index=120&type=chunk) [Risk Factors](index=30&type=section&id=Item%201A%20Risk%20Factors) The company faces significant customer concentration risk, with **48%** of revenue from three customers, and its historically largest customer has ceased placing orders - The company has a heavy reliance on a few customers, with three customers accounting for approximately **48%** of revenues in the quarter ended September 30, 2022[121](index=121&type=chunk) - A key risk has materialized: the company's former medical director and historically largest customer has not placed any orders since the isotope supply resumed and had not placed any orders in October or November, which is continuing to impact sales[121](index=121&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=31&type=section&id=Item%202%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities were reported during the period - None[123](index=123&type=chunk) [Exhibits](index=32&type=section&id=Item%206%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate documents, the Viewpoint Merger Agreement, and officer certifications