Perspective Therapeutics(US:CATX)2024-08-12 20:07Financial Performance - The net loss for the three months ended March 31, 2024, was $12.3 million, or $0.02 loss per share, compared to a net loss of $0.4 million, or $0.00 per share, for the same period in 2023[21]. - The net loss from continuing operations was $11,214,000 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 $13.3 million, an increase of approximately 33% compared to $10.0 million for the same period in 2023[21]. - Total operating expenses increased to $14,789,000 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 $7.5 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, 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 $400,000 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 $9.2 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 $9,238,000 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 $49.5 million subsequent to March 31, 2024[1]. - Total assets rose to $385,919,000 from $97,891,000, 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].