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Perspective Therapeutics(CATX) - 2024 Q4 - Annual Results
CATXPerspective Therapeutics(CATX)2024-08-12 20:07

Financial Performance - The net loss for the three months ended March 31, 2024, was 12.3million,or12.3 million, or 0.02 loss per share, compared to a net loss of 0.4million,or0.4 million, or 0.00 per share, for the same period in 2023[21]. - The net loss from continuing operations was 11,214,000forthethreemonthsendedJune30,2024,comparedtoalossof11,214,000 for the three months ended June 30, 2024, compared to a loss of 9,486,000 in the same period last year[29]. - Total operating expenses for the quarter ended March 31, 2024, were 13.3million,anincreaseofapproximately3313.3 million, an increase of approximately 33% compared to 10.0 million for the same period in 2023[21]. - Total operating expenses increased to 14,789,000forthethreemonthsendedJune30,2024,comparedto14,789,000 for the three months ended June 30, 2024, compared to 10,342,000 in the prior year, reflecting a 43% rise[29]. Research and Development - Research and development expenses increased by approximately 127% to 7.5millionforthethreemonthsendedMarch31,2024,comparedto7.5 million for the three months ended March 31, 2024, compared to 3.3 million for the same period in 2023[20]. - Research and development expenses for the three months ended June 30, 2024, were 9,275,000,up729,275,000, up 72% from 5,370,000 in the same period last year[29]. - The company initiated dosing of nine patients in its Phase 1/2a study of [212Pb]VMT-α-NET, with seven patients receiving 185 MBq (5 mCi) of the treatment[3]. - The company is conducting a multi-center, open-label dose escalation study of [212Pb]VMT01 in patients with progressive MC1R-positive metastatic melanoma[8]. - The company entered a clinical trial collaboration agreement with Bristol Myers Squibb to evaluate the safety and tolerability of [212Pb]VMT01 in combination with nivolumab[9]. - The company has applied for a Phase I tranche of a 400,000grantfromtheNationalInstitutesofHealthtosupportthedevelopmentofitspre−targetingprogram[15].CashandInvestments−Cash,cashequivalents,andshort−terminvestmentsasofMarch31,2024,were400,000 grant from the National Institutes of Health to support the development of its pre-targeting program[15]. Cash and Investments - Cash, cash equivalents, and short-term investments as of March 31, 2024, were 180.6 million, compared to 9.2milliononDecember31,2023[22].−Cash,cashequivalents,andshort−terminvestmentsincreasedto9.2 million on December 31, 2023[22]. - Cash, cash equivalents, and short-term investments increased to 292,869,000 as of June 30, 2024, compared to 9,238,000onDecember31,2023[27].CompanyGrowthandFuturePlans−Thecompanyraised9,238,000 on December 31, 2023[27]. Company Growth and Future Plans - The company raised 177.2 million in gross proceeds through various financing transactions and an additional 49.5millionsubsequenttoMarch31,2024[1].−Totalassetsroseto49.5 million subsequent to March 31, 2024[1]. - Total assets rose to 385,919,000 from 97,891,000,indicatingsignificantgrowth[27].−ThecompanyexpectstosubmittheVMT01studyamendmentinthesecondquarterof2024,withthefirstcombinationcohortanticipatedtoopenshortlythereafter[25].−ThecompanyplanstofileanINDforPSV359inlate2024,withaPhaseIstudyexpectedtocommencein2025ifthestudyproceeds[25].−TheSomersetfacility′sfilingisexpectedinthesecondhalfof2024,aligningwiththecompany′sexpansionplans[25].−Thecompanyanticipatesanincreaseingeneralandadministrativeexpensesasitexpandsitsheadcounttosupportongoingdevelopment[25].−Thecompanyprojectssufficientfundingforoperationsandcapitalinvestmentsintothefirstquarterof2026[25].AdministrativeExpenses−Generalandadministrativeexpensesdecreasedbyapproximately1297,891,000, indicating significant growth[27]. - The company expects to submit the VMT01 study amendment in the second quarter of 2024, with the first combination cohort anticipated to open shortly thereafter[25]. - The company plans to file an IND for PSV359 in late 2024, with a Phase I study expected to commence in 2025 if the study proceeds[25]. - The Somerset facility's filing is expected in the second half of 2024, aligning with the company's expansion plans[25]. - The company anticipates an increase in general and administrative expenses as it expands its headcount to support ongoing development[25]. - The company projects sufficient funding for operations and capital investments into the first quarter of 2026[25]. Administrative Expenses - General and administrative expenses decreased by approximately 12% to 5.9 million for the three months ended March 31, 2024, compared to $6.7 million for the same period in 2023[21].