CATX 8-K
Perspective Therapeutics, Inc. (CATX)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 11, 2026, Perspective Therapeutics, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 2026 and providing recent business highlights. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K (the “Form 8-K”) and is incorporated by reference into this Item 2.02.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed to be incorporated by reference into any of the Company’s filings with the Securities and Exchange Commission under the Exchange Act or the Securities Act of 1933, as amended, whether made before or after the date hereof, regardless of any general incorporation language in such a filing, except as expressly set forth by specific reference in such a filing.
Item 8.01 Other Events.
Also on May 11, 2026, the Company posted an updated corporate presentation on its website at www.perspectivetherapeutics.com. A copy of the presentation is filed as Exhibit 99.2 to this Form 8-K and is incorporated by reference into this Item 8.01.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
99.1 |
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Press release issued by Perspective Therapeutics, Inc., dated May 11, 2026. |
99.2 |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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PERSPECTIVE THERAPEUTICS, INC. |
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Date: |
May 11, 2026 |
By: |
/s/ Joel Sendek |
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Joel Sendek |
Perspective Therapeutics Provides Recent Business Highlights and
Reports 1Q 2026 Results
SEATTLE – May 11, 2026 – Perspective Therapeutics, Inc. (“Perspective,” the “Company,” “we,” “us,” and “our”) (NYSE AMERICAN: CATX), a radiopharmaceutical development company pioneering advanced treatments for cancers throughout the body, today provided a business update and announced results for the quarter ended March 31, 2026.
“The first quarter of 2026 was marked by continued execution across our clinical programs and strengthening of our financial position,” said Thijs Spoor, Perspective’s CEO. “Our focus on engineering the alpha advantage across every part of the radiopharmaceutical value chain - from the radioisotope to optimized structural chemistry, theranostic processes, and regional manufacturing - differentiates Perspective, and we look forward to providing clinical and manufacturing updates throughout 2026.”
Clinical Highlights
VMT-α-NET
We are conducting a multi-center, open-label, dose-finding study (clinicaltrials.gov identifier NCT05636618) of [212Pb]VMT-α-NET in patients with unresectable or metastatic somatostatin receptor type 2 (SSTR2)-positive neuroendocrine tumors (NETs) who have not received prior radiopharmaceutical therapies (RPT).
VMT01
VMT01 is an MC1R-targeted RPT that can be radiolabeled with either 203Pb for patient selection and dosimetry assessment or 212Pb for alpha-particle therapy. We are conducting a multi-center, open-label, dose-finding study (clinicaltrials.gov identifier NCT05655312) in heavily pre-treated patients with histologically confirmed melanoma and MC1R-positive imaging scans.
PSV359
We designed PSV359 to target and deliver 212Pb to tumor sites expressing fibroblast activation protein-α (FAP-α), which is associated with multiple highly prevalent solid tumors, in patients in need of additional treatment options.
Updates to the preclinical pipeline
Our discovery team is preparing additional novel constructs for potential first-in-human (FIH) imaging.
Updates on manufacturing infrastructure
We continue to make progress on expanding our manufacturing capabilities by increasing and enhancing capacity at existing facilities and building out recently acquired sites.
First Quarter 2026 Financial Summary
Cash, cash equivalents, and short-term investments as of March 31, 2026, were approximately $271 million as compared to $145 million as of December 31, 2025. In February 2026, we announced the closing of an underwritten offering of securities with net proceeds of approximately $164 million after deducting underwriting discounts and commissions and other offering-related expenses. We believe our cash, cash equivalents, and short-term investments as of March 31, 2026, will be sufficient to fund our current clinical milestones and operational investments into late 2027.
As of March 31, 2026, we had approximately 114.0 million shares of common stock and approximately 20.5 million warrants and options to purchase shares of common stock outstanding. In connection with the February 2026 underwritten offering of securities noted above, we issued 39.6 million shares of common stock along with pre-funded warrants to purchase 6.6 million shares of common stock.
Research and development expenses were $21.4 million for the three months ended March 31, 2026, compared to $14.3 million for the three months ended March 31, 2025, an increase of approximately 50%. The increase in research and development expenses was primarily related to higher personnel costs, including share-based compensation, due to additional headcount to support our ongoing clinical trials, as well as increased spending on contract development and manufacturing organizations, clinical site activities, drug programs and delivery, pipeline studies and consulting.
General and administrative expenses were $7.0 million for the three months ended March 31, 2026, compared to $7.8 million for the three months ended March 31, 2025, a decrease of approximately 10%. The decrease in general and administrative expenses was primarily due to decreased fees for professional and consulting services and fees related to operating as a public company, partially offset by increased personnel costs.
Net loss for the three months ended March 31, 2026, was $26.2 million, or $0.25 per basic and diluted share, compared to a net loss of $18.2 million, or $0.25 per basic and diluted share, for the same period in 2025. During the three months ended March 31, 2026 and 2025, there was a net benefit of $2.1 million and $2.3 million, respectively, in net interest income and other expenses. In addition, during the three months ended March 31, 2025 we recognized $1.4 million of Deferred Income, which was received in 2024.
About Perspective Therapeutics, Inc.
Perspective Therapeutics, Inc. is a radiopharmaceutical development company pioneering advanced treatments for cancers throughout the body. The Company has proprietary technology that utilizes the alpha-generating isotope 212Pb to deliver powerful radiation specifically to cancer cells via specialized targeting moieties. The Company is also developing complementary imaging techniques that incorporate the same targeting moieties, which provides the opportunity to personalize treatment and optimize patient outcomes. This "theranostic" approach enables visualization of the specific tumor and subsequent treatment, potentially improving efficacy and minimizing toxicity.
The Company is advancing a portfolio of clinical-stage programs in the U.S., including VMT-α-NET (neuroendocrine tumors), VMT01 (melanoma), and PSV359 (solid tumors).
The Company is expanding its regional finished drug product candidate supply network, enabled by its proprietary 224Ra/212Pb generator platform used to manufacture clinical drug product candidates, to support the delivery of patient-ready drug product candidates for clinical trials and, if approved, commercial operations.
For more information, please visit the Company's website at www.perspectivetherapeutics.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Statements in this press release that are not statements of historical fact are forward-looking statements. Words such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "estimate," "believe," "predict," "potential," or "continue" or the negative of these terms or other similar expressions are intended to identify forward-looking statements, though not all forward-looking statements contain these identifying words. Forward-looking statements in this press release include express or implied statements concerning, among other things, the Company's expectations regarding cash runway; the Company’s manufacturing, distribution and commercialization plans and capabilities; the Company’s clinical and preclinical development plans and the expected timing for the release of additional data from its development programs; the Company’s beliefs that its product candidates address certain unmet medical needs; the Company’s expectations regarding regulatory pathways for its product candidates, the Company’s interactions with regulatory agencies and the expected timing thereof; and other statements that are not historical fact.
The Company may not actually achieve the plans, intentions, or expectations disclosed in the forward-looking statements, and you should not place undue reliance on the forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause the Company's actual results to differ materially from the results described in or implied by the forward-looking statements. Known risk factors include that the Company’s preclinical development plans and clinical trials may be more costly or take longer to complete than anticipated, or may never be completed, or may not generate results that warrant future development of the tested product candidate; the Company may elect to change its strategy regarding its product candidates and development activities; economic and market conditions may worsen; regulatory agencies may issue decisions that negatively impact the Company’s product candidates and clinical development plans; and risks related to the sufficiency of the Company’s cash resources for its future operating expenses and capital expenditures. A more complete discussion of the risks and uncertainties facing the Company appears under the heading "Risk Factors" in the Company's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the "SEC"), in the Company's other filings with the SEC, and in the Company's future reports to be filed with the SEC and available at www.sec.gov. Forward-looking statements contained in this news release are made as of this date. Unless required to do so by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Media and Investor Relations Contact:
Perspective Therapeutics IR:
Annie J. Cheng, CFA
ENTENTE Network of Companies
Virginia Amann
Perspective Therapeutics, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except shares and par value data)
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March 31, |
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December 31, |
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2026 |
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2025 |
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(unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
53,972 |
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$ |
30,629 |
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Short-term investments |
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216,957 |
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114,108 |
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Accounts receivable, net (allowance for doubtful accounts was $375 for each period) |
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58 |
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6 |
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Prepaid expenses and other current assets |
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4,365 |
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3,646 |
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Total current assets |
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275,352 |
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148,389 |
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Noncurrent assets: |
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Property and equipment, net |
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92,483 |
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76,597 |
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Right of use asset, net |
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2,444 |
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1,500 |
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Intangible assets, in-process research and development |
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40,000 |
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40,000 |
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Other assets, net |
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490 |
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486 |
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Total assets |
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410,769 |
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266,972 |
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LIABILITIES AND STOCKHOLDERSʼ EQUITY |
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Current liabilities: |
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Accounts payable and accrued expenses |
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$ |
26,485 |
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$ |
20,511 |
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Lease liability |
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1,069 |
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623 |
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Accrued personnel expenses |
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3,876 |
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7,489 |
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Note payable |
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56 |
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56 |
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Total current liabilities |
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31,486 |
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28,679 |
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Noncurrent liabilities: |
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Lease liability, net of current portion |
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1,552 |
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1,005 |
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Note payable, net of current portion |
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1,554 |
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1,569 |
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Deferred Income |
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26,600 |
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26,600 |
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Deferred tax liability |
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1,702 |
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1,702 |
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Other noncurrent liabilities |
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437 |
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386 |
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Total liabilities |
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63,331 |
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59,941 |
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Commitments and contingencies |
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Stockholdersʼ equity: |
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Preferred stock: $0.001 par value; 7,000,000 shares authorized; 5,000,000 designated Series B convertible; no shares issued |
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- |
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- |
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Common stock: $0.001 par value; 750,000,000 shares authorized; 114,017,755 and 74,337,990 shares issued |
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114 |
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74 |
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Additional paid-in capital |
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708,579 |
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541,687 |
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Accumulated other comprehensive (loss) income |
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(226 |
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110 |
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Accumulated deficit |
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(361,029 |
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(334,840 |
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Total stockholdersʼ equity |
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347,438 |
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207,031 |
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Total liabilities and stockholdersʼ equity |
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$ |
410,769 |
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$ |
266,972 |
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Perspective Therapeutics, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited)
(Dollars and shares in thousands, except for per-share amounts)
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Three Months Ended March 31, |
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2026 |
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2025 |
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Grant revenue |
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$ |
76 |
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$ |
342 |
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Operating expenses: |
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Research and development |
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21,372 |
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14,332 |
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General and administrative |
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6,985 |
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7,842 |
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Total operating expenses |
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28,357 |
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22,174 |
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Operating loss |
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(28,281 |
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(21,832 |
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Non-operating income (expense): |
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Interest income |
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2,197 |
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2,384 |
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Interest and other expense |
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(105 |
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(128 |
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Other income from a related party |
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- |
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1,400 |
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Equity in loss of affiliate |
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- |
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(1 |
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Total non-operating income, net |
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2,092 |
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3,655 |
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Net loss |
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$ |
(26,189 |
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$ |
(18,177 |
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Basic and diluted loss per share |
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$ |
(0.25 |
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$ |
(0.25 |
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Weighted average shares used in computing net loss per share: |
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Basic and diluted |
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103,604 |
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72,357 |
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Unrealized (loss) gain on available-for-sale securities |
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$ |
(336 |
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$ |
70 |
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Comprehensive loss |
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$ |
(26,525 |
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$ |
(18,107 |
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Redefining Oncology Treatment with Next-Generation Radiopharmaceuticals
Engineering the Alpha Advantage in Targeted Oncology
Unlocking New Treatment Options Across Solid Tumors:
Optimizing the Entire System
Rapidly Advancing Best-in-Class Next Generation Radiopharmaceuticals
Optimizing Structural Chemistry:
Choosing The Right Isotope
Not All ²¹²Pb Programs Are Created Equal
Advancing a Theranostic Approach:
Solid Tumors are an Attractive Market for Radiopharmaceuticals
Expanding the Addressable Market
Direct-to-Hospital Delivery through Integrated Isotope Production
Daily Production at Regional Sites Ensures Supply of Ready-to-Administer Product
Reaching the Largest Addressable Market with Regional Manufacturing
Advancing a Diverse Wholly Owned 212Pb-Based Oncology Portfolio
SSTR2+ Neuroendocrine Tumors is a Large, Growing Market with Significant Unmet Need
VMT-⍺-NET: Potential First-in-Class 212Pb-Radioligand Therapy Targeting SSTR2
Ongoing Phase 1/2a to Establish Broad Therapeutic Window For VMT-⍺-NET in NETs
VMT-⍺-NET: Baseline Patient Characteristics in AACR 2026 Data Analysis
Patient Exposure and Follow-up with [212Pb]VMT-α-NET in AACR 2026 Data Analysis
VMT-α-NET Responses Deepen Over Time
VMT-⍺-NET: Durable Disease Control Across All Doses
Spider Plot of Tumor Change Over Time by Patient
Best-in-class Safety Profile1
Blood Creatinine During Follow-up for All Patients Treated (n=64)
VMT-α-NET’s Compelling Profile Supports Potential Registration Study at Current Dose Level
Checkpoint Inhibitors Transformed Care of Melanoma but Leave Many Patients Behind
VMT01: Potential First-in-Class 212Pb Therapy Targeting MC1R for Melanoma
Ongoing Phase 1/2a Open-Label Trial For VMT01 in Melanoma
Preliminary Anti-tumor Activity Observed at Lower Dose of VMT01
Treatment Emergent Adverse Events (All Grades, Occurring in ≥ 2 Patients)
VMT01 is Well-tolerated with Initial Anti-tumor Activity Supporting Further Development
FAP-ɑ is an Attractive Cancer Target with Broad Solid Tumor Potential
PSV359: Potential First-in-Class 212Pb Therapy Targeting FAP-ɑ for Solid Tumors
Ongoing Open-label Phase 1/2a Trial For PSV359 in Advanced Solid Tumors
PSV359 has Improved Tumor Retention, Highlighting its Potential as a Therapeutic Agent
Strong IP Portfolio Covering All Aspects of Radiopharmaceutical Value Chain
A Decade of Deliberate, End-to-End Engineering
Built Over a Decade:
Abbreviations
APPENDIX
NETs Trials
Patient with Confirmed PR After [212Pb]VMT-α-NET Treatment
Refractory Metastatic Melanoma Trials
ICI Combo Rationale: Strong Synergy with [212Pb]VMT01 in Melanoma
Construct designed for better clinical outcome
212Pb Uniquely Suited for Combination with Immune Check Point Inhibitors
