Financial Data and Key Metrics Changes - Total radiopharmaceutical revenues for Q3 2025 were $1.3 million, an 18% increase compared to Q3 2024, and year-to-date revenues reached $3.6 million, a 24% increase versus 2024 [31] - Year-to-date total operating expenses increased by $16.5 million, or 84%, from $19.7 million in 2024 to $36.2 million in 2025 [32] - Net loss from operations for year-to-date 2025 was $34.9 million, compared to $18.7 million for the same period in 2024 [32] - Cash balance as of September 30, 2025, was $113.9 million, reflecting net proceeds of approximately $56 million from common stock issuance during Q3 2025 [34] Business Line Data and Key Metrics Changes - The multi-isotope plant in South Africa is currently enriching silicon-28 and has shipped commercial samples validated for isotopic purity [4] - The acquisition of Renergen is nearing completion, with all but one regulatory approval received, expected imminently [5] - The first quantum enrichment plant is producing ytterbium-176, with commercial quantities expected in the first half of 2026 [7] Market Data and Key Metrics Changes - The company has secured contracts for silicon-28 and is looking to satisfy all current customer orders in 2026 [4] - The acquisition of Skyline Builders aims to secure supply chains of critical materials essential to the U.S. and ASP Isotopes [21] Company Strategy and Development Direction - The company is focused on expanding its isotope enrichment capabilities and has plans for multiple new production facilities [8][28] - Quantum Leap Energy aims to stabilize the nuclear supply chain and is developing technologies for lithium-7 and HALEU production [12][18] - The company is also investing in radiopharmaceutical operations, with plans to expand into the U.S. market [11][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational progress and customer relationships, emphasizing the importance of completing phase 1C for de-risking projects [39] - The company anticipates significant revenue opportunities in 2026 and 2027, particularly around ytterbium-176 and silicon-28 [49] - Management acknowledged the complexities of the isotope industry and the need for transparency with investors regarding future projections [50][52] Other Important Information - The company is preparing for the IPO of Quantum Leap Energy, with S-1 documentation filed with the SEC [13][27] - The company plans to begin construction of new plants in various locations, including Iceland, the U.S., and the U.K. during 2026 [28] Q&A Session Summary Question: Can you talk about the delays in shipping Silicon-28? - Delays were due to the complexity of starting up the plant and modifications agreed upon with customers, but operations are currently going well [37] Question: When do you expect to achieve operational de-risking in respect of Renergen? - Expected by the end of the first quarter, focusing on completing phase 1C [39] Question: When will the company begin to recognize revenue in its isotopes enrichment segment? - Revenue from carbon is expected to ship by the end of December, with silicon isotopes expected to generate revenue in 2026 [41] Question: What did the customers say about our samples of both Ytterbium and Silicon? - Customers are satisfied with the results of the samples, indicating that the technology works [43][47] Question: Is the $50-$70 million revenue opportunity in 2026 and 2027 still valid? - The company is not changing previous guidance and will provide updates as more clarity is achieved [49][53] Question: Can you help us understand the capital commitment in 2026 for new facilities? - Detailed breakdowns will be provided in future updates, but specifics are not available at this time [54][55] Question: Can you talk about the opportunity for LEU Plus? - LEU Plus is a subcategory of HALEU, driven by customer inquiries, and is expected to enhance power density and extend refueling cycles for existing plants [58][60] Question: Should we model the $3 million revenue from Skyline Builders going forward? - This revenue is not expected to continue, as the focus will shift away from construction activities [63]

Business Updates - ASP Isotopes secured its largest Silicon-28 contract to date with a new U S based customer for delivery during 2026[10] - The company expects to receive large quantities of feedstock suitable for Carbon-14 production during January 2026, with the first shipment of enriched Carbon-14 during 1H 2026[22] - Quantum Leap Energy (QLE) acquired a Nuclear Waste Processing Company and signed a Memorandum of Understanding (MOU) with Fermi America for uranium isotope enrichment[30] - QLE acquired "One30Seven" accelerated beta-decay technology and is developing cesium-137 to barium-137 Creber Units[33] Renergen Acquisition - Renergen shareholder approved the merger on July 10, 2025, with over 99% voting in favor[15] - The company is awaiting final regulatory approval for the Renergen merger, expected imminently[15] - The company listed ASP Isotopes on the Johannesburg Stock Exchange (JSE) on August 27, 2025[15] Financial Highlights - ASP Isotopes had a cash balance of $113.9 million as of September 30, 2025[66] - The company raised $41.7 million of gross proceeds to facilitate acquisitions and business growth[43] - The company received net proceeds of $199.7 million in October 2025 from the issuance of ASP Isotopes common stock[68] - Property and Equipment grew from $22.8 million as of December 31, 2024, to $33.0 million as of September 30, 2025, with approximately 70% for plant construction[68]

Core Insights - IsoBio, Inc. is focused on developing a pipeline of monoclonal antibody-based radioisotope therapeutics targeting both derisked and novel tumor antigens for cancer treatment [1][3] - The company has successfully closed its initial Series Seed financing round, raising $5 million from ASP Isotopes Inc. [1][3] Company Overview - IsoBio is a U.S.-based radiotherapeutic development company that specializes in antibody-isotope conjugates (AICs) [1][12] - The company plans to establish offices in Seattle, WA, and Gladwyne, PA [2][6] - IsoBio's management team is led by Bruce Turner, M.D., Ph.D., who has extensive experience in the biotech industry [6][7] Strategic Collaboration - IsoBio has formed a strategic partnership with ASP Isotopes Inc. and its nuclear medicine subsidiary, PET Labs, to enhance manufacturing capabilities and reduce supply chain uncertainties for isotopes [2][4] - This collaboration aims to leverage ASP Isotopes' technology and global manufacturing capabilities to develop novel isotopes for radiotherapeutics [2][4] Product Development - IsoBio is developing radiotherapeutics that include Lutetium-177, Actinium-225, Terbium-161, and other undisclosed novel radioisotopes [5] - The company utilizes proprietary linker and conjugation technology to create highly potent AICs, which provide targeted treatment for difficult-to-treat tumors [5][12] Market Context - The supply chain for radiotherapeutics has faced challenges due to limited availability of commonly used isotopes, making IsoBio's strategic partnership advantageous [4] - There is a growing demand for innovative cancer therapies, and IsoBio's focus on targeted therapies aligns with this market need [3][4]

Core Viewpoint - ASP Isotopes Inc. has announced a registered direct offering of 7,500,000 shares at $8.00 per share, aiming to raise approximately $60.0 million in gross proceeds [1][2]. Group 1: Offering Details - The offering is expected to close on or about July 25, 2025, pending customary closing conditions [1]. - Cantor and Canaccord Genuity are acting as joint book-running managers, while Ocean Wall Limited serves as the financial advisor for the offering [2]. - The net proceeds will be utilized for general corporate purposes, including working capital, operating expenses, and capital expenditures [2]. Group 2: Company Overview - ASP Isotopes Inc. is a development stage advanced materials company focused on producing isotopes for various industries, employing proprietary Aerodynamic Separation Process (ASP technology) [5]. - The company aims to produce highly enriched isotopes for healthcare and technology sectors, and plans to enrich isotopes for the nuclear energy sector using Quantum Enrichment technology [5]. - The company has isotope enrichment facilities located in Pretoria, South Africa, dedicated to enriching light isotopes [5]. Group 3: Market Demand - There is an increasing demand for isotopes such as Silicon-28 for quantum computing and various isotopes for emerging healthcare applications and green energy applications [6]. - The ASP technology is particularly suitable for enriching both low and heavy atomic mass molecules, aligning with the growing market needs [6].

Core Viewpoint - ASP Isotopes Inc. is proposing a secondary listing of its common stock on the Johannesburg Stock Exchange (JSE) while maintaining its listing on the Nasdaq Capital Market, aiming to enhance liquidity and diversify its shareholder base [1][3][4]. Company Overview - ASP Isotopes Inc. is an advanced materials company focused on developing technology and processes for isotope production, with a strong emphasis on healthcare and technology industries [6]. - The company employs proprietary Aerodynamic Separation Process (ASP technology) for isotope enrichment and has facilities in Pretoria, South Africa [6][7]. Strategic Rationale for JSE Listing - The JSE listing is expected to provide access to a deeper capital market, enhance liquidity for shareholders, and attract interest from South African institutional investors due to the company's local presence and specialized technologies [3][4]. - The company has a significant South African footprint, with 97% of its employees and all operating assets located in South Africa, highlighting its commitment to the local community [5]. Market Demand and Product Focus - There is a growing demand for isotopes such as Silicon-28 (Si-28) for quantum computing and various isotopes for emerging healthcare and green energy applications [7]. - ASP Isotopes plans to enrich isotopes for the nuclear energy sector using its developing Quantum Enrichment technology [6].

Core Insights - ASP Isotopes Inc. is undergoing a strategic separation of its Nuclear Fuels Business and Specialist Isotope Products into two independent companies, with plans to complete this by the second half of 2025 [2][5][8] - Mr. Sipho Maseko has joined the board of directors of ASP Isotopes, bringing extensive experience from his previous roles in telecommunications and industrial sectors [1][3][4] - Dr. Hendrik Strydom has transitioned from the board of directors of ASP Isotopes to the board of managers of Quantum Leap Energy LLC, focusing on advanced nuclear fuel production [2][6][7] Company Developments - The separation will involve a spin-out of Quantum Leap Energy LLC, which aims to develop advanced nuclear fuels such as HALEU and Lithium-6, and will become a separate public company [5][8] - The board of directors is evaluating the optimal composition for the board of managers of Quantum Leap Energy LLC, with Dr. Strydom now part of this team [6][7] - The company is committed to maximizing shareholder value during the separation process and will consider various options to achieve this [8] Leadership and Expertise - Mr. Maseko has a strong background in various industries, including telecommunications and energy, and has been instrumental in advancing ASP Isotopes' business in South Africa [3][4] - Dr. Strydom has a 40-year career in isotope enrichment and has previously worked on nuclear fuel programs, enhancing the company's technical capabilities [6][7] Market Focus - ASP Isotopes is dedicated to producing isotopes for multiple industries, including healthcare and technology, and is developing proprietary technologies for isotope enrichment [10][11] - There is a growing demand for isotopes in emerging applications, particularly in quantum computing and green energy, which the company aims to address [11]

Financial Data and Key Metrics Changes - The fourth quarter results met expectations with PET Labs generating $4.2 million in revenue for the year, indicating stability in the business [4] - The company has not provided guidance for the current year or the first quarter, focusing instead on the startup of three manufacturing plants for commercial production [5][6] Business Line Data and Key Metrics Changes - The Carbon-14 plant faced feedstock issues but is now enriching Carbon-14 after receiving necessary materials [5] - The Silicon-28 plant encountered commissioning challenges but has been successfully repaired and is operational [6][7] - Ytterbium-176 has started commercial enrichment after overcoming technical difficulties with equipment [9] Market Data and Key Metrics Changes - Expected production for Ytterbium is around one kilogram per year, with a projected price of $20,000 per gram [19] - Carbon-14 has a take-or-pay contract with a minimum of $2.5 million annually, with potential for higher revenue [19] - PET Labs is expected to grow revenue from $4 million last year due to significant investments [21] Company Strategy and Development Direction - The company plans to construct additional plants for Nickel-64, Gadolinium-160, and Lithium-6, with construction timelines dependent on regulatory approvals [22][24] - There are ambitions to expand manufacturing capabilities in North America through partnerships to navigate regulatory challenges [29][30] - The company aims to build more isotope enrichment facilities in various regions to enhance its market presence [76] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about achieving cash flow breakeven in the second half of the year, supported by a strong balance sheet [55] - Regulatory discussions with the South African government are progressing positively, with plans to start production in the second half of the year [69][81] - The company is focused on addressing regulatory and licensing challenges to expedite plant construction and operations [68][70] Other Important Information - The company has received significant interest in Ytterbium-176, with two kilograms of indicated demand from customers [38] - Management highlighted the importance of securing supply agreements before finalizing contracts for Ytterbium [36] - The company is actively working on enhancing sell-side coverage to improve market perception [87] Q&A Session Summary Question: What are your expected revenues for ASPI in 2025? - The company has not provided specific guidance but indicated that signed contracts can help estimate an annualized run rate [18] Question: Can you provide guidance on the timing of the construction of new plants? - Construction timelines depend on obtaining export permits, which are currently in process [24] Question: When do you expect to start enriching product in Pelindaba? - The timeline is contingent on regulatory approval, with hopes to begin this year [81] Question: How are market prices changing for the isotopes? - Carbon-14 is fixed at $24,000 per gram, while Ytterbium is facing push-back at $20,000 per gram, and Silicon-28 may see a price reduction to stimulate demand [82][84] Question: Are there any updates on the QLE spinout? - The company is working on necessary permits and documentation for the spinout, with no specific timeline provided [35][33] Question: What keeps management awake at night now that production has started? - Competing against government-backed entities remains a concern, particularly regarding capital costs for building plants [120]

Financial Data and Key Metrics Changes - The fourth quarter results met expectations with PET Labs generating $4.2 million in revenue for the year, indicating stability in the business [4] - The company has not provided guidance for the current year or the first quarter, focusing instead on the startup of three manufacturing plants for commercial production [5][6] Business Line Data and Key Metrics Changes - The Carbon-14 plant faced feedstock issues but is now enriching Carbon-14 after receiving necessary materials [5] - The Silicon-28 plant encountered commissioning challenges but has been successfully repaired and is operational [6][7] - Ytterbium-176 has started commercial enrichment after overcoming technical difficulties with equipment [9] Market Data and Key Metrics Changes - Expected production for Ytterbium is around one kilogram per year, with a projected price of $20,000 per gram [19] - Carbon-14 has a take-or-pay contract with a minimum of $2.5 million annually, with potential for higher revenue [19] - PET Labs generated $4 million last year, with expectations for growth due to recent investments [21] Company Strategy and Development Direction - The company plans to construct additional plants for Nickel-64, Gadolinium-160, and Lithium-6, with construction timelines dependent on regulatory approvals [22][24] - There are ambitions to expand manufacturing capabilities in North America through partnerships to navigate regulatory challenges [29][30] - The company aims to build more isotope enrichment facilities in various regions to enhance its market presence [76] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about achieving cash flow breakeven in the second half of the year, supported by a strong balance sheet [55] - Regulatory discussions with the South African government are progressing positively, with plans to start production at Pelindaba [68][81] - The company is actively engaging with potential U.S. partners, including TerraPower, to enhance its market position [61] Other Important Information - The company has seen a significant increase in headcount from approximately 130 to 150, with plans for further selective hiring [78] - Management is focused on improving financial reporting processes to ensure timely results [94] Q&A Session Summary Question: What are your expected revenues for ASPI in 2025? - The company has not provided specific guidance but indicated that signed contracts can help estimate an annualized run rate [18] Question: Can you provide guidance on the timing of the construction of new plants? - Construction timelines depend on obtaining necessary export permits, with the first plant expected to come online later this year [22][24] Question: What is the current status of the QLE spinout? - The spinout is contingent on securing a location for the uranium plant and achieving cash flow breakeven [33][35] Question: How are market prices changing for the isotopes? - Carbon-14 is fixed at $24,000 per gram, while Ytterbium is facing push-back at $20,000 per gram, and Silicon-28 may see a price reduction to stimulate demand [82][84] Question: Are there any new emerging competitors in the market? - Currently, there are no significant new competitors identified in the market for the isotopes being produced [96] Question: What keeps management awake at night now that production has started? - Competing against government-backed entities remains a concern, particularly regarding capital costs for building plants [119]

____________________ S-1 1 aspi_s1.htm FORM S-1 As filed with the Securities and Exchange Commission on November 21, 2023 File No. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ____________________ ASP Isotopes Inc. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Delaware 2890 87-2618235 (I.R. ...

As filed with the Securities and Exchange Commission on April 5, 2023. Registration No. ____________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________ FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ____________________ ASP Isotopes Inc. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 2890 87-2618235 (Primary Standard Industrial Classification Code Number) (I.R.S. Employ ...