Perspective Therapeutics (CATX) Morgan Stanley 24th Annual Global Healthcare Conference summary

Industry landscape and innovation

• Radiopharmaceuticals deliver targeted radiation as a drug, potentially limiting damage to healthy tissue and enabling combination with other oncology modalities.

• Lead-212 was selected for its half-life and imaging capabilities; proprietary technology addresses historical supply and chelation challenges.

• More than 400 lead-212 generators have shipped globally, over 150 patients have been treated, and first-in-human imaging was achieved in the past year.

• Lead-203 theranostic pairing supports patient selection and dosimetry; regional facilities and stockpiling strategies support scalable supply.

Study rationale and design

• [212Pb] VMT-α-NET targets SSTR2; alpha particles deliver high-LET radiation over a short tissue path length, causing complex DNA damage.

• A Pb-specific chelator showed ~95% 212Bi retention versus ~64% with DOTA, supporting lower redistribution of alpha-emitting 212Bi.

• Phase 1/2a data included 68 PRRT-naïve patients with progressive, unresectable or metastatic NET after ≥1 systemic therapy; cutoff was Sep. 10, 2026.

• Cohort 2 received 5.0 mCi × 4 (n=46); Cohort 3 received 6.0 mCi × 4 (n=20), with preliminary data; Cohort 4 frontloading at 6/5/5/4 mCi is enrolling.

Safety

• 56/68 patients (82%) received all four planned doses; 67/68 (98.5%) had ≥1 TEAE, mostly Grade 1–2, and 20/68 (29.4%) had Grade 3 TEAEs.

• No Grade 4/5 TEAEs, treatment-related SAEs, AE-related discontinuations within the defined TEAE window, or DLTs in DLT-evaluable patients.

• Grade 3 hematologic TEAEs occurred in 5/68 (7.4%); no dysphagia or MDS was reported to date.

• Two Grade 3 renal events occurred during follow-up: one possibly treatment-related AKI 756 days after last dose remained ongoing; another at 255 days was unlikely related and resolved.