Perspective Therapeutics(CATX) - 2025 Q3 - Quarterly Report

Financial Performance - Grant revenue for Q1 2025 was $342,000, up from $325,000 in Q1 2024, representing a 5.23% increase[14] - Research and development expenses increased to $14,332,000 in Q1 2025, compared to $7,452,000 in Q1 2024, reflecting a 92.5% rise[14] - Total operating expenses for Q1 2025 were $22,174,000, up from $13,330,000 in Q1 2024, marking a 66.5% increase[14] - Net loss from continuing operations for Q1 2025 was $18,177,000, compared to $11,825,000 in Q1 2024, indicating a 53.5% increase in losses[14] - Basic and diluted loss per share remained at $0.25 for Q1 2025, unchanged from Q1 2024[14] - The company reported a comprehensive loss of $18,107,000 for Q1 2025, compared to $12,284,000 in Q1 2024, an increase of 47.5%[14] - The weighted average shares used in computing net loss per share increased to 72,357,000 in Q1 2025 from 49,510,000 in Q1 2024, a growth of 46.1%[14] Cash and Liquidity - Cash, cash equivalents, and restricted cash at the end of Q1 2025 totaled $44,406,000, down from $142,299,000 at the end of Q1 2024, a decrease of 68.8%[17] - Net cash used in operating activities for Q1 2025 was $21,582,000, compared to a net cash provided of $13,848,000 in Q1 2024[17] - As of March 31, 2025, the company reported cash, cash equivalents, and short-term investments of $211.7 million, with a total accumulated deficit of $249.9 million[29] - The company believes its current cash position will fund operations into late 2026, but may seek additional capital through various means[30] - Total cash equivalents decreased from $59,720,000 on December 31, 2024, to $41,112,000 on March 31, 2025, representing a decline of approximately 31%[75] - Total available-for-sale securities increased slightly from $165,336,000 on December 31, 2024, to $167,296,000 on March 31, 2025, reflecting a growth of about 1.2%[76] - The fair value of total cash equivalents and available-for-sale securities combined was $208,408,000 as of March 31, 2025, down from $225,056,000 at the end of 2024, indicating a decrease of approximately 7.4%[78] Stock and Financing Activities - The company issued 3,379,377 shares of common stock under the 2024 At-the-Market Agreement, generating gross proceeds of approximately $10.2 million at an average price of $3.02 per share[42] - The Company raised approximately $80.0 million from the May 2024 Registered Offering, before underwriting discounts and commissions[44] - The Company completed a private placement on March 4, 2024, raising approximately $87.4 million by issuing 9,200,998 shares at $9.50 per share[47] - The gross proceeds from the January 2024 Public Offering were approximately $69.0 million, with 13,207,521 shares sold at $3.70 per share[60] - Under the 2023 ATM Agreement, the Company sold 3,535,246 shares at an average price of approximately $14.00 per share, resulting in gross proceeds of approximately $49.5 million[64] - The company executed a 1-for-10 reverse stock split on June 14, 2024, affecting all stockholders uniformly[27] - The company has a 2024 At-the-Market Agreement allowing for the sale of up to $250 million in common stock, with a commission of up to 3.0% on gross proceeds from sales[38][39] Discontinued Operations - The company completed the sale of its Cesium-131 brachytherapy business on April 12, 2024, presenting the financial information of this segment as discontinued operations[26] - The Company reported a total loss from discontinued operations of $459,000 for the three months ended March 31, 2024[68] Assets and Liabilities - As of March 31, 2025, the Company's property and equipment net value was $61.247 million, an increase from $57.321 million as of December 31, 2024[72] - The Company has indefinite-lived intangible assets valued at $50 million related to in-process research and development[73] - The Company has accrued an estimated liability of $200,000 related to settlement negotiations with stockholder plaintiff firms as of March 31, 2025[82] - The Company maintains an estimated liability of $0.5 million related to hazardous waste removal in its financial statements as of March 31, 2025[96] - A promissory note of $1.7 million was obtained on December 29, 2022, for purchasing land and a building in Coralville, IA, with a balloon payment of approximately $1.5 million due on December 29, 2027[97] Research and Development - The company is focused on obtaining regulatory approvals for its future program candidates, including Fast Track designation for PSV359[6] - The company reported a net loss in its radiopharmaceutical development segment, with no revenue generated from commercial products[28] - The Company is committed to purchasing approximately $8.4 million of thorium-228 from the U.S. Department of Energy during 2025 and 2026[83] 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[89] - The total lease liability as of March 31, 2025, is $2,154,000, with a current portion of $980,000[95] - The weighted average remaining term for the Company's operating leases as of March 31, 2025, was 2.9 years with a discount rate of 8%[94] - Future operating lease payments total $2.419 million, with a total lease liability of $2.154 million after accounting for imputed interest[95]