Core Insights - Blue Sky Uranium Corp. has announced promising results from the initial technical review of the Corcovo Uranium Project in Mendoza Province, Argentina, indicating significant potential for in situ recovery (ISR) of uranium [1][2] Project Overview - The Corcovo Project spans 20,000 hectares and is located at the northeastern margin of the oil and gas-producing Neuquén Basin, with geological potential for uranium ISR deposits initially identified by the National Atomic Energy Commission (CNEA) [2] - The project was optioned in 2024 as part of a strategic initiative to enhance the company's long-term uranium resource discovery prospects [2] Technical Review Highlights - The geological team reviewed data from 89 historical oil and gas wells, identifying radiometric anomalies at four stacked horizons, with significant sections up to 10 meters thick along a trend exceeding 10 kilometers [1][3] - The Centenario Formation Core is the primary target, showing radiometric anomalies between 1 and 10 meters thick, with values reaching up to 261 ppm Ueq (0.03 U3O8eq) [3][4] - Estimated porosity values in the target area range from 22% to 30%, indicating favorable conditions for ISR production methodologies [4][5] Deposit Model Comparison - The Corcovo Project's deposit model is compared to the Inkai uranium project in Kazakhstan, which is recognized as a leading ISR mining project, showcasing similar roll-front uranium mineralization characteristics [6] Planned Activities - The company plans to conduct further data acquisition, including a 3D-2D seismic survey and analysis of approximately 200 historical drill holes, to refine the understanding of subsurface geological structures [7] - Additional activities include obtaining water samples from active oil wells and drill cuttings from historic holes to validate gamma-ray data and perform geochemical testing [7] Drill Hole Data Summary - A summary of significant drill holes indicates various uranium equivalent values across different horizons, with notable results from the Centenario Core and Rayoso Channel [8][9]

[PART I - FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) This section provides the company's unaudited condensed consolidated financial statements and management's discussion and analysis for the reporting period [Item 1 - Financial Statements](index=6&type=section&id=Item%201%20-%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements, including balance sheets, statements of operations and comprehensive loss, cash flows, and changes in stockholders' equity, along with detailed notes explaining accounting policies, significant transactions, and financial positions for the periods ended March 31, 2025, and December 31, 2024 [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20as%20of%20March%2031%2C%202025%20(unaudited)%20and%20December%2031%2C%202024) This statement presents the company's financial position, including assets, liabilities, and equity, as of March 31, 2025, and December 31, 2024 Condensed Consolidated Balance Sheets | Metric | March 31, 2025 (unaudited) (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :--------------------------------------- | :------------------------------- | | Cash and cash equivalents | $44,406 | $61,580 | | Short-term investments | $167,296 | $165,336 | | Total current assets | $215,742 | $231,160 | | Total assets | $329,349 | $341,101 | | Total current liabilities | $12,679 | $18,230 | | Total liabilities | $44,704 | $50,433 | | Total stockholders' equity | $284,645 | $290,668 | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss%20for%20the%20three%20months%20ended%20March%2031%2C%202025%20and%202024%20(unaudited)) This statement details the company's revenues, expenses, and net loss for the three months ended March 31, 2025, and 2024 Condensed Consolidated Statements of Operations and Comprehensive Loss | Metric | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :------------------------------------ | :----------------------------------------------- | :----------------------------------------------- | | Grant revenue | $342 | $325 | | Research and development expenses | $14,332 | $7,452 | | General and administrative expenses | $7,842 | $5,878 | | Total operating expenses | $22,174 | $13,330 | | Operating loss | $(21,832) | $(13,005) | | Total non-operating income, net | $3,655 | $1,180 | | Net loss | $(18,177) | $(12,284) | | Basic and diluted loss per share | $(0.25) | $(0.25) | | Weighted average shares (Basic/Diluted) | 72,357 | 49,510 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20three%20months%20ended%20March%2031%2C%202025%20and%202024%20(unaudited)) This statement outlines the company's cash inflows and outflows from operating, investing, and financing activities for the three months ended March 31, 2025, and 2024 Condensed Consolidated Statements of Cash Flows | Cash Flow Activity | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--------------------------------------- | :----------------------------------------------- | :----------------------------------------------- | | Net cash (used in) provided by operating activities | $(21,582) | $13,848 | | Net cash used in investing activities | $(5,565) | $(47,297) | | Net cash provided by financing activities | $9,973 | $166,328 | | Net (decrease) increase in cash, cash equivalents and restricted cash | $(17,174) | $132,879 | | Cash, cash equivalents and restricted cash end of period | $44,406 | $142,299 | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity%20for%20the%20three%20months%20ended%20March%2031%2C%202025%20and%202024%20(unaudited)) This statement details changes in the company's stockholders' equity, including common stock, additional paid-in capital, and accumulated deficit, for the three months ended March 31, 2025, and 2024 Condensed Consolidated Statements of Changes in Stockholders' Equity | Metric | Balances at Dec 31, 2024 (in thousands) | Balances at Mar 31, 2025 (in thousands) | | :--------------------------------------- | :-------------------------------------- | :-------------------------------------- | | Common Stock (Shares) | 70,671,464 | 74,050,841 | | Common Stock (Amount) | $70 | $73 | | Additional Paid-in Capital | $522,368 | $534,449 | | Accumulated Other Comprehensive Income (Loss) | $(51) | $19 | | Accumulated Deficit | $(231,719) | $(249,896) | | Total Stockholders' Equity | $290,668 | $284,645 | - Issuance of common stock pursuant to the 2024 "At-the-Market Agreement" resulted in **3,379,377 shares** and **$9,986 thousand** in total equity for the three months ended March 31, 2025[20](index=20&type=chunk) - Share-based compensation contributed **$2,098 thousand** to additional paid-in capital for the three months ended March 31, 2025, compared to **$656 thousand** for the same period in 2024[20](index=20&type=chunk) [Notes to the Unaudited Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations of the accounting policies, significant transactions, and financial positions presented in the condensed consolidated financial statements [1. Basis of Presentation and Summary of Significant Accounting Policies](index=10&type=section&id=1.%20Basis%20of%20Presentation%20and%20Summary%20of%20Significant%20Accounting%20Policies) This note outlines the company's reporting basis, key accounting policies, and significant events impacting financial statement presentation - The Company is a radiopharmaceutical development company focused on advanced cancer treatments[24](index=24&type=chunk) - The Cesium-131 brachytherapy business was sold on April 12, 2024, and its financial information is presented as discontinued operations[26](index=26&type=chunk) - A **1-for-10 reverse stock split** was effected on June 14, 2024, with all historical per share data retroactively adjusted[27](index=27&type=chunk) - The Company operates as a single operating and reportable segment: radiopharmaceutical development[28](index=28&type=chunk) - Cash, cash equivalents, and short-term investments totaled **$211.7 million** as of March 31, 2025, which is believed to fund current planned operations into late 2026[29](index=29&type=chunk)[30](index=30&type=chunk) [2. Loss per Share](index=12&type=section&id=2.%20Loss%20per%20Share) This note details the calculation of basic and diluted loss per share, including weighted average shares outstanding and potential dilutive securities - Basic and diluted loss per share for the three months ended March 31, 2025, and 2024, was **$(0.25)**[14](index=14&type=chunk) - Weighted average shares used in computing net loss per share were **72,357 thousand** for 2025 and **49,510 thousand** for 2024[14](index=14&type=chunk) Potential Dilutive Securities | Security Type | March 31, 2025 | March 31, 2024 | | :---------------------- | :------------- | :------------- | | Common stock warrants | 415,779 | 438,558 | | Common stock options | 10,170,795 | 5,164,917 | | Total potential dilutive securities | 10,586,574 | 5,603,475 | [3. Investments and Agreements](index=14&type=section&id=3.%20Investments%20and%20Agreements) This note describes significant investment and financing agreements, including equity offerings, private placements, and strategic collaborations - Under the 2024 ATM Agreement, the Company sold **3,379,377 shares** of Common Stock on February 18, 2025, generating gross proceeds of approximately **$10.2 million**[42](index=42&type=chunk) - The May 2024 Registered Offering generated approximately **$80.0 million** in gross proceeds[44](index=44&type=chunk) - The March 2024 Private Placement resulted in gross proceeds of approximately **$87.4 million** from the sale of **9,200,998 shares** of Common Stock[47](index=47&type=chunk) - Through the Lantheus Investment Agreement, Lantheus purchased **5,634,235 shares**, representing **19.99%** of outstanding Common Stock as of January 8, 2024[50](index=50&type=chunk) - The Company acquired Progenics' radiopharmaceutical manufacturing facility for **$8.0 million** in cash[54](index=54&type=chunk) - Lantheus paid the Company a one-time payment of **$28.0 million** for an exclusive option to negotiate a license for [212Pb]VMT-α-NET; **$1.4 million** was recognized as 'Other income from a related party' upon the expiration of certain option rights[55](index=55&type=chunk)[58](index=58&type=chunk) - The January 2024 Public Offering generated approximately **$69.0 million** in gross proceeds[60](index=60&type=chunk) - Sales under the 2023 ATM Agreement on April 11, 2024, generated approximately **$49.5 million** in gross proceeds before its termination on August 12, 2024[64](index=64&type=chunk)[65](index=65&type=chunk) [4. Discontinued Operations](index=18&type=section&id=4.%20Discontinued%20Operations) This note provides financial information related to the sale of the Cesium-131 brachytherapy business, presented as discontinued operations - The sale of the Cesium-131 brachytherapy business to GT Medical Technologies, Inc. was completed on April 12, 2024[66](index=66&type=chunk) - Consideration for the sale included **279,516 shares** of GT Medical's common stock (**0.5%** fully diluted) and future cash royalty payments based on net sales of Cesium-131 brachytherapy seeds and GammaTile Therapy[67](index=67&type=chunk) Discontinued Operations Financial Summary | Metric (in thousands) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :-------------------- | :-------------------------------- | :-------------------------------- | | Sales, net | $0 | $1,973 | | Gross profit | $0 | $571 | | Total loss from discontinued operations | $0 | $(459) | [5. Property and Equipment](index=19&type=section&id=5.%20Property%20and%20Equipment) This note details the company's property and equipment, including recent acquisitions for future manufacturing capabilities - The Company purchased buildings in Houston, Chicago, and Los Angeles in 2024 for future manufacturing of program candidates[71](index=71&type=chunk) - An agreement with Comecer SpA was made to purchase manufacturing equipment for approximately **€49.0 million**[71](index=71&type=chunk) Property and Equipment, Net | Property and Equipment (in thousands) | March 31, 2025 | December 31, 2024 | | :------------------------------------ | :------------- | :---------------- | | Building | $1,770 | $1,770 | | Land | $917 | $917 | | Equipment | $11,676 | $11,423 | | Other (not placed in service) | $47,004 | $42,601 | | Property and equipment, net | $61,247 | $57,321 | [6. Other Intangible Assets](index=20&type=section&id=6.%20Other%20Intangible%20Assets) This note provides information on the company's indefinite-lived intangible assets, primarily in-process research and development - Indefinite-lived intangible assets, primarily in-process research and development (IPR&D), remained at **$50.0 million** as of March 31, 2025, and December 31, 2024[73](index=73&type=chunk) - No impairment testing was deemed necessary during the three months ended March 31, 2025[73](index=73&type=chunk) [7. Available-for-Sale Securities](index=20&type=section&id=7.%20Available-for-Sale%20Securities) This note details the composition and fair value of the company's available-for-sale securities portfolio Available-for-Sale Securities Portfolio | Security Type (in thousands) | March 31, 2025 (Fair Value) | December 31, 2024 (Fair Value) | | :--------------------------- | :-------------------------- | :----------------------------- | | Securities of U.S. government and government agencies | $48,765 | $51,500 | | Commercial paper | $40,462 | $44,473 | | Certificates of deposit | $1,725 | N/A | | Corporate debt securities | $69,370 | $64,570 | | Asset-backed securities | $6,974 | $4,793 | | Total available-for-sale securities | $167,296 | $165,336 | - Accrued interest receivable on available-for-sale securities increased from **$0.2 million** at December 31, 2024, to **$0.9 million** at March 31, 2025[76](index=76&type=chunk) [8. Fair Value Measurements](index=21&type=section&id=8.%20Fair%20Value%20Measurements) This note provides fair value measurements for financial instruments, categorized by valuation input levels Fair Value Measurements of Financial Instruments | Category (in thousands) | March 31, 2025 (Fair Value) | December 31, 2024 (Fair Value) | | :---------------------- | :-------------------------- | :----------------------------- | | Level 1 (Money market funds) | $41,112 | $46,079 | | Level 2 (Various securities) | $167,296 | $178,977 | | Total cash equivalents and available-for-sale securities | $208,408 | $225,056 | - There were no Level 3 financial instruments measured at fair value on a recurring basis at March 31, 2025, and December 31, 2024[78](index=78&type=chunk) [9. Share-Based Compensation](index=22&type=section&id=9.%20Share-Based%20Compensation) This note details share-based compensation expenses and changes in the company's equity incentive plan Share-Based Compensation Expense | Expense Category (in thousands) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :------------------------------ | :-------------------------------- | :-------------------------------- | | Research and development expense | $897 | $263 | | General and administrative expense | $1,201 | $359 | | Total share-based compensation expense | $2,098 | $622 | - The aggregate number of shares authorized for issuance under the Amended and Restated 2020 Equity Incentive Plan increased by **4,870,092** to a total of **12,500,000 shares**[80](index=80&type=chunk) - An additional **3,533,573 shares** were registered for 2025 under the plan's "evergreen" provision[80](index=80&type=chunk) [10. Commitments and Contingencies](index=23&type=section&id=10.%20Commitments%20and%20Contingencies) This note outlines the company's legal accruals and significant purchase commitments - The Company has an accrual of **$0.2 million** for an estimated legal settlement as of March 31, 2025, and December 31, 2024[82](index=82&type=chunk) - A "take-or-pay" provision commits the Company to purchasing approximately **$8.4 million** of thorium-228 from the U.S. Department of Energy during 2025 and 2026[83](index=83&type=chunk) [11. Related Parties](index=23&type=section&id=11.%20Related%20Parties) This note describes transactions and agreements with related parties, including investment and facility acquisition details - Lantheus purchased **5,634,235 shares** of Common Stock, representing **19.99%** of outstanding shares as of January 8, 2024, through the Lantheus Investment Agreement[84](index=84&type=chunk) - The Company acquired a manufacturing facility from Progenics, an affiliate of Lantheus, for **$8.0 million**[85](index=85&type=chunk) - Lantheus was granted an exclusive option for [212Pb]VMT-α-NET, with a one-time payment of **$28.0 million**; **$1.4 million** was recognized as 'Other income from a related party' upon the expiration of certain option rights[86](index=86&type=chunk)[87](index=87&type=chunk) [12. Leases](index=25&type=section&id=12.%20Leases) This note provides information on the company's operating lease arrangements and future payment obligations - The weighted average remaining term for operating leases was **2.9 years**, and the weighted average discount rate was **8%** as of March 31, 2025[94](index=94&type=chunk) - Operating lease expense was **$0.3 million** for the three months ended March 31, 2025, compared to de minimis for the same period in 2024[94](index=94&type=chunk) Future Operating Lease Payments | Year Ending December 31, | Future Operating Lease Payments (in thousands) | | :----------------------- | :--------------------------------------------- | | 2025 (remaining nine months) | $836 | | 2026 | $647 | | 2027 | $493 | | 2028 | $443 | | Total lease liability | $2,154 | - An estimated liability of **$0.5 million** for hazardous waste removal related to prior activities remains, despite the Asset Retirement Obligation for the Richland, WA facility being assigned to GT Medical[96](index=96&type=chunk) [13. Note Payable](index=26&type=section&id=13.%20Note%20Payable) This note details the company's note payable, including its current and long-term portions and balloon payment schedule Note Payable Summary | Note Payable (in thousands) | March 31, 2025 | December 31, 2024 | | :-------------------------- | :------------- | :---------------- | | Note payable | $1,664 | $1,677 | | Less: current portion | $(53) | $(52) | | Note payable, long-term portion | $1,611 | $1,625 | - A balloon payment of approximately **$1.5 million** for the promissory note is due on December 29, 2027[97](index=97&type=chunk) [Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202%20-%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial condition, operational performance, and future outlook, covering clinical trial progress, manufacturing, funding, and financial analysis [Overview](index=27&type=section&id=Overview) This section introduces Perspective Therapeutics as a radiopharmaceutical development company focused on advanced cancer treatments and its key clinical programs - Perspective Therapeutics is a radiopharmaceutical development company focused on advanced cancer treatments using the alpha-emitting isotope Lead-212 (**212Pb**) and a theranostic approach[100](index=100&type=chunk) - Clinical programs VMT-α-NET (neuroendocrine tumor), VMT01 (melanoma), and PSV359 (solid tumor) are in Phase 1/2a imaging and therapy trials in the U.S[101](index=101&type=chunk) [VMT-α-NET](index=27&type=section&id=VMT-%CE%B1-NET) This section details the clinical progress of VMT-α-NET, targeting SSTR2-expressing neuroendocrine tumors with 212Pb - VMT-α-NET targets SSTR2-expressing neuroendocrine tumors (NETs) with **212Pb**[102](index=102&type=chunk) - Phase 1/2a study in unresectable or metastatic SSTR2-positive NETs reported no dose-limiting toxicities (DLTs), grade 4 or 5 treatment-emergent or serious adverse events (AEs) in Cohorts 1 and 2[103](index=103&type=chunk) - Interim results showed **two unconfirmed responses** and **one confirmed objective response** in Cohort 2 as of January 10, 2025[104](index=104&type=chunk) - As of April 30, 2025, a total of **40 patients** have begun treatment in Cohort 2[108](index=108&type=chunk) [VMT01](index=29&type=section&id=VMT01) This section outlines the clinical development of VMT01, targeting MC1R-overexpressed melanoma cancers with 212Pb, including Fast Track Designation and combination trials - VMT01 targets melanocortin 1 receptor (**MC1R**) overexpressed in melanoma cancers with **212Pb**[111](index=111&type=chunk) - The FDA granted **Fast Track Designation** for the clinical development of [212Pb]VMT01 in September 2024[112](index=112&type=chunk) - A clinical trial collaboration with Bristol Myers Squibb is evaluating [212Pb]VMT01 in combination with nivolumab[113](index=113&type=chunk) - Initial results from the first two dosing cohorts showed no DLTs, no grade 4 or 5 treatment-emergent AEs, and **one unconfirmed objective response** in Cohort 1[114](index=114&type=chunk)[115](index=115&type=chunk) - The Safety Monitoring Committee recommended exploring a lower dose level of **1.5 mCi** for monotherapy and combination with nivolumab, with both cohorts now active and open for enrollment[116](index=116&type=chunk) [PSV359](index=31&type=section&id=PSV359) This section describes PSV359, a novel cyclic peptide targeting FAP-α, and its initial imaging results and clinical trial initiation - PSV359 is a novel cyclic peptide targeting **FAP-α**, a pan-cancer target expressed on tumor stroma cells and some cancer cells[117](index=117&type=chunk) - First-in-human SPECT/CT imaging of [203Pb]PSV359 showed strong tumor uptake, fast renal clearance, low normal organ accumulation, and long tumor retention[118](index=118&type=chunk) - The IND application for PSV359 was filed in December 2024, and a "study may proceed" letter was received from the FDA in Q1 2025; the first patient was treated with [212Pb]PSV359 on April 29, 2025[118](index=118&type=chunk) [Other Pipeline Candidates](index=31&type=section&id=Other%20Pipeline%20Candidates) This section highlights additional pipeline candidates, including in-licensed pre-targeting and PSMA Alpha-PET DoubLET platform technologies - The Company in-licensed Stony Brook University's **CB7-Adma pre-targeting platform** in January 2024, covering global intellectual property rights[119](index=119&type=chunk) - A license agreement with Mayo Clinic for the **PSMA Alpha-PET DoubLET platform technology** for PSMA-expressing cancers was announced in January 2024[120](index=120&type=chunk) [Discovery Program](index=31&type=section&id=Discovery%20Program) This section describes the discovery team's efforts in developing novel constructs for potential first-in-human imaging to de-risk future therapeutic benefits - The discovery team is developing multiple novel constructs for potential first-in-human imaging to de-risk future therapeutic benefits[121](index=121&type=chunk) [Intellectual Property (IP)](index=31&type=section&id=Intellectual%20Property%20(IP)) This section highlights recent patent allowances for proprietary 212Pb generation technology and the VMT-α-NET compound - Two patent applications were allowed by the USPTO: one for proprietary **212Pb generation technology** (expires August 2044) and another for the **VMT-α-NET compound** (expires January 2041)[122](index=122&type=chunk) [Funding Requirements](index=32&type=section&id=Funding%20Requirements) This section discusses the company's anticipated increase in expenses due to advancing clinical programs and its current liquidity position - The Company has incurred recurring losses and expects expenses to increase due to advancing preclinical activities, clinical trials, and potential commercialization of program candidates[123](index=123&type=chunk) - As of March 31, 2025, cash, cash equivalents, and short-term investments of **$211.7 million** are expected to fund planned operations into late 2026[123](index=123&type=chunk) - Management anticipates a significant increase in research and development expenses[123](index=123&type=chunk) [Manufacturing and Supply](index=32&type=section&id=Manufacturing%20and%20Supply) This section outlines the company's strategy for manufacturing and supply chain, including third-party CMOs, internal sites, and key purchase commitments - The Company plans to use a combination of third-party contract manufacturing organizations (CMOs) and its own manufacturing sites for clinical supply and distribution[124](index=124&type=chunk) - A purchase order with the U.S. Department of Energy (DOE) commits the Company to purchasing approximately **$8.4 million** of thorium-228 during 2025 and 2026[125](index=125&type=chunk) - The Company agreed to purchase manufacturing equipment from Comecer SpA for approximately **€49.0 million**[126](index=126&type=chunk) [Facility Acquisitions](index=32&type=section&id=Facility%20Acquisitions) This section details the acquisition of manufacturing facilities in Houston, Chicago, Los Angeles, and Somerset, NJ, to support future production - Buildings were purchased in Houston, Chicago, and Los Angeles in 2024 for future manufacturing[127](index=127&type=chunk) - The radiopharmaceutical manufacturing facility in Somerset, NJ, acquired in 2024, achieved its first shipment and patient dosing in October 2024[128](index=128&type=chunk) [2024 At-the-Market (ATM) Agreement](index=34&type=section&id=2024%20At-the-Market%20(ATM)%20Agreement) This section describes the 2024 ATM Agreement for common stock sales and the proceeds generated from recent issuances - The Company entered into a 2024 ATM Agreement to sell up to **$250.0 million** of common stock through ATM Agents[131](index=131&type=chunk) - On February 18, 2025, **3,379,377 shares** were sold under the 2024 ATM Agreement, generating approximately **$10.2 million** in gross proceeds[135](index=135&type=chunk) [Brachytherapy Divestiture](index=34&type=section&id=Brachytherapy%20Divestiture) This section details the sale of the Cesium-131 brachytherapy business, including the consideration received - The sale of the Cesium-131 brachytherapy business to GT Medical Technologies, Inc. was completed on April 12, 2024[136](index=136&type=chunk) - Consideration included **279,516 shares** of GT Medical's common stock and future cash royalty payments based on net sales of Cesium-131 brachytherapy seeds and GammaTile Therapy[137](index=137&type=chunk)[138](index=138&type=chunk) [Critical Accounting Policies and Estimates](index=35&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) This section confirms no material changes to critical accounting policies and estimates since the 2024 Form 10-K - There have been no material changes to the critical accounting policies and estimates disclosed in the 2024 Form 10-K as of March 31, 2025[139](index=139&type=chunk) [Results of Operations](index=35&type=section&id=Results%20of%20Operations) This section analyzes the company's financial performance, including revenues, expenses, and operating loss, for the three months ended March 31, 2025, compared to 2024 - The Company now operates in one segment (Drug Operations) following the brachytherapy divestiture[140](index=140&type=chunk) Consolidated Statements of Operations Summary | Metric (in thousands) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change | | :-------------------- | :-------------------------------- | :-------------------------------- | :----- | | Grant revenue | $342 | $325 | $17 | | Research and development expenses | $14,332 | $7,452 | $6,880 | | General and administrative expenses | $7,842 | $5,878 | $1,964 | | Total operating expenses | $22,174 | $13,330 | $8,844 | | Operating loss | $(21,832) | $(13,005) | $(8,827) | - The increase in research and development expenses was primarily due to expanded development of TAT drug programs, higher personnel costs, and third-party R&D fees[143](index=143&type=chunk) - General and administrative expenses increased primarily due to increased personnel costs, partially offset by decreased professional services fees[149](index=149&type=chunk) [Liquidity and Capital Resources](index=37&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses the company's cash flows, sources of liquidity, and future funding requirements [Cash Flows](index=37&type=section&id=Cash%20Flows) This section analyzes the company's cash flows from operating, investing, and financing activities Cash Flow Summary | Cash Flow Activity (in thousands) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Net cash (used in) provided by operating activities | $(21,582) | $13,848 | | Net cash used in investing activities | $(5,565) | $(47,297) | | Net cash provided by financing activities | $9,973 | $166,328 | | Net (decrease) increase in cash and cash equivalents | $(17,174) | $132,879 | - Net cash used in operating activities in Q1 2025 was primarily due to a net loss of **$18.2 million**, adjusted for non-cash expenses and changes in operating assets and liabilities[151](index=151&type=chunk) - Net cash provided by operating activities in Q1 2024 was primarily due to **$28.0 million** received from an option agreement with Lantheus[152](index=152&type=chunk) [Sources of Liquidity](index=38&type=section&id=Sources%20of%20Liquidity) This section identifies the company's primary sources of capital, including various equity offerings and agreements - The 2024 At-the-Market (ATM) Agreement allows for the sale of up to **$250.0 million** of common stock; **$10.2 million** in gross proceeds were raised on February 18, 2025[157](index=157&type=chunk)[161](index=161&type=chunk) - The May 2024 Registered Offering generated approximately **$80.0 million** in gross proceeds[162](index=162&type=chunk)[163](index=163&type=chunk) - The March 2024 Private Placement with institutional investors generated approximately **$87.4 million** in gross proceeds[165](index=165&type=chunk) - The Lantheus Investment Agreement involved the sale of **5,634,235 shares** to Lantheus, representing **19.99%** ownership[166](index=166&type=chunk) - The January 2024 Public Offering generated approximately **$69.0 million** in gross proceeds[167](index=167&type=chunk)[168](index=168&type=chunk) - Sales under the 2023 ATM Agreement on April 11, 2024, resulted in approximately **$49.5 million** in gross proceeds[170](index=170&type=chunk) [Funding Requirements](index=42&type=section&id=Funding%20Requirements) This section reiterates the company's anticipated increase in expenses and the need for additional capital to fund operations until profitability - Expenses are expected to increase significantly as the Company advances preclinical activities, clinical trials, and potential commercialization of program candidates[171](index=171&type=chunk) - Current cash, cash equivalents, and short-term investments of **$211.7 million** (as of March 31, 2025) are expected to fund operations into late 2026[171](index=171&type=chunk) - Additional capital will be required until profitability is achieved, potentially through equity offerings, debt financings, or strategic alliances, which may dilute existing stockholders[172](index=172&type=chunk)[176](index=176&type=chunk) [Capital expenditures](index=44&type=section&id=Capital%20expenditures) This section addresses management's continuous evaluation of capital deployment for research, development, and operational support - Management continuously evaluates capital deployment for research and development and general and administrative functions to support clinical trials, preclinical activities, and product candidate supply[177](index=177&type=chunk) [Financing activities](index=44&type=section&id=Financing%20activities) This section outlines future capital financing strategies, including equity sales, collaborations, or debt, with potential stockholder dilution - Future capital is expected to be financed through equity sales, strategic collaborations, or debt financing, with anticipated dilution to stockholders[178](index=178&type=chunk) [Other Commitments and Contingencies](index=44&type=section&id=Other%20Commitments%20and%20Contingencies) This section confirms no material changes to other commitments and contingencies beyond those previously disclosed - No material changes to other commitments and contingencies occurred during the three months ended March 31, 2025, beyond those disclosed in Note 10[179](index=179&type=chunk) [Off-Balance Sheet Arrangements](index=44&type=section&id=Off-Balance%20Sheet%20Arrangements) This section states that the company has no off-balance sheet arrangements - The Company has no off-balance sheet arrangements[180](index=180&type=chunk) [Item 3 - Quantitative and Qualitative Disclosures About Market Risk](index=45&type=section&id=Item%203%20-%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, Perspective Therapeutics, Inc. is exempt from providing quantitative and qualitative disclosures about market risk - The Company is a smaller reporting company and is not required to provide information on quantitative and qualitative disclosures about market risk[181](index=181&type=chunk) [Item 4 - Controls and Procedures](index=45&type=section&id=Item%204%20-%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes in internal control over financial reporting during the quarter - The principal executive officer and principal financial officer concluded that the design and operation of disclosure controls and procedures were effective as of March 31, 2025[182](index=182&type=chunk) - There have been no material changes in internal control over financial reporting during the most recent fiscal quarter[183](index=183&type=chunk) [PART II - OTHER INFORMATION](index=46&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity sales, defaults, mine safety, other information, and exhibits [Item 1 - Legal Proceedings](index=46&type=section&id=Item%201%20-%20Legal%20Proceedings) The company is not currently involved in any material legal proceedings and is unaware of any pending or threatened legal actions that could significantly impact its business, operating results, or financial condition - The Company is not currently a party to any material legal proceedings[184](index=184&type=chunk) - No pending or threatened legal proceedings are known that could have a material adverse effect on the business, operating results, or financial condition[184](index=184&type=chunk) [Item 1A - Risk Factors](index=46&type=section&id=Item%201A%20-%20Risk%20Factors) The company refers to the comprehensive risk factors detailed in its 2024 Form 10-K and confirms that no material changes to these risk factors have occurred during the current reporting period - There have been no material changes to the risk factors disclosed in Part I, Item 1A of the 2024 Form 10-K[185](index=185&type=chunk) [Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds](index=46&type=section&id=Item%202%20-%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reports no unregistered sales of equity securities or use of proceeds for the period - None[186](index=186&type=chunk) [Item 3 - Defaults Upon Senior Securities](index=46&type=section&id=Item%203%20-%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon senior securities for the period - None[187](index=187&type=chunk) [Item 4 - Mine Safety Disclosures](index=46&type=section&id=Item%204%20-%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - Not applicable[188](index=188&type=chunk) [Item 5 - Other Information](index=46&type=section&id=Item%205%20-%20Other%20Information) No directors or executive officers adopted, modified, or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the three months ended March 31, 2025 - No directors or executive officers adopted, modified, or terminated any "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" during the three months ended March 31, 2025[189](index=189&type=chunk) [Item 6 - Exhibits](index=47&type=section&id=Item%206%20-%20Exhibits) This section lists all exhibits filed as part of the Form 10-Q, including various agreements, certificates, and certifications - The exhibits include merger agreements, certificates of incorporation, bylaws, an executive employment agreement, and certifications from the principal executive and financial officers[191](index=191&type=chunk) [Signatures](index=48&type=section&id=Signatures) The report is duly signed on behalf of Perspective Therapeutics, Inc. by its Chief Executive Officer and Chief Financial Officer - The report was signed by Johan (Thijs) Spoor, Chief Executive Officer, and Juan Graham, Chief Financial Officer, on May 12, 2025[193](index=193&type=chunk)

[Executive Summary & Recent Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Recent%20Highlights) Perspective Therapeutics reported Q1 2025 results, highlighting clinical trial advancements, U.S. manufacturing expansion, and a strong cash position expected to fund operations into late 2026 [Recent Business Highlights](index=1&type=section&id=Recent%20Business%20Highlights) Perspective Therapeutics announced its Q1 2025 results and provided key business updates, including progress in clinical trials for its next-generation targeted radiopharmaceutical platform, expansion of U.S. manufacturing, and a strong cash position expected to fund operations into late 2026 - First of several clinical updates through mid-2026 accepted for presentation at the 2025 American Society of Clinical Oncology Annual Meeting[3](index=3&type=chunk) - Enrollment ongoing for VMT-α-NET (**40 patients** in Cohort 2 by April 2025) and VMT01 (first patient treated at new monotherapy dose in April 2025, combination in March 2025)[3](index=3&type=chunk) - Achieved first-in-human dosing of PSV359, which targets FAP-α associated with multiple highly prevalent solid tumors[3](index=3&type=chunk) - Advancing U.S. manufacturing capabilities to enable delivery of finished product for growing clinical trial and future commercial demands[3](index=3&type=chunk) Cash, Cash Equivalents and Short-Term Investments | As of Date | Amount (Millions) | | :---------- | :--------------- | | March 31, 2025 | $212 | | Expected Sufficiency | Into late 2026 | [CEO Statement](index=2&type=section&id=CEO%20Statement) CEO Thijs Spoor emphasized the company's commitment to developing novel radiopharmaceuticals for cancer patients, highlighting continued patient recruitment and expansion of U.S. manufacturing capabilities, with further clinical and operational updates expected through mid-2026 - Demonstrating commitment to bringing novel new medicines to patients through continued patient recruitment into trials and expansion of U.S. based manufacturing capabilities[4](index=4&type=chunk) - Focus on three clinical-stage, proprietary potential new medicines based on the next-generation targeted radiopharmaceutical technology platform[4](index=4&type=chunk) - On track to provide updates on more clinical and operational progress through mid-2026 and beyond[4](index=4&type=chunk) [Program Highlights](index=2&type=section&id=Program%20Highlights) This section details the progress and updates on the company's clinical-stage radiopharmaceutical programs, including VMT-α-NET, VMT01, PSV359, and pipeline development [VMT-α-NET](index=2&type=section&id=VMT-%CE%B1-NET) The Phase 1/2a trial for [212Pb]VMT-α-NET in SSTR2-positive neuroendocrine tumors is progressing, with **40 patients** enrolled in Cohort 2 by April 2025. The study received Fast Track Designation, and initial safety data showed no DLTs or severe adverse events, with some anti-tumor activity observed - Company-sponsored Phase 1/2a trial (NCT05636618) of [212Pb]VMT-α-NET in patients with unresectable or metastatic SSTR2-positive neuroendocrine tumors[5](index=5&type=chunk) - Received Fast Track Designation from the U.S. Food and Drug Administration (FDA)[5](index=5&type=chunk) - Cohort 2 reopened for enrollment in August 2024, with a total of **40 patients** having begun treatment as of April 30, 2025[7](index=7&type=chunk)[10](index=10&type=chunk) - Safety findings (as of Jan 10, 2025): **No DLTs**, Grade 4 or 5 treatment emergent adverse events (TEAEs), or serious adverse events (SAEs) reported. Hematologic AEs were Grades 1 and 2. No treatment discontinuations due to AEs[10](index=10&type=chunk) - Anti-tumor activity (as of Jan 10, 2025): One confirmed response and two unconfirmed responses (RECIST v1.1) in Cohort 2. Eight of nine patients in Cohorts 1 and 2 remained on study without progressive disease[10](index=10&type=chunk) - Data on [212Pb]VMT-α-NET accepted for an oral presentation at the 2025 American Society of Clinical Oncology (ASCO) Annual Meeting on May 30, 2025[10](index=10&type=chunk) [VMT01](index=4&type=section&id=VMT01) VMT01, an MC1R-targeted RPT for melanoma, is undergoing a Phase 1/2a study. Following initial dosing, the SMC recommended exploring a lower dose (**1.5 mCi**) as monotherapy and in combination with nivolumab, with first patients treated in March/April 2025. Initial safety data showed no DLTs or severe adverse events, and some patients achieved objective response or stable disease - VMT01 is an MC1R-targeted RPT that can be radiolabeled with either 203Pb for patient selection/dosimetry or 212Pb for alpha particle therapy[9](index=9&type=chunk) - Multi-center, open-label dose finding, dose expansion study (NCT05655312) in previously treated patients with histologically confirmed melanoma and MC1R-positive imaging scans[11](index=11&type=chunk) - SMC recommended exploring a lower dose level of **1.5 mCi** per dose, both as monotherapy and in combination with the anti-PD-1 antibody nivolumab[13](index=13&type=chunk) - First patients in the combination and monotherapy cohorts received their initial treatments in March and April 2025, respectively[13](index=13&type=chunk) - Safety findings (as of Sep 4, 2024): **No DLTs** observed, no adverse events led to treatment discontinuation, TEAEs were mostly Grades 1 and 2, and no renal toxicities reported[14](index=14&type=chunk) - Anti-tumor activity (as of Sep 4, 2024): One patient in Cohort 1 (**3.0 mCi**) experienced an unconfirmed RECIST v1.1 objective response, and two patients experienced stable disease. Cohort 2 (**5.0 mCi**) patients progressed[14](index=14&type=chunk) - Data on [212Pb]VMT01 accepted as a poster presentation at the 2025 ASCO Annual Meeting on June 2, 2025[15](index=15&type=chunk) [PSV359](index=5&type=section&id=PSV359) PSV359 is designed to target FAP-α expressing solid tumors with the alpha-emitting isotope 212Pb. The first patient has been treated with [212Pb]PSV359, and preclinical/human imaging data suggest improved target engagement and reduced retention in healthy tissues - PSV359 is designed to target and deliver 212Pb to tumor sites expressing fibroblast activation protein-α (FAP-α), associated with multiple highly prevalent solid tumors[16](index=16&type=chunk) - The targeting moiety can also be radiolabeled with 203Pb or 68Ga (PSV377) to detect FAP-α expression in individual patients[16](index=16&type=chunk) - First patient treated with [212Pb]PSV359 disclosed on April 29, 2025, with activation activities underway for additional sites[17](index=17&type=chunk) [Clinical Pipeline Expansion](index=5&type=section&id=Adding%20to%20the%20clinical%20pipeline) Perspective Therapeutics' discovery team is actively preparing multiple novel constructs for potential first-in-human imaging, serving as a de-risking step for future therapeutic development, with plans for pre-IND filing activities once criteria are met - Discovery team is preparing multiple additional novel constructs for potential first-in-human imaging as a de-risking step for potential therapeutic benefit[18](index=18&type=chunk) - Plans to proceed with pre-IND filing activities if and when those constructs meet criteria for further development[18](index=18&type=chunk) [Other Business Developments](index=5&type=section&id=Other%20Business%20Highlights) This section provides updates on the company's operational infrastructure, including manufacturing expansion, isotope procurement, and intellectual property protection [Manufacturing Capabilities](index=5&type=section&id=Delivering%20ready-to-administer%20radiopharmaceuticals%20for%20clinical%20trial%20and%20commercial%20operations) Perspective Therapeutics is expanding its U.S. manufacturing network to support clinical trials and future commercial operations, utilizing proprietary generator technology for 212Pb and third-party sources for 203Pb. The company has two operational sites and is building three more, with no material tariff impacts expected in 2025 - Establishing a regional network of drug-product finishing facilities to support current clinical activities and prepare for future commercial operations[19](index=19&type=chunk) - Utilizes both 203Pb (sourced from third-party cyclotron production) and 212Pb (produced in-house using proprietary generator technology) to manufacture ready-to-administer radiopharmaceuticals[19](index=19&type=chunk) - Currently has **two U.S. manufacturing sites** and is building out **three additional U.S. sites** in Houston, Chicago, and Los Angeles metropolitan areas to support growing clinical trial and future commercial demands[20](index=20&type=chunk)[25](index=25&type=chunk) - **No material incremental tariff-related cost impacts** expected in 2025 based on initial analysis of recently announced tariffs[20](index=20&type=chunk) - Ordered manufacturing equipment in 3Q 2024, including isotope processing hot cells and production suites, with production commenced[21](index=21&type=chunk) - Working towards expanding capacity in the second manufacturing facility in Somerset, New Jersey, acquired in 1Q 2024, to meet demand in the Northeastern U.S.[25](index=25&type=chunk) [Isotope Supply Chain](index=6&type=section&id=Isotope%20supply) The company's therapeutic isotope, 212Pb, is derived from 228Th, which is procured from the U.S. Department of Energy (DOE). A new purchase order was entered in May 2025 for additional 228Th for 2025 and 2026, ensuring sufficient supply for clinical trials - Therapeutic isotope 212Pb naturally decays from 224Ra, which in turn naturally decays from 228Th[22](index=22&type=chunk) - Procures 228Th from the U.S. Department of Energy (DOE)[22](index=22&type=chunk) - Entered into a purchase order with the DOE in May 2025 to purchase additional 228Th during 2025 and 2026, expected to be sufficient to support clinical trials[22](index=22&type=chunk)[23](index=23&type=chunk) [Patent Portfolio](index=6&type=section&id=Patent%20portfolio) Perspective Therapeutics strengthened its patent portfolio in Q1 2025 with the allowance of two key patent applications by the USPTO: one for its proprietary 212Pb generation technology (expiring August 2044) and another for the VMT-α-NET compound (expiring January 2041) - Patent portfolio further strengthened in 1Q 2025 by the allowance of two patent applications on key assets by the U.S. Patent and Trademark Office (USPTO)[24](index=24&type=chunk) - First patent application pertains to wholly owned, proprietary technology for generation of 212Pb at scale, expiring in **August 2044**[24](index=24&type=chunk) - Second patent application pertains to the VMT-α-NET compound (exclusive license from the University of Iowa), expiring in **January 2041**[24](index=24&type=chunk) [Financial Performance (Q1 2025)](index=7&type=section&id=First%20Quarter%202025%20Financial%20Summary) This section provides a detailed overview of Perspective Therapeutics' financial results for Q1 2025, including cash position, equity, revenue, expenses, net loss, and key balance sheet and income statement figures [Cash Position & Funding](index=7&type=section&id=Cash%2C%20cash%20equivalents%2C%20and%20short-term%20investments) The company's cash, cash equivalents, and short-term investments decreased to **$212 million** as of March 31, 2025, from **$227 million** at December 31, 2024. This funding is expected to be sufficient into late 2026, supporting clinical programs and manufacturing expansion Cash, Cash Equivalents, and Short-Term Investments | Metric | March 31, 2025 (Millions) | December 31, 2024 (Millions) | | :-------------------------------- | :------------------------ | :------------------------- | | Cash, cash equivalents, and short-term investments | ~$212 | ~$227 | - Expected to have sufficient funding into **late 2026** to advance current clinical programs, progress multiple pre-IND assets, and build out regional manufacturing sites[26](index=26&type=chunk) [Equity and Capital Structure](index=7&type=section&id=2024%20ATM%20Agreement) In Q1 2025, the company sold **3.38 million** common shares under its 2024 ATM Agreement, generating **$10.2 million** in gross proceeds. As of March 31, 2025, the company had approximately **74.1 million** common shares outstanding, along with warrants and pre-funded warrants - Sold **3,379,377 shares** of common stock under the 2024 ATM Agreement in February 2025[27](index=27&type=chunk) 2024 ATM Agreement Share Sales | Metric | Value | | :---------------- | :------------ | | Average Price per Share | ~$3.02 | | Gross Proceeds | ~$10.2 million | Outstanding Equity as of March 31, 2025 | Instrument | Quantity (Shares) | | :----------------------- | :---------------- | | Common Stock | 74.1 million | | Warrants and Options | 10.6 million | | Pre-funded Warrants | 146,425 | [Segment Reporting Change](index=7&type=section&id=Segment%20Reporting%20Change) Following the divestiture of its brachytherapy segment in April 2024, Perspective Therapeutics has reclassified these operations as discontinued in its financial statements, with subsequent discussions pertaining to continuing operations - Divestiture of the entire brachytherapy segment to GT Medical in **April 2024**[29](index=29&type=chunk) - Operations of the brachytherapy segment have been classified as discontinued operations in financial statements[29](index=29&type=chunk) [Grant Revenue](index=7&type=section&id=Grant%20revenue) Grant revenue for Q1 2025 remained stable at approximately **$0.3 million**, primarily derived from work with the National Institutes of Health Grant Revenue (Q1 2025 vs Q1 2024) | Period | Grant Revenue (Millions) | | :------------------- | :---------------------- | | Q1 2025 | $0.3 | | Q1 2024 | $0.3 | - Grant revenue is derived from work with the National Institutes of Health[30](index=30&type=chunk) [Operating Expenses](index=7&type=section&id=Operating%20expenses) Total operating expenses increased by **66%** year-over-year to **$22.2 million** in Q1 2025, driven by a **92%** increase in R&D expenses to **$14.3 million** (supporting clinical trials and manufacturing expansion) and a **33%** increase in G&A expenses to **$7.8 million** (due to higher personnel costs) Operating Expenses (Q1 2025 vs Q1 2024) | Expense Category | Q1 2025 (Millions) | Q1 2024 (Millions) | YoY Change | | :------------------------ | :----------------- | :----------------- | :--------- | | Research and development | $14.3 | $7.5 | +92% | | General and administrative | $7.8 | $5.9 | +33% | | **Total Operating Expenses** | **$22.2** | **$13.3** | **+66%** | - Increase in R&D expenses supports clinical trials for clinical development assets, manufacturing and CMC activities, and discovery efforts[31](index=31&type=chunk) - Increase in general and administrative expenses primarily due to increased personnel costs, partially offset by decreased fees for professional services[32](index=32&type=chunk) [Net Loss and EPS](index=8&type=section&id=Net%20loss) The net loss for Q1 2025 increased to **$18.2 million**, or **$0.25** loss per basic and diluted share, compared to a net loss of **$12.3 million**, or **$0.25** per share, in Q1 2024 (adjusted for reverse stock split). The period included a **$2.3 million** net benefit from interest income and other expense, and **$1.4 million** in deferred income Net Loss and EPS (Q1 2025 vs Q1 2024) | Metric | Q1 2025 (Millions) | Q1 2024 (Millions) | | :-------------------------------- | :----------------- | :----------------- | | Net Loss | $18.2 | $12.3 | | Basic and Diluted Loss per Share | $0.25 | $0.25 | - Net benefit of **$2.3 million** in net interest income and other expense during the quarter[34](index=34&type=chunk) - Recognized **$1.4 million** of Deferred Income, which was received in 2024[34](index=34&type=chunk) [Condensed Consolidated Balance Sheets](index=12&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The condensed consolidated balance sheet shows total assets decreased from **$341.1 million** at December 31, 2024, to **$329.3 million** at March 31, 2025. Current assets saw a decrease, primarily in cash and cash equivalents, while property and equipment, net, increased. Total liabilities also decreased from **$50.4 million** to **$44.7 million** Key Balance Sheet Data (March 31, 2025 vs. December 31, 2024) | Metric | March 31, 2025 (Thousands) | December 31, 2024 (Thousands) | | :-------------------------------- | :------------------------- | :-------------------------- | | Cash and cash equivalents | $44,406 | $61,580 | | Short-term investments | $167,296 | $165,336 | | Total current assets | $215,742 | $231,160 | | Property and equipment, net | $61,247 | $57,321 | | Total assets | $329,349 | $341,101 | | Total current liabilities | $12,679 | $18,230 | | Total liabilities | $44,704 | $50,433 | | Total stockholders' equity | $284,645 | $290,668 | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=13&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) The condensed consolidated statements of operations show a net loss of **$18.2 million** for Q1 2025, an increase from **$12.3 million** in Q1 2024. This was primarily driven by higher R&D and G&A expenses, partially offset by increased interest income and other non-operating income Key Income Statement Data (Three Months Ended March 31, 2025 vs. 2024) | Metric | 2025 (Thousands) | 2024 (Thousands) | | :-------------------------------- | :--------------- | :--------------- | | Grant revenue | $342 | $325 | | Research and development | $14,332 | $7,452 | | General and administrative | $7,842 | $5,878 | | Total operating expenses | $22,174 | $13,330 | | Operating loss | $(21,832) | $(13,005) | | Total non-operating income, net | $3,655 | $1,180 | | Net loss from continuing operations | $(18,177) | $(11,825) | | Net loss from discontinued operations | $- | $(459) | | Net loss | $(18,177) | $(12,284) | | Basic and diluted loss per share | $(0.25) | $(0.25) | [Company Overview & Forward-Looking Statements](index=8&type=section&id=About%20Perspective%20Therapeutics%2C%20Inc.%20and%20Safe%20Harbor%20Statement) This section provides an introduction to Perspective Therapeutics' mission and technology, along with a cautionary statement regarding forward-looking information and associated risks [About Perspective Therapeutics, Inc.](index=8&type=section&id=About%20Perspective%20Therapeutics%2C%20Inc.) Perspective Therapeutics is a radiopharmaceutical development company focused on pioneering advanced cancer treatments using its proprietary technology, which delivers the alpha-emitting isotope 212Pb to cancer cells. The company employs a 'theranostic' approach, combining imaging diagnostics with targeted therapy to personalize treatment and optimize patient outcomes - Radiopharmaceutical development company pioneering advanced treatments for cancers throughout the body[35](index=35&type=chunk) - Proprietary technology utilizes the alpha-emitting isotope 212Pb to deliver powerful radiation specifically to cancer cells via specialized targeting moieties[35](index=35&type=chunk) - Developing complementary imaging diagnostics that incorporate the same targeting moieties, enabling a 'theranostic' approach to personalize treatment and optimize patient outcomes[35](index=35&type=chunk) - Melanoma (VMT01), neuroendocrine tumor (VMT-α-NET), and solid tumor (PSV359) programs are in Phase 1/2a imaging and therapy trials in the U.S.[36](index=36&type=chunk) [Safe Harbor Statement](index=8&type=section&id=Safe%20Harbor%20Statement) This section contains forward-looking statements regarding the company's plans, intentions, and expectations, including clinical trial progress, manufacturing expansion, and financial outlook. It also outlines significant risks and uncertainties that could cause actual results to differ materially from these statements, such as regulatory delays, clinical trial outcomes, manufacturing issues, and funding needs - Contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, covering plans, intentions, and expectations[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) - Highlights risks and uncertainties that could cause actual results to differ materially, including regulatory approval delays, clinical trial outcomes, manufacturing and supply chain disruptions, and the need for additional financing[40](index=40&type=chunk) - The Company undertakes no obligation to publicly update or revise any forward-looking statements unless required by law[41](index=41&type=chunk)