Perspective Therapeutics Provides Business Updates and Strategic Priorities Ahead of Presentation at 44th Annual J.P. Morgan Healthcare Conference

Rhea-AI Summary

Perspective Therapeutics (NYSE AMERICAN: CATX) provided clinical and operational updates ahead of its J.P. Morgan presentation on January 14, 2026 at 2:15 p.m. PT. Key points: updated [212Pb]VMT-α-NET data (DCO Dec 10, 2025) show no DLTs in a 56-patient safety set and durable disease control in an efficacy subset (19/25 without progression). Cohort 3 DLT assessment is complete and enrollment continues. VMT01 and PSV359 remain in early dose-finding stages with additional clinical readouts expected mid–late 2026. Manufacturing capacity expansion is underway.

Positive

• No dose-limiting toxicities in 56-patient VMT-α-NET safety analysis
• 19 of 25 patients (76%) without progression in updated efficacy set
• Cohort 3 DLT assessment complete; cleared to treat additional patients
• Multiple programs (VMT-α-NET, VMT01, PSV359) progressing in clinic

Negative

• Grade 3+ treatment-emergent adverse events in 21 of 56 patients (37.5%)
• Only five patients treated in PSV359 as of December 31, 2025
• Major clinical readouts for several programs not expected until mid–late 2026

News Market Reaction

-15.14% 2.2x vol

66 alerts

-15.14% News Effect

-14.2% Trough in 5 hr 34 min

-$36M Valuation Impact

$201M Market Cap

2.2x Rel. Volume

On the day this news was published, CATX declined 15.14%, reflecting a significant negative market reaction. Argus tracked a trough of -14.2% from its starting point during tracking. Our momentum scanner triggered 66 alerts that day, indicating high trading interest and price volatility. This price movement removed approximately $36M from the company's valuation, bringing the market cap to $201M at that time. Trading volume was elevated at 2.2x the daily average, suggesting increased selling activity.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

VMT-α-NET safety population: 56 patients Grade ≥3 TEAEs: 21 patients (37.5%) Progression-free patients: 19 of 25 (76%) +5 more

8 metrics

VMT-α-NET safety population 56 patients Phase 1/2a multi-center open-label dose-finding study

Grade ≥3 TEAEs 21 patients (37.5%) Treatment-emergent adverse events in VMT-α-NET safety set

Progression-free patients 19 of 25 (76%) VMT-α-NET efficacy set with additional ~13 weeks follow-up

Cohort 2 responses 9 patients (39%) Investigator-assessed RECIST v1.1 responses in VMT-α-NET Cohort 2

Deepening of best response 7 patients VMT-α-NET efficacy analysis including one with stable disease

VMT01 3.0 mCi patients 9 patients Heavily pre-treated melanoma patients since September 2025

PSV359 treated patients 5 patients Cohort 1 (2.5 mCi) and Cohort 2 (5.0 mCi) as of Dec 31, 2025

Cash & investments $174.1M Balance as of Sep 30, 2025 per 10-Q

Market Reality Check

Price: $2.67 Vol: Volume 1,796,846 is 1.34x...

normal vol

$2.67 Last Close

Volume Volume 1,796,846 is 1.34x the 20-day average of 1,337,212, indicating elevated interest ahead of the update. normal

Technical Shares at $2.84 are trading below the 200-day MA of $3.03, despite recent positive clinical news flow.

Peers on Argus

CATX gained 1.07% while key peers like TLSI, OM, CERS, QSI, and NNOX each declin...

CATX gained 1.07% while key peers like TLSI, OM, CERS, QSI, and NNOX each declined between about -1.9% and -5.69%, pointing to a company-specific reaction rather than a sector-wide move.

Common Catalyst Peer TLSI reported preliminary 4Q/FY results and guidance, while CATX issued a clinical and strategic pipeline update, suggesting no unified sector catalyst.

Historical Context

5 past events · Latest: Dec 18 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 18	Conference participation	Positive	+3.1%	Announcement of upcoming J.P. Morgan Healthcare Conference presentation.
Dec 04	Data acceptance	Positive	+8.1%	ASCO-GI 2026 acceptance of updated VMT-α-NET safety and efficacy data.
Nov 20	Conference participation	Neutral	-7.8%	Planned participation in December investor healthcare conferences.
Nov 10	Earnings and update	Neutral	+1.4%	Q3 2025 results with clinical progress and balance sheet overview.
Oct 31	Conference participation	Neutral	+3.4%	November investor conference meetings and a fireside chat.

Pattern Detected

Shares have often reacted positively to conference and data-related news, with one notable divergence on a conference-participation update.

Recent Company History

Over the past few months, CATX has frequently highlighted its radiopharmaceutical pipeline and investor outreach. Conference-related announcements on Oct 31, Nov 20, and Dec 18, 2025 and data acceptance for ASCO-GI 2026 on Dec 4, 2025 generally coincided with positive single-day moves, except for one December conference update. The Q3 2025 report on Nov 10, 2025 showed a $25.969M net loss but $174.1M in cash, while today’s news extends that story with more detailed clinical progress and 2026 milestones.

Market Pulse Summary

The stock dropped -15.1% in the session following this news. A negative reaction despite detailed cl...

Analysis

The stock dropped -15.1% in the session following this news. A negative reaction despite detailed clinical progress would fit a pattern where investors occasionally sold conference-related news even as programs advanced. The company reported a substantial net loss but also held $174.1M in cash, so pressure would more likely reflect risk reassessment on trial data or timelines than immediate liquidity strain. Historically, some pullbacks after event-driven runs have occurred, suggesting volatility around data updates.

Key Terms

dose limiting toxicities, treatment-emergent adverse events, myelosuppression, RECIST v1.1, +4 more

8 terms

dose limiting toxicities medical

"There were no reports of dose limiting toxicities (DLTs), treatment-related..."

A dose limiting toxicity is a harmful side effect observed during a drug trial that is severe enough to prevent increasing the dose further. Think of it as the safety red line that tells researchers they’ve reached the highest tolerable amount of a drug; it matters to investors because these limits shape dosing, affect whether a drug can be effective, influence trial costs and timelines, and often change the likelihood of eventual regulatory approval and commercial success.

treatment-emergent adverse events medical

"Grade 3 or higher treatment-emergent adverse events were reported in 21 patients..."

Events or symptoms that either appear for the first time or get worse after a patient starts a treatment; think of new or intensified side effects that show up once medicine or a medical device is used. Investors watch these closely because they affect whether a therapy can gain regulatory approval, be prescribed widely, or face legal and commercial setbacks—similar to how early customer complaints can sink a new product’s prospects.

myelosuppression medical

"...or clinically significant treatment-related myelosuppression."

A condition where the bone marrow slows or stops making blood cells, causing low white cells (higher infection risk), red cells (fatigue, oxygen problems), or platelets (bleeding risk). Think of the marrow as a factory that supplies vital workers; when it falters, patients become vulnerable. For investors, myelosuppression matters because it can limit a drug’s safety, change dosing or monitoring needs, affect regulatory approval and label warnings, and influence commercial potential and costs.

RECIST v1.1 medical

"9 (39%) patients in Cohort 2 were observed to have response according to investigator-assessed RECIST v1.1."

RECIST v1.1 is a standardized set of rules used in cancer trials to measure how solid tumors change over time, defining when tumors shrink, grow, or stay the same based on imaging scans. Investors care because these consistent measurements determine key trial results and regulatory decisions—like whether a drug is seen as effective—so RECIST-based outcomes directly affect a therapy’s approval prospects, market potential, and company valuation.

somatostatin receptor type 2 medical

"...unresectable or metastatic somatostatin receptor type 2 (SSTR2)-positive neuroendocrine tumors..."

A cell-surface protein that acts like a lock for the hormone-like molecule somatostatin; when somatostatin or drug mimics bind to this receptor, they change how the cell grows, secretes chemicals, or signals. Investors care because many diagnostic scans and targeted therapies use this receptor to find or treat tumors and hormonal diseases, so how much of the receptor is present affects a drug’s market potential and a diagnostic test’s usefulness.

MC1R medical

"VMT01 is a MC1R-targeted RPT that can be radiolabeled with either 203Pb..."

MC1R is a human gene that encodes a protein on cell surfaces involved in skin and hair pigmentation and in cellular responses to ultraviolet light. For investors, changes or mutations in MC1R matter because they can influence disease risk (notably certain skin cancers), be used as biomarkers, or serve as targets for diagnostics and therapies—think of it as a control switch that drug developers or diagnostic companies might aim to measure or modify.

PD-1 medical

"...in combination with nivolumab, a PD-1 blocking antibody developed and marketed..."

PD-1 is a protein found on certain immune cells that acts like a brake, signaling the immune system to slow down and avoid damaging healthy tissue. Drugs that block PD-1 release that brake so immune cells can better attack cancer cells; because such therapies can produce large clinical benefits, regulatory approvals, trial outcomes, pricing and market uptake for PD-1 drugs can materially affect a drugmaker’s prospects and investor returns.

fibroblast activation protein-α medical

"...to tumor sites expressing fibroblast activation protein-α, or FAP-α, associated with..."

Fibroblast activation protein-α (FAP-α) is an enzyme found on certain activated support cells that gather during tissue repair, scarring and around tumors; think of it as a bright flag on the scaffolding cells that remodel and support diseased tissue. Investors care because FAP-α is a clear biological target for drugs and imaging tools: products that bind or block it can help diagnose, monitor or treat cancers and fibrotic diseases, potentially creating commercial opportunities and affecting pipeline valuations.

AI-generated analysis. Not financial advice.

• Continued strong patient recruitment in neuroendocrine tumors for lead program VMT-α-NET sets the stage for submissions of robust clinical data package for presentation to more medical conferences in 2026, as well as regulatory engagement
• VMT-α-NET continues to be well-tolerated and shows durable disease control and deepening of tumor response with longer follow-up as reported at ASCO-GI 2026
• Clinical updates expected in mid to late 2026 for VMT01 targeting melanoma and PSV359 targeting FAP across multiple solid tumors, as well as potential additions to the clinical pipeline to be guided by first-in-human images
• Company to present updates at 44th Annual J.P. Morgan Healthcare Conference on Wednesday, January 14, 2026, at 2:15 p.m. PT
  
  

SEATTLE, Jan. 12, 2026 (GLOBE NEWSWIRE) -- Perspective Therapeutics, Inc. (“Perspective,” the “Company,” “we,” “us,” and “our”) (NYSE AMERICAN: CATX), a radiopharmaceutical development company that is pioneering advanced treatments for cancers throughout the body, today announced certain business updates and strategic priorities for the next 12-18 months.

“In 2026, I look forward to building on the immense progress made by everyone at Perspective during 2025 in applying our proprietary next generation targeted radiopharmaceutical technology to redefine cancer treatment,” said Thijs Spoor, Perspective’s CEO. “We are making disciplined investments to continue to innovate both products and processes, which positions us to be a leading commercial radiopharmaceutical player. We expect to share maturing clinical data across all of our programs in 2026.”

Advancing the current clinical pipeline

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).

Updated interim data from the study, as of a data-cut off (DCO) date of December 10, 2025, were presented at the 2026 ASCO Gastrointestinal Cancers Symposium (“ASCO-GI 2026”). Highlights from the updated analysis included the following:

Safety findings based on 56 patients who received at least one treatment:

• The 56 patients in this safety analysis comprised two patients in Cohort 1 (2.5 mCi), 46 patients in Cohort 2 (5.0 mCi), and 8 patients in Cohort 3 (6.0 mCi).
• There were no reports of dose limiting toxicities (DLTs), treatment-related discontinuations, serious renal complications, dysphagia, or clinically significant treatment-related myelosuppression.
• Grade 3 or higher treatment-emergent adverse events were reported in 21 patients (37.5%). One of these patients, who was enrolled in Cohort 3, experienced a transient Grade 4 event (lymphocyte count decrease). This event was transient and resolved without medical intervention. The patient continues to receive [²¹²Pb]VMT-α-NET treatment. There were no Grade 5 events.
• Serious adverse events were reported in 5 patients, with none deemed related to the study medication.

Anti-tumor activity based on both patients in Cohort 1 and 23 (half) of the patients enrolled in Cohort 2:

• Updated efficacy analysis in the same 25 patients from ESMO Congress 2025 (“ESMO 2025”) in October 2025 was presented with an additional ~13 weeks of follow-up since the previous presentation at ESMO 2025.
• 19 of the 25 patients (76%) were without progression and remained alive, including both patients in Cohort 1.
• 9 (39%) patients in Cohort 2 were observed to have response according to investigator-assessed RECIST v1.1. 8 (35%) of those responses were confirmed and previously reported at ESMO 2025. 1 patient experienced an initial response in their most recent tumor assessment after the prior update at ESMO 2025. As the patient remains on study, the patient is expected to receive a subsequent tumor assessment.
• 7 patients were observed to have deepening of best response, including 1 patient with stable disease.

By mid-2026, we expect all 46 patients in Cohort 2 would have had the opportunity for at least 48 weeks of follow-up since beginning treatment.

Cohort 3 opened in June 2025 after alignment was reached with the FDA, as previously agreed prior to the initiation of this study in 2023. Patients in Cohort 3 are receiving up to four fixed administered doses of [²¹²Pb]VMT-α-NET at 6.0 mCi, every eight weeks, if they weigh more than 60kg (133lb), or 100μCi/kg of body weight if they weigh less than or equal to 60kg.

Since the opening of Cohort 3 was announced on June 21, 2025, 8 Cohort 3 patients have commenced treatment and contributed to dose-limiting toxicity (DLT) assessment by a safety monitoring committee (SMC). The DLT assessment is now complete, and we are cleared to treat more patients at this dose, with one additional patient already treated. By mid-2026, these 8 DLT patients would have had the opportunity for at least 32 weeks of follow-up since beginning treatment, sufficient time to have completed at least one scan following the full course of treatment. As of December 31, 2025, a total of 9 patients had received treatment in Cohort 3.

VMT01

VMT01 is a MC1R-targeted RPT that can be radiolabeled with either ²⁰³Pb for patient selection and dosimetry assessments, 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.

• Currently, patients are receiving treatments at 3.0 mCi, either as monotherapy or in combination with nivolumab, a PD-1 blocking antibody developed and marketed by Bristol Myers Squibb as Opdivo®.
  
  
• Since dosing re-opened for 3.0 mCi of VMT01 as monotherapy, and was initiated for 3.0 mCi of VMT01 in combination with nivolumab in September 2025, 9 patients had received VMT01 3.0 mCi treatment as of December 31, 2025. 5 patients had received VMT01 at 3.0 mCi in combination with nivolumab. 4 patients had received 3.0 mCi of VMT01 as monotherapy, in addition to the 3 patients who received this monotherapy dose in late 2023.
  
  

We plan to submit to medical conferences data on each cohort after all patients in the cohort have had the opportunity for at least 24 weeks of follow-up after their initial doses, sufficient time to have completed at least one scan after the full course of treatment (up to three doses every eight weeks).

PSV359

We designed PSV359 to target and deliver ²¹²Pb to tumor sites expressing fibroblast activation protein-α, or FAP-α, associated with multiple highly prevalent solid tumors, with patients in need of additional treatment options. The targeting moiety may also be radiolabeled with ²⁰³Pb or ⁶⁸Ga and ⁶⁴Cu to detect FAP-α expression in individual patients. Preclinical imaging and therapy as well as human imaging results suggest our proprietary targeting ligand has improved levels of target engagement and uptake in tumors, as well as reduced retention in healthy tissues, which may result in a desirable therapeutic index.

2 patients in Cohort 1 had been treated with [²¹²Pb]PSV359 at 2.5 mCi, and 3 patients in Cohort 2 had been treated at 5.0 mCi, for a total of 5 patients as of December 31, 2025. Activation activities are underway for additional sites.

Updates on manufacturing infrastructure

Perspective continues to make progress on expanding its manufacturing capabilities by increasing and enhancing capacity at existing facilities and building out recently acquired sites.

44th Annual J.P. Morgan Healthcare Conference
Thijs Spoor, CEO of Perspective, will present at the 44th Annual J.P. Morgan Healthcare Conference on Wednesday, January 14, 2026, at 2:15 p.m. PT (5:15 p.m. ET). A live audio webcast of the presentation and Q&A will be available on the Investor Relations section of the Company's website at www.perspectivetherapeutics.com. A replay will also be archived for 90 days on the Investor Center section of the site.

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.

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 clinical development plans and the expected timing for the release of additional data from its clinical programs; the Company’s expectations regarding its interactions with regulatory agencies and the expected timing thereof; the Company’s belief that its investments in products and processes position it to be a leading commercial radiopharmaceutical player; 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 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 clnical development activities; economic and market conditions may worsen; 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 uncertaincies 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 Contacts:

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

Russo Partners, LLC
Nic Johnson
PerspectiveIR@russopr.com

FAQ

When will Perspective Therapeutics (CATX) present at J.P. Morgan 2026?

Presentation is scheduled for January 14, 2026 at 2:15 p.m. PT with a live webcast.

What are the latest safety findings for [212Pb]VMT-α-NET (CATX)?

In a 56-patient safety analysis there were no dose-limiting toxicities and no Grade 5 events.

What efficacy signals did CATX report for VMT-α-NET as of Dec 10, 2025?

In a 25-patient efficacy subset, 19 (76%) were without progression and 9 patients in Cohort 2 showed responses.

When will VMT01 and PSV359 clinical updates be available for CATX investors?

Clinical updates for VMT01 and PSV359 are expected in mid to late 2026 after required follow-up periods.

How many patients had received Cohort 3 dosing of VMT-α-NET by Dec 31, 2025?

9 patients had received treatment in Cohort 3 as of December 31, 2025.