Core Insights - Kratos Defense & Security Solutions, Inc. (KTOS) is enhancing its growth prospects by expanding its C5ISR segment, which is crucial for modern military operations [1][8] - The company is focusing on secure communication networks and satellite systems to support defense and space applications, enabling real-time data transmission and battlefield coordination [2][3] - Increasing demand for integrated C5ISR solutions is benefiting Kratos as military forces prioritize network-centric warfare and real-time decision-making [3][4] Company Developments - Kratos Defense is developing ground systems and satellite communication infrastructure to support space-based defense programs [2][8] - The company continues to invest in advanced electronics, software integration, and communication platforms to strengthen its C5ISR segment [3][4] Industry Trends - The defense industry is experiencing rising demand for C5ISR solutions as modern warfare increasingly relies on real-time data and secure communications [5][6] - Competitors like L3Harris Technologies and General Dynamics are also expanding their C5ISR capabilities to capitalize on this trend [5][6] Financial Performance - The Zacks Consensus Estimate for KTOS suggests year-over-year earnings growth of 40% for 2026 and 37.30% for 2027 [7] - Current estimates indicate earnings per share of $0.77 for 2026 and $1.05 for 2027, with a year-over-year growth estimate of 40% [9] Valuation Metrics - KTOS is trading at a discount relative to the industry, with a forward 12-month price-to-sales ratio of 6.96X compared to the industry average of 11.36X [10] - Over the past year, Kratos Defense shares have increased by 122.8%, outperforming the industry's growth of 27.6% [12]

Core Insights - American Uranium Limited has reported a 10% increase in the global Mineral Resource at its Lo Herma ISR uranium project, now totaling 9.45 million pounds eUO, with 43% classified as Indicated [1][4] - The combined resources within the planned Scoping Study footprint across Mine Units 1, 2, and 3 now total 7 million pounds at 46% Indicated, enhancing the project's development foundation ahead of a Scoping Study targeted for Q3 2026 [2] - The Lo Herma project is positioned comparably to established ISR satellite projects in Wyoming, indicating its development readiness and potential for further resource updates [3] Company Developments - The company has completed 66 out of 121 holes in its drilling program, with further drilling planned for Q2 2026 to continue resource expansion [1][2] - CEO Bruce Lane emphasized the progress in building scale and confidence in the core mine units, indicating a strategic focus on ISR development options [4]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-33407 PERSPECTIVE THERAPEUTICS, INC. (Exact name of registrant as specified in its charter) | Delaware | 41-1458152 | | --- | --- ...

Core Viewpoint - Denison Mines Corp has received final regulatory approvals from the Canadian Nuclear Safety Commission for the Wheeler River Uranium Project, allowing construction to commence [1] Regulatory Approvals - The Canadian Nuclear Safety Commission has approved the Environmental Assessment and issued the Licence to Prepare Site & Construct a Mine and Mill for the Wheeler River Uranium Project [1] - The Environmental Assessment was previously approved by the Province of Saskatchewan, and all other necessary provincial approvals have been obtained [1] Project Details - The approvals enable the construction of the Phoenix In-Situ Recovery uranium mine, marking a significant step forward for the project [1]

Core Viewpoint - General Dynamics Information Technology (GDIT) has been awarded a $988 million contract to modernize and integrate C5ISR systems for the U.S. Navy, enhancing operational effectiveness and readiness across all surface combatant ships [1][3]. Group 1: Contract Details - The contract, known as Ship and Air Command, Control, Communications, Computers, Combat, Intelligence, Surveillance, and Reconnaissance (C5ISR) Systems Support (SACSS), includes a one-year base period, four one-year options, and a six-month option [1]. - GDIT will provide integration, engineering, procurement, logistics, and installation services for various naval vessels, including guided missile ships, aircraft carriers, and Coast Guard vessels [3]. Group 2: Company Background and Expertise - GDIT has extensive experience in delivering mission-critical services to the Navy, including the development of advanced electronic warfare technologies and training support for over 100,000 U.S. and allied sailors [2][4]. - The company also offers advanced artificial intelligence and machine learning solutions to modernize the Navy Enterprise Service Desk program [4]. - General Dynamics, the parent company of GDIT, is a global aerospace and defense firm with over 110,000 employees and reported $47.7 billion in revenue in 2024 [5].

Clinical Trial Updates - Perspective Therapeutics, Inc. announced updated interim data from its Phase 1/2a clinical trial of [212Pb]VMT-α-NET for treating unresectable or metastatic neuroendocrine tumors[8] - The data presentation occurred at the 2026 American Society of Clinical Oncology Gastrointestinal Cancers Symposium held from January 8-10, 2026[8]

Core Insights - Denison Mines Corp. (DNN) is set to advance its Phoenix In-Situ Recovery (ISR) uranium project into the construction phase, pending final regulatory approval expected in Q1 2026 [1][3] - The Phoenix project is on track to become Canada's first new large-scale uranium mine since Cigar Lake, with a targeted construction period of 24 months and first production aimed for mid-2028 [3][4] - The updated initial capital cost post-FID is approximately $600 million, reflecting inflation and project refinements, including $65 million in contingency funds [3][4] Regulatory and Engineering Progress - Significant progress was made in 2025 regarding regulatory approvals, detailed engineering, procurement, and construction planning, including the completion of the Canadian Nuclear Safety Commission's public hearing process [2] - Construction readiness is bolstered by largely completed detailed engineering, procurement of long-lead items, and near-final construction contracts for 2026 [4] Market Performance - DNN shares have increased by 67.4% over the past six months, outperforming the industry average rise of 18.1% [4]

Core Viewpoint - Denison Mines Corp. is poised to make a final investment decision and commence construction of the Phoenix In-Situ Recovery uranium mine, pending final regulatory approvals, with first production targeted for mid-2028 [1][3][10]. Regulatory and Construction Readiness - Significant progress has been made in regulatory approvals, engineering, and construction planning throughout 2025, positioning the Phoenix project in a construction-ready state [1][5]. - The Canadian Nuclear Safety Commission (CNSC) public hearing concluded on December 11, 2025, marking the final step in the federal regulatory process [5]. - The project has received provincial environmental assessment approval and initial authorization for certain earthworks from the Province of Saskatchewan [5][10]. Financial Overview - The updated initial capital cost estimate for the Phoenix project is approximately $600 million, reflecting a 20% increase from the 2023 feasibility study due to inflation and project refinements [7][10]. - The updated capital cost includes $65 million in contingency funds, representing about 12.5% of direct and indirect project costs [7][10]. - Denison has a strong financial position with over $700 million in cash, physical uranium, and investments as of September 30, 2025, to fund the initial capital requirements [10]. Project Economics - The project is expected to produce robust economic results, with a base-case adjusted after-tax NPV to initial capital cost factor of 2.6 to 1 and a high internal rate of return [14][20]. - The projected base-case uranium price has increased, contributing to a stable economic outlook despite the rise in initial capital costs [14][19]. - The payback period for post-FID initial capital expenditures is estimated to be around 12 months, with a post-tax NPV of approximately $1.57 billion at the updated uranium price assumptions [15][20]. Project Timeline - If final regulatory approvals are received by the end of Q1 2026, construction is expected to commence shortly thereafter, maintaining the timeline for first production by mid-2028 [1][13].

Core Viewpoint - AIRO Group Holdings has successfully completed the first RQ35 Intelligence, Surveillance and Reconnaissance (ISR) drones produced to full operational standard in its U.S. manufacturing facility, marking a significant milestone in its Made-in-America expansion strategy [1] Group 1 - The RQ35 systems are manufactured in Phoenix, Arizona, and are built to the same specifications as those produced at AIRO's facility in Denmark [1] - This achievement represents the first U.S.-manufactured RQ35 systems, indicating a major advancement for the company [1]

Financial Performance - Grant revenue for Q3 2025 was $209,000, a decrease of 43% compared to $369,000 in Q3 2024[15] - Total operating expenses for Q3 2025 were $28,070,000, up 48% from $19,003,000 in Q3 2024[15] - Net loss for Q3 2025 was $25,969,000, compared to a net loss of $15,122,000 in Q3 2024, representing a 72% increase in losses[15] - Research and development expenses for the nine months ended September 30, 2025, were $51,291,000, a 78% increase from $28,755,000 in the same period of 2024[15] - The company reported a basic and diluted loss per share of $0.35 for Q3 2025, compared to $0.21 for Q3 2024[15] - The net loss for the nine months ended September 30, 2025, was $65.631 million, compared to a net loss of $39.110 million for the same period in 2024[15] - The company experienced a net loss of $25.969 million for the quarter ended September 30, 2025, compared to a net loss of $21.485 million for the quarter ended June 30, 2025[30] Cash Position - The company reported a net cash used in operating activities of $57,827,000 for the nine months ended September 30, 2025, compared to cash provided of $8,312,000 in the same period of 2024[17] - Cash, cash equivalents, and restricted cash at the end of Q3 2025 were $26,762,000, down from $226,443,000 at the end of Q3 2024[17] - As of September 30, 2025, the company reported cash, cash equivalents, and short-term investments of $174.1 million, with a total accumulated deficit of $297.4 million[30] - The Company ended the period with cash, cash equivalents, and restricted cash of $26.762 million, down from $226.443 million at the beginning of the period[17] - The total cash equivalents and available-for-sale securities as of September 30, 2025, were $171.800 million, compared to $225.056 million as of December 31, 2024[80] Equity Financing - The total number of shares outstanding increased from 70,671,464 at December 31, 2024, to 74,337,990 at September 30, 2025, reflecting ongoing equity financing efforts[19] - The company issued 3,379,377 shares of common stock pursuant to an At-the-Market (ATM) offering, raising approximately $9.986 million[19] - The Company entered into a 2024 At-the-Market Agreement allowing for the sale of up to $250.0 million of common stock through ATM Agents[39] - The Company raised approximately $10.2 million from the sale of 3,379,377 shares at an average price of $3.02 per share under the 2024 ATM Agreement on February 18, 2025[43] - The gross proceeds from the May 2024 Registered Offering were approximately $80.0 million before underwriting discounts and commissions[45] - The Company completed a private placement on March 6, 2024, raising approximately $87.4 million from the sale of 9,200,998 shares at $9.50 per share[48] - The Company sold 5,634,235 shares to Lantheus for $50.0 million in a private placement transaction, representing 19.99% of the outstanding shares as of January 8, 2024[51] - The Company raised approximately $69.0 million from a public offering of 13,207,521 shares at $3.70 per share, which closed on January 22, 2024[61] - The Company sold 3,535,246 shares of its Common Stock under the 2023 ATM Agreement at an average price of approximately $14.00 per share, resulting in gross proceeds of approximately $49.5 million[65] Discontinued Operations - The company completed the sale of its Cesium-131 brachytherapy business on April 12, 2024, which has been classified as discontinued operations[27] - The Company recognized a total gain from discontinued operations of $514,000 for the nine months ended September 30, 2025[69] Assets and Liabilities - The Company purchased manufacturing buildings in Houston, Chicago, and Los Angeles, with an aggregate consideration of approximately €49.0 million for equipment and services[73] - The Company's property and equipment, net, increased to $64.351 million as of September 30, 2025, from $57.321 million as of December 31, 2024[74] - The Company holds $50.0 million in indefinite-lived intangible assets related to its pipeline of acquired radiotherapy program candidates[75] - The Company recognized $0.2 million in royalties received pursuant to the GT Medical APA for the period from April 2024 to April 2025[70] - The Company has accrued an estimated liability of $0.2 million related to settlement negotiations with stockholder plaintiff firms as of September 30, 2025[84] - The Company reduced its estimated liability for hazardous waste removal by $0.3 million, resulting in an estimated liability of $0.2 million as of September 30, 2025[98] - The Company obtained a promissory note of $1.7 million for purchasing land and a building, with a balloon payment of approximately $1.5 million due on December 29, 2027[99] - The current portion of the note payable was $55,000 as of September 30, 2025, with a long-term portion of $1.583 million[100] Operational Focus - The company expects to have sufficient cash resources to fund its planned clinical milestones and operational investments into late 2026[8] - The company is focused on obtaining regulatory approvals for its future program candidates, including Fast Track designation for PSV359[8] - The company anticipates potential impacts from U.S. and international trade policies on its costs for supplies and materials[8] - The company has not generated revenue from commercial products and primarily incurs operating expenses in the United States[29] - The company has a history of operating losses and relies primarily on equity financing to support its operations[30] - The Company's operating plan may change due to unknown factors, and there is no assurance that the current plan will be achieved as anticipated[32] Lease Agreements - The company recognized a right-of-use asset and lease liability of approximately $1.1 million upon entering into a lease for lab and office space effective April 1, 2024[91] - The Company recognized a right-of-use asset and lease liability of approximately $0.6 million upon entering a lease for office space in Somerset, NJ, which terminates on November 30, 2028[93] - The Company recognized a right-of-use asset and lease liability of approximately $0.8 million for a lease in Seattle, WA, terminating in October 2028[95] - The Company's operating lease expense was $0.3 million for the three months ended September 30, 2024, and $0.8 million for the nine months ended September 30, 2025[96] - Future operating lease payments total $1.863 million as of September 30, 2025, with a total lease liability of $1.675 million after accounting for imputed interest[97]