Perspective Therapeutics (NYSE: CATX) posts Q1 loss, cash runway to late 2027

Rhea-AI Filing Summary

Perspective Therapeutics reported first-quarter 2026 results and highlighted progress across its 212Pb radiopharmaceutical pipeline. Cash, cash equivalents and short-term investments were about $271 million as of March 31, 2026, up from $145 million at year-end 2025, helped by a February underwritten offering that generated roughly $164 million in net proceeds. Management believes this cash should fund current clinical milestones and operations into late 2027.

Research and development expenses rose to $21.4 million from $14.3 million a year earlier as the company expanded staff and clinical and manufacturing activities. General and administrative costs declined to $7.0 million from $7.8 million. Net loss widened to $26.2 million, or $0.25 per share, compared with a loss of $18.2 million, or $0.25 per share, in 2025.

The company reported three clinical-stage programs in neuroendocrine tumors, melanoma and FAP-positive solid tumors, with multiple data and follow-up milestones expected in 2026. It is also expanding a regional manufacturing network, including a flagship Chicago facility planned to complete construction in 2026.

Insights

Biotech equity analyst

Cash strengthened via equity raise while R&D spending accelerates.

Perspective Therapeutics ended Q1 2026 with cash, cash equivalents and short-term investments of $271M, up from $145M at December 31, 2025. This reflects a February underwritten offering that delivered net proceeds of about $164M, giving management confidence in funding operations into late 2027.

On the income statement, grant revenue declined to $76k from $342k, while research and development expenses increased to $21.4M from $14.3M, described as roughly a 50% rise tied to headcount, clinical and manufacturing costs. General and administrative expenses fell to $7.0M from $7.8M, indicating some overhead discipline even as net loss expanded to $26.2M.

Pipeline progress spans VMT-α-NET in SSTR2-positive neuroendocrine tumors, VMT01 in melanoma and PSV359 in FAP-positive solid tumors, each with defined follow-up windows into late 2026. Subsequent disclosures in company filings may provide detailed efficacy and safety data from these cohorts, which will be important for assessing future regulatory interactions and potential registration-enabling plans.

8-K Event Classification

3 items: 2.02, 8.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Cash & investments: $271M Cash & investments prior period: $145M Underwritten offering proceeds: $164M +5 more

8 metrics

Cash & investments $271M Cash, cash equivalents and short-term investments as of March 31, 2026

Cash & investments prior period $145M Cash, cash equivalents and short-term investments as of December 31, 2025

Underwritten offering proceeds $164M Net proceeds from February 2026 underwritten securities offering

Research & development expense $21.4M Three months ended March 31, 2026

Research & development prior-year $14.3M Three months ended March 31, 2025

General & administrative expense $7.0M Three months ended March 31, 2026

Net loss $26.2M Net loss for three months ended March 31, 2026

Shares outstanding 114.0M shares Common stock outstanding as of March 31, 2026

Key Terms

radiopharmaceutical, alpha-particle therapy, theranostic, underwritten offering, +2 more

6 terms

radiopharmaceutical medical

"Perspective Therapeutics, Inc., a radiopharmaceutical development company pioneering advanced treatments for cancers"

A radiopharmaceutical is a special type of medicine that contains a small amount of radioactive material, used primarily for medical imaging or treatment. It can be thought of as a tiny, targeted signal that helps doctors see inside the body or deliver therapy directly to affected areas. For investors, understanding radiopharmaceuticals is important because they represent a growing field within healthcare, driven by advancements in diagnostics and personalized treatments.

alpha-particle therapy medical

"VMT01 is an MC1R-targeted RPT that can be radiolabeled with either 203Pb or 212Pb for alpha-particle therapy."

Alpha-particle therapy is a type of cancer treatment that delivers tiny, highly energetic radioactive particles directly to tumor cells so they are destroyed while limiting damage to nearby healthy tissue. Think of it like microscopic, targeted bullets that punch holes in cancer cells; for investors it matters because the approach can offer powerful, precision treatment with specialized manufacturing, regulatory hurdles, and potentially high clinical and commercial value if proven safe and effective.

theranostic medical

"This "theranostic" approach enables visualization of the specific tumor and subsequent treatment, potentially improving efficacy and minimizing toxicity."

A theranostic is a single medical approach or agent that combines diagnosis and treatment—using a test or imaging step to find patients likely to benefit, then delivering a targeted therapy tied to that same marker. For investors, theranostics can speed development, lower the chance of failed trials and concentrate sales on the right patients, like a smart key that both locates the correct lock and opens it, potentially improving clinical and commercial success.

underwritten offering financial

"In February 2026, we announced the closing of an underwritten offering of securities with net proceeds of approximately $164 million."

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.

Deferred Income financial

"In addition, during the three months ended March 31, 2025 we recognized $1.4 million of Deferred Income, which was received in 2024."

fibroblast activation protein-α (FAP-α) medical

"We designed PSV359 to target and deliver 212Pb to tumor sites expressing fibroblast activation protein-α (FAP-α)."

Earnings Snapshot

Grant revenue: $76k · Guidance included

Q1 2026

Grant revenue $76k down from $342k in Q1 2025

Research & development expense $21.4M up approximately 50% vs. $14.3M in Q1 2025

General & administrative expense $7.0M down approximately 10% vs. $7.8M in Q1 2025

Net loss $26.2M wider than $18.2M in Q1 2025

Cash & short-term investments $271M increased from $145M at December 31, 2025

Guidance

The company believes its March 31, 2026 cash, cash equivalents, and short-term investments will fund clinical milestones and operational investments into late 2027.

Understanding 8-K Material Events →

0000728387false00007283872026-05-112026-05-11

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): May 11, 2026

Perspective Therapeutics, Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware			001-33407	41-1458152
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
c/o Perspective Therapeutics, Inc. 2401 Elliott Avenue Suite 320
Seattle, Washington				98121
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: (206) 676-0900

(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:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.001 par value		CATX		NYSE American LLC

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		Press release issued by Perspective Therapeutics, Inc., dated May 11, 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:	May 11, 2026	By:	/s/ Joel Sendek
			Joel Sendek Chief Financial Officer

Perspective Therapeutics Provides Recent Business Highlights and
Reports 1Q 2026 Results

•Differentiated ²¹²Pb radiopharmaceutical platform designed to optimize tumor killing, safety, patient convenience and supply scalability

•Three clinical-stage oncology programs advancing across neuroendocrine tumors, melanoma and FAP-positive solid tumors with multiple clinical catalysts expected in 2026 across VMT-α-NET, VMT01 and PSV359 programs; lead program, VMT-α-NET, advancing toward a registration‑enabling study

•Regional manufacturing network designed to support reliable supply of ready-to-administer radiopharmaceuticals for clinical development and potential commercialization; Chicago site expected to complete construction in 2026

•Cash runway expected into late 2027 to support planned clinical milestones and operational investments; cash, cash equivalents, and short-term investments of approximately $271M as of March 31, 2026

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).

•Updated interim data from the study, as of a data cut-off (DCO) date of March 4, 2026, were presented at the American Association for Cancer Research Annual Meeting 2026 in April 2026.

•As of April 30, 2026, the first 23 patients in Cohort 2 have had the opportunity for at least 60 weeks of follow-up since beginning treatment. By late 2026, all 46 patients in Cohort 2 will have had the opportunity for at least 60 weeks of follow-up since beginning treatment.

•We believe our clinical data package positions us for meaningful regulatory engagement in 2026 to align on the path forward.

•As of April 30, 2026, a total of 20 patients have been treated in Cohort 3. This cohort is now closed to enrollment. By late 2026, the eight patients initially enrolled for dose-limiting toxicity (DLT) assessment will have had the opportunity for at least 48 weeks of follow-up since beginning treatment.

•Cohort 4 is now open for recruitment.

•During the dose-finding phase of the study, we enrolled primarily NET patients whose disease originated in the pancreas or the digestive tract. We have an allowance for enrollment of NET patients whose disease originated in the lung (of which small cell lung cancer is a subset), pheochromocytoma/paraganglioma NETs, and SSTR2+ meningioma.

•We opened a proof-of-concept cohort of meningioma patients. To date, there is no approved systematic therapy for this disease. The unmet medical need may support an expedited development path.

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.

•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, 10 patients had received VMT01 3.0 mCi treatment as of February 28, 2026; six patients had received VMT01 at 3.0 mCi in combination with nivolumab, and four patients had received 3.0 mCi of VMT01 as monotherapy, in addition to the three patients who received this monotherapy dose in late 2023. Both cohorts are now closed for enrollment.

•By late 2026, the 10 patients who had received VMT01 3.0 mCi treatment since the initiation or re-opening of these cohorts in September 2025 will 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 (FAP-α), which is associated with multiple highly prevalent solid tumors, in patients in need of additional treatment options.

•As of April 30, 2026, two patients in Cohort 1 had been treated with [212Pb]PSV359 at 2.5 mCi, and seven patients in Cohort 2 had been treated at 5.0 mCi, for a total of nine patients. By late 2026, these patients will have had the opportunity for at least 32 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 four doses every eight weeks).

•Cohort 3 is now open for recruitment.

Updates to the preclinical pipeline

Our discovery team is preparing additional novel constructs for potential first-in-human (FIH) imaging.

•In May 2026, we presented an FIH image for PSV594, designed to target and deliver 212Pb to tumor sites expressing the Cholecystokinin 2 Receptor (CCK2R), which is expressed across a range of hard-to-treat cancers. The targeting moiety may also be radiolabeled with 203Pb or 68Ga to detect CCK2R expression in-vivo. Preclinical and FIH images suggest the targeting moiety has clean, precise tumor uptake with limited kidney retention, which may result in a desirable therapeutic index.

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.

•Our flagship site in the Chicago area is on track to complete construction this year. We are building a complementary site in the Los Angeles area and have plans beyond our current footprint.

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

ir@perspectivetherapeutics.com

ENTENTE Network of Companies

Virginia Amann

virginiaamann@ententeinc.com

Perspective Therapeutics, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands, except shares and par value data)

		March 31,				December 31,
		2026				2025
		(unaudited)
ASSETS
Current assets:
Cash and cash equivalents		$	53,972			$	30,629
Short-term investments			216,957				114,108
Accounts receivable, net (allowance for doubtful accounts was $375 for each period)			58				6
Prepaid expenses and other current assets			4,365				3,646
Total current assets			275,352				148,389
Noncurrent assets:
Property and equipment, net			92,483				76,597
Right of use asset, net			2,444				1,500
Intangible assets, in-process research and development			40,000				40,000
Other assets, net			490				486
Total assets			410,769				266,972
LIABILITIES AND STOCKHOLDERSʼ EQUITY
Current liabilities:
Accounts payable and accrued expenses		$	26,485			$	20,511
Lease liability			1,069				623
Accrued personnel expenses			3,876				7,489
Note payable			56				56
Total current liabilities			31,486				28,679
Noncurrent liabilities:
Lease liability, net of current portion			1,552				1,005
Note payable, net of current portion			1,554				1,569
Deferred Income			26,600				26,600
Deferred tax liability			1,702				1,702
Other noncurrent liabilities		437				386
Total liabilities			63,331				59,941
Commitments and contingencies
Stockholdersʼ equity:
Preferred stock: $0.001 par value; 7,000,000 shares authorized; 5,000,000 designated Series B convertible; no shares issued			-				-
Common stock: $0.001 par value; 750,000,000 shares authorized; 114,017,755 and 74,337,990 shares issued			114				74
Additional paid-in capital			708,579				541,687
Accumulated other comprehensive (loss) income			(226	)			110
Accumulated deficit			(361,029	)			(334,840	)
Total stockholdersʼ equity			347,438				207,031
Total liabilities and stockholdersʼ equity		$	410,769			$	266,972

Perspective Therapeutics, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited)

(Dollars and shares in thousands, except for per-share amounts)

		Three Months Ended March 31,
		2026				2025
Grant revenue		$	76			$	342
Operating expenses:
Research and development			21,372				14,332
General and administrative			6,985				7,842
Total operating expenses			28,357				22,174
Operating loss			(28,281	)			(21,832	)
Non-operating income (expense):
Interest income			2,197				2,384
Interest and other expense			(105	)			(128	)
Other income from a related party			-				1,400
Equity in loss of affiliate			-				(1	)
Total non-operating income, net			2,092				3,655
Net loss		$	(26,189	)		$	(18,177	)
Basic and diluted loss per share		$	(0.25	)		$	(0.25	)
Weighted average shares used in computing net loss per share:
Basic and diluted			103,604				72,357
Unrealized (loss) gain on available-for-sale securities		$	(336	)		$	70
Comprehensive loss		$	(26,525	)		$	(18,107	)

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

FAQ

How much cash does Perspective Therapeutics (CATX) have after Q1 2026?

Perspective Therapeutics ended Q1 2026 with about $271 million in cash, cash equivalents, and short-term investments. This increased from $145 million at December 31, 2025, primarily due to a February 2026 underwritten offering that generated roughly $164 million in net proceeds.

What were Perspective Therapeutics’ Q1 2026 research and development expenses?

Research and development expenses were $21.4 million for the quarter ended March 31, 2026. This compares to $14.3 million in the same period of 2025, an increase of approximately 50%, driven by higher personnel costs, clinical activities, manufacturing, and pipeline-related spending.

What net loss did Perspective Therapeutics (CATX) report for Q1 2026?

Perspective Therapeutics reported a Q1 2026 net loss of $26.2 million, or $0.25 per basic and diluted share. In the prior-year quarter, net loss was $18.2 million, also $0.25 per share, reflecting higher operating expenses as development programs advanced.

How long does Perspective Therapeutics expect its cash runway to last?

The company believes its cash, cash equivalents, and short-term investments as of March 31, 2026 will fund current clinical milestones and operational investments into late 2027. This view incorporates proceeds from the February 2026 underwritten offering and current spending plans across R&D and infrastructure.

What are Perspective Therapeutics’ main clinical programs highlighted in this 8-K?

The company is advancing three clinical-stage 212Pb radiopharmaceutical programs: VMT-α-NET for SSTR2-positive neuroendocrine tumors, VMT01 for melanoma, and PSV359 for FAP-positive solid tumors. Each program has ongoing Phase 1/2a trials with follow-up milestones anticipated through late 2026.

How many Perspective Therapeutics shares and warrants were outstanding at March 31, 2026?

As of March 31, 2026, Perspective Therapeutics had approximately 114.0 million common shares outstanding and about 20.5 million warrants and options to purchase common shares outstanding. The company also issued 39.6 million shares and pre-funded warrants for 6.6 million shares in the February 2026 offering.

Filing Exhibits & Attachments

3 documents

Press Releases

• EX-99.1 EX-99.1 261.6 KB
• EX-99.2 EX-99.2 19.2 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT 25.3 KB