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Perspective Therapeutics (CATX) investor relations material

Perspective Therapeutics Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary13 Aug, 2025

Executive summary

  • Advanced radiopharmaceutical programs in neuroendocrine tumors, melanoma, and solid tumors, with updated safety/efficacy data and new patient cohorts presented at major conferences, including ASCO 2025.

  • Divested brachytherapy business in April 2024, recognizing a gain from discontinued operations and establishing ongoing royalty rights; now focused on radiopharmaceutical drug operations.

  • Expanded manufacturing footprint with new facilities in Houston, Chicago, Los Angeles, and Somerset, NJ, and invested in equipment to support clinical and future commercial supply.

  • Raised significant capital through multiple equity offerings, including ATM programs, private placements, and public offerings, strengthening liquidity.

  • Cash, cash equivalents, and short-term investments of $191.6 million as of June 30, 2025, expected to fund operations into late 2026.

Financial highlights

  • Net loss from continuing operations was $22.0 million for Q2 2025, compared to $11.2 million in Q2 2024; net loss for the six months ended June 30, 2025 was $39.7 million, up from $24.0 million year-over-year.

  • Operating expenses increased to $24.3 million in Q2 2025 from $14.8 million in Q2 2024, driven by higher R&D and G&A costs.

  • Research and development expenses rose to $16.6 million in Q2 2025, up 79% year-over-year, reflecting increased clinical activity and personnel.

  • Net cash used in operating activities was $41.5 million for the first half of 2025, compared to $4.9 million provided in the same period last year.

  • Cash, cash equivalents, and short-term investments totaled $192M as of June 30, 2025, down from $227M at December 31, 2024.

Outlook and guidance

  • Cash and investments expected to fund planned operations and clinical milestones into late 2026; management anticipates increased R&D and G&A expenses as clinical and preclinical programs advance.

  • Additional clinical updates for all three programs anticipated over the next 18 months.

  • Ongoing expansion of manufacturing capabilities to support clinical and future commercial needs.

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Frequently asked questions

Perspective Therapeutics Inc (formerly Isoray, Inc.) is a medical technology and radiopharmaceutical company that is pioneering advanced treatment applications for cancers throughout the body. The Company is the sole producer of Cesium-131 brachytherapy seeds and has a proprietary technology that utilizes the isotope lead-212 to deliver powerful alpha radiation specifically to cancer cells via specialized targeting peptides. The Company is also developing complementary imaging diagnostics that incorporate the same targeting peptides which provide 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 associated with many other types of cancer treatments. The Company’s melanoma (VMT01) and neuroendocrine tumor (VMT-a-NET) programs are entering Phase 1/2a imaging and therapy trials for the treatment of metastatic melanoma and neuroendocrine tumors at several leading academic institutions. The Company has also developed a proprietary lead-212 generator to secure isotope supply for clinical trial and commercial operations. In 2023 Isoray, Inc., a medical technology company and innovator in seed brachytherapy, completed its merger with privately-held Viewpoint Molecular Targeting, Inc. The combined companies’ focus will be the advancement of cancer treatments using radiation, radiopharmaceuticals, and imaging technologies so that precision, targeted medical doses are delivered directly to cancer patient tumor sites.

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