Core Viewpoint - Plus Therapeutics, Inc. has granted inducement awards to two new employees as part of its strategy to attract talent in the healthcare sector focused on CNS cancers [1][2]. Inducement Awards - The inducement awards were granted on March 26, 2026, under the Company's 2015 New Employee Incentive Plan, totaling options to purchase 300,000 shares of common stock and 300,000 restricted stock units (RSUs) [2]. - The options have a 10-year term with an exercise price of $0.243, which is the fair market value on the grant date, and vest over a four-year period [3]. - Each RSU represents a right to receive one share of common stock, vesting over three years with 1/3 vesting on the first anniversary and the remainder vesting ratably over the next eight quarters [4]. Approval and Compliance - The awards were approved by the Compensation Committee of the Company's board of directors, in compliance with Nasdaq Rule 5635(c)(4) [5]. Company Overview - Plus Therapeutics, Inc. is a clinical-stage pharmaceutical company based in Houston, Texas, focused on developing targeted radiotherapeutics for challenging CNS cancers [7]. - The company is advancing a pipeline of product candidates, particularly in leptomeningeal metastases and recurrent glioblastoma, utilizing image-guided local beta radiation and targeted drug delivery [7]. - Plus Therapeutics has established a supply chain through strategic partnerships to support the development, manufacturing, and potential commercialization of its products [7].

Core Insights - Plus Therapeutics, Inc. has appointed Ron Andrews, a veteran in the diagnostics industry, to its Board of Directors, which is expected to enhance the company's strategic direction and growth in the diagnostics sector, particularly for CNSide [1][2] Company Overview - Plus Therapeutics is a clinical-stage pharmaceutical company based in Houston, Texas, focused on developing targeted radiotherapeutics for challenging cancers of the central nervous system, aiming to improve clinical outcomes [4] - The company is advancing a pipeline of product candidates, with lead programs targeting leptomeningeal metastases and recurrent glioblastoma, utilizing image-guided local beta radiation and targeted drug delivery approaches [4] Leadership and Expertise - Ron Andrews brings over 35 years of experience in the diagnostics and molecular diagnostics industry, having held leadership roles in both large organizations and successful startups, and has been instrumental in raising over $600 million in capital and leading over $15 billion in exits [2] - His connections within the global diagnostics industry are expected to help Plus Therapeutics maximize the impact of its CNSide product on patients and drive shareholder value [2] Product Development - CNSide Diagnostics, LLC, a wholly owned subsidiary of Plus Therapeutics, develops proprietary laboratory-developed tests, including CNSide, which identifies tumor cells that have metastasized to the central nervous system in patients with carcinomas and melanomas [3] - The CNSide CSF Assay Platform allows for quantitative analysis of cerebrospinal fluid, improving the management of patients with leptomeningeal metastases [3]

Summary of Radiopharm Theranostics Conference Call Company Overview - **Company**: Radiopharm Theranostics (NasdaqCM:RADX) - **Industry**: Radiopharmaceuticals - **Focus**: Clinical-stage company developing targeted oncology therapies with multiple programs in human trials across solid tumors [1][2] Key Points and Arguments RAD101 Program - **Current Status**: RAD101 is in phase IIb, nearing completion with a second interim analysis reported [2] - **Interim Results**: 18 out of 20 patients (90%) showed positive results, indicating effective diagnosis for brain metastasis where MRI was insufficient [3][4] - **Recruitment**: 27 out of 30 patients have been recruited, with completion expected in 2-3 weeks [4] - **Future Plans**: A meeting with the FDA is planned for June to discuss phase III trial design [5] - **Market Need**: There are approximately 300,000 new patients in the U.S. annually needing such treatments [5] Other Pipeline Products - **RAD204**: Currently in phase I trial for PD-L1 positive patients, progressing well with no negative side effects reported [6][7] - **RAD202**: Targeting HER2 expressing tumors, also in phase I, with positive tumor uptake and safety profile [7][8] - **BetaBart**: A new trial targeting B7H3 has started, with strong preclinical data and a focus on various solid tumors [9][10] - **KLK3 Targeting**: A unique approach in prostate cancer treatment using Tb-161, differentiating from PSMA targeting [11][12] Competitive Position - **First-Mover Advantage**: Radiopharm is positioned as a leader in clinical development for several of its products, with a competitive edge over companies like Aktis and Novartis [10] - **Market Scarcity**: There are few public companies in the radiopharmaceutical space, particularly in Australia and the U.S., which may sustain momentum in the sector [16] Execution Risks - **Recruitment Challenges**: The oncology field is crowded, making patient recruitment for trials competitive [20] - **Trial Allocation**: Hospitals may prioritize other trials over Radiopharm's, necessitating strategic site selection [20] Financial and Market Insights - **Market Discrepancy**: There is a noted 20%-25% premium for Radiopharm's stock on Nasdaq compared to ASX, attributed to the company's limited size and market exposure [22][23] - **Future Catalysts**: Key upcoming milestones include phase II readout of RAD101 between May and June, and phase I readouts for RAD204 and RAD202 by the end of the year [24] Additional Important Information - **Clinical Updates**: The company aims to provide multiple clinical updates in the next 2-3 months, with a focus on areas lacking competition [13][14] - **Safety and Efficacy**: Initial cohorts for RAD204 and RAD202 have not shown clinical efficacy due to low dosing, but higher doses are expected to yield results [17][18] - **Strategic Focus**: The company plans to evaluate which products to prioritize based on emerging clinical data later in the year [19]

Telix Pharmaceuticals Conference Call Summary Company Overview - **Company**: Telix Pharmaceuticals (NasdaqGS:TLX) - **Industry**: Radiopharmaceuticals, focusing on oncology - **2025 Performance**: Achieved over $800 million in sales, primarily from the U.S. prostate cancer imaging franchise with two FDA-approved products [3][4] - **2026 Revenue Guidance**: Projected revenue between AUD 950 million and AUD 970 million, reflecting approximately 25% growth in the precision medicine business unit [5][6] Core Business Insights - **Focus Areas**: Urologic oncology and neuro-oncology [3] - **Growth Drivers**: - Continued growth in the PSMA (Prostate-Specific Membrane Antigen) imaging market, estimated at 5%-7% annually due to market education and increased urologist engagement [7] - Launch of a second prostate cancer product, Gozellix, which received pass-through status [8] - Ongoing Phase 3 BYPASS trial aimed at expanding the total addressable market (TAM) for prostate cancer imaging [9][10] Clinical Trials and Product Pipeline - **BYPASS Trial**: A significant Phase 3 trial that aims to improve biopsy accuracy using gallium PSMA PET scans, potentially reducing the need for invasive procedures [30][33] - **ProstACT Global Trial**: A Phase 3 trial for mCRPC (metastatic castration-resistant prostate cancer) that includes a randomized study design with various treatment cohorts [39][40] - **IPAX-BRIGHT Trial**: A Phase 3 trial for TLX101 in brain cancer, focusing on overall survival as the primary endpoint [68][71] - **TLX250 for Renal Cell Carcinoma**: Ongoing studies exploring combination therapies in a rapidly evolving treatment landscape [76][77] Market Opportunities and Challenges - **Prostate Cancer Imaging**: The BYPASS trial could lead to significant market expansion, with over 1 million biopsies performed annually in the U.S., many of which yield inconclusive results [30][31] - **Patient Compliance**: The potential to improve patient compliance and engagement through less invasive imaging techniques [38] - **Competitive Landscape**: The need to differentiate from other modalities, such as T-cell engagers, by emphasizing the short duration of treatment and integration into standard care [63][66] Future Directions - **Alpha Emitters**: Exploration of TLX592, an alpha emitter, with a focus on its potential advantages over beta emitters in targeting specific cancer types [54][58] - **Innovative Targets**: Plans to introduce novel targeting agents and expand the pipeline with a mix of validated and novel targets [92] - **Long-term Vision**: Aiming to establish a strong position in the radiopharmaceutical market by leveraging unique pharmacological approaches and addressing unmet medical needs [87][88] Conclusion - Telix Pharmaceuticals is positioned for significant growth in the oncology space, particularly in prostate cancer imaging and treatment, with a robust pipeline and strategic focus on innovative therapies. The company is actively addressing market challenges and exploring new opportunities to enhance patient outcomes and expand its market presence [3][4][5][6][7][8][9][10][30][31][39][40][68][71][76][77][87][88][92]

Core Insights - Plus Therapeutics, Inc. is focused on developing precision diagnostics and radiopharmaceuticals for CNS cancers, with significant financial results and business highlights reported for Q4 2025 and the full year [1] Corporate Highlights - The company completed an upsized public offering generating $15 million in gross proceeds, extending its cash runway to support CNSide commercialization and two ongoing Phase 2 clinical programs [2] - The company secured an American Medical Association Category III CPT reimbursement code for REYOBIQ, enhancing market access for its therapy in recurrent glioblastoma and pediatric brain cancer [7] - CNSide laboratory licensing has expanded to 49 of 50 U.S. states, allowing access to the CNSide Tumor Cell Enumeration test for approximately 95% of the U.S. population [7] - The company recognized $5.2 million in grant revenue for 2025, compared to $5.8 million in 2024, primarily from CPRIT for REYOBIQ development [7] Financial Results - The company's cash and investments balance was $13.1 million on December 31, 2025, up from $3.6 million on December 31, 2024 [7] - Total operating loss for 2025 was $15.3 million, compared to $14.7 million in 2024, attributed to the expansion of the CNSide operations team [7] - Net loss for 2025 was $22.4 million, or $(0.29) per basic share, compared to a net loss of $13.0 million, or $(1.95) per basic share, in 2024 [7] Development and Clinical Programs - REYOBIQ is being evaluated for recurrent glioblastoma, leptomeningeal metastases, and pediatric brain cancer in ongoing clinical trials [12] - The company anticipates increased R&D expenditures in 2026 due to costs associated with the ReSPECT-LM clinical trial and manufacturing scale-up for REYOBIQ [9] - The company aims for CNSide Diagnostics to breakeven by 2027, with expected increases in general and administrative expenditures in 2026 [10] Future Milestones - The company plans to define the optimal dose for REYOBIQ in the ReSPECT-LM Phase 2 trial, with data expected in Q3 2026 [15] - Enrollment in the ReSPECT-GBM Phase 2 trial is expected to be completed, with data anticipated in Q4 2026 [15] - The company aims to expand U.S. commercial payer coverage to over 150 million covered lives and achieve more than 1,250 annualized test orders [16]

Summary of Lantheus Conference Call Company Overview - **Company**: Lantheus - **Industry**: Healthcare, specifically in radiopharmaceuticals and diagnostics Key Points and Arguments 1. **Competitive Landscape**: Lantheus faced significant challenges in 2025, particularly with its flagship product PYLARIFY, due to increased competition and the loss of pass-through status affecting reimbursement rates for Medicare patients [7][8][9] 2. **FDA Approvals**: The company received two FDA approvals in recent weeks: a conditional approval for PNT2003 and full approval for PYLARIFY TruVu, which is expected to enhance market competitiveness and customer engagement [8][9] 3. **Future Growth Strategy**: Lantheus is positioning itself for growth in 2026 and beyond, focusing on consolidating its portfolio in nuclear medicine and re-engaging price-sensitive customers who switched to competitors [9][11] 4. **Market Dynamics**: The PSMA PET franchise is expected to stabilize, with projected market volume growth of 10%-11% in 2026, down from 20% in 2025 [31][32] 5. **Manufacturing Advantages**: PYLARIFY TruVu offers significant manufacturing improvements, allowing for up to 50% more doses per batch, addressing customer demand for increased availability [36][37] 6. **Alzheimer's Diagnostics**: The total addressable market (TAM) for Alzheimer's diagnostics is projected to reach $1.5 billion by the end of the decade, driven by the approval of new therapeutic drugs and changes in reimbursement guidelines [49][50] 7. **Capital Allocation**: Lantheus plans to pause on large business development (BD) initiatives to focus on integrating recent acquisitions and optimizing existing product lines [54][55] 8. **Reimbursement Strategy**: The company anticipates a smooth transition to PYLARIFY TruVu, with expectations for transitional pass-through coverage to be effective by October, which will aid in market adoption [65][66] Additional Important Insights 1. **Sales and Marketing Focus**: The company plans to invest 12%-12.5% of revenue in sales and marketing to support the launch of PYLARIFY TruVu and other products [60] 2. **Contracting Dynamics**: Transitioning to PYLARIFY TruVu will involve amending existing contracts rather than creating new ones, which is expected to streamline the process [19][20] 3. **Market Education**: Lantheus aims to raise awareness about the role of radiopharmaceuticals in life sciences, emphasizing their unique market dynamics compared to traditional pharmaceuticals [68][69] This summary encapsulates the critical aspects of Lantheus' current position, strategic direction, and market outlook as discussed in the conference call.

Core Viewpoint - Telix Pharmaceuticals Limited has successfully achieved the primary objectives of Part 1 of the ProstACT Global Phase 3 study for its therapeutic candidate TLX591-Tx, demonstrating an acceptable safety and tolerability profile with no new safety signals observed [1][5]. Study Findings - Part 1 confirmed the safety profile, biodistribution, and dosimetry of TLX591-Tx administered in two doses, 14 days apart, in combination with standard of care therapies: abiraterone, enzalutamide, or docetaxel [2][5]. - The patient population consisted of prostate-specific membrane antigen (PSMA) positive metastatic castration-resistant prostate cancer (mCRPC) patients previously treated with one androgen receptor pathway inhibitor (ARPI) [2][5]. Trial Design - ProstACT Global is a differentiated Phase 3 trial comparing PSMA-targeted 177Lu-rADC therapy administered with standard of care versus standard of care alone, reflecting current global clinical practice [3]. - The study has advanced into Part 2, a 2:1 randomized treatment expansion, in regions where clinical trial approval has been obtained [3]. Expert Commentary - Neeraj Agarwal, MD, noted that the results support the feasibility of integrating TLX591-Tx with current standard therapies for mCRPC, with hematologic events aligning with expectations and resolving quickly [4]. - David N. Cade, MD, emphasized the need for improved treatment options for advanced prostate cancer and highlighted the potential of TLX591-Tx to become a new first-line option [4]. Summary Results - A total of 36 patients were dosed in Part 1, with an acceptable safety profile observed across combination cohorts [5][6]. - The tolerability profile was supported by dosimetry and low-grade non-hematologic events, with no adverse drug-drug interactions observed [6][15]. Dosimetry and Biodistribution - Lesion dosimetry indicated no difference in absorbed dose profile across cohorts, and radiation exposure to key organs was well below established safety limits [6][15]. - Pharmacokinetics demonstrated sustained activity at 15 days, corroborated by imaging showing prolonged tumor retention [15]. Additional Information - ProstACT Global is an international, multicenter trial with an overall target enrollment of approximately 490 patients, focusing on confirmed progressive mCRPC assessed with a 68Ga-PSMA-11 PET imaging agent [9][24]. - TLX591-Tx has not yet received marketing authorization in any jurisdiction [12].

Financial Data and Key Metrics Changes - The company ended 2025 with cash and cash equivalents of $13.2 million, down from $23.3 million as of December 31, 2024 [7] - Net loss for the full year 2025 was $21.8 million or $8.35 per basic and diluted share, compared to a net loss of $44.6 million or $36.52 per basic share and $41.89 per diluted share in 2024 [9] - Research and development expenses for Q4 2025 were approximately $11.5 million, a decrease from approximately $26.6 million for the year ended December 31, 2024 [8] Business Line Data and Key Metrics Changes - The company advanced its lead asset, Iopofosine I 131, and is on track to submit a conditional marketing authorization application in Q3 2026 [4] - CLR 125, a new asset for triple-negative breast cancer, has initiated a phase 1b study, with early interim data expected in mid-2026 [5][6] - The company raised approximately $15.2 million throughout the year, extending its cash runway for ongoing pipeline advancements [7] Market Data and Key Metrics Changes - The European market for the second line setting is estimated to be over 12,000 patients, slightly higher than the U.S. market, which is just below 12,000 patients [54] - The conditional marketing authorization in Europe is expected to target a third line or later post-BTKI patient population, with plans to shift to a second line setting upon completion of the confirmatory study [54][55] Company Strategy and Development Direction - The company is focused on advancing its regulatory position in both Europe and the U.S. for Iopofosine I 131, with a clear strategy for market approval [4][10] - Strengthening supply chain infrastructure and expanding the global intellectual property estate are key components of the company's strategy [6][7] - The company aims to deliver transformative therapies to patients with difficult-to-treat cancers, supported by robust science and regulatory engagement [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the regulatory paths for Iopofosine I 131, highlighting the strength of the clinical data and the unmet medical need [5][10] - The company anticipates a milestone-rich 2026, with multiple value-creating milestones expected throughout the year [17] - Management noted high interest from physicians and patients in participating in upcoming trials, indicating a strong market demand for their therapies [41][42] Other Important Information - The company has made significant progress in its clinical development pipeline, including the initiation of new studies and strengthening partnerships for isotope supply [6][16] - The company has expanded its global patent estate, providing long-term protection for its key assets [6] Q&A Session Summary Question: Can the same submission package for EMA be used for FDA? - Management confirmed that while the formats differ, much of the data is similar and can be applied to both submissions [22][23] Question: What is the expected timeline for FDA submission post-initiation of the confirmatory study? - Management indicated that they expect to submit the NDA to the FDA about one to two months after initiating the study, with a response expected within 7 to 9 months [25][27] Question: What is the expected progression-free survival (PFS) compared to standard care? - Management provided insights into historical data, indicating that the median PFS for standard therapies is around 8 months, and they expect Iopofosine to perform better based on their data [29][40] Question: What are the plans for distribution in Europe? - The company plans to partner with various parties for commercialization in Europe, with a unique competitive advantage due to the longer shelf life of their product [53][54]

Aktis Oncology FY Conference Summary Company Overview - **Company**: Aktis Oncology (NasdaqGS:AKTS) - **Industry**: Targeted radiopharmaceuticals, specifically in oncology - **Focus**: Development of novel radiopharmaceuticals targeting various cancer types beyond current limitations Core Insights and Arguments - **Market Potential**: The radiopharmaceutical category is approaching an inflection point with significant clinical and commercial validation, exemplified by Pluvicto being the best-launching oncology drug in a decade since Ibrance [2][20] - **Target Expansion**: Aktis aims to expand the benefits of radiopharmaceuticals to additional targets beyond the current focus on PSMA and SSTR2, which are limited to specific cancer types [2][3] - **Lead Programs**: Aktis has two lead programs: - **AKY-1189**: Targets Nectin-4 - **AKY-2519**: Targets B7-H3 - Both programs are expected to provide multi-indication and multi-disease area opportunities, potentially leading to large blockbuster drugs [4][20] - **Clinical Development**: The company is focused on generating additional clinical data over the next 1-2 years to support the advancement of these lead programs [5][19] - **Manufacturing and Supply Chain**: Aktis is building its own manufacturing facility to enhance control over the end-to-end supply chain for radiopharmaceuticals, which is currently functioning well for ongoing Phase 1b studies [6][26] Additional Important Content - **Pipeline and Technology**: Aktis has a robust pipeline beyond the lead programs, with ongoing development of additional agents and a focus on generative AI design to enhance target discovery [14][29] - **Market Size Projections**: The therapeutic segment of radiopharmaceuticals is projected to reach $6 billion-$9 billion by the end of the decade, with potential expansion to a $25 billion-$35 billion market, and upside to $60 billion depending on the number of tumor types targeted [20] - **Patient Population Expansion**: The company aims to extend the benefits of radiopharmaceuticals to a broader patient population, including those with bladder, breast, lung, and other cancers, moving beyond the current focus on prostate and rare GI tumors [22][23] - **Advisory Board Insights**: Feedback from advisory boards suggests a preference for earlier lines of treatment rather than following traditional chemotherapy, indicating a potential shift in treatment paradigms [61][64] - **Team Expertise**: The leadership team at Aktis has significant experience, with a combined history of 14 FDA approvals, enhancing confidence in the company's capabilities [27][28] Conclusion Aktis Oncology is positioned at a pivotal moment in the radiopharmaceutical industry, with innovative approaches to expand treatment options for cancer patients. The company's focus on novel targets, robust clinical development, and strategic manufacturing capabilities highlight its potential for significant impact in oncology.

Maximizing the Impact of Radiopharmaceuticals TD Cowen 46th Annual Healthcare Conference March 2026 1 Disclaimer Information in this presentation and the accompanying oral presentation contains forward-looking statements within the meaning of the Private Securities Litigation Act of 1995 that involve substantial risks and uncertainties about Aktis Oncology and the industry in which Aktis Oncology operates, including statements regarding the initiation, timing, progress, results and costs of Aktis Oncology's ...