Perspective Therapeutics Q3 loss widens to $32.4M
The company expects approximately $202 million in cash, equivalents and short-term investments to fund planned milestones and operations into 2028.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Perspective Therapeutics reported third-quarter 2026 net loss of $32.442 million, versus $25.969 million a year earlier; research and development expenses were $26.073 million versus $20.339 million. Basic and diluted loss per share was $0.27, compared with $0.35. Cash, cash equivalents and short-term investments were approximately $202 million at September 30, 2026, and the company expects these resources to fund planned clinical milestones and operational investments into 2028.
Bamzireotide navoxetan’s NET Cohort 4 completed recruitment with 20 patients as of October 30, 2026, and the company targets an FDA end-of-Phase 2 meeting in 1Q 2027. The open lapemelanotide zapixetar monotherapy cohort had treated 12 patients as of October 30, with up to a cumulative 9 mCi administered across three treatments. FDA granted PSV359 Fast Track Designation in October 2026 for adult patients with locally advanced unresectable and/or metastatic FAP-positive solitary fibrous tumors. A September 2026 collaboration with Merck supports potential PSV359 and Keytruda evaluation in certain lung and colorectal cancers; Chicago-area manufacturing construction is expected to finish in early 2027.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Minor pointPer-share loss narrowed to $0.27 from $0.35 in the prior-year quarter.
Negative
- Moderate pointQuarterly net loss was $32.442 million, compared with $25.969 million in 2025.
Filing Explained
Perspective reports PSV359’s dose-finding study has progressed into its third dose cohort, with 17 patients treated across three cohorts as of
8-K Event Classification
Key Figures
Key Terms
Fast Track Designation regulatory
End-of-Phase 2 meeting regulatory
cumulative dose medical
theranostic medical
Earnings Snapshot
The company expects cash, cash equivalents and short-term investments to fund current planned clinical milestones and operational investments into 2028.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What was CATX's third-quarter 2026 net loss?
How much cash did CATX report at September 30, 2026?
What dosing schedule is CATX using in the VMT01 monotherapy cohort?
AI-generated analysis. How Rhea-AI works. Not financial advice.
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
Date of Report (Date of earliest event reported): |
(Exact name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction |
(Commission File Number) |
(IRS Employer |
||
|
|
|
|
|
|
||||
|
||||
(Address of Principal Executive Offices) |
|
(Zip Code) |
||
Registrant’s Telephone Number, Including Area Code: |
|
(Former Name or Former Address, if Changed Since Last Report)
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:
|
|
Trading |
|
|
|
|
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 November 9, 2026, Perspective Therapeutics, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 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 November 9, 2026, the Company posted an updated corporate presentation to 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 |
|
Press release issued by Perspective Therapeutics, Inc., dated November 9, 2026. |
99.2 |
|
Corporate presentation. |
104 |
|
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.
|
|
|
PERSPECTIVE THERAPEUTICS, INC. |
|
|
|
|
Date: |
November 9, 2026 |
By: |
/s/ Joel Sendek |
|
|
|
Joel Sendek |
Perspective Therapeutics Provides Recent Business Highlights and
Reports 3Q 2026 Results
SEATTLE – November 9, 2026 – Perspective Therapeutics, Inc. (“Perspective,” the “Company,” “we,” “us,” and “our”) (NYSE AMERICAN: CATX), a radiopharmaceutical development company pioneering advanced systemic treatments for cancers, today provided a business update and announced results for the quarter ended September 30, 2026.
“We have presented clinical data that demonstrated the potential of delivering alpha radiation via our proprietary targeted oncology platform,” said Thijs Spoor, Perspective’s Chief Executive Officer. “With encouraging clinical findings observed to date that further support the best‑in‑class potential of bamzireotide, continued progress across two additional programs targeting melanoma and FAP-α-positive solid tumors, and investments in our manufacturing capabilities, we are well-positioned to lead the development of the field.”
Recent Program Updates
Bamzireotide navoxetan (VMT-α-NET) in SSTR2-positive neuroendocrine tumors (NETs) and meningioma
Lapemelanotide zapixetar (VMT01) in MC1R-positive melanoma:
PSV359 in FAP-α-positive solid tumors
Manufacturing: We expect construction to be completed at the Chicago metro site in early 2027.
Third Quarter 2026 Financial Summary
Cash, cash equivalents, and short-term investments as of September 30, 2026, were approximately $202 million as compared to approximately $145 million as of December 31, 2025. We believe our cash, cash equivalents, and short-term investments are sufficient to fund our current planned clinical milestones and operational investments into 2028.
About Perspective Therapeutics, Inc.
Perspective Therapeutics, Inc. is a radiopharmaceutical development company pioneering advanced systemic treatments for cancers. 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, creating an 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 bamzireotide navoxetan (VMT-α-NET, neuroendocrine tumors), lapemelanotide zapixetar (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 proprietary technology, imaging techniques and product candidates, including VMT-α-NET, PSV359, and VMT01, and related treatment opportunities in connection therewith; the Company’s understanding regarding the clinical profiles of its product candidates, including VMT-α-NET, PSV359, and VMT01; the Company’s manufacturing, distribution and commercialization plans and capabilities, including the timing thereof; the Company’s clinical and preclinical development plans and the expected timing for the release of additional data from its clinical programs; the Company’s belief that its product candidates address certain unmet medical needs; the potential clinical benefits of the Company’s product candidates relative to existing therapies; the Company’s expectations regarding regulatory pathways for its product candidates; the Company’s expectations regarding its interactions with regulatory agencies and the expected timing thereof; the Company’s expectations regarding an End-of-Phase 2 meeting with the FDA in the first quarter of 2027; the
Company’s belief that it has sufficient isotope access to support ongoing clinical studies; 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 and manufacturing activities; our ability to successfully incorporate clinical data findings into ongoing discussions with regulators, including the FDA, on the designs of registration enabling studies; regulatory agencies may issue decisions that negatively impact the Company’s product candidates and clinical development plans; our ability to secure sufficient access to isotopes to support our clinical and potential commercialization plans; economic and market conditions may worsen; the FDA’s designation for PSV359 may not provide the anticipated benefits and could be subject to withdrawal; 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 Reports 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.
KEYTRUDA® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, NJ, USA.
Media and Investor Relations Contact:
Perspective Therapeutics IR:
Annie J. Cheng, CFA
ir@perspectivetherapeutics.com
ENTENTE Network of Companies
Virginia Amann
virginiaamann@ententeinc.com
Perspective Therapeutics, Inc. and Subsidiaries
Condensed Consolidated Balance Sheet Data
(In thousands)
|
|
September 30, |
|
December 31, |
|
|
2026 |
|
2025 |
|
|
(unaudited) |
|
|
ASSETS |
|
|
|
|
Cash and cash equivalents |
|
$ 41,042 |
|
$ 30,629 |
Short-term investments |
|
160,653 |
|
114,108 |
Property and equipment, net |
|
117,919 |
|
76,597 |
All other assets |
|
46,068 |
|
45,638 |
Total assets |
|
$ 365,682 |
|
$ 266,972 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERSʼ EQUITY |
|
|
|
|
Liabilities |
|
71,002 |
|
59,941 |
Total stockholdersʼ equity |
|
294,680 |
|
207,031 |
Total liabilities and stockholdersʼ equity |
|
$ 365,682 |
|
$ 266,972 |
Perspective Therapeutics, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (unaudited)
(Dollars and shares in thousands, except for per-share amounts)
|
|
Three Months Ended September 30, |
||
|
|
2026 |
|
2025 |
|
|
|
|
|
Grant revenue |
|
$ 20 |
|
$ 209 |
|
|
|
|
|
Operating expenses: |
|
|
|
|
Research and development |
|
26,073 |
|
20,339 |
General and administrative |
|
8,269 |
|
7,731 |
Total operating expenses |
|
34,342 |
|
28,070 |
Operating loss |
|
(34,322) |
|
(27,861) |
|
|
|
|
|
Non-operating income (expense): |
|
|
|
|
Interest income |
|
2,037 |
|
1,957 |
Interest and other expense |
|
(157) |
|
(65) |
Total non-operating income, net |
|
1,880 |
|
1,892 |
Net loss |
|
$ (32,442) |
|
$ (25,969) |
|
|
|
|
|
Basic and diluted loss per share |
|
$ (0.27) |
|
$ (0.35) |
|
|
|
|
|
Weighted average shares used in |
|
|
|
|
Basic and diluted |
|
120,748 |
|
74,296 |
Next-Generation Radiopharmaceuticals Redefining Targeted Oncology
Designed to be the Most Potent Payload in Targeted Oncology
Three Independent Clinical-Stage Programs, Each Against a Distinct Target with Data in 2027
Deep Leadership Across Radiopharmaceutical and Drug Development
The Perspective Story in Four Parts
Radiopharmaceutical Therapy: A Category Still Early in Its Adoption Curve
Targeted Delivery of Payloads is Transforming Oncology Therapy
$45 Billion+ Addressable Market, Already Generating Blockbuster Radiopharmaceutical Revenue
Four Programs Address a Combined $45B+ Solid Tumor Market
Pipeline in Depth: The Data Behind Each Program
Rapidly Advancing Best-in-Class Next Generation Radiopharmaceuticals
Neuroendocrine Tumors Bamzireotide Navoxetan (VMT-α-NET)
Ongoing Phase 1/2a to Establish Broad Therapeutic Window
Durable Ongoing Disease Control
Bamzireotide Navoxetan’s Compelling Profile Supports Pre-Phase 3 Activities
Melanoma Lapemelanotide zapixetar
Checkpoint Inhibitors Transformed Melanoma Care but Still Leave Many Behind
Potential First-in-Class 212Pb Therapy Targeting MC1R for Melanoma
Ongoing Phase 1/2a Open-Label Trial For Lapemelanotide Zapixetar in Melanoma
Preliminary Anti-tumor Activity Observed at 3.0 x 3 mCi Dose
Generally Well-Tolerated
Lapemelanotide Zapixetar Clinical Data Support Further Development
PSV359 Advanced Solid Tumors
PSV359: Potential First-in-Class 212Pb Therapy Targeting FAP-ɑ for Solid Tumors
FAP-ɑ is an Attractive Cancer Target with Broad Solid Tumor Potential
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
CCK2R81 a potential first-in-class in selected solid tumors
Perspective’s CCK2R81 in Medullary Thyroid Cancer Compared to FDG and Fluorodopa
Platform and Manufacturing
Optimizing Structural Chemistry:
Choosing the Right Isotope
Not All ²¹²Pb Programs Are Created Equal
Advancing a Theranostic Approach:
Direct-to-Hospital Delivery through Integrated Isotope Production
Reaching the Largest Addressable Market with Regional Manufacturing
Financial Strength and IP
Strong IP Portfolio Covering All Aspects of Radiopharmaceutical Value Chain
A Decade of Deliberate, End-to-End Engineering
Built Over a Decade - The Platform Is Built; Pipeline Advancing
Abbreviations
APPENDIX – Backup Slides
Investment thesis
Engineering the Alpha Advantage in Targeted Oncology
Optimizing the Entire System for Targeted Oncology
Advancing a Diverse 212Pb-Based Oncology Portfolio
Market opportunity
Solid Tumors are an Attractive Market for Radiopharmaceuticals
2L+ Metastatic Melanoma Trials
Bamzireotide navoxetan (VMT-α-NET)
Designed with Broad Therapeutic Window
Dosimetry: Independent Investigator Findings
Dosimetry: Highlights from the Phase 1 Study
Baseline Patient Characteristics in NANETS 2026 Data Analysis
Patient with Confirmed PR After [212Pb]VMT-α-NET Treatment
Lapemelanotide zapixetar (VMT01)
ICI Combo Rationale: Strong Synergy with Lapemelanotide Zapixetar in Melanoma
Metastatic Melanoma: Post Second line plus
PSV359
PSV359 is Active Against FAP-α Expression on Tumor and on Stroma
Platform and Manufacturing
Designed for Better Clinical Outcome
212Pb Uniquely Suited for Combination with Immune Checkpoint Inhibitors
Kinetics Matter: 212Pb Hits Hard and Fast for Strong Activity with Less Systemic Exposure
On-Demand Fulfillment at Regional Sites for Finished Product Delivery
Ideal for Regional Manufacturing
Daily Production at Regional Sites Ensures Supply of Ready-to-Administer Product
IP protection
