Perspective Therapeutics(CATX) - 2024 Q3 - Quarterly Results

Clinical Development - As of May 15, 2024, the Company initiated dosing of nine patients in Cohorts 1 and 2 of its Phase 1/2a study of [212Pb]VMT-α-NET, with seven patients receiving 185 MBq (5 mCi) in Cohort 2[2] - The Company is collaborating with thought leaders on investigator-initiated studies to further elucidate the clinical profile of [212Pb]VMT-α-NET[5] - 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 in patients with melanoma[15] - The company expects to submit the VMT01 study amendment in Q2 2024 and anticipates the U.S. Phase I study for PSV359 to commence in 2025[48] - The company aims to file an IND for PSV359 in late 2024, with research and development expenses expected to increase as it invests in new drug development[48] Financial Performance - Net loss for the three months ended March 31, 2024, was $12.3 million, or$0.02 loss per basic and diluted share, compared to a net loss of $0.4 million, or$0.00 per basic and diluted share, for the same period in 2023[44] - Grant revenue for the three months ended March 31, 2024, was $0.3 million, an increase of approximately 50$0.2 million for the same period in 2023[32] - Grant revenue for Q1 2024 was $325,000, an increase of 39.5$233,000 in Q1 2023[51] - The net loss from continuing operations for Q1 2024 was $11,825,000, compared to a net loss of$9,405,000 in Q1 2023, representing a 25.7% increase in losses[51] - The company reported a basic and diluted loss per share of $0.02 for Q1 2024, compared to a loss of$0.00 in Q1 2023[51] Expenses - Research and development expenses increased by approximately 127% to $7.5 million for the three months ended March 31, 2024, compared to$3.3 million for the same period in 2023[42] - Research and development expenses rose to $7,452,000 in Q1 2024, up 125$3,309,000 in Q1 2023[51] - Total operating expenses for the quarter ended March 31, 2024, were $13.3 million, an increase of approximately 33$10.0 million for the same period in 2023[34] - Total operating expenses increased to $13,330,000 in Q1 2024, compared to$9,994,000 in Q1 2023, reflecting a 33.3% rise[51] Cash and Assets - Cash, cash equivalents, and short-term investments as of March 31, 2024, were $180.6 million, compared to$9.2 million on December 31, 2023[45] - Cash, cash equivalents, and short-term investments increased significantly to $180,648,000 as of March 31, 2024, from$9,238,000 as of December 31, 2023[55] - Total assets grew to $278,286,000 as of March 31, 2024, compared to$97,891,000 at the end of 2023[55] Strategic Developments - The Company closed the acquisition of a state-of-the-art radiopharmaceutical manufacturing facility in Somerset, New Jersey, with filing expected in the second half of 2024[29] - The company is developing a proprietary 212Pb generator to secure key isotopes for clinical trials and commercial operations[52] - The Company raised $177.2 million in gross proceeds through various financing transactions and an additional$49.5 million subsequent to March 31, 2024, under its ATM Agreement[9]