Perspective Therapeutics Announces Pricing of $175 Million Underwritten Offering of Common Stock and Pre-Funded Warrants

Rhea-AI Summary

Perspective Therapeutics (NYSE AMERICAN: CATX) priced an underwritten offering to raise approximately $175 million of gross proceeds by selling 39,576,088 common shares at $3.79 per share and pre-funded warrants to purchase 6,598,046 shares at $3.789 each. The offering is expected to close on or about February 3, 2026, subject to customary closing conditions.

Perspective said it will use net proceeds to advance clinical development, invest in manufacturing facilities, and for working capital and general corporate purposes; a portion may be used for acquisitions or licenses though no commitments exist.

Positive

• Expected gross proceeds of $175 million to fund development
• 39,576,088 common shares and 6,598,046 pre-funded warrants offered
• Proceeds earmarked to advance clinical development and manufacturing investment

Negative

• Offering will dilute existing shareholders through sale of up to 46,174,134 potential shares
• Net proceeds reduced by underwriting discounts, commissions and offering expenses

Key Figures

Offering size: $175 million Common shares offered: 39,576,088 shares Pre-funded warrants: 6,598,046 warrants +5 more

8 metrics

Offering size $175 million Aggregate gross proceeds before expenses for 2026 underwritten offering

Common shares offered 39,576,088 shares Common stock in 2026 underwritten offering at $3.79 per share

Pre-funded warrants 6,598,046 warrants Pre-funded warrants in 2026 offering at $3.789 per warrant

Warrant exercise price $0.001 per share Exercise price of pre-funded warrants in 2026 offering

Current price $3.79 Pre-news price from market context

Daily change -11.03% Price change over prior 24 hours before news publication

Volume today 7,645,902 shares Trading volume on news day

20-day avg volume 5,507,560 shares Average daily volume over last 20 trading days

Market Reality Check

Price: $3.79 Vol: Volume 7,645,902 vs 20-da...

normal vol

$3.79 Last Close

Volume Volume 7,645,902 vs 20-day average 5,507,560 (relative volume 1.39x). normal

Technical Price 3.79 is trading above 200-day MA at 3.08 despite a -11.03% daily move.

Peers on Argus

CATX declined 11.03% on the offering news, while key peers (TLSI, OM, CERS, QSI,...

CATX declined 11.03% on the offering news, while key peers (TLSI, OM, CERS, QSI, NNOX) showed relatively modest mixed moves, indicating a stock-specific reaction rather than a sector-wide move.

Previous Offering Reports

1 past event · Latest: May 24 (Negative)

Same Type Pattern 1 events

Date	Event	Sentiment	Move	Catalyst
May 24	Equity offering	Negative	-0.7%	Pricing of $80M underwritten stock and pre-funded warrant offering.

Pattern Detected

Past equity offerings have been followed by modest share price declines, suggesting a tendency for dilution-related news to pressure the stock.

Recent Company History

This announcement reflects another underwritten offering following a prior $80 million deal on May 24, 2024, which led to a -0.66% move over 24 hours. Both offerings combined common stock and pre-funded warrants and were aimed at funding clinical development, manufacturing expansion, and corporate purposes. Today’s larger $175 million raise continues that capital-access pattern, with a sharper pre-news decline of -11.03% already in place.

Historical Comparison

offering

+0.7 %

Average Historical Move

Historical Analysis

In prior offering news, CATX moved about 0.66% over 24 hours. Today’s announced $175M financing alongside a -11.03% move represents a materially larger negative reaction than past equity raises.

Typical Pattern

The company has repeatedly used underwritten offerings, scaling from a prior $80M raise in 2024 to a $175M transaction, to fund clinical development and manufacturing expansion.

Market Pulse Summary

This announcement details a $175M underwritten offering combining common stock and pre-funded warran...

Analysis

This announcement details a $175M underwritten offering combining common stock and pre-funded warrants to support clinical development and manufacturing investments. Compared with an earlier $80M raise in 2024, it signals continued reliance on equity financing to fund an expanding radiopharmaceutical pipeline. Investors may track how efficiently proceeds advance trials and facilities, overall dilution from 39,576,088 new shares and 6,598,046 warrants, and future capital-raising cadence.

Key Terms

underwritten offering, pre-funded warrants, registration statement on Form S-3, prospectus supplement

4 terms

underwritten offering financial

"announced the pricing of an underwritten offering of 39,576,088 shares"

An underwritten offering is when a bank or group of banks agrees to buy all of a company's new shares or bonds and then resell them to outside investors, guaranteeing the company will raise a specific amount of money. It matters to investors because it adds certainty that the funding will close while increasing the number of shares or debt in the market, which can lower the price per share and change each existing owner's ownership percentage—think of a wholesaler buying an entire shipment from a maker before it reaches stores.

pre-funded warrants financial

"pre-funded warrants to purchase 6,598,046 shares of its common stock"

Pre-funded warrants are financial instruments that give investors the right to purchase a company's stock at a set price, but with most or all of the purchase price paid upfront. They function like a coupon or gift card for stock, allowing investors to buy shares later at a fixed price, which can be beneficial if they want to avoid future price increases. This makes them important for investors seeking flexibility and certainty in their investment plans.

registration statement on Form S-3 regulatory

"pursuant to a registration statement on Form S-3 that was most recently"

A registration statement on Form S‑3 is a short, standardized filing a qualified public company uses to register new securities with regulators so they can be sold to investors; think of it as a pre-approved, reusable permission slip that speeds up future offerings. It matters to investors because it lets the company raise money more quickly and cheaply — which can fund growth or pay debt — but may also lead to share dilution or change in ownership, so it affects value and liquidity.

prospectus supplement regulatory

"A final prospectus supplement will be filed with the SEC."

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

AI-generated analysis. Not financial advice.

SEATTLE, Feb. 02, 2026 (GLOBE NEWSWIRE) -- Perspective Therapeutics, Inc. (“Perspective” or the “Company”) (NYSE AMERICAN: CATX), a radiopharmaceutical company that is pioneering advanced treatments for cancers throughout the body, today announced the pricing of an underwritten offering of 39,576,088 shares of its common stock at an offering price of $3.79 per share and, to certain investors in lieu of common stock, pre-funded warrants to purchase 6,598,046 shares of its common stock at a price of $3.789 per pre-funded warrant. The aggregate gross proceeds from this offering are expected to be approximately $175 million, before deducting underwriting discounts and commissions and other offering expenses payable by Perspective in connection with the offering. The purchase price per share of each pre-funded warrant represents the per share offering price for the common stock, minus the $0.001 per share exercise price of such pre-funded warrant. The offering is expected to close on or about February 3, 2026, subject to the satisfaction of customary closing conditions. All of the shares of common stock and pre-funded warrants to be sold in the offering are being sold by Perspective.

The financing included participation from Commodore Capital, TCGX, Spruce Street Capital, Surveyor Capital (a Citadel company), Affinity Asset Advisors, HBM Healthcare Investments, Ally Bridge Group and other leading healthcare specialist and long only investors.

Piper Sandler, UBS Investment Bank, Oppenheimer & Co., Truist Securities and LifeSci Capital are acting as joint book-running managers for the offering.

Jones acted as financial advisor to the Company for the offering.

Perspective intends to use the net proceeds that it will receive from the offering to advance the clinical development of product candidates, continue to invest in the Company’s manufacturing facilities and for working capital and other general corporate purposes. A portion of the net proceeds may also be used to acquire, license or invest in complementary products, technologies, intellectual property or businesses, although Perspective has no present commitments or agreements to do so.

The securities described above are being offered by Perspective pursuant to a registration statement on Form S-3 that was most recently declared effective by the Securities and Exchange Commission (the “SEC”) on April 8, 2025. A final prospectus supplement will be filed with the SEC. These documents can be accessed on the SEC’s website at www.sec.gov.

Copies of the final prospectus supplement, when available, and accompanying prospectus relating to the offering may be obtained from Piper Sandler & Co., Attention: Prospectus Department, 350 North 5th Street, Suite 1000, Minneapolis, Minnesota 55401 or by email at prospectus@psc.com; UBS Securities LLC, 11 Madison Avenue, New York, New York 10010, Attention: Prospectus Department, by calling 1-833-481-0269 or by e-mail at ol-prospectus-request@ubs.com; Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, New York 10004, by calling 1-212-667-8055 or by email at equityprospectus@opco.com; Truist Securities, Inc., Attention: Prospectus Department, 740 Battery Avenue SE, 3rd Floor, Atlanta, Georgia 30339 or by calling 1-800-685-4786 or by email at truistsecurities.prospectus@truist.com; or LifeSci Capital LLC at 1700 Broadway, 40th Floor, New York, New York 10019 or by email at compliance@lifescicapital.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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-emitting isotope ²¹²Pb to deliver powerful radiation specifically to cancer cells via specialized targeting moieties. The Company is also developing complementary imaging diagnostics that incorporate the same targeting moieties, which provides the opportunity to personalize treatment and optimize patient outcomes. This “theranostic” approach enables the ability to see the specific tumor and then treat it to potentially improve efficacy and minimize toxicity.

The Company's neuroendocrine tumor (VMT-α-NET), melanoma (VMT01), and solid tumor (PSV359) programs are in Phase 1/2a imaging and therapy trials in the U.S. The Company is growing its regional network of drug product candidate finishing facilities, enabled by its proprietary ²¹²Pb generator, to deliver patient-ready product candidates for clinical trials and commercial operations.

Safe Harbor Statement

To the extent any statements made in this press release deal with information that is not historical, these are forward-looking statements under the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements regarding the timing of the closing of the offering, as well as the anticipated use of proceeds from the offering and other statements identified by words such as “will,” “potential,” “could,” “can,” “believe,” “intends,” “continue,” “plans,” “expects,” “anticipates,” “estimates,” “may,” other words of similar meaning or the use of future dates. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Uncertainties and risks may cause Perspective’s actual results to be materially different than those expressed in or implied by Perspective’s forward-looking statements. For Perspective, this includes satisfaction of the customary closing conditions of the offering, delays in obtaining required stock exchange or other regulatory approvals, stock price volatility and uncertainties relating to the financial markets, the medical community and the global economy, and the impact of instability in general business and economic conditions, including changes in inflation, interest rates and the labor market. More detailed information on these and additional factors that could affect Perspective’s actual results are described in Perspective’s filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2024, as revised or supplemented by its Quarterly Reports on Form 10-Q and other documents filed with the SEC. All forward-looking statements in this press release speak only as of the date of this press release. Unless required to do so by law, Perspective undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Perspective Therapeutics IR:
Annie J. Cheng, CFA
ir@perspectivetherapeutics.com

Russo Partners, LLC
Nic Johnson

PerspectiveIR@russopr.com

FAQ

What did Perspective Therapeutics (CATX) announce about the February 2026 offering?

Perspective announced an underwritten offering expected to raise about $175 million. According to the company, the deal sells 39,576,088 common shares and pre-funded warrants for 6,598,046 shares, and is expected to close on or about February 3, 2026.

How many shares and pre-funded warrants is CATX selling and at what price?

CATX is selling 39,576,088 common shares at $3.79 per share and pre-funded warrants for 6,598,046 shares at $3.789. According to the company, those are the specified offering prices.

What will Perspective Therapeutics (CATX) use the offering proceeds for?

The company intends to use net proceeds to advance clinical development, invest in manufacturing, and for working capital. According to the company, a portion may be used for acquisitions or licenses though no commitments currently exist.

When is the CATX offering expected to close and what conditions apply?

The offering is expected to close on or about February 3, 2026, subject to customary closing conditions. According to the company, closing remains contingent on satisfaction of those customary conditions.

Who participated in and is managing Perspective’s $175 million offering (CATX)?

Institutional investors participated including Commodore Capital, TCGX, and others; Piper Sandler and UBS are joint book-running managers. According to the company, additional managers include Oppenheimer, Truist Securities and LifeSci Capital.