Perspective Therapeutics(CATX) - 2026 Q1 - Quarterly Report

Financial Performance - Grant revenue for Q3 2025 was $209,000, a decrease of 43% compared to $369,000 in Q3 2024[15] - Total operating expenses for Q3 2025 were $28,070,000, up 48% from $19,003,000 in Q3 2024[15] - Net loss from continuing operations for Q3 2025 was $25,969,000, compared to a loss of $15,122,000 in Q3 2024, representing a 72% increase in losses[15] - The company reported a net loss of $65,631,000 for the nine months ended September 30, 2025, compared to a loss of $39,110,000 for the same period in 2024, reflecting a 68% increase in losses[17] - The company experienced a net loss of $25.969 million for the quarter ended September 30, 2025, compared to a net loss of $21.485 million for the previous quarter[30] - Total operating expenses for the nine months ended September 30, 2025, were $74.573 million, up from $47.122 million in 2024[15] Cash and Liquidity - Cash, cash equivalents, and restricted cash at the end of Q3 2025 were $26,762,000, down from $226,443,000 at the end of Q3 2024[17] - As of September 30, 2025, the company reported cash, cash equivalents, and short-term investments of $174.1 million, with a total accumulated deficit of $297.4 million[30] - The company plans to fund its operations into late 2026 with its current cash reserves, but may seek additional capital through various means[31] - The Company has $24.4 million in cash equivalents as of September 30, 2025, down from $59.7 million at the end of 2024[77] - The total cash equivalents and available-for-sale securities as of September 30, 2025, were $171.800 million, compared to $225.056 million as of December 31, 2024[80] Shareholder Activities - The total number of shares outstanding increased from 70,671,464 at December 31, 2024, to 74,337,990 at September 30, 2025, reflecting the issuance of common stock[19] - A 1-for-10 reverse stock split was executed on June 14, 2024, affecting all stockholders uniformly[28] - Share-based compensation expenses were $2.156 million for the quarter ended September 30, 2025[19] - The Company reported a basic and diluted loss per share, calculated by dividing net loss by the weighted average number of shares outstanding, which did not include potentially dilutive common stock equivalents[35] - As of September 30, 2025, there were 10,902,610 total potentially dilutive securities, compared to 7,667,413 as of September 30, 2024, indicating an increase of approximately 42.5%[36] Business Operations - The company has not generated revenue from commercial products and incurs the majority of its operating expenses in the United States[29] - The company has a single operating segment focused on radiopharmaceutical development, with no significant changes in accounting policies reported[29] - The company is focused on obtaining regulatory approvals for its future program candidates, including Fast Track designation for PSV359 from the FDA[8] - The company is leveraging technology to identify and develop future program candidates, aiming to enhance its competitive position in the market[8] Asset Management - As of September 30, 2025, the Company's property and equipment, net, was valued at $64.4 million, an increase from $57.3 million as of December 31, 2024[74] - The Company holds indefinite-lived intangible assets valued at $50.0 million, representing the estimated fair value of its pipeline of acquired radiotherapy program candidates[75] - The Company recognized a total gain from discontinued operations of $514,000 for the nine months ended September 30, 2025, while incurring a loss of $949,000 for the same period in 2024[69] Financing Activities - The Company entered into a 2024 ATM Agreement allowing for the sale of up to $250.0 million of Common Stock, with a commission of up to 3.0% on gross proceeds from each sale[39][40] - The Company raised approximately $10.2 million from the sale of 3,379,377 shares at an average price of $3.02 per share under the 2024 ATM Agreement on February 18, 2025[43] - The gross proceeds from the May 2024 Registered Offering were approximately $80.0 million, before underwriting discounts and commissions[45] - The Company completed a private placement on March 6, 2024, raising approximately $87.4 million from the sale of 9,200,998 shares at $9.50 per share[48] - The Company sold 5,634,235 shares to Lantheus for a total of $50.0 million, representing 19.99% of the outstanding shares as of January 8, 2024[51] Lease and Liability Management - 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[91] - The Company recognized a right-of-use asset and lease liability of approximately $0.6 million upon entering a lease for office space in Somerset, NJ, which terminates on November 30, 2028[93] - The Company entered into a lease with Unico Properties LLC for office space in Seattle, WA, recognizing a right-of-use asset and lease liability of approximately $0.8 million, terminating in October 2028[95] - The Company's operating lease expense was $0.3 million for the three months ended September 30, 2024, and $0.8 million for the nine months ended September 30, 2025[96] - The total future operating lease payments as of September 30, 2025, amount to $1.863 million, with a total lease liability of $1.675 million after accounting for imputed interest[97] Regulatory and Compliance - The company anticipates potential impacts from U.S. and international trade policies on costs for supplies and materials used in drug development[8] - The Company has accrued an estimated liability of $0.2 million related to settlement negotiations with stockholder plaintiff firms as of September 30, 2025[84] - The Company reduced its estimated liability for hazardous waste removal by $0.3 million, resulting in an estimated liability of $0.2 million as of September 30, 2025[98]